As I have said on several occasions, this is the main contribution of the Central Bank of Chile to growth and stability of the Chilean economy. Thank you very much. 6  BIS Review 99/2010  Figure 1  Real interest rate gap: Real MPR minus indicated neutral interest rate (percent)  Monetary policy interest rate (MPR) (percent) 10  10  6  6  8  8  3  3  6  6  0  0  4  4  2  2  -3  -3  0  0  -6  -6  07  08  09  10  00  02  04  06  08  10  Rate implicit in CBC's forecasting models Rate derived from consumptionbased model  Source: Central Bank of Chile. Figure 2  Commodities prices (indexes, 02/01/2006=100)  Stock-market volatility (percent)  100  100  250  250  80  80  200  200  60  60  150  150  40  40  100  100  20  20  50  50  0  0  0  0  07  08  09  10  Developed markets (1) Emerging markets (2)  06  07  08  Copper  09  10 WTI Oil  (1) VIX volatility index. (2) Estimated volatility of MSCI index in dollars. Sources: Bloomberg and Morgan Stanley Capital International.
Central banks, as regulators, can play their own role in this endeavor. At Bank Al-Maghrib, we are continuously working to improve the representation of women in the boards of credit institutions through a gradual approach. For instance, in 2014 we laid down the obligation for such bodies to implement a policy aimed at ensuring a better representation of women. Two years later, this directive was reinforced by making compulsory compliance with the principle of parity in the appointment of independent directors. Our efforts in this regard are still ongoing with a new regulatory recommendation aimed at bringing the banking sector to further move towards the reduction of gender inequalities and a more inclusive finance. This regulatory text, which will be adopted before the end of the year, calls for a genuine implementation of the gender dimension by (i) entrenching professional gender equality within banking institutions; (ii) developing offers adapted to the needs of female customers, in particular female entrepreneurs, based on dedicated refinancing mechanisms such as “Gender Bonds”; and (iii) assisting these institutions in the implementation of funded projects. Furthermore, to catch up with the deficit in accessing financial services, the Ministry of Finance and Bank Al-Maghrib have developed and implemented a national strategy for financial inclusion. This strategy targets as a priority women, youth and the rural population. Ladies and gentlemen, Alongside these efforts as a regulator, Bank Al-Maghrib is striving as an enterprise to set an example in terms of professional equality between men and women.