caroline abel : remarks - assuming chairmanship of the african financial inclusion policy initiative remarks by ms caroline abel, governor of central bank of seychelles, at the 10th african financial inclusion policy initiative ( afpi ) meetings and leaders roundtable, arusha, 23 june 2022. * * * professor florens luoga, outgoing chairperson and governor of the bank of tanzania ; dr. alfred hannig, executive director of the alliance for financial inclusion ; governors and deputy governors ; ladies and gentleman ; good afternoon. allow me to take this opportunity to appreciate the confidence you, as fellow leaders of the african financial inclusion policy initiative ( afpi ), have entrusted to the central bank of seychelles. i am deeply honoured and humbled to accept the appointment as chairperson of this very important platform for the next two years, with the very noble task of fostering partnerships and exchanging experiences that will further strengthen and take the network to greater heights. afpi has played and will undoubtedly continue to play a pivotal role in promoting collaboration and peer learning to enhance the implementation of innovative financial inclusion policies across the african continent. the strides we have made thus far and the challenges we face as we strive to achieve this objective differ from one country to the next for many different reasons, such as our demography, culture, availability of resources and expertise, to name but a few. however, as we have experienced over the past few days, these diversities present ample opportunities for us to gain new perspectives, which we can use to strengthen our efforts to move forward as individual members and as a regional grouping. at this juncture, i would like to take this opportunity to thank and commend the outgoing chairperson, professor florens luoga, governor of the bank of tanzania. professor, your leadership and commitment over the past two years have contributed immensely towards efforts to push forward the digitalisation and innovation agenda with the aim of strengthening our financial systems. the central bank of seychelles is privileged to be taking the helm and continue steering the course that you and the preceding chairs of afpi have set us on. i am confident of your continued support and that of all the other governors and leaders of afpi. 1 / 2 bis - central bankers'speeches our journey to enhance financial inclusion is ongoing and will have to evolve to adapt to changing realities. it is nevertheless an important journey that will continue to improve access to financial services for all and ultimately assist in achieving inclusive and sustainable economic growth. as a firm believer in teamwork and

’ s monetary policy and the phasing - out of non - standard measures at our last monetary policy meeting, the governing council undertook a careful review of the progress made so far towards a sustained adjustment in inflation. specifically, we assessed inflation developments against the three conditioning criteria for net asset purchases : convergence, confidence and resilience. 1 / 4 bis central bankers'speeches as regards convergence, the june 2018 eurosystem staff projections see headline inflation reaching 1. 7 % in each of the next three years. these are the latest in a series of projections which foresee inflation converging towards our inflation aim of below, but close to, 2 % over the medium term. our confidence in the inflation path is also rising. first, the range of uncertainty around the inflation projections has narrowed. second, underlying inflation has increased from the very low levels that prevailed in 2016 and is foreseen to rise as the economy continues to expand, capacity utilisation strengthens and labour markets further tighten. finally, on the third criterion, the projected path of inflation appears to be self - sustained, i. e. resilient to a gradual ending of net asset purchases. on the basis of this assessment, the governing council concluded that progress towards a sustained adjustment has been substantial so far and should continue in the period ahead, although some uncertainties persist. we therefore anticipate that after september we will reduce our monthly net asset purchases from €30 billion to €15 billion and will end our net asset purchases at the end of december. this is subject to incoming data confirming our mediumterm inflation outlook. the expected end of the net asset purchases in december 2018 does not mean that our monetary policy ceases to be expansionary. monetary policy will have to continue to accompany the economic expansion for some time. we have therefore reaffirmed our reinvestment policy and enhanced our forward guidance on the key interest rates. we intend to maintain our policy of reinvesting the principal payments from maturing securities purchased under the app for an extended period of time after the end of our net asset purchases, and in any case for as long as necessary to maintain favourable liquidity conditions and an ample degree of monetary accommodation. and we expect key ecb interest rates to remain at their present levels at least through the summer of 2019 and in any case for as long as necessary to ensure that the evolution of inflation remains aligned with our current expectations of a sustained adjustment path. emu governance : taking stock of