the monetary policy framework in norway since 2001 ”, norges bank papers 1 / 2017. 2 see ministry of finance ( 2018 ) : “ new regulation on monetary policy, ” press release of 2 march 2018, or meld. st. 8 ( 2017 – 2018 ). ny forskrift for pengepolitikken. ( white paper from the ministry of finance. in norwegian only. ) 3 see norges bank ( 2018 ) : “ modernisation of the regulation on monetary policy ”, norges bank´s letter of 28 february 2018 to the ministry of finance. 4 / 4 bis central bankers'speeches

and related services. given that housing finance is inherently long - term in nature and that there is an imperative for further growth in botswana, it should be supported by a large pool of stable deposits and / or investments. this is afforded by attracting a range of small to large deposits, with associated transactional and return incentives. the point here is that active deposit mobilisation is critical for availing funds that can be deployed to support housing finance without undermining the viability of the financial institution. in addition, a robust capital market that facilitates seamless raising of long - term funds, including corporate bonds to suit various needs, is also needed. it is accepted that, as a matter of prudence, we should not burden short - term finance or worsen the structural maturity mismatches widely prevalent in the country ’ s financial system. moreover, there is a need to invest in capacity to develop derivative instruments that facilitate risk sharing, as well as transformation and trading of assets and liabilities ; thus alleviate constraints to mortgage financing. regrettably, in this regard, the botswana financial system is way behind the curve and, despite banking industry outcry about tight market liquidity in recent years, there is not much evidence of any innovative and structured products, such as mortgage - backed securities, negotiable certificates of deposit or credit default swaps. for its part, the bank of botswana has entrenched a largely credible monetary policy framework, with inflation sustained within the objective range of 3 – 6 percent and allowing for maintenance of relatively low interest rates. furthermore, effective regulatory oversight and prudently managed financial institutions continue to contribute to maintenance of a sound and stable financial system. in this regard, well - anchored expectations, premised on a credible policy framework, supports determination of term structure of interest rates, relevant for both resource mobilisation and pricing of long - term loans. the policy environment is, therefore, conducive for orderly and effective intermediation and productive use of financial resources ; and in the context of the theme of my message today, affordable cost of housing finance. distinguished guests, the fifth point, i want to highlight is the importance of presence of institutions and access to services, as demonstrated by the opening of the palapye branch of botswana building society. geographical spread of financial institutions allows for proximate access to financial services, in terms of both acquaintance and usage. this augurs well for financial inclusion. thus, when people know about the