Whether we operate in an inflation-targeting framework or not, our objective will still be the protection of the value of the currency. Inflation targeting is a framework within which to achieve this target. It makes our objective transparent and helps to anchor inflation expectations. We would not behave differently in the absence of an explicit target.
On behalf of the Central Bank of Bahrain, may I welcome you all to the Inaugural Plenary Session of today’s conference. May I take this opportunity to thank the sponsors and organisers of this Conference which this year concentrates on the mechanisms to encourage the growth of the Islamic banking industry whilst containing its risks.