launching of the financial literacy baseline survey results opening remarks by the governor of the central bank of seychelles time : 8 : 35 a. m. venue : stc conference room, victoria minister jean - paul adam, minister wallace cosgrow, invited guests, ladies and gentlemen. good morning and welcome to the presentation of the financial literacy baseline survey results. a special welcome to mr abel motsomi who will be our main presenter for the day. may i begin these opening remarks with a few words on the background of this work : as part of the deliverables of the seychelles ’ financial sector development implementation plan which was approved by the government in november 2014, it was recommended that a baseline study on financial literacy be developed and conducted, following which a national strategy on financial education will be developed and implemented. the central bank of seychelles in collaboration with the financial services authority has been tasked with the mandate for financial literacy in seychelles. against this backdrop, the financial literacy baseline survey was commissioned to finmark trust, an independent trust based in south africa. finmark trust has focused its efforts on making financial markets work for the poor by facilitating and catalysing development around access to financial services. much of the work of finmark trust is focused on supporting financial inclusion and financial education. the financial literacy baseline survey is the first of its kind to be conducted in seychelles and its importance needs to be emphasised. the aim of the study was to gauge the level of financial literacy of the population and provide an assessment of the needs of the population including the identification of possible target groups. assessing the levels of financial literacy in the population is a key component of a successful national strategy for financial education which enables policy makers to identify gaps and design appropriate responses. the results of the survey which are about to be discussed this morning, provides us with a set of data which reflects how the public are making financial decisions vis - avis saving, borrowing, budgeting, spending and planning for their financial future in general, amongst other factors. accordingly, the statistics collected will guide and inform the development of the national strategy on financial education. the collected data which also provides a description of levels of financial literacy in terms of sociodemographic groups will enable policy makers to identify the needs of the population and areas where interventions and attention are most required. in addition, the information collected provides the possibility to conduct repeat surveys to identify change over time. the central bank of seychelles and the financial services authority will be working in collaboration with the public

at bancon 2013 held at mumbai on november 15, 2013. rbi monthly bulletin, december 2013. bis central bankers ’ speeches all the three major sectors of the economy – agriculture, industry and services – contributed to the improved growth performance of the state. there was, however, significant year - toyear fluctuation in sectoral growth rates. while variation in agricultural growth is understandable being weather dependent, volatility in industrial growth needs closer attention, given the low industrial base of the state ( chart 2 ). the sectoral composition of the mizoram economy has broadly changed in line with the national economy with declining share of agriculture and increasing share of services. while the share of industry has picked up, it remains significantly below the national average underscoring the scope for further industrialisation ( chart 3 ). bis central bankers ’ speeches the most significant impact of growth has been improvement of per capita net state domestic product ( nsdp ) from ₹26, 308 in 2006 – 07 to ₹39, 546 in 2011 – 12 at 2004 – 05 prices, despite a larger decadal population growth rate of 22. 8 per cent, which is higher than the rate of growth at 17. 6 per cent at the national level. notably, per capita income of mizoram was about 4. 0 per cent higher than the corresponding average national per capita income during 2011 – 12 ( chart 4 ). it is worthwhile to note that while the economy of mizoram, in line with the national trend, is getting increasingly dominated by industry and services sectors, labour force is still concentrated in the agricultural sector ( table 1 ). therefore, creating employment opportunities in the manufacturing and services sectors has become important. bis central bankers ’ speeches table 1 share of employment by broad industry group a higher proportion of working age ( ages 15 – 59 ) population in rural mizoram as compared to rural india provides a favourable condition for growth ( chart 5 ). but for this to happen, industry and services sectors should increasingly provide the employment opportunity. bis central bankers ’ speeches social indicators with greater urbanisation and higher literacy, indicators of human development in mizoram are better than the national average ( chart 6 ). share of households having access to the basic amenities like electricity, television, computers, telephones and four wheelers are significantly higher in mizoram than the national average ( table 2 ). on the other hand, proportion of population having access to banking facilities, although improved during the decade