##note processing, banknote security features, counterfeit notes, just to mention but a few, which are all relevant to both the central bank and commercial banks being the main cash handlers. ladies and gentlemen, let me briefly touch on one of the issues that will be addressed at this workshop, that of counterfeit notes. the bank of zambia faces challenges in this area, especially with regard to the highest value denomination, the k50, 000. however, the volumes are not alarming as evidenced by the prevailing statistics. for instance, the ratio of counterfeit notes in circulation to currency in circulation in the k50, 000 is negligible at 0. 000036 % as at end june 2011. this has been the case for the past five years. despite the aforementioned statistic, it still remains our responsibility to ensure that this illegal activity is curbed by sensitizing the general public about the genuine security features of the zambian banknotes. distinguished participants, the topics that will be addressed at this workshop will provide you with an opportunity to learn modern methods of cash processing. as you may be aware, the bank has made attempts to automate cash operations. as a result, the bank acquired the bis central bankers ’ speeches bps 1000 banknote sorting machines with an integrated banknote destruction system in 2008. the process of automating currency operations is one of the bank ’ s key strategic objectives. this workshop provides us with a unique opportunity to share our experiences with the printers of our banknotes and suppliers of the cash processing equipment. please use this opportunity to tap knowledge from the vast experience and expertise of our resource persons. finally, i wish to urge workshop participants to actively participate during deliberations of this workshop. with these few words, it is now my honour and privilege to declare this workshop officially open. i thank you! bis central bankers ’ speeches

by about 5. 0 percent to us $ 21 billion. this was due to the fall in the stock of foreign direct investment ( fdi ) owing to valuation effects on equity mostly held by the mining and quarrying sector. nonetheless, fdi continued to account for the largest share of the stock of private sector foreign liabilities. private sector external debt, which accounted for about 80 percent of foreign liabilities, increased by 5 percent to us $ 17 billion due to revaluation changes in non - us dollar denominated loans predominantly in the electricity, manufacturing, information and communication as well as real estate sectors. esteemed invited guests, in terms of flows, overall net foreign liability outflows of us $ 74 million 1 / 3 bis central bankers'speeches were recorded in 2020 against net inflows of us $ 357 million in 2019. this was due to loan repayments to non - affiliates by the mining, manufacturing, electricity as well as wholesale and retail trade sectors, and the reduction in currency holdings by non - residents in domestic deposittaking corporations. however, fdi liability inflows amounted to us $ 200 million compared to us $ 860 million in 2019. reduced re - invested earnings and debt repayments, largely by the mining and quarrying sector, accounted for the decline in fdi inflows. canada continued to be the major source of private sector foreign liabilities. ladies and gentlemen, the stock of private sector foreign liabilities declined further in the first half of 2021 to us $ 20 billion due to loan repayments mostly by the mining and quarrying sector as well as revaluation effects on equity. however, a net inflow of about us $ 600 million was recorded against net outflows of us $ 295 million a year ago. this was due to the upswing in fdi inflows on account of higher reinvested earnings by the mining, deposit - taking corporation, manufacturing, electricity, as well as information and communication sectors. distinguished ladies and gentlemen, another major finding from the survey is that the stock of private sector foreign assets rose by 16 percent to us $ 3. 0 billion in 2020 mainly due to the increase in currency and deposits by the mining and deposit - taking corporations. the surge in the holdings of currency and deposits contributed significantly to the increase in foreign asset flows by 60 percent to us $ 700 million. however, fdi asset acquisitions slumped to us $ 63 million in 2020 from us $ 624 million in 2019 owing