(v) Still related to improving the monetary policy framework, the BM started publishing a quarterly bulletin (The Economic Environment and Inflation Perspectives). 119. On the other hand, national debates around the Extractive Industries Transparency Initiative (EITI) highlight the risk of insufficient instruments at the disposal of the monetary authority, to dampen the effects of an accelerated increase in investment funds to extractive industry, which can also put at risk management by the monetary authority, in reconciling short and medium term objectives. This concern is shared by the IMF (2011). This challenge will require a refining of the monetary and exchange rate policy management instruments in order to respond adequately. In this context, it is important to capitalize on the experiences of other countries such as Australia, Brazil, among others. 120. At the same time, the country continues to implement actions aimed at deepening the national financial market, being worthy of mention: o In the context of challenges highlighted by the Bank of Mozambique in January of 2007, in spreading banking services, and expansion of financial services to rural and peri-urban areas, the number of branches of commercial banks in operation increased from 270 to 501 between 2007 and November 2012, covering 63 districts, against 28 districts in 2007. o To support the process of widening banking in the economy, as well as improving access to financial services in the country, the Bank of Mozambique increased its representation in the country, from 3 to 8 provinces. It is through these 8 provincial branches that the Bank of Mozambique monitors the evolution of the sector in the different regions, and together with teams from headquarters, makes regular visits to the districts to assess the potential of these and to collect relevant information that can be used by diverse financial institutions interested in investing in these locations. o In the period from 2010 to November 2012, the number of micro banks increased from 6 to 8 institutions, resulting in an increase in the number of micro bank agencies from 7 to 23 in this period. o The number of microcredit operators increased from 74 to 198 between 2007 and November 2012. o The interest rate of intervention by the Bank of Mozambique in interbank markets fell from 15,5% at the end of 2010 to 9,5% by November 2012. o The Committee for the Coordination of the National Payments System (BM, banking institutions and telecommunications service providers) was operationalized. o A second market, for Small and Medium Sized Enterprises (SMEs) to trade their shares, was created on the Mozambique stock exchange in order to introduce greater dynamism into the Mozambican capital market and help SMEs obtain financing. For this to happen, the Mozambique Stock Exchange approved, in 2012, the regulations on the second capital market, which constituted a decisive step for the transaction of securities issues by SMEs. With this measure, SMEs in Mozambique were able to benefit from another financing opportunity with more competitive conditions that those currently offered by commercial banks. 51