involved in. it also highlights the rapidly growing proportion of maori in new zealand ’ s workforce. quite spectacularly, since 2013 the maori population in new zealand has grown by 30 percent, while the number of maori in employment increased by 47 percent. however, the report also identified several challenges, with access to capital highlighted as one of the primary challenges inhibiting progress. maori customers and entities report lower rates of capital accessibility than non - maori. we are now researching the significance and root causes of the lack of access to capital. our first finding was simply the dearth of quantitative data on the topic. however, qualitative interviews with both maori capital seekers and providers suggests there are unique barriers to financial resources, which has implications for the efficiency and effectiveness of capital allocation in new zealand more generally. our work is ongoing with the publication of an issues paper on the near horizon. we are looking to identify any issues around accessing capital that may arise due to market failures, gaps in the new zealand financial system, or unintended consequences of current behaviours. international literature generally highlights that minority and indigenous people and businesses face barriers to raising capital. our own quantitative research highlights that maori are underrepresented when it comes to business ownership. in addition, this work shows that maori firms face persistently higher interest rates compared to other new zealand companies. there are parallels with other indigenous peoples due to the challenges with collectively or tribally owned land. the inability to use property as ref # x567560 v1. 17 in confidence embargoed until 11. 00pm 13 june collateral has limited the opportunities for maori to accumulate financial wealth and grow businesses. a scan of the market shows there has been little in the way of financial innovation for maori. our consultation with stakeholders has shed further light on these issues, which can be summarised across the following themes : scale and coordination ; capability ; asymmetry of information and lack of data ; myopia in decision - making and leadership ; and missing markets and products this work will help us move towards more equitable access to capital for maori. conclusion in summarising, we are late to investigating the issues and adopting a te ao maori view of our work. but we are committed and transparent in our activities and aspirations, while working within our legal mandate. embedding te ao maori in our approach and learning from the different perspectives and knowledge it brings, we will be a great team building a better central bank for new zealand. w

needs to be addressed in the future through the adoption of a clear fiscal rule that should serve as a guide to and determinant of fiscal policy behaviour in the medium run and beyond. the growth of foreign demand and the more favourable exchange rate position fuelled our exports, which grew 62 % in the first five months of 2010. in parallel, the weak domestic demand has led to a low annual increase of imports, hence causing the balance of trade deficit to narrow 16. 2 %. consequently, net exports provided a more positive contribution to aggregate demand. they also led to the continuous correction of the current account deficit, hence stabilizing the national currency further. the downward correction of the current account deficit by 2. 7 percentage points of gdp provides an encouraging signal for the sustainability of albania ’ s external position. however, net financial inflows into the capital and financial account reduced 62. 9 % y - o - y in the first quarter of 2010. in addition, remittances, which make up a major source of trade deficit financing, are down 6. 7 % y - o - y. both these concerns re - accentuate the fact that the external position of the albanian economy remains a structural weakness that calls for further correction. foreign direct investments, which grew 25. 8 % in the first quarter of 2010, represent the safest source of current account deficit financing. they need to be further boosted with attractive policies for foreign investors and structural reforms in the albanian economy. annual inflation marked 3. 2 % in june. the slowdown in annual inflation, which commenced in march this year, was triggered by the low demand - side pressures, the lower prices in agricultural products and a more stable exchange rate. against a background of non - utilized capacities in the labour and capital markets, the low core inflation rates attest to the low inflationary pressures balance. the contracted demand will determine the downward inflation pressures in the coming period, whilst the performance of monetary indicators shows weak inflationary pressures of a monetary nature. as expected, supply - side shocks on consumer prices were transitory and did not affect economic agents ’ expectations of inflation, which remain well - anchored around the bank of albania ’ s target. price stability has been achieved as a result of an adequate monetary policy decision - making, though amid substantial uncertainty over the future prospects and absence of timely statistical data. over the stated period of time, our monetary policy was stimulating, maintaining low interest rates and injecting the required liquidity