currently around $ 522 million. this liquidity stems from growth in reserves coupled with weak demand for credit from the domestic economy. this can be seen in low annual growth rates in commercial bank lending. we have however seen some pickup in recent months. foreign reserves are currently around $ 1. 5 billion, sufficient to cover nearly 5 months of imports of goods and non - factor services. in view of the relatively comfortable reserves position, the reserve bank has further reduced some exchange controls and will continue to work with banks and other key stakeholders to reduce uncertainties considered as hindrances towards increasing investment. ladies and gentlemen, the reserve bank maintains an open door policy in regard to new entrants to the financial system in fiji, provided that potential licensed entities meet relevant legislative and regulatory requirements. it was in this spirit that we approved the acquisition of the former colonial national bank by bank south pacific limited, and we will continue to approve other players into the market to allow for healthy competition. such competition will benefit us all. bsp has again today demonstrated its confidence in fiji by further putting in new capital to expand its branch network. i would urge all of us here this evening to make a difference to raise investment, and ensure that fiji ’ s economic growth is sustainable. official opening once again, i thank mr. mccarthy for his kind invitation. i wish him and his team at bsp every success in their operations in fiji. i now have much pleasure in declaring the bsp westfield, lautoka branch open. vinaka. bis central bankers ’ speeches

group peer learning program on financial inclusion. the united nations now has her majesty queen maxima of the netherlands as their special advocate for inclusive finance for development and she is also honorary patron for the g20 global partnerships for financial inclusion. the alliance for financial inclusion held its latest annual global policy forum in malaysia in september. major regional and donor organisations such as the oecd, cgap, adb, ausaid and giz have been organising workshops and bis central bankers ’ speeches discussions on financial inclusion and there have been inter - regional country meetings such as those in africa and in asia. at the highest global levels, there is the clear recognition that deliberate financial inclusion measures and initiatives are essential if we are to reach the 2. 5 billion people who do not have access to any form of financial services and products and who remain in poverty. regional coverage in our own pacific region, we have come to also recognise the importance of embracing financial inclusion. in 2005, the united nations development programme estimated that around 6. 5 million pacific islanders and 80 percent of low income people1 did not have access to formal financial services, making it one of the most neglected regions in the world in terms of banking services. i am glad that the microfinance pasifika network took on the advocacy role in the pacific. in its vision statement, it says that “ … the network shall be committed to improving quality of life through the provision of inclusive and sustainable micro financial services, such as savings, credit, remittances and payment services and insurance, to the economically disadvantaged... ” however, i am also glad to say that our own central banks and authorities together with other committed stakeholders, have also taken on the baton theme of forum – importance of access and impact ladies and gentlemen, our theme, “ microfinance in the pacific – increasing access, enhancing impact ”, brings a number of questions to mind. how do we reach the unbanked or those that do not have access to microfinance or any form of financial service and how do we make a difference to their lives? technological innovation such questions require the capacity to think outside the box. the problems and the difficulties are such that one cannot approach and derive a solvable position in many cases unless one takes a non traditional and non conventional approach to problem solving. this calls for innovative thinking. our problems in the pacific are fairly similar. we are small island countries that are dispersed over a wide area of sea. our economic growth rates