I would also like to emphasise, that the normalisation speed in Albania has been lower than that implemented by our trading partners, due to the fact that fiscal policy has followed a consolidating trend throughout 2022, while a strengthening of the exchange rate has restrained transmission of imported inflationary pressures to the domestic market. The increase in key interest rates throughout 2022 and going forward, in the absence of these factors, would have been faster and more aggressive. Third, even with the presence of normalisation, the overall stance of monetary policy continued to remain accommodative for boosting both consumption and investments, as it provides better financial conditions for a more balanced performance of aggregate demand and supply in economy. The monetary policy has been transmitted smoothly across financial markets. Its transmission to the interbank market has been immediate and complete. It has been rapid to the government securities market, and it still continues to the deposits and credit market. Nevertheless, despite increasing interest rates, credit flows continue to remain positive and the Albanian banking sector continues to provide necessary funds to the economy for expanding activity and for meeting liquidity needs. The volume of credit to the private sector grew by 12.3%, on average in 2022, while credit portfolio quality remained at good levels, and the non-performing loans ratio stood at the lowest levels in the last decade. The financial sustainability of the banking sector and its positive approach towards lending was conducive to the continued support of the economy with funding.
Lim Hng Kiang: The Tokyo Stock Exchange and Singapore Speech by Mr Lim Hng Kiang, Deputy Chairman of the Monetary Authority of Singapore and Minister for Trade and Industry, at the Tokyo Stock Exchange Singapore Representative Office 10th Anniversary, Singapore, 14 December 2006. *  *  *  Congratulatory remarks I am delighted to be here with you this evening to celebrate the 10th anniversary of Tokyo Stock Exchange Singapore Representative Office. Firstly, I would like to thank the Tokyo Stock Exchange for its commitment to Singapore and the region over the past decade and I hope Tokyo Stock Exchange will continue to scale greater heights in coming years. Growth of Asia and Japan When Tokyo Stock Exchange established its overseas office in Singapore in 1996, Singapore and the region were experiencing strong economic growth with Asian economies developing at rates of about 5 to 10% per year. Today, we continue to witness the rise of Asia on the back of the twin drivers of China and India. Prospects for South-East Asia have improved considerably and Japan, after years of stagnation, is firmly back on the track of healthy sustained growth and is a major investor in South-East Asia. As of 2005, Japan's FDI into South-East Asia totaled $ billion, and it is the top investor in Indonesia, and the third largest investor in Vietnam. Changes in the global exchange landscape The competitive landscape in the global exchange arena has also changed significantly.