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Tag: emefiele

  • Forex: Emefiele pays unscheduled visits to First Bank, UBA, Zenith, insists on $1/N360 benchmark

    Mr Godwin Emefiele, Governor, Central Bank of Nigeria (CBN), on Monday paid an unannounced visit to First Bank, UBA and Zenith banks offices in Abuja to inspect sales of foreign currencies to customers.

    He said that the visit was to ascertain banks compliance with the new directive by the CBN to sell foreign currencies to all customers over-the-counter whether the customer had an account or not.

    “The essence of us being here is to make sure that the banks are able to service not just their customers, but also those who are not their customers, particularly those who want to travel outside the country.

    “I want to seize this opportunity to let everybody know that there is dollar availability. If you want to travel, go to a bank. It doesn’t have to be your bank.

    “Whether you have an account or not, you should be attended to.

    “Just work into any bank with your travel document, show your Visa and air ticket. They will ask for your BVN and once they verify it, they should attend to you on the spot.

    “Nobody should go home and come back because he or she wants to buy foreign exchange. You should be attended to immediately and that’s what over-the-counter means,’’ he said.

    Emefiele said that all the banks were well stocked and whoever want to make foreign exchange transaction should look for the “BTA/PTA counter’’ or “Bureau de Change counter’’ located in all banks’ branches.

    He also said that all banks were expected to display daily foreign exchange rates for major currencies, so that the customer would be aware of how much he or she is paying.

    “The essence of this inspection is to say that there is ample liquidity for any eligible traveler and nobody should fall into the temptation of buying BTA or PTA from a bank at more than N360 to a dollar.

    “The banks are entitled to their margin, and their margin has already been built into the price so you don’t have to pay any additional charge,’’ he said.

    According to Emefiele, the CBN Examiners will continue to do on-the-spot assessments at banks to find out and be sure that people who are traveling get attended to Over-the-Counter.

    Emefiele visited the First Bank branch in Central Area, UBA branch in Area 3 and Zenith Bank in Maitama, Abuja.

    He asked customers of the three banks their experiences in accessing foreign exchange, if they were being attended to promptly or not.

    He also spoke with the Head Branch Service, First Bank, Abuja, Ms Zainab Darlington, Zenith Bank’s Executive Director, North, Mr Umar Ahmed and the Assistant General Manager, UBA, Mrs Jennifer Illoabache.

    They all confirmed ample supply of foreign exchange from the CBN to meet all eligible demand for foreign exchange.

    According to the Apex bank, Nigerians traveling out of the country for personal reasons, are entitled to access a maximum of 4,000 dollars every quarter, while those going for business, 5,000 dollars.

    Meanwhile, the Naira on Monday exchanged for N366 to a dollar at the Bureau de Change segment, showing slight improvement from the N367 it closed on Friday.

  • Why we did not reduce interest rate – CBN

    The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) rose from its second meeting for the year, expressing apprehension that the late passage and implementation of the 2018 budget, as well as election spending, could trigger inflationary trends and reverse the economic gains made so far, if pre-emptive measures are not adopted.

    The committee, which for the 11th consecutive time, retained the Monetary Policy Rate (MPR) at 14 per cent, Cash Reserve Ratio (CRR) at 22.5 per cent, Liquidity Ratio (LR) at 30 per cent, and the asymmetric corridor at +200-500 basis points around the MPR, explained that it retained in consideration of the forecast of high liquidity injection in the second half of 2018, upward pressure of prices driven largely by substantial expansion of fiscal policy, which would arise from the late passage of the 2018 budget, outstanding balance from the 2017 budget and pre-election spending, to retain the interest rate.

    Responding to questions, the CBN governor, Mr. Godwin Emefiele, who briefed journalists on the outcome of the MPC meeting, said eight of the nine members of the committee who were part of the meeting voted for the retention of the rate while one rooted for further tightening.

    Emefiele admitted that the MPC had earlier declared that once inflation rate trends downwards to a single digit or double-digit lower rate, it would bring the MPR down.

    According to the latest figures released by the National Bureau of Statistics (NBS), the inflation rate for April was 12.48 per cent, down from 13.34 per cent recorded in March.

    He explained that the MPC decided not to lower the MPR for now as a pre-emptive measure to guard against possible inflationary pressures that the late implementation of the 2018 budget and election expenses might exert on the economy.

    “It is very true that we said until inflation drops to single digit before we take a decision on reducing the interest rate, but you will also observe, in the course of this presentation, we explained the expansion of fiscal activities that we foresee, beginning from around May or June this year.

    “At this time, the fact that we are still on the 2017 budget; the 2018 budget will eventually kick in around June or July, there will be an acceleration in the rate of spending and we also expect a lot of election spending.

    “These indications, expectedly, are meant to expand the economy and spur growth which I will say is commendable, but we also know that those expansionary fiscal measures will gradually lead to an inflationary increase and if that happens, it will reverse the gains we have recorded over time.

    “The committee considered the forecast of high liquidity injection in the second half of 2018, upward pressure of prices driven largely by the substantial expansion of fiscal policy which will arise from the late passage of the 2018 budget, outstanding balance from the 2017 budget and the pre-election expenditure,” he explained.

    Emefiele stated that the MPC felt that further tightening would ensure the mop up of excess liquidity, mindful that despite the moderation in inflation, the current inflation rate was still above the single digit target and that the real interest rate only turned positive in the review period.

    “The objective of the policy stance, therefore, would be to accelerate the reduction in the rate of inflation to single digit, to promote economic stability, boost investor confidence and promote foreign capital flows with complimentary impact on exchange rate stability.

    “Conversely, the committee believes that raising the interest rate would, however, depress consumption and increase the cost of borrowing to the real sector. Moreover, such policy will make deposit money banks to reprise their assets,” he said.

    On the $2.5 billion currency swap deal between the CBN and People’s Bank of China (PBoC), Emefiele disclosed that the framework will be released next week, adding that Nigeria has everything to gain from the deal and nothing to lose.

    “I must say congratulations to Nigeria. After a rigorous almost two and half years of negotiations with the People’s Bank of China, we eventually struck the deal for a currency swap deal between Nigeria and China, with the intention of boosting trade relations between both countries. Like you all know, it will just operate in the normal format or LC (letter of credit) transactions.

    “Like you know, there are some importers from England who will issue invoices in pounds sterling if you want to import goods from England. Or in Europe, they will issue you invoices in Euro as against the dollars if the choice is theirs.

    “Under the China-Nigeria deal, by the time the framework is released, we would begin to see, based on negotiations with Nigerian suppliers, that Chinese suppliers would begin to issue invoices in naira.

    “If China is Nigeria’s largest trading partner controlling close to 35 per cent of total trade, what that means is that all things being equal, by the time we conclude the framework, we should see to it that more invoices would be issued in the local currency against the traditional dollar.

    “I have read some newspapers report on the currency swap, but I can tell you, it is going to be positive and I repeat, strongly positive for Nigeria; for Nigerian imports and also for Nigerians. That is what we expect and we would ensure that we achieve that,” Emefiele stated.

    According to him, the negotiations with the Chinese bank were painstakingly done, adding: “ I am optimistic that Nigerians will reap the positive impact from this, and we do expect that by the time the framework is released, Nigeria will end up being the trade hub in the West African sub-region because there are currently only three countries in Africa that enjoy the currency swap deal with China – South Africa, Egypt and Nigeria.”

    The governor, who also spoke on the innovative measures the CBN would introduce to encourage money deposit banks to accelerate credit growth to the real sector of the economy, noted that as much as possible, the central bank would not want to go back to the era of sectoral allocations.

    He said efforts were being made to come up with decisions that will determine the level of cash reserves that a bank holds.

    He stated that under the proposed policy, banks that increase lending would be compensated while those that reserve their liquidity and resort to trading in government securities or give to those who trade in foreign exchange, rather than granting loans to the real sector would be penalised.

    Emefiele disclosed that the appropriate departments of the central bank will work out the modalities, adding: “That framework will certainly come up and we will task the relevant authorities to work on it and I am optimistic that the Monetary Policy Committee will take that decision at the right time.”

  • Money laundering: CBN goes tough; issues stiffer sanctions, warnings to banks

    The Central Bank of Nigeria (CBN) has warned money deposit banks and their directors against aiding money launderers to avoid facing sanctions from the apex bank.

    The new regime of sanctions as released by the regulatory bank stipulates huge fines against financial institutions found culpable of any of 48 money laundering infractions.

    The new regime was contained in a circular titled: “CBN Anti-Money Laundering and Combating the Financing of Terrorism (administrative sanctions) regulations, 2018” by the Director, Financial Policy & Regulations Department of the CBN, Kevin N. Amugo, to all banks and other financial institutions.

    Amugo said the regulations were developed to ensure Nigeria’s compliance with Financial Action Task Force (FATF) recommendation 35.

    The law expects countries to ensure there is a range of effective, proportionate and dissuasive sanctions, whether criminal, civil or administrative, available to deal with natural or legal persons.

    The regulations said failure to comply with the anti-money laundering and terrorism requirements attract sanctions, which should be applicable not only to financial institutions, but also to their directors and senior management.

    The CBN said banks and board members or chief compliance officers would all be sanctioned for 31 out of the 48 money laundering infractions listed in the new regime.

    For each of the 31 infractions, the new regime stipulates minimum fines, ranging from N500,000 to N1.2 million on board members, or chief compliance officers or the internal auditor, and fines ranging from N1 million to N20 million on the offending banks.

    Infractions and penalties stipulated under the new regime include N1 million on each member of the board and N20 million on the Deposit Money Banks (DMB) that fail to approve the AML/CFT policies and procedures -a minimum penalty.

    Details of the other fines include N750,000 on the Executive compliance officer and another N750,000 for each year the contravention continues, for failing to review/update the AML/CFT policies and procedures at least every three (3) years.

    About N500,000 was imposed on the Chief compliance officer in the first instance and N500,000 for each year the contravention continues, while the bank would pay N5 million in the first instance and N1 million for each year the contravention continues.

    Failure to communicate the AML/CFT programme of the organization to the employees would attract a minimum penalty of N750,000 on the Executive compliance officer, N500,000 on the Chief compliance officer and N10 million on the bank.

    For the board or its committee to fail to supervise and ensure the effective implementation of the anti-money laundering/financial terrorism programme, each member of the board of the bank would pay a minimum penalty of N500,000 each against N10 million by the bank.

    The fine for failure of the officer to generate periodic reports on AML/CFT issues to the board or its relevant committee, the circular said, was a minimum penalty of N750,000 on the Executive compliance officer, N500,000 on the Chief compliance officer and N5 million on the bank.

    Also, penalties are imposed for failure to classify money laundering and terrorism finance risks in the bank, or failure to put in place guidelines for risk assessment and profiling of customers in institutions, board approved programme and failure to carryout risk assessment and profiling of each account.

    The penalties include a minimum of N1 million on the Chief compliance officer of the bank, a minimum penalty of N3 million on the bank for failure to put in place guidelines for risk assessment and profiling of customers in money laundering and terrorism programme.

     

  • Nigeria will Sustain Positive Growth Outlook – Adeosun, Emefiele

    …External Reserves Hit $47.93bn

    …$322m Abacha funds earmark for Social Safety Nets

    Nigeria’s Minister of Finance, Mrs. Kemi Adeosun and the Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, affirmed on Sunday that the country’s positive growth outlook would be sustained.

    The Minister and the CBN Governor gave this assurance at a joint press briefing at the end of the 2018 International Monetary Fund and World Bank Spring Meeting in Washington DC, United States.

    Minister for Fiance, Mrs. Kemi Adeosun (r) and the CBN Governor, Mr. Godwin Emefiele addressing the media on Nigeria’s participation in the 2018 tatutory Spring Meetings of the IMF/World Bank at the Wprld Bank Office, Washington DC, USA. Photo by Abayomi Adeshida 22/04/2018

     

    Adeosun, who noted that the present growth outlook contrasted with the outlook in 2015, stated that inflation rate was slowing down while the foreign reserves were rising.

    Expressing optimistic on the Federal Government’s sustenance of the growth trajectory, the Minister, however, called for vigilance and focus for the country not to fall back into recession.

    She said, “We are confident that if we diligently implement our economic plan, we will grow the economy. We have room to grow but other countries do not have rooms to grow.

    “By 2019, the growth will be far more robust than the present level in 2018. We are therefore very optimistic in sustaining Nigeria’s economic growth. We are going to use this opportunity to grow our fiscal buffers, particularly aggressively growing our revenue base.

     

    Minister for Fiance, Mrs. Kemi Adeosun (r) and the CBN Governor, Mr. Godwin Emefiele addressing the media on Nigeria’s participation in the 2018 tatutory Spring Meetings of the IMF/World Bank at the World Bank Office, Washington DC, USA. Photo by Abayomi Adeshida 22/04/2018

     

    “The Administration has succeeded in building macroeconomic resilience for Nigeria, particularly revising the funding mix, rebuilding fiscal buffers, enhancing foreign exchange reserves and focusing on import substitution strategies.”

    On the State-Owned-Enterprises such as the Nigerian National Petroleum Corporation, she disclosed that the Government would continue to efficiently and effectively manage their costs and plug leakages.

    “We must make sure that every money that is earned comes in. We will drive the process of improving governance,” she added.

    On the nation’s domestic debt, the Minister stated that the Government would not aggressively grow the debt.

    “We are refinancing our inherited debt portfolio from short-term Treasury Bills to longer-tenured debt which has resulted in huge savings and reduction in costs of funds for the Government,” she said.

    Minister for Fiance, Mrs. Kemi Adeosun (r) and the CBN Governor, Mr. Godwin Emefiele addressing the media on Nigeria’s participation in the 2018 tatutory Spring Meetings of the IMF/World Bank at the Wprld Bank Office, Washington DC, USA. Photo by Abayomi Adeshida 22/04/2018

     

    She disclosed that the Voluntary Assets and Income Declaration Scheme (VAIDS) deadline was extended by three months till June 30, 2018 due to the appeals from taxpayers for more time to regularise their tax status.

    She revealed that the present Administration has raised the taxpayers’ base from 13 million in 2015 to 17 million as at 2018.

    The Minister confirmed the recovery of the sum of US$322,515,931.83 Abacha funds from the Swiss Government into a special account in the CBN.

    The funds, according to her, have been earmarked for the National Social Safety Nets programme of the Government.

    “The objective of the National Social Safety Nets Project for Nigeria is to provide access to targeted transfers to poor and vulnerable households under an expanded national social safety nets system,” Adeosun stated.

    The CBN Governor also reiterated Nigeria’s positive growth outlook, noting that a growth of 2.5 per cent had been projected by the IMF and World Bank for Nigeria.

    He disclosed that the country’s foreign reserves had risen to US$47.93 billion.

    “There is need to save for the raining day and also continue to grow the foreign reserves. If we had enough reserves, we wouldn’t have suffered the recession shocks,” he explained.

    He assured that concerted efforts were ongoing to realise the 80 per cent target for financial inclusion by 2020.

     

  • We’ll sustain Nigeria’s economic growth – Emefiele, Adeosun

    The Minister of Finance, Mrs. Kemi Adeosun, and the Governor, Central Bank of Nigeria, Mr. Godwin Emefiele, on Sunday stated that the country’s positive growth outlook would be sustained.

    Adeosun and Emefiele gave the assurance at a joint press briefing at the end of the 2018 International Monetary Fund and World Bank’s Spring Meetings in Washington DC, United States.

    The minister, who noted that the present growth outlook contrasted with that of 2015, stated that inflation rate was slowing down, while the foreign reserves were rising.

    Expressing optimism on the Federal Government’s sustenance of the growth trajectory, she, however, called for vigilance and focus for the country not to fall back into recession.

    Adeosun was quoted as saying in a statement by her Media Adviser, Oluyinka Akintunde, “We are confident that if we diligently implement our economic plan, we will grow the economy. We have room to grow, but other countries do not have rooms to grow.

    “By 2019, the growth will be far more robust than the present level in 2018. We are, therefore, very optimistic of sustaining Nigeria’s economic growth. We are going to use this opportunity to grow our fiscal buffers by aggressively growing our revenue base.

    “The administration has succeeded in building macroeconomic resilience for Nigeria, particularly revising the funding mix, rebuilding fiscal buffers, enhancing foreign exchange reserves and focusing on import substitution strategies.”

    Emefiele, on his part, also reiterated Nigeria’s positive growth outlook, noting that a growth of 2.5 per cent had been projected by the IMF and the World Bank for the country.

    He disclosed that the country’s foreign reserves had risen to $47.93bn.

    “There is a need to save for the rainy day and also continue to grow the foreign reserves. If we had enough reserves, we wouldn’t have suffered the recession shocks,” he explained.

    The governor gave an assurance that concerted efforts were being made to realise the 80 per cent target for financial inclusion by 2020.

    On state-owned enterprises such as the Nigerian National Petroleum Corporation, Adeosun stated that the government would continue to efficiently and effectively manage their costs and plug leakages.

    “We must make sure that every money that is earned comes in. We will drive the process of improving governance,” the minister added.

    On the nation’s domestic debt, she noted that the Federal Government would not aggressively grow borrowing.

    “We are refinancing our inherited debt portfolio from short-term Treasury Bills to longer-tenured debt, which has resulted in huge savings and reduction in the cost of funds for the government,” Adeosun added.

    She explained that the Voluntary Assets and Income Declaration Scheme deadline was extended by three months till June 30, 2018 due to appeals from taxpayers for more time to regularise their tax status.

    The minister stated that the President Muhammadu Buhari administration had raised the taxpayers’ base from 13 million in 2015 to 17 million presently.

    The minister confirmed the recovery of the sum of $322,515,931.83 Abacha funds from the Swiss Government, which had been deposited in a special account in the CBN.

    The fund, according to her, has been earmarked for the National Social Safety Nets programme of the Federal Government.

    “The objective of the National Social Safety Nets project for Nigeria is to provide access to targeted transfers to poor and vulnerable households under an expanded national social safety nets system,” Adeosun stated.

     

  • Just in: Senate summons Adeosun, Emefiele, over $462m unapproved defence spending

    The Senate has resolved to summon the Governor of the Central Bank of Nigeria, Godwin Emefiele, the Ministers of Finance and Defence, Kemi Adeosun and Mansur Dan-Ali respectively, over the withdrawal of $462 million from federation account without the approval of the Senate.

    The withdrawal was said to have been made in March 2018 to pay for helicopters to an American firm called Helicopter Tecno Fights Helicopters.

    The matter was drawn to the red chamber in a point of order raised by Sen. Sam Anyanwu (PDP, Imo) on Tuesday.

    According to him, the act negates the provisions of Section 80 (2,3), 1999 the 1999 constitution.

    The provision states: “No money shall be withdrawn from the consolidated revenue fund of the federation except to meet expenditure that is charged upon the fund by the constitution or when the issue of those monies has been authorized by an appropriation act, supplementary appropriation act or an act passed in the pursuance of section 81 of this constitution.

    “No money shall be withdrawn from any public fund of the federation other that the consolidated revenue fund of the federation unless the issues of those monies have been authorized by the act of the National Assembly. No monies shall be withdrawn from the consolidated revenue fund or any other public fund of the federation except in the manner prescribed by the National Assembly.”

    Speaking further, Anyanwu said: “As a senator, I want to find out how this thing was done and I suggest that we invite the CBN governor, the Ministers of Finance and Defence to tell us how this money was withdrawn and paid to an American company without the approval of the Senate.”

    The red chamber adopted the resolution and refereed the matter to the appropriation and committee to report back in one week.

  • Adeosun, Emefiele represent Nigeria at IMF/World Bank meeting

    The Minister of Finance, Mrs Kemi Adeosun and Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, left Nigeria for Washington DC on Sunday to join other economic experts from around the world to discuss issues affecting global economy.

    Discussions would take place under the auspices of the World Bank Group and the International Monetary Fund (IMF).

    The Spring Meetings of the IMF and the World Bank will bring together central bankers, ministers of finance and development, parliamentarians, private sector executives, representatives from civil society organisations and the academia.

    The experts will discuss issues of global concern, including the world economic outlook, poverty eradication, economic development and aid effectiveness.

    There will also be seminars, regional briefings, press conferences and many other events with focus on global economy, international development and the world’s financial system.

    The meetings will hold between April 16 and April 22, 2018.

    Nigeria attends the meeting each year because of the quantum of investments and assistance it receives from both the IMF and the World Bank.

    Although Nigeria currently has zero loans with the IMF, it enjoys technical support from the organisation.

    The World Bank Group on the other hand is helping to fight poverty and improve living standards in the country through 33 Core Knowledge Product Reports and 29 ongoing National and Regional projects.

    This is in addition to about 60 Trust Funds.

    The World Bank Group since 1958 supported Nigeria with loans and International Development Association (IDA) credits worth about 14.2 billion dollars.

    The group in 2017 fiscal year alone committed 1.51 billion dollars to the country and so far in 2018, it already spent 486 million dollars on different development projects across the country.

    Some of the projects include Electricity Transmission Project, Agro-Processing, Productivity Enhancement and Livelihood Improvement Support Project, Polio Eradication Support Project and Housing Finance Development Programme, among others.

     

  • Emefiele assigns portfolios to new CBN deputy governors

    Governor of the Central Bank of Nigeria Godwin Emefiele has assigned duties to the newly appointed Deputy Governors who assumed duty on March 28.

    The acting Director, Corporate Communications Department, CBN, Mr Isaac Okoroafor, in a statement on Sunday said Mrs Aishah Ahmad was deployed to the Financial System Stability Directorate, while Mr Edward Lemetek Adamu was assigned to Corporate Services.

    Emefiele also approved the deployment of Dr Okwu Nnanna from the Financial System Stability Directorate to the Economic Policy Directorate.

    “Mr Adebayo Adelabu, however, retains his portfolio as Deputy Governor, Operations Directorate, ” Okoroafor said.

    According to Okoroafor, the affected principal officers have since assumed duty in their new duties.

     

  • Buhari appoints Abba Kyari, Boss Mustapha, Emefiele, Ambode, 17 others members of NFSC

    President Muhammadu Buhari on Saturday approved the constitution of the National Food Security Council (NFSC).

    The council, to be chaired by the president, will be inaugurated on Monday. It will have as members, the Governors of Kebbi, Taraba, Plateau, Lagos, Ebonyi and Delta States.

    Other members are the Secretary to the Government of the Federation; the Chief of Staff to the President; the National Security Adviser and seven (7) cabinet ministers. The ministers to be represented are for Agriculture and Rural Development; Finance; Interior; Industry, Trade and Investment; Water Resources; Environment; and Budget and National Planning.

    The National Food Security Council will also have as members, the Chief of Defence Staff; the Governor of the Central Bank of Nigeria; the Directors-General of the State Security Services and the National Intelligence Agency as well as the Comptroller-General of the Nigeria Immigration Service.

    The broad objectives of the council will include, developing sustainable solutions to the farmers–herdsmen clashes; climate change and desertification and their impact on farmland; grazing areas and lakes, rivers and other water bodies; oil spillage and its impact on Niger Delta fishing communities; piracy and banditry; agricultural research institutions and extension services and the problem of smuggling.

    The council will also take interest in regional and global policies and trends that bear implications for food security in Nigeria.

  • Senate summons Emefiele, banks, others over illegal deductions

    The Senate on Tuesday summoned the governor of Central Bank of Nigeria, CBN, Godwin Emefiele, forensic auditors, Managing Directors of banks and Bankers Committee over the recurring issue of illegal deductions and bank charges on both individual and corporate accounts.

    It also mandated the Committee on Banking, Insurance and other Financial Institutions, led by Senator Rafiu Adebayo Ibrahim (APC, Kwara South) to organise a public hearing for the purpose of harmonising and amending laws, rules and guidelines that do not adequately protect the customers and give them substantial remedy when overcharged.

    It also urged the government to proactively protect customer’s rights, eradicate short payments of interest and end the culture of excess and arbitrary bank charges.

    According to the Senate, these steps, if taken, will reposition the banks in the country to avert a recurrence. The resolutions of the Senate, co-sponsored by 22 other senators, were sequel to a motion by Senator Magnus Abe (APC, Rivers South-East), “Urgent need to investigate, regularise and amend conflicting, vague and unjust remedies which the Central Bank of Nigeria offers to victims of excess and arbitrary bank charges and illegal deductions by commercial banks.”

    In the presentation of the motion, Senator Abe said: “The Senate notes that over the years, commercial banks in Nigeria have indulged in sharp practices of overcharging customers/depositors arbitrarily and excessively, contrary to tariff stipulations, credit and monetary guidelines issued from time to time by the Central Bank of Nigeria.”

    In his remarks, Senate President, Dr Bukola Saraki, who commended Senator Abe on the motion, stressed that every naira was important to customers, especially due to the present economic situation in the country.