to introduce an additional structure of wakalah bi al - khadamat to the issuances, we believe that this will further enhance the appeal of mgii to the international investment community. we are certainly looking forward to these developments and a favourable outcome for the inclusion of mgii into the ftse world government bond index. as it stands, the non - resident holdings of our government bond now comprise around 21. 5 % of the market, a significant portion consisting of stable, long - term investors. foreign investments into our equity market have also been encouraging. from our surveillance data, this year would mark the first year of inflows since 2018. all these stands as further proof of global confidence in our market. our ability to remain agile and proactive throughout the year has been crucial in strengthening our resilience. going forward, bnm will continue to be in the market to ensure stability and prevent excessive fluctuations. we will also continue with our active encouragement for our investors and corporates to bring back their income and sustain, if necessary, inflows from this rich source. this includes our initiative extended to corporates and businesses to support their repatriation of foreign currency balances, the qualified resident investors ( qri ) pilot programme. since its inception in april, this programme has onboarded large corporate groups, bringing in substantial inflows thus far. participants have lauded the programme for its simplicity, efficiency and quick turnaround times, as well as the certainty it provides for reconverting ringgit funds for future direct investment abroad. many of these measures and initiatives help us in achieving a better balance of flows and a more stable foreign exchange market. these measures and other initiatives to 2 / 6 bis - central bankers'speeches enhance domestic fx market liquidity will continue into 2025. in addition, next year's outlook for the malaysia economy remains favourable. the economy is expected to grow by 4. 5 % - 5. 5 %, as outlined in belanjawan 2025 with continued robust domestic demand and investment activity, supported by higher tourism and exports. all these are expected to lend enduring support to the ringgit. challenges ahead and call to action having said that, it is never a done deal when it comes to the evolving market outlook. as we look ahead to 2025, new factors are emerging, potentially disrupting and presenting fresh challenges. one key area to monitor is the evolving international trade landscape following president trump's re - election,

role in helping us stabilise the market during the challenging period. together with our intervention, these measures not only curbed excessive volatility but also restored investor and public confidence to the market. secondly, following a clearer easing path from the us federal reserve in july, the ringgit rebounded strongly, appreciating by 14. 4 % in the third quarter, the highest in the region. and while there has been a correction of late, on year - to - date basis, the ringgit is still up by 3. 3 %, being the only currency in the region to strengthen against the dollar amid all the volatility we have witnessed. thirdly, the economy has performed quite well 1 / 6 bis - central bankers'speeches this year, delivering a robust performance with inflation being under control. the government has also embarked on a number of reforms that not only set the stage for stronger and healthy growth in the future, but also an encouraging fiscal consolidation trajectory, which further strengthen our long - term fundamentals. the stellar performance of the ringgit affirmed that the earlier pressure was largely unwarranted, and it has now reinforced the market's confidence in the ringgit's resilience and longterm strength. overall, our domestic markets have also shown commendable resilience. across foreign exchange, money, and bond markets, we witnessed healthy volume growth, reflecting effective intermediation and robust two - way flows. key metrics that we monitor – daily fx trading volume, averaged usd17. 6 billion, while the money market recorded rm10. 4 billion in daily transactions – all higher compared to last year. additionally, the outstanding size of our bond market, which surpassed rm2 trillion last year, continued to expand – reflecting our financial sector's ability to absorb and intermediate long - term financing. there is still more we can do to expand our bond and sukuk markets and widen our investor base. indeed, on this, i understand that some industry players have been actively advocating for the inclusion of the mgii in the ftse world government bond index, and i certainly commend these efforts. it is about time for us to gain this recognition for our mgii, which now comprises 47. 5 % of our government bond market. from our observations, daily trading volumes of mgii is often now comparable to mgs. yields have narrowed against mgs while liquidity has certainly improved tremendously. with the current initiative