is projected to continue to follow a positive trend, as the output gap is likely to gradually become positive. as for the financial environment, the environment for corporate finance continues to be accommodative. the rate of increase in the amount outstanding of lending by private banks is accelerating in a situation where private banks have been maintaining a proactive lending posture and the decline in credit demand in the private sector has come to a halt. in the corporate bond and cp markets, the issuing environment continues to be favorable. large fluctuations have recently been observed globally in financial markets. the bank will closely monitor developments in financial markets and their effects on economic activity. ii. conduct of monetary policy as i explained in my statement to this committee in march 2006 concerning the bank's previous semiannual report on currency and monetary control, the bank terminated the quantitative easing policy and shifted the operating target of money market operations from the outstanding balance of current accounts at the bank to the uncollateralized overnight call rate at the monetary policy meeting ( mpm ) held on march 8 and 9, 2006. since then the bank has been maintaining the guideline for money market operations that the bank will encourage the uncollateralized overnight call rate to remain at effectively zero percent, and at the mpm held on june 14 and 15, decided to maintain this guideline. the bank has been reducing the outstanding balance of current accounts based on the guideline, paying due attention to the stability of the money market. through this process, the uncollateralized overnight call rate has been stable at around zero percent, despite small temporary increases. in the call market, the volume of transactions has been gradually increasing. the bank has explained its basic thinking regarding the future conduct of monetary policy together with the projection for economic activity and prices in the outlook for economic activity and prices published at the end of april 2006 as follows. as long as japan's economy experiences a sustained period of expansion, with domestic and external demand and also the corporate and household sectors well in balance, it seems probable that the accommodative financial conditions ensuing from very low interest rates will be maintained for some time following a period in which the uncollateralized overnight call rate is at effectively zero percent. through and beyond this stage, the bank will adjust the level of interest rates gradually in the light of developments in economic activity and prices. the timing of a policy change and the level of interest rates will depend on developments in economic activity

kevin greenidge : let hard work be your guiding principle remarks by dr kevin greenidge, governor of the central bank of barbados, at the barbados youth advance corps graduation, 25 august 2023. * * * good day graduands. today, i focus my remarks on being the best you can be. many years ago, i was like you. i was about to finished secondary school having spent one year in fifth form and not entered for any cxc course, and therefore would have left with no certification. i appealed to the principal of my school for a second chance, and he gave it to me. i grasped it, and as they say, the rest is history. back then, i committed to becoming the best i could be, envisaged the possibilities, applied myself, worked hard, and today, i am at the pinnacle of my career as the governor of the central bank of barbados. you can do the same. the programme from which you graduate today gave you that second chance. over the past four months, the national transformation initiative ( nti ) helped the barbados youth advanced corps ( byac ) to school you in letter and report writing. nti exposed you to various experiences and projects to prepare you for the technical and vocational training opportunities you will pursue next. and of major significance, you have designed your vision board, which i hope you will use to guide your career and help you attain success. the transitional literacy course has equipped you with the skills necessary to pursue higher learning at the samuel jackman prescod institute of technology, the barbados community college, the barbados institute of management and productivity ( bimap ), or the vocational training board. to become the best at whatever career path you choose, you must build on the foundation that the national transformation initiative and the barbados youth advanced corps laid for you. what is required, though, to solidify that foundation? the answer is simple. you must do a few things to be the best carpenter, cosmetologist, or artisan. topping the list are setting goals to achieve your vision, working hard, remaining focused, and avoiding distractions. you've drafted your vision boards already. that's a great start. now, you must set your goals to achieve those visions. goal setting helps you to chart a path and to map out how you will travel that road to your desired destination. having goals motivates you, gives you a sense of purpose, and helps you