##surate capabilities to conduct monetary policy operations in order to maintain price stability. equally important is the mandate to provide oversight over the money and foreign exchange market to ensure the orderly development and functioning of the markets. these necessary powers are however, combined with a system of checks and balances to enable the bank to act decisively, but yet having in place safeguards so as to enhance transparency and accountability. more extensive powers to achieve financial stability in the area of financial stability, our new central bank act incorporates an explicit mandate of the central bank for financial stability. this mandate is articulated in terms of the risks to financial stability that includes risks that disrupts the financial intermediation process ( including the orderly functioning of the financial markets ), or which affects public confidence. the act also provides comprehensive provisions for heightened surveillance, pre - emptive actions and expanded resolution powers to facilitate the swift and orderly resolution of financial crises. the bank may also take appropriate intervention actions to avert risks that stem from unregulated entities. the act further acknowledges the importance of coordinated policy measures across different agencies whose actions can affect financial stability. accordingly, the new act provides for cooperation arrangements with other supervisory authorities and the ability of the central bank to make recommendations to such authorities on measures or safeguards for promoting financial stability. these new powers are complemented by strengthened institutional arrangements in the form of the establishment of a financial stability executive committee that will be formed to ensure the effective coordination of regulatory authorities in financial resolution. enhanced governance and accountability framework with these enhanced powers, the governance and accountability framework in the act has also been strengthened considerably. this relates to the enhanced role of the board of directors'in the oversight of the management of the bank. in providing enhanced powers to the central bank to address financial stability issues and the strengthening of the oversight function of the bank, correspondingly, focus has also been given to governance, internal controls and risk management by the bank. for this purpose, the central bank of malaysia act 2009 empowers the board to establish three specific committees, namely the board governance committee, board audit committee and board risk committee that are chaired by a non - executive director, to ensure the independence of the oversight on the functioning of the bank. a comprehensive financial system safety net let me now turn to the second key area confronting central banks, namely the need to have in place an effective financial safety net. the global experience in these recent two decades has shown that crises have continued to plague the world and have resulted in

adnan zaylani mohamad zahid : speech - national financial literacy symposium 2023 speech by mr adnan zaylani mohamad zahid, deputy governor of the central bank of malaysia ( bank negara malaysia ), at the national financial literacy symposium 2023, sasana kijang, 10 october 2023. * * * bismillahirrahmanirrahim assalamu'alaikum w. b. t and a very good morning emeritus professor datuk dr. norma mansor, the president of the malaysian economic association, encik mohamad hafiz kassim, chief financial officer of the employees provident fund, encik azaddin ngah tasir, chief executive officer of the credit counselling and debt management agency, distinguished panellists, and esteemed guests. first of all, let me congratulate the financial education network and the malaysian economic association for jointly organising this symposium and thank you for inviting me to deliver the keynote address. just yesterday, we celebrated the announcement of the 2023 nobel prize in economic sciences, which was awarded to claudia goldin for her contributions to our understanding of women's labour market outcomes. this prestigious award recognises the profound impact of research on human endeavour to understand and make the world a better place. it also illuminates the invaluable insights that research offers in shaping policy design that improves decision making and solves problems. this is very much relevant with the context of advancing financial literacy. take, for instance, the contributions of 2017 nobel prize laureate richard h. thaler in the field of behavioural economics. his work has revolutionised the way policy makers and practitioners approach financial education worldwide – introducing nudges to guide consumers towards good financial behaviours and decisions. by highlighting the critical role of deposit insurance in effectively preventing bank runs, the work of the 2022 nobel prize laureates, diamond and dybvig, has also brought to light the relevance of financial education in equipping consumers with the knowledge and tools to protect their finances. today, the work of the newly minted nobel prize laureate, claudia goldin, inspires us to maximise the potential of financial education to bridge gender gaps and advance financial inclusion. indeed, providing an impetus for stronger research culture and greater intellectual discourse is at the heart of the national financial literacy symposium today. our collective goal is to harness the power of research to shape the design, implementation,