segments of the population. microfinance banks have been able to expand their reach and depth cost effectively while ensuring the stability and soundness of the financial system. as the microfinance sector in kenya continues to grow and empower more microentrepreneurs across kenya, it is the success stories behind the numbers that prove the power of access to finance to transform and improve lives. it is a pleasure to see tangible proof that our collective public and private sector efforts have a powerful impact on kenyan households and msmes. therefore, as we celebrate the 4th annual citi microentrepreneurship award winners today, we celebrate efforts made by the key players in the financial sector in enhancing inclusive financial systems to serve kenyans with appropriate and sustainable financial services. in closing, let me salute all the worthy award winners. the recognition today should provide further impetus to deepen your commitment in your entrepreneurial initiatives. thank you bis central bankers ’ speeches

anselmo l s teng : macao ’ s financial sector – exhibiting steady development speech by mr anselmo l s teng, chairman of the monetary authority of macao, at the 2008 amcm spring cocktail reception, macao, 11 march 2008. * * * the honourable secretary for economy and finance, mr. francis tam, the honourable director of the economic affairs department of the liaison office of the central people ’ s government in the msar, mr. zhou zhikui, the honourable chairman of the macau association of banks, mr. ye yixin, the honourable president of the macau insurers ’ association, mr. si chi hok, the honourable president of the macau insurance agents and brokers association, mr. tou kam seng, the honourable president of the federation of macau professional insurance intermediaries, mr. frank ip, the honourable president of the macau financial markets association, mr. chan kam chun, the honourable president of the association of macau financial employees, mr. ng chi peng, distinguished guests, friends of media, dear colleagues, good afternoon, first of all allow me to give a warm welcome on behalf of the monetary authority of macao ( amcm ), to mr. francis tam, mr. zhou zhikui and the honoured guests who attend this cocktail reception. at the same time, i would like to express my gratitude for all the help and support you have rendered to amcm in the past year. only those who have survived the harsh winter appreciate the warmth of spring. after a severe winter which can happen only once in half a century, we gather gaily today when flowers bloom in the mellow march air. we look back and forward to celebrate the arrival of the year of the rat. 2007 is an eventful year. global economic growth has slowed down due to the reverberations arising from the subprime crisis originated in the us. at the same time, financial risk which has hidden under years of economic prosperity starts to take its toll. there is the bank run of a financial institution in the uk, heavy losses have been incurred by giant multi - national financial groups. all these fiascos have created shock and uncertainties in international financial markets. however, despite all these turmoils in the international financial environment, macao continues to enjoy a burgeoning economy. financial risk is under proper control while the financial sector exhibits steady development. we can attribute all these successes to the endeavour