partly due to accommodative monetary policy ) could be utilized to achieve a sustainable growth path in the region with high growth momentum – while enabling japanese investors to diversify their asset allocation. it would be a positive development if such funds originating from japan contributed to further deepening of financial and capital markets in the region. some economies in the region also face challenges of an inadequate infrastructure and a shortage of long - term capital. an increase in the circulation of funds used for productive purposes within the region could generate a “ win - win ” situation in asia as a whole, including japan. d. regional financial cooperation initiatives in asia underlying the expansion in capital inflows to emerging countries including those in asia are both pull factors ( that is, higher growth and yields ) and push factors ( that is, low interest rates and low growth in advanced countries, as well as investors ’ pursuit of higher profits ). with the latter factors in mind, economies have introduced a range of country - specific measures including macro - prudential regulations to respond to sudden capital inflows and outflows in emerging economies. thus far, there is no consensus on appropriate approaches to deal bis central bankers ’ speeches with such volatile capital flows. however, from a long - term perspective, it is important for asia to develop stronger domestic financial and capital markets ( denominated in local currencies ), especially markets for long - term capital funding. in this sense, the long - standing initiatives by governments and central banks to foster local currency - denominated bond markets – such as the asian bond markets initiative ( abmi ) and the asian bond fund ( abf ) – are highly significant. the amount outstanding of local currency bonds in asia has exceeded 7 trillion u. s. dollars, more than six times the level of ten years ago. the bond markets are now a valuable source of funding, for not only the public sector but also the private sector, which i view as favorable developments. to reduce the vulnerability of local bond markets, however, it is crucial to improve transparency of the markets and foster domestic institutional investors. in addition, it makes sense for asian economies to actively utilize their own savings for domestic productive purposes, provided that many of them enjoy surpluses in current account balances. from the viewpoint of monitoring capital flow movements and improving crisis prevention and management capacity in the region, i would like to stress the importance of the chiang mai initiative ( cmi ), later renamed the chiang mai initiative multi

and development of our country by ; • opening more branches, especially among our rural communities ; • installing more atms ; • providing more loans that will increase the productivity of our economy ; and • encouraging more zambian to open bank accounts through provision of easily accessible and affordable products and services. these developments, ladies and gentlemen, will greatly contribute to the expansion of economic activities, which will have a positive bearing on poverty alleviation. i am pleased to observe standard chartered ’ s commitment to growth and reinvestment. however, you will all agree with me that those who have more should do more. i therefore look forward to seeing more from standard chartered bank zambia, as it is one of the leading banks in the country. mr chairman, let me conclude by thanking you for inviting me to officiate at this important event. it ’ s now my pleasure to officially open the new branch of standard chartered bank zambia at crossroads shopping mall. thank you.