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LETTER OF THE DIRECTOR GENERAL

Although the national economic situation has, to some extent, been affected by the repercussions of the global financial downturn which started in 2008, SIBTEL has relentlessly deployed efforts to contribute to the modernization of the National Payment System which represents a major objective of the monetary authorities within the framework to upgrade the banking sector. In this respect, the SIBTEL 2011 report was positive at various levels as reflected in the key figures provided hereafter, which mark an increase of 1.9% of activities compared to 2010. The number of electronically cleared values reached 38.458,287 and the number of exchanged SWIFT messages totaled 3.407,790. It is equally important to stress the success of the National Electronic System’s migration to the 24-hour system completed on 9 May 2011 with the introduction of “cheques”, which has consolidated SIBTEL’s position as strategic partner in the banking system. Based on this start, SIBTEL is determined to further develop its activities by betting on the range of services meeting the expectations of the affiliates by ensuring security and delivering quality services that meet the challenges of competition at national and international levels.