This linkage involves provision of financial literacy and banking services to the members of these 3 groups, and will form the basis for expanding these arrangements to other areas of the country. Traditionally, savings and loans societies in Papua New Guinea have been the vehicle for providing financial services to members who do not have access to banking services in the rural areas.
I will spend most of my time today discussing the rationale for the adjustments the Committee has made since 2014, a year that I see as a turning point, when the FOMC began to transition from providing increasing amounts of accommodation to gradually scaling it back.