economy. in other words, ladies and gentlemen, the bsp will continue to build resilience that would lead to stable prices, a relatively competitive exchange rate, and a sound banking system. the asean banking integration framework could also help us achieve improved resilience. we believe the philippines stands to benefit from this regional integration effort. apart from seeing a much larger investor base, greater integration could also open up opportunities to mobilize resources toward a diverse array of productive investments. greater competition also promises to help us capitalize on technology and innovation, while pushing our financial institutions to enhance their efficiency. but resilience is not enough but resilience of itself is not enough. what would be ideal is that, while our economy is able to withstand harsh conditions, we should also be able to move forward and achieve our objectives of sustained broad - based economic growth in a stable macro environment. this is the second part of today ’ s theme. enhancing resilience to sustain inclusive growth. “ inclusive growth ” has become such a buzz word – everyone ( even the imf ) now talks about it. i am afraid, if we just keep on speaking about it, without much action, there is a risk that the buzz will simply drone. we need to make sure that our exhibited resilience, which has given us this strong macroeconomic base from which to leap, translates to a palpable improvement in the welfare of more, if not all, filipinos. a larger economic pie for more resilience helps to enlarge the economic pie. but, it would be more desirable if the larger pie is shared by more. ladies and gentlemen, we all need to do more if we would like economic growth to cast a wider net and cascade through the broader society. on the part of the bsp, we believe our efforts to intensify financial inclusion would help ensure that more of the stakeholders are able to enjoy the now larger pie. these initiatives are in the form of crafting regulations to improve access to financial services, expanding our economic financial and learning programs, and strengthening our financial consumer protection efforts. bis central bankers ’ speeches we are fully aware, however, that bsp and the government cannot do this alone. we need the strong partnership of the private sector. we hope that this briefing will provide a venue for meaningful information sharing and dialogue between the public and the private sectors on the competitive challenges and opportunities posed by our current operating environment. but more than this, we

remarks by lesetja kganyago, governor of the south african reserve bank, at the jse / nyse market close event, new york, 10 october 2022 good afternoon distinguished guests, investors, members of the media, south african delegates, and new york stock exchange representatives. it is a privilege to address you here today, following the signing of a new memorandum of understanding ( mou ) between the johannesburg stock exchange ( jse ) and the new york stock exchange ( nyse ). this new mou will foster closer ties between the two markets, and is aimed at increasing economic partnerships and trade opportunities. it is encouraging that the jse and nyse will continue to explore new areas of cooperation and collaboration in strengthening their value propositions for their respective markets. south africa shares significant economic interests with the united states ( us ). south africa is the us ’ s largest african trading partner and has the most diversified and industrialised economy on the continent. despite the rapid growth in asian economies, the us remains one of south africa ’ s top five main trading partners. 1 in 2021, us exports to south africa totalled us $ 5. 5 billion − a 25. 8 % increase from 2020, while us imports from south africa totalled us $ 15. 7 billion − a 38. 5 % increase. there are approximately 600 us businesses operating in south africa and many use south details are available at http : / / www. dirco. gov. za / foreign / bilateral / usa. html africa as their regional headquarters, 2 and a springboard for greater opportunity on the african continent. these structural features of our economic relationship are stable and will certainly grow in the coming years. nevertheless, the global economic environment is challenging and is likely to remain as such for the next year or so, as we all find our way out of the economic repercussions of the covid - 19 pandemic. critical to shaping our path will be considered policies that seek to reduce volatility and uncertainty, and which aid the long - term investment that underpins sustainable economic growth. let me focus briefly on the global economy and south africa ’ s response. this is an unusually challenging time for the global macroeconomy. high inflation has now taken centre stage in the global debate on monetary policy, as prices continue to climb at rates last seen decades ago. 3 we have seen major central banks raising interest rates at the fastest pace in a generation. the current inflation surge has