For instance, Zambia, has successfully managed to stabilize the key macroeconomic variables. For the first time in 30 years, inflation managed to fall to its lowest levels while the exchange rate has been relatively stable whilst reflecting market fundamentals. Further, the lending interest rates have been declining in response favorable macroeconomic environment. Notwithstanding the improved macroeconomic environment, the Zambian Government is aware and committed to resolving the remaining challenges facing the banking and financial services industry. Accordingly, Government adopted a 5-year Financial Sector Development Plan (FSDP), which aims, amongst other things, at promoting the development of a stable, sound and market based financial system. One of the key recommendations of the FSDP is establishment of a credit reference bureau in order to improve the credit culture in Zambia. In June 2006, the Bank of Zambia licensed one company to provide credit referencing services and commercial banks are concluding a service level agreement with this company that will allow the bureau to serve as a clearinghouse for credit history information and promote the ability of lending institutions to share both positive and negative data about their borrowing customers. BIS Review 36/2007  1  Ladies and Gentlemen, this development will address one of key structural problems that the baking sector has faced for a long time.
So, 7 / 15  BIS central bankers' speeches  think of that as Bangladesh. That the messenger, who the person is who’s transmitting the payment, this is SWIFT, is secure. And the receiver. So in this case, the New York Fed is secure. That goes for anybody who is executing payments. It doesn’t have to be Bangladesh, through the SWIFT, to the New York Fed. It’s anybody executing a payment through any payment medium to any receiver. The thing that we’re trying to work on internationally is to try to make sure that everyone understands their responsibilities in that chain. So, it’s really important that the person executing the payment, that their facilities are secured. What seemed to be the case in the Bangladesh situation was their facilities were not secured, so someone executed a payment that looked completely authentic through the SWIFT pipes to the New York Fed. It was an authentic payment – it looked like an authentic payment when we executed on some of those payments – not all of those payments. So, we need to make sure that that first leg is buttoned up, and also we need to make sure that everyone understands their responsibility along that chain. So, this is something that we take very seriously. We’re working also with the institutions that we interact with.