on the other hand, have been stagnant on average. as a result, the real trade surplus has been increasing with some fluctuations. the nominal current - account surplus has also been expanding significantly since april 1997, partly reflecting the decline in crude oil prices since early 1997. after recording high growth during the second half of 1996 and the first quarter 1997, industrial production in the second quarter remained virtually unchanged as the decline in demand following the surge ahead of the consumption tax hike was offset by factors such as the substantial increase in exports and the rebuilding of inventories. production in the third quarter is expected to remain mostly unchanged from the second quarter. this is because a minor production cutback is expected in the transportation machinery industry where inventories have accumulated, while production will continue a steady increase in the electrical machinery industry. inventories are at appropriate levels on the whole, except for the transportation machinery industry. - 2with respect to labor market conditions, the unemployment rate remains at a high level, and the increase in overtime working hours has slowed somewhat, reflecting developments in production. however, year - to - year growth in nominal wages and employment has been moderate but steady, reflecting the increase in corporate profits. thus, labor market conditions and income formation continue to improve moderately on the whole. prices remained stable on the whole, excluding the effect of the consumption tax hike. domestic wholesale prices ( adjusted for seasonal electricity rates ) have remained virtually unchanged. this is because overall domestic supply and demand conditions have improved moderately, except for some construction goods, while import prices have declined. the year - to - year declines in corporate service prices are narrowing steadily on the whole, partly owing to the improvement in supply and demand conditions, particularly for real estate rents and information services, although leasing charges continue to decline. consumer prices ( nationwide, excluding perishables ) overall are stable, marginally above the previous year ’ s level, mainly because the year - to - year declines in goods prices have narrowed. the growth in monetary aggregates, measured in terms of the year - to - year growth of m2 + cds average outstanding, has continued at around 3 per cent. regarding money market rates, the overnight call rate ( uncollateralized ) has moved at a level slightly below the official discount rate. the 3 - month cd rate has stayed at around 0. 55 per cent. meanwhile, the long - term government bond yield has been declining since the end of may as the market confirmed the moderate pace of the economic recovery

closing remarks by ms caroline abel governor of the central bank of seychelles 4th esaamlg public - private sector dialogue on aml / cft saturday september 8, 2018 venue : savoy resort and spa ministers and members of the esaamlg council of ministers, permanent secretaries, chairman & members of the task force of senior officials, executive secretary of the esaamlg, private sector participants, ladies and gentlemen, we have come to the end of this 4th esaamlg public sector dialogue on anti money laundering and combatting the financing of terrorism. over the last day and a half, we have gone to great lengths to explore the chosen topics. it has been a great opportunity for us to have a better overview of the extent of the challenges that exist in our jurisdictions and the region. government officials, policy makers and private sector representatives present, have also had the opportunity to make their valuable contributions, share experiences, and propose solutions. all in all, it has been an enriching exchange. it is my sincere hope that as we leave here today, we will endeavour to bring this dialogue back to our respective organisations, and home countries, and further build on the foundation that has already been laid. it is evidently clear that we need to have strong aml / cft frameworks in our countries and the region. however, it is not enough to say so, but we need to work towards achieving this objective. several best practices have been shared, which we can apply or adapt to address our specific situations and challenges. we also have resourceful organisations, like the imf, world bank, the fatf & unodc present here today, and i take this opportunity to call on these partners to assist us. it is imperative that we also have close collaboration between key stakeholders as this is crucial to addressing all of the issues that we have been discussing, because as we have seen these are all cross cutting issues and cannot be dealt with by the government, the law enforcement authorities or the private sector alone. another key message that has come out of this dialogue is the need for increased communication and education. having strong aml / cft frameworks in place would not be effective, if there is no communication and engagement between the concerned partners to address critical issues. to conclude this evening, i would like to express my sincere appreciation to each and everyone who have contributed towards the success of this event. firstly, i would like to thank the esaamlg council of ministers for the