. going forward going forward, much still needs to be done. the telecommunication liberalization has led to the creation of an enabling environment for the introduction of electronic payments and mobile banking products never witnessed before in papua new guinea. we have only seen the start of it but the rest is yet to come and it is here to stay and grow. however, the challenge of all the regulatory institutions are to ensure that transactions conducted are cost effective, efficient, and poses a low risk on the consumers. this requires close coordination in the area of regulation especially monitoring and licensing, provision of technological infrastructure and ensuring maximum benefit for consumers. the bank has commenced a major review of the payments system in papua new guinea in 2009. review of the payments system is necessary for promoting a sound and efficient system that will reduce costs to both businesses and consumers and also improve monetary policy transmission. as the electronic or mobile phone banking products are means of payments, the payments legislation will cover its regulatory aspects and where necessary specific guidelines will be introduced for the electronic payments products. conclusion i trust that this workshop will help us understand the various issues relating to mobile phone or mobile money systems and products, and also appreciate major developments and pilot programs already taking place in papua new guinea. this workshop is meant to create awareness on the mobile phone technology that is already in the market place which can be adopted to connect the unbanked segment of our population to financial services so they can be empowered to improve their livelihood. thank you all for accepting our invitation to attend this workshop and i look forward to your productive participation today. thank you ladies and gentlemen for listening.

s representatives through twice - a - year reports, testimony, oversight, and audited financial statements. i am strongly committed to that framework of transparency and accountability and to continuing to look for ways to enhance it. in our federated system, members of the washington - based board of governors participate in fomc deliberations with the presidents of the 12 regional federal reserve banks, which are deeply rooted in their local communities. i am a strong supporter of this institutional structure, which helps ensure a diversity of perspectives on monetary policy and helps sustain the public ’ s support for the federal reserve as an institution. if confirmed, i would strive, along with my colleagues, to support the economy ’ s continued progress toward full recovery. our aim is to sustain a strong jobs market with inflation moving gradually up toward our target. we expect interest rates to rise somewhat further and the size of our balance sheet to gradually shrink. however, while we endeavor to make the path of policy as predictable as possible, the future cannot be known with certainty. so we must retain the flexibility to adjust our policies in response to economic developments. above all, even as we draw on the lessons of the past, we must be prepared to respond decisively and with appropriate force to new and unexpected threats to our nation ’ s financial stability and economic prosperity — the original motivation for the federal reserve ’ s founding. 1 / 2 bis central bankers'speeches as a regulator and supervisor of banking institutions, in collaboration with other federal and state agencies, we must help ensure that our financial system remains both stable and efficient. our financial system is without doubt far stronger and more resilient than it was a decade ago. our banks have much higher levels of capital and liquid assets, are more aware of the risks they run, and are better able to manage those risks. even as we have worked to implement improvements, we also have sought to tailor regulation and supervision to the size and risk profile of banks, particularly community institutions. we will continue to consider appropriate ways to ease regulatory burdens while preserving core reforms — strong levels of capital and liquidity, stress testing, and resolution planning — so that banks can provide the credit to families and businesses necessary to sustain a prosperous economy. in doing so, we must be clear and transparent about the principles that are driving our decisions and about the expectations we have for the institutions we regulate. to conclude, inside the federal reserve, we understand that our decisions in all these areas matter for american families and communities.