the sector to deal with this risk. key to the development and operation of these systems and cultures is the need to nurture talent capable of addressing cyber security threats through prompt detection, investigation, reporting, prosecution and prevention. distinguished participants, let me also emphasize that cyber risks should be viewed from an enterprise - wide perspective. ict, security, operations, credit control, anti - money laundering and fraud investigation departments need to break down the various silos to facilitate faster detection and prevention of cyber financial crimes. no single department or function can be an island in this battle. in the same vein, no bank or financial institution can be an island. one financial institution brought down by a cyber - attack would impact other banks and could ultimately destabilize the entire financial sector. it is for this reason that i call upon all ceos 2 | page here present to ensure that cyber security is entrenched in our day - to - day operations and strategic plans. ladies and gentlemen, i am aware that other countries have set up computer incident response teams ( cirts ) for various industries, including the financial sector. it is high time that we seriously begin to consider setting up a financial sector cirt in zambia. i believe that the cirt would, not only assist in ensuring that all financial institutions are collaborating and working as one in mitigating cyber risks, but also enable information sharing. i am therefore calling upon bankers association of zambia to work with bank of zambia to ensure that this is achieved. ladies and gentlemen, i wish you the best and i encourage you to participate actively during the presentations and discussions. use every opportunity to tap into the vast experience of the resource persons and your peers during these few days. with these remarks, i declare this workshop officially open. thank you and god bless you all. 3 | page

per cent in recent months. this is because electricity prices have been substantially lower this year than in 2006, when unusually high electricity prices due to low precipitation levels pushed up the year - on - year rise in the cpi close to the inflation target. in recent months, electricity prices have been at their lowest level since 2002. there are probably a number of reasons why inflation has been low in an environment of high economic growth. first, norway ’ s terms of trade have improved. prices for oil and gas, freight, fish, industrial commodities and engineering products have increased considerably. in addition, market growth abroad has provided market opportunities for norwegian export goods. at the same time, norwegian importers have been able to shift demand to new markets in central europe and asia, which has led to a fall in prices for a number of consumer goods. the terms of trade have improved by about 40 per cent since 2002. a similar situation has not been seen since world war i when earnings in the shipping industry and other export industries were exceptionally high for a period. second, an ample supply of labour has been an important factor behind output growth. in particular, the supply of foreign labour has increased sharply after eu enlargement in 2004. over the past two years, these labour inflows have accounted for over 30 per cent of growth in the labour force in norway. at the same time, this has enabled norwegian companies to be bolder in accepting new assignments and make investments knowing that they can procure labour throughout europe. in addition to increased labour inflows from poland, lithuania and other central european countries, we have long benefited from inflows of labour from sweden. many workers are on temporary assignment and their consumption is primarily concentrated in their home country. the norwegian economy has seen a net capacity increase. high inward labour migration and the scope for relocating portions of production abroad have led to increased competition in the labour market and have probably curbed wage growth. third, the norwegian business sector has been quick to adopt new technology and to reap the benefits. this applies both to companies competing on international markets and those supplying goods and services to the domestic market. in comparison with other countries, it is particularly productivity gains in service sectors that stand out. examples are automated processes and swifter payments in the financial industry and improved inventory and management systems in commerce and transport. this results in lower production costs. monetary policy is oriented towards low and stable inflation. the operational target is annual consumer price inflation of close to 2