Of course the three regulators, BoZ, PIA, and SEC have also done their bit by seconding personnel to the FSDP Secretariat and taking responsibility for the financial obligations entailed. I want to thank all of them for their commitment and dedication. It is now my singular honour and privilege to call upon the Deputy Minister of Finance, Honourable Miles Sampa, MP to formally launch the National Strategy on Financial Education for Zambia. Thank you. 2  BIS central bankers’ speeches
I am therefore now looking forward to first talking about what has recently affected interest rate policy on a more fundamental level and then about the factors behind the decision taken in September. High inflation and rising interest rates The Riksbank is to ensure that we keep inflation in Sweden at a low and stable rate. We have indeed experienced a long period with a fairly low rate of price increase, approximately 1.6 per cent on average since the inflation target was announced. However, over the past year inflation has been higher. In August the rate of increase in consumer prices was 4.3 per cent. This is the highest inflation rate in almost 15 years. Given this, it is perhaps not surprising that expected inflation has also risen in the short term. But expectations of inflation several years ahead are now also clearly above the Riksbank's target of 2 per cent. It is therefore not surprising that many people are concerned. As inflation has risen, the Riksbank has raised its interest on loans to the banks, the repo rate. This is now 4.75 per cent. The banks’ lending rates to companies and households are higher and have also risen. They have risen more than the Riksbank’s rate increases. This is in turn linked to the uncertainty in the financial markets, which has increased the banks’ borrowing costs around the world. At the same time, the economic activity in the world in general has weakened, which leads to a decline in exports for Swedish companies.