. ladies and gentlemen, to achieve the goals mentioned above, the cooperation among issuing authorities and currency industries should be further deepened. this cooperation will provide safeguard to the proprietary techniques solely used to produce national currencies amidst the development of many security features and printing techniques today. therefore, governments and security businesses involved, must constantly adjust their whole range of currency operation and management system from design, production, distribution, and destruction process. in this dynamic situation, communication and information sharing will help all members of the currency community to better understand and respond to the ever changing environment. communication brings knowledge, which in turn means greater understanding for the community as a whole. however, communication does not necessarily mean revealing information that should be kept confidential nor does it mean disclosing commercial secrets or proprietary information. ladies and gentlemen, in this spirit of communication, i believe that the presence of our fellows from banknote security industry and other related institutions in this seminar will provide us an opportunity to obtain more valuable information that can broaden our perspective. in addition, information sharing among central bankers regarding experiences in managing our respective currencies could help each of us to improve efficiency and effectiveness in our daily job. finally, may i now take a great pleasure in declaring the seminar open and wishing this event a great success. have a pleasant stay in bali. wassalamu ’ alaikum wr. wb. thank you.

not tolerate inflation move beyond the upper bound of the target range. bank indonesia will also strengthen policy coordination with the government to manage domestic demand. 24. but again, as i mentioned before about lesson from 2013 experience, a sound macroeconomic policy is not sufficient to sustain economic growth. it is imperative to augment it with structural reform. we have to address our reliance on the export of primary commodities given the boom of commodity prices is over. at the same time, efforts should be made to address our heavy reliance on energy and food imports. bis central bankers ’ speeches 25. in the financial sector, financial market reform is also imperative. we, in bank indonesia, with close collaboration with ojk, have committed to boost financial market deepening initiatives. this includes elements such as well - functioning securities and money market, seamless payment system, and well developed long - term financing. a nation in transition ladies and gentlemen, 26. the year of 2014 is rather special. with the general election at our doorstep, maintaining macroeconomic stability is a key. macroeconomic stability, in our view, is the element of continuity for the indonesian economy in transition. in this regard, i would like reiterate our commitment to maintain the stability of our economy. 27. i would also like to emphasize here the remarkable progress in the nation ’ s journey to democracy. less than two decades ago, if we recall, there was an imminent risk of “ balkanisation ” following a devastating financial crisis and an abrupt regime change. but now we are viewed as a strong and stable democracy, supported by institutional reforms in both private and public spheres. 28. with more than 500 elected offices throughout the archipelago, election and peaceful transition of power actually occur almost every day in this country. i am confident that the upcoming parliament and presidential elections will be no different. and it will be a testament to the strength of our democracy and its ability to support economic development. closing ladies and gentlemen, 29. before concluding this remark, i would like to remind us that fitch rating is the first rating agency to award investment grade to indonesia after losing the credential due to 97 / 98 financial crisis. we believe that such decision was taken after an elaborate assessment on the country ’ s economic and financial data. and as we all have witnessed in 2013, it turned out to be an accurate assessment. indonesia ’ s economy is indeed resilient and is able to withstand challenges that may have come to its way. 30. i am confident