“ hold to maturity ”. in other words, this implies the necessity for more flexibility, more diversification and for the existence of efficient risk management structures. a constant concern, which i want to pay particular attention and get your highest interest on it, is the professional development of human skills. i am not making any prejudice about the human resources that are currently working at the banking system, but i would like to point out that the mobilization of capable human resources, devoted to and shaped professionally is vital for the accomplishment of success. to be more competitive and bring new developments, we have to constantly upgrade the skills of each employee at all levels. it is true that the majority of the banks of our banking system represent international well experienced banking groups. however, i would like to emphasize that there is still room for more expertise and qualified human resources, so that the best practices of the international markets are infiltrated in our banking system. in addition, within the framework of this association, i would advocate that the dealers association must very soon come up with a code of conduct, agreed by all its members. while this code is a non - statutory body, with no executive powers, it complements the selfregulation of the market by bringing together the best minds of the market participants and professionals to create a reliable trading practice. concluding, i would say that developing the interbank money and security markets is among the top priorities of the bank of albania. as such, we will make all our efforts to create the necessary conditions to minimize the trading risks, as well as create and support initiatives to active trading in the these markets. i hope these efforts will receive your understanding and more important your cooperation. it will be very satisfactory indeed, that in my next appearance in this platform i will be able to bring concrete results of our common efforts to develop interbank money market and secondary market. concluding my speech, i would like to emphasize once more that no long - term and stable development may exist, without having effective financial markets. the financial market with all its segments, should precede the signals and novelties brought about by rapid dynamics of development of the private sector and the economy in general. thank you all for your attention!

facilitate flexible work arrangements and improve access to training in skills required for enhancing productivity in the economy. further, there is a commitment to implement energy sector initiatives to achieve diversification in the sources of fuel and facilitate energy conservation in order to reduce the cost of energy to the economy and more so to the productive sector. as you would have heard from recent presentations in parliament, these initiatives are well underway. these reforms and commitments are all aimed at improving the competitiveness of jamaica ’ s goods and services. accordingly, the macroeconomic programme aims to reduce the hindrances to economic growth such as the macroeconomic instability caused by high and unsustainable fiscal balances and debt. these factors have limited the government ’ s ability to tackle social issues, including the improvement of education and training and the reduction of crime. for the central bank, our primary role is to maintain price stability and financial system stability. bank of jamaica is committed to maintaining single - digit inflation over the medium term with the long - term objective of reducing inflation to the level of our major trading partners. bank of jamaica is also committed to a flexible exchange rate regime consistent with enhancing the competitiveness of the jamaican economy. the combination of low inflation and exchange rate flexibility is a valuable tool in maintaining the competitiveness of our export sector. in addition, the current historically low interest rates are conducive to stronger investment and growth than we have had in the past. what then does the implementation of this programme mean for businesses, small, medium or large? first, a flexible and competitive exchange rate will enhance the ability of jamaican businesses to compete in both the export markets and the domestic market. a flexible exchange rate is an exchange rate that responds to market forces. a competitive exchange rate is an exchange rate that adjusts so as to at least account for the difference between jamaica ’ s inflation and that of our trading partners. the bank is aware of the concerns about recent movements in the exchange rate. however, let me reassure you that the depreciation thus far has been in keeping with our expectations and the policy objective of ensuring that bis central bankers ’ speeches goods and services produced locally can be sold at competitive prices in the global market. this is absolutely essential for export - led growth. the recent movement in the exchange rate also comes against a background where the bank has been steadily and deliberately rebuilding the net international reserves. bank of jamaica had already halted the decline in reserves which, with reason, was a source of considerable concern in all corners