I would also like to share with you our commitment to taking a more active role in directly explaining to the public the rationale behind the main economic decisions, in addition to the associated operating rules, their main characteristics and all those aspects that shape the economic and financial environment. Accordingly, we intend to broaden the Bank’s participation in those academic, 16  https://www.bde.es/bde/es/secciones/sobreelbanco/Transparencia/  11  professional and social fora where our presence may prove beneficial. This includes the use of new communication instruments, such as the recent opening of several social media accounts, and regular contact with the press to explain our activities and the content of our reports. We also aim to build on our long-standing initiatives in the fields of information, education and financial literacy. Here, I would also like to underline our commitment to further improving the institution’s transparency. For instance, in the Transparency Portal we are providing more detailed information on the calendars and appearances of the Governor and the Deputy Governor, and documents pertaining to the integrity expected of our high-level officials. In addition, both the Deputy Governor and I, as representatives of the ECB’s Supervisory Board and the Governing Council, respectively, have signed a new code of conduct.17 This increases our personal commitment to the highest ethical standards in order to ensure our independence from the public and private sector and avoid potential conflicts of interest.

As part of our policy of non-internationalization of ringgit, we prohibited the trading of ringgit assets and products outside of our jurisdiction. It undoubtedly the opaque pricing mechanism has adverse impact on the domestic financial market, price discovery process and the stability of the financial market. Accordingly, when there were reports of ringgit futures contracts being introduced on offshore exchanges, we issued reminders to onshore financial institutions and corporations against participating in them. The prohibition also encompassed engaging in any onshore FX transaction with non-residents that could be deemed as facilitating offshore ringgit transactions. These rules are not new but have been there all this while. We also instituted several measures this week as volatility also picked up sharply after the US Presidential election result. Because of adverse consequences on genuine investors and businesses, we should no longer tolerate the NDF market and its damaging influence over the onshore pricing of ringgit. Let me make it doubly clear on this. Onshore banks are reminded against quoting onshore ringgit opening price referencing to the offshore prices. Markets should not price ringgit excessively or out of sync with the underlying fundamentals. We have also reminded onshore banks to avoid dealing in FX with non-resident banks suspected of engaging in NDF speculative activities except for those that provide confirmation of their non-involvement in the offshore ringgit NDF market. This week has seen many noises surrounding these measures. There is no new policy on capital flows. There is no proxy capital control either.