While the overall growth had moderated during the year, the overall balance of payments turned around to a surplus position of RM3.7 billion in 2001. While the current account surplus narrowed in 2001, the surplus remained large at RM27.4 billion or equivalent to 8.9% of GNP. This reflected a moderate decline in the trade account and an improvement in the income and services accounts. As at end-2001, BNM's international reserves was higher at $ billion. Subsequently, reserves have increased further to $ billion as at 14 March 2002, sufficient to cover 5.5 months of retained imports and cover 5.3 times the short-term external debt. While the external debt increased during the year, the outstanding amount has remained low at 55.4% of GNP. The debt profile also remained sound with short-term debt accounting for only 13.7% of total debt. In 2001, Malaysia's macroeconomic fundamentals continued to strengthen. Inflation moderated to 1.4%; international reserves continued its increasing trend, driven by sustained inflows of trade surplus and long-term capital flows; the overall fiscal position of the Federal Government improved; domestic savings remained high and the financial system strengthened significantly. These stronger fundamentals have increased the economy's resilience in the face of a more difficult external environment. The pegged exchange rate regime continued to be well supported by the fundamentals and facilitate international trade and investments during the year. The stability in the exchange rate  BIS Review 21/2002  1  also allowed for the effective implementation of pro-growth policies and the accelerated pace of banking and corporate restructuring.

Muhammad Al-Jasser: Compliance and combating money laundering Speech by His Excellency Dr Muhammad Al-Jasser, Governor of the Saudi Arabian Monetary Agency (SAMA), at the Symposium on Compliance and Anti-Money Laundering, Institute of Banking, Riyadh, 23–24 March 2010. *  *  *  In the name of Allah the Merciful, and blessings and peace be upon His Prophet and Messenger, Dear audience, I am pleased to welcome you to this symposium, which is organized by the Institute of Banking (IOB) and deals with two important and interrelated issues: compliance and combating money laundering. Decision-makers and legislators have paid increasing attention to the issue of compliance with regulations, criteria and guidelines because of its importance to financial institutions in achieving better performance, avoiding risks and enhancing their success. At the same time, compliance maintains the reputation and credibility of financial institutions and protects them against regulatory sanctions. It also protects the interests of shareholders and depositors. Compliance is a comprehensive and multifaceted responsibility, and achieving compliance is a duty that all employees in any financial institution have to undertake, each according to entrusted powers and tasks. Recognizing the importance of compliance, the Basel Committee on Banking Supervision, with the participation of the Saudi Arabian Monetary Agency (SAMA), approved and issued the paper pertaining to principles of compliance and its function at banks, in April 2005.