After assessing these risks, which originate both domestically and abroad, the Board estimates that the risk balance is unbiased for inflation and downward biased for output. Inflation is high now, but it is expected to approach 3 percent over the course of 2015. Domestic output and demand continue to show significant weakness and growth prospects for 2015 have been revised downwards, despite that both monetary and fiscal impulses are significant, and the external impulse will be slightly larger than what we saw this year. The Board led the policy rate to 3 percent and stated that future changes to it would depend on the evolution of internal and external macroeconomic conditions, and their implications on the inflation outlook. At the same time, it reaffirmed its commitment to conduct monetary policy with flexibility so that projected inflation stands at 3 percent over the policy horizon. The Financial Stability Report (IEF) Our Financial Stability Report (IEF) discloses, twice a year (in June and December), those recent macroeconomic and financial developments that might influence the financial stability of the Chilean economy. Let me now briefly describe some of the main subjects covered in this last issue. The same scenarios for external risk I just described are analyzed in the IEF. From the standpoint of financial stability, we conclude that as the process of monetary policy normalization in the United States advances, financial volatility episodes may follow. The expansionary policies have helped to shape the current environment of low risk premiums and low volatility.
I therefore, appeal to all banks operating in Zambia to show more commitment to the growth and development of our country by; •  Opening more branches, especially among our rural communities;  •  Installing more ATMs;  •  Providing more loans that will increase the productivity of our economy; and  BIS Review 107/2007  1  •  Encouraging more Zambian to open bank accounts through provision of easily accessible and affordable products and services. These developments, Ladies and Gentlemen, will greatly contribute to the expansion of economic activities, which will have a positive bearing on poverty alleviation. I am pleased to observe Standard Chartered’s commitment to growth and reinvestment. However, you will all agree with me that those who have more should do more. I therefore look forward to seeing more from Standard Chartered Bank Zambia, as it is one of the leading banks in the country. Mr Chairman, let me conclude by thanking you for inviting me to officiate at this important event. It’s now my pleasure to officially open the new branch of Standard Chartered Bank Zambia at Crossroads Shopping Mall. Thank you. 2  BIS Review 107/2007