respective institutions, therefore, represents an undertaking to collectively safeguard the continuing soundness and integrity of the financial system. moreover, going forward, it also facilitates the development of mechanisms and channels for sharing of data and consultation. the thought process for establishment of a financial stability council also involves consideration of a robust legislative backing for the work of the council and this will accordingly be facilitated in the revised bank of botswana act ; consultations between the bank and mfed on the review are at an advanced stage. colleagues, before concluding let me highlight the more urgent work programme for the council in the short to medium term. first, is publication of the financial stability report, as an anchor publication, providing accountability in the areas of assessment of financial stability risks and mitigation measures. second is agreement on a macroprudential policy framework that is relevant for botswana, in terms of risk mitigation, as well as recognising the gaps in financial inclusion and development. third, there is a specific need to address the challenges arising from implementation of the anti - money laundering and combatting the financing of terrorism protocols and requirements. fourth and related, thereto, is the requirement to decisively address the incipient misconduct and governance challenges in the financial sector, deriving from greed and / or misunderstanding or incompetence with respect to fiduciary responsibilities, as well as opportunistic crime and fraud. fifth, consultation during 2019 will also involve consideration of a deposit protection scheme for the country, to guarantee access to deposits up to a specified threshold, in the event of bank failure. lastly, cooperation and collaboration among the council members would be critical in the timely update and renewal of legislation and policies to retain and improve effectiveness of supervision, monitoring and guidance for the financial sector. i thank you for your attention and i now call upon council members to comment, before we proceed to sign the mou.

innovations that started in 2017 included the pre - announcement of the dates for the monetary policy committee meetings for the year ahead and media briefings that follow each meeting to announce and engage on the policy decision. i also indicated that, going forward and in an effort to further improve on communication and transparency on economic and policy analysis and implementation, the bank will publish four monetary policy reports each calendar year, including the monetary policy statement. i am happy to announce that tonight the bank is launching the first monetary policy report to be published on the bank ’ s website tomorrow morning. the report is also available on the bank of botswana branded memory sticks that will be distributed to the invited guests tonight. there is also a limited number of hard copies. the report will be the main medium through which the bank will inform the public about the formulation and implementation of monetary policy. it serves to meet the public ’ s expectation of a transparent and accountable central bank in fulfilling the monetary policy mandate. the monetary policy reports in april, august and october will be preceded by the monetary policy statement in february each year. distinguished guests, as i conclude, i would like to assure you that the bank ’ s implementation of monetary policy will continue to focus on entrenching expectations of low, predictable and sustainable inflation, through timely responses to price developments. at the same time, the bank will contribute to effective oversight of the financial system to ensure sustained financial stability and integrity of the payments system, while promoting market development and financial inclusion ; as a growth imperative and also important for policy transmission. essentially, this is the enduring contribution of the bank to an enabling environment for private sector growth and greater participation in economic activity ; therefore, enhanced prospects for economic diversification efforts, employment creation, inclusive growth, and transition to high - income status. let me wish you a fruitful conference and deliberations for the next two days. please enjoy your dinner. however, to conclude the formal proceedings, allow me to call upon the director of research and financial stability department, dr tshokologo alex kganetsano to present a brief outline of the monetary policy report and also highlight its relevance in influencing expectations and economic activity. i thank you for your kind attention.