risks are well - contained in the interest of the stability of the financial system. to further this objective, the new system will identify high - value cheques for which bis central bankers ’ speeches there will be a fast track settlement. a system whereby clearing is done electronically with the use of digital images and the micr code will contribute significantly to reduce those risks. awareness campaign this pre - launch event will kick start the cheque truncation awareness campaign. i set up a committee, chaired by the deputy governors and comprising representatives of the bank and commercial banks, to drive the awareness campaign. i thank all members of the committee for their dedication and commitment. the campaign which starts today will span over the next four weeks. public awareness will be created through distribution of brochures ( in french and in english ) ; posters will be affixed in public places such as the post office, mauritius telecom, cwa, supermarkets etc. there will be press adverts and radio and tv spots in the following two weeks. we hope to have a dedicated programme on cheque truncation on mbc tv. we want to reach every household and sensitise every cheque user. there will be help desks both at the bank and at individual banks, including branches of banks. information will also be available on the bank ’ s website as well as on the website of individual banks. we will have on our website a list of frequently asked questions ( faqs ). we count on you, ladies and gentlemen of the press, to help us in this campaign. what will change with the new system? the process of clearing will not change, except that the exchange of physical cheques will be eliminated and replaced by the digital images of the cheques. these digital images will be transmitted electronically by the presenting bank to the paying bank through the clearing house. there will be no change for the consumer. it is in the internal plumbing of the system, in the invisible parts, that the change will happen. clearing will be done from an it - enabled platform ; powerful servers linking all the banks will take over the process. the long and tedious manual handling of cheques will be replaced by a system that will not only reduce the float time before funds become available, but will contribute to combat fraud and forgery, and in the final analysis bring more efficiency to the entire banking system. the costs of implementing this system will be borne by the bank and the mauritius bankers association. there will be no

of the world economy. in this sense, and beyond the severe negative effects of the global financial crisis of 2008 – 2009, we must recognize that during the past decade the chilean economy was blessed with a benign international scenario, with extraordinarily advantageous commodity prices and financial conditions. notwithstanding, lately the high commodity price cycle has come to an end, hitting commodity - exporting countries including chile. meanwhile, although international financial conditions are still good, the process of monetary policy normalization in some large developed economies is expected to begin soon. we must not forget that copper, our main export, traded at nearly 4 dollars per pound for an extended period, and now it is closer to 3 dollars and may fall further in the long term. moreover, during the last decade, coincidentally with higher prices and supply shortages, investments in mining have increased significantly around the world. bis central bankers ’ speeches chile was no exception. during the 1990s and early 2000s, mining investment averaged 2 to 3 points of the country ’ s gdp. between 2006 and 2013, this figure rose to 5 points of gdp, peaking in 2012 at 6. 5 percent of gdp. this phenomenon not only allowed the country to enlarge its mining capacity, but also created major productive linkages toward other sectors, including construction, trade, and manufacturing industries. the north of our country, especially cities such as iquique, antofagasta, and la serena, has seen strong development and growth thanks to the positive impact of this phenomenon. however, this investment cycle, as has been noted on numerous occasions, has entered a matured stage, resulting in a decline in the number of projects under way. this is also true of other metal - exporting economies like australia and peru, although differing in intensity and timing, and is symptomatic of this phenomenon. however, the aforementioned maturation of the global cycle of copper investment is not the only reason behind the slowdown in mining investment. delays, postponements and cancellations have also been attributed by industry participants to domestic problems related to water shortages and high energy costs, to excessive delay in the definition of projects and legal issues with some of them, as well as to problems with communities and increased costs. among the factors behind the deceleration, there is also the fact that reconstruction works after the earthquake and tsunami of february 2010, including the associated fiscal boost, have tended to recede as the process is completed, explaining also part of the economic slowdown.