A tenth financial year of the Bank, the year 2003 will have achieved a mitigated development.

On one hand, on the internal level in spite of the less favourable evolution of the coffee prices and a socio-economic environment widely disrupted, the country has recorded a positive economic growth of around 4 %.

On the other hand, on the level of change reserves, the country has continued to lack cruelly foreign currency reserves while in the same time, negotiations with the International Monetary Fund and the World Bank on the establishment of an economic and financial programme were being held.

Those negotiations have finally resulted early September 2002 in the signing of two Credit Agreements the post-conflict facility with the IMF and the Credit for Economic Recovery with the World Bank for respective amounts of 25 and 54 million U.S. Dollars.

In this context of shortage and economic and financial programme with the Bretton Woods Institutions, the Central Bank has carried on tightening its main instruments of monetary policy, i.e. the exchange and credit.

Thus, the individual bank refinancing ceilings have been regularly reduced whereas the exchange control was tightened through the modification of rules of the foreign currency auction sale market.

In face of this adverse economic context, the Bank has oriented its gear policy following four main lines :

• the search for foreign currency resources through the development of a specific approach to the foreign currency clientele;
  
• the development of the internal money collecting through its continuous proximity policy;
  
• the strict control of the credit business, in respect with the scarcity of the central Bank resources;
  
• and the mastery of the operational and computerisation organisation.

Concomitantly, in the commercial field, the Bank has been sticking on the reinforcement of its trades follow up and the promotion of its corporate image and its communication notably, through the opening of its internet web site www.Interbankbdi.com and a poster campaign with the motto, “the Bank which provides you with the wings”, on all the main streets of the capital.

In the same field, and concerning the network, it has carried on and completed its integral computer interconnection programme of all its branches, in non stop and real time, offering therefore to the whole IBB customers a unique service on the Burundi Banking market.

The achieved outputs, although in reduction by 3 % if compared with those recorded at the end of the preceding year but beyond the billion of francs for the third consecutive year, remain widely positive with respect to the socio-economic environment which has globally degraded.

These performances reflect the reinforcement of the Bank capability to create the added value and to build its position on the Burundi banking market.

A proof of this is the continuous consolidation of its equity assets which, at the end of the tenth social year that we are closing, by approaching the six billion francs, the bank is ranking among the best positions in terms of solvency and financial autonomy.

We would like to take this opportunity to express our regards to all those who, within the Bank Managerial Bodies, the Board of Directors and the Management Committee, the network as well as the support services, have contributed to the achievements of these performances.

Regarding more particularly the staff whose endeavour during these last ten years has never failed, we urge them to keep up their determination and there professionalism, the most reliable guarantors of the Bank's future.

Indeed, we believe that the efficiency of the Bank of tomorrow will depend on its capability to mobilise and unite its teams of trained, informed and available employees for it to face the technical, commercial and institutional constraints ahead.

Georges COUCOULIS.-