Revival of investments, at least partially, in 2016 that were delayed in 2015 due to domestic uncertainties and the effect of the strong post-crisis employment performance coupled with the recent wage developments on the income channel are likely to support domestic demand. Moreover, the projected fall in the current account deficit and the strong public finances also provide room for policy responses against possible shocks. The rebound in the EU economy continues to support our exports, while the uncertainties related to the Middle East and Russia constitute downside risks (Chart 17). Moreover, volatility in global financial markets and concerns over global growth may deteriorate financial conditions and foreign demand. In sum, we expect that in 2016, domestic demand will prove slightly stronger than 2015, while foreign demand will, despite the existence of geopolitical risks, recover owing to the recovery in the EU. Accordingly, we project that maintained macroprudential measures coupled with favorable developments in the terms of trade will support the ongoing improvement in the current account deficit (Chart 18). Chart 17. Chart 18. (Real, Seasonally Adjusted, 3-Month Average 2010=100)  (12-Month Cumulative, Billion USD)  Imports by EU  Source: Eurostat. Current Account Balance (CAB)  Source: CBRT. As you all know, food, energy and import prices also play a great role in inflation forecasts. Therefore, before moving on to forecasts, I will briefly talk about our assumptions regarding these variables. The downtrend in commodity prices in international markets, chiefly oil prices, continued in the last quarter of 2015 as well.

In the blockchain space, the industry in a number of jurisdictions has pooled resources to defray the cost of experimentation involved in developing scaleable use cases for the technology’s application. In Malaysia, nine banks have done this by coming together to develop blockchain applications for trade finance. Establishing shared networks, or opening up previously closed ones, is also gaining traction. This can be seen in the growing use of Open Application Programme Interfaces (or Open APIs). Over the last five years, publications of APIs in the financial sector have increased exponentially, with an estimated 200 new APIs published every year. In a survey that we conducted earlier this year, more than half of banks and insurers in Malaysia indicated plans to roll out open APIs in the near to medium term. At the industry level, the Bank has established an open API implementation group with members drawn from the industry, fintech community and key stakeholders to develop open API standards 2/5  BIS central bankers' speeches  for the financial sector as part of efforts to broaden access and promote innovation and competition. On the risk management front, the World Economic Forum announced less than three weeks ago the creation of a consortium to facilitate more coordinated efforts in addressing cybersecurity risks. This entails developing common principles for risk assessments, guidance for implementation, and a scoring framework. In the area of payments, the Bank has just last week issued the Interoperable Credit Transfer Framework (ICTF), which promotes collaborative competition or ‘co-opetition’ for mobile payments.