By contrast, under a negative interest rate policy, where future rate cuts are possible, the distribution of rate expectations is more symmetric, putting downward pressure on longer-maturity interest rates. Rate expectations can even be skewed downwards if the negative rate policy is flanked by communication that the interest rate might be reduced further.
All these are interesting financial sector developments and I would like to acknowledge all our stakeholders for their efforts. Challenges in microfinance Let me touch briefly on some of the challenges that we face in pursuing the development of financial inclusion and microfinance.