Three licences to newcomers in the industry were due to be delivered this year. However, only one new licence has been issued. The other two proposed licensees have instead taken over two existing banks. Three new branches opened in the country during the year and approval has been granted for the opening of a regional branch.
Ladies and Gentlemen, let me begin by thanking Graphic Business and Stanbic Bank for the opportunity to speak on the topic: "Achieving Sustainable Exchange Rate: Our Options” This topic is timely—coming at a time that we have successfully emerged out of a sudden bout of volatility in the exchange rate, which generated a lot of debate domestically and also externally.