, the continuing recession creates an unfavourable climate and feeds social tensions. nevertheless, we are now at a turning point. there is no doubt that 2013 will be a difficult year, mainly due to the continuing recession and high unemployment. but we can expect recessionary forces to weaken gradually and the greek economy to return to positive growth rates in the course of 2014. positive effects are expected from : • a boost to liquidity and confidence as a result of the recapitalisation of banks and the return of deposits to the banking system ; • a further improvement in cost competitiveness – expected in 2013 to more than offset the competitiveness losses of 2001 – 2009 – and a resulting increase in exports ; • a speeding - up of the privatisation process, leading eventually to investments several times larger than the initial ones ; • progress in the deregulation of markets ; • the restarting of major infrastructure projects such as highways ; • the implementation of private investment projects, with the support of the national strategic reference framework ( nsrf ) and european investment bank funds ; • the planned repayment of public sector arrears. in order to ensure that the above factors will deliver the expected results, it is necessary to safeguard the recent improvement in confidence. any extreme or untimely demands put forward by different social groups would be counterproductive. society as a whole stands to make a lasting gain when the economy gets back on its feet again. it also goes without saying that unlawful incidents against business operations – no matter how isolated – are particularly harmful to the investment environment and undermine the prospect for a recovery in employment. pressing ahead with the implementation of the programme is a prerequisite for recovery where we stand today bodes well for the future. it can be reasonably expected that real economic recovery will come fairly soon, provided that certain conditions are fulfilled. the most important is the continued implementation of the adjustment programme, with strict adherence to the targets and timetables set. this will ensure continued funding and eliminate once and for all the risk of exit from the euro area, consolidate confidence in the economy ’ s future, attract new investment and convey a clear message that the worst is behind us and an exit from the crisis is in sight. bis central bankers ’ speeches implementation of a new model of outward - looking growth the rebasing of the country ’ s productive capacity on new foundations must be driven by strengthening its export orientation. this, in turn, requires shifting resources towards the production of competitive, internationally

realistic approach to regulation. competition in the provision of innovative payment solutions, especially where such solutions are turned into practical products that are responsive to the needs of the financially excluded, is healthy. although we expect banking institutions to continue to serving as the core of the payment system, it is non - banking institutions such a nam - mic payment solutions that will be contributing to the competitive environment in the establishment of payment methods and delivery channels thus serving as an impetus to innovation. bis central bankers ’ speeches electronic payment solutions and thus mobile payment solutions is one of many initiatives that the bank is promoting to increase financial inclusion. in this connection, this initiative of enabling money to be transferred across the country from person to person through a mobile solution at affordable costs will go along way in increasing access to financial services in line with broader national objectives. in conclusion, director of ceremonies, ladies and gentlemen we have come a long way in establishing a safe, sound and efficient payment system in namibia. the challenge is to make them accessible, affordable and inclusive. payment systems issues are perpetual on the bank ’ s agenda and we all need to contribute to achieving the twin goals of financial inclusion and provision of speedy, efficient, robust, accessible, safe and affordable modern payment methods. let me once again congratulate nam - mic payment solution for coming up with this innovative mobile payment services for their members. at this juncture, i now declare the “ nam - mic cellcard ” officially launched. i thank you for your kind attention. bis central bankers ’ speeches