of the economy. the pbc will adjust foreign exchange policy and release effective demand, control the abnormal foreign exchange supply, and create a good economic environment for the performance of new exchange rate regime. we will continue to allow the market to play a fundamental role in the exchange rate determination, improve the managed floating exchange rate regime, and keep the rmb exchange rate basically stable at an adaptive and equilibrium level. foreign exchange management system reform will be expedited in order to establish a market mechanism and a management mechanism for bop adjustment, and adopt the inflow and outflow balance management. as interest rate and exchange rate are more market based, we will provide risk management instruments and explore interest rate swap experiment. we will intensify study on interest rate forward contract, and launch relevant piloting project at an appropriate time. we will gradually launch standard and non - standard contract of foreign currency / foreign currency, rmb / foreign currency derivative products. enterprises and financial institutions need to adapt to the environment of changing fund cost, learn to manage risk with derivative instruments, change the traditional mentality of business operation, and improve business operation in response to market risks, adapt to a managed floating exchange rate regime in an incremental manner, and integrate in an increasingly competitive international environment. in 2006, macro - economy and economic policy are expected to remain stable. the dynamism and flexibility of the economy are expected to be enhanced. the good momentum of economic development will move into this year. the pbc will continue the sound monetary policy, maintain policy continuity and stability, strengthen coordination between local currency and foreign currency policies, make the monetary policy more forward - looking and effective, maintain the steady growth of money and credit, promote financial reform and opening - up, preserve financial system stability, further reform foreign exchange management, improve the quality of financial service and contribute to the sustained, balanced, rapid and healthy development of the national economy.

schemes or scams. notices have appeared in daily newspapers – yet despite these warnings, people are still duped into placing their moneys into fast money schemes. the operators of these fast money schemes have been lying to people about their activities so that they continue to rob the unsuspecting depositors of their hard earned cash and savings. these actions are outright acts of deceit, lies and fraud. to put the facts right : • the bank of png does not conduct transactions or deal with individuals ; • it does not issue guarantees or warrantees to individual, companies, financial institutions and even the government ; • any person taking deposit from the public is conducting an illegal activity, because it is not licensed by the bank of png and ; • the bank of png is not responsible for returning your deposits from such money schemes, and it is your responsibility to report such persons or schemes to the police, or go and recover it yourself from the person you paid it to. directors, executives and members of east new britain savings and loan society can assist by spreading the warning about the pitfalls of people placing their money in fast money schemes. you can quote examples of such operations as u - vistract who took people ’ s money and have gone hiding while depositors are still waiting for their payout. even fijians are waiting for their pay out. conclusion i take this opportunity to once again thank the members of the board, committeemen, management and staff of east new britain savings and loan society for continuing the hard work in providing the savings and loan services extensively to parts of east new britain. i encourage you to continue in maintaining good governance and management of your society. in officiating at this ground breaking ceremony for the new office complex for the east new britain savings & loan society, i wish to congratulate the board, management and committeemen, members and people of east new britain for achieving this milestone. thank you choir groups and performers.