In addition, imbalances in the domestic foreign exchange market have improved while ringgit volatility has also reduced. Given the openness of our market, we will always be exposed to uncertainties in global economic developments and geopolitical tensions. Therefore, we need to take prudent steps in facing these global challenges. Bank Negara Malaysia and the FMC will continue monitoring the activities in the financial market and, if deemed necessary, will introduce appropriate measures to strengthen the policies that are already in place. There are also views among observers and analysts that suggest a certain ringgit level as the equilibrium value. They seem to suggest this value as the target level for us to achieve in order to ensure an economy that is in balance. This is not accurate and unproductive. In my view, it is clear that the current ringgit level does not reflect the fundamentals of our economy. Nevertheless, we should not be too focused on an equilibrium value of the ringgit because this will always change in a global economic environment that is challenging, uncertain and dynamic. I believe that the measures introduced on 2 December 2016 will bring the ringgit value closer to its underlying economic fundamentals. It is important in the current economic environment for us to collectively put in effort, knowledge and expertise and continue to drive the development of the national economy. The strength of an economy relies heavily on the level of productivity of the rakyat.

On the consumer end, examples of the common issues faced include – Misrepresentation or mis-selling of financial products, including incidences of product pushing; Disputes on interest rates, loan balances or settlement of insurance claims due to the lack of transparency and understanding in relation to the terms and conditions, or contract ‘fine 1/4  BIS central bankers' speeches  print’; The lack of capacity and poor discipline in financial management, resulting in high household indebtedness. The measures taken to overcome financial difficulties Beyond the banking industry, the Bank and other agencies such as the Securities Commission, the Malaysia Co-operative Societies Commission, Amanah Ikhtiar Malaysia and TEKUN will also continue to focus on enhancing the role of non-bank financing in addressing these issues. This includes the utilisation of factoring, leasing and market-based financing such as crowd-funding and peer to peer lending as a means of alternative financing for small businesses that do not have adequate financial records. From the aspect of consumer protection, the Bank continues to devote efforts towards strengthening trustworthy and user-friendly redress mechanisms through the Financial Ombudsman Scheme, in addition to strengthening policies on market conduct of financial institutions to ensure fair dealings to consumers. The Bank will also continue to accelerate initiatives on financial literacy to ensure that the financial advisory services provided by financial institutions, Laman Informasi Nasihat dan Khidmat (LINK) and the Credit Counselling and Debt Management Agency (AKPK) will continue to enhance the overall skills and knowledge in finance.