continued to rise. in 2021 and 2022, the total ringgit bonds and sukuk issuances by the government and corporates were rm377 billion and rm435 billion, respectively1. of this amount, a total of approximately rm25 billion or 6 % was in the form of sdg, green, and sustainability - linked capital market instruments. we continue to make progress in the sukuk market. in 2021, malaysia issued the inaugural sovereign us dollar sustainability sukuk that was oversubscribed by 6. 4 times. this reflects the significant demands for such instruments globally. as we forge ahead, the capital market is key to meeting our green and greening investment needs. we urge market participants such as yourselves to actively leverage our financial market infrastructure to issue and deposit foreign currency capital market instruments in malaysia. we are proud to state that since 2018, rentas has secured the top position being the world's largest sukuk depository. as at the end of 2021, there was close to usd279 billion worth of sukuk issued and deposited in rentas. let us work hand in hand for the malaysian financial system and malaysian banks to play a larger role in facilitating and intermediating both domestic and international economic activity, particularly in sustainability initiatives. ladies and gentlemen the challenges posed by climate risks are real and are already present. we can no longer be passive. we must embrace courage. we must be resolute. the seeds of 2 / 3 bis - central bankers'speeches concrete actions we sow today are key to cultivating a more sustainable future for our generations to come. i trust that this conference will contribute to this rapidly growing sustainable debt market. on that note, i wish all of you a fruitful and engaging session today. thank you. 1 source : fast and insides, bnm 3 / 3 bis - central bankers'speeches

2005b ) “ a global perspective on external positions ”, imf mimeo, july 2005. engel c. rogers j. ( 2006 ) “ the u. s. current account deficit and the expected share of world output ”, nber working paper 11921, january 2006 ; hausmann r., sturzeneger ( 2005 ) “ global imbalances or bad accounting? the missing dark matter in the wealth of nations ”, harvard university working paper, december 2005. caballero r. ( 2006 ) “ on the macroeconomics of asset shortages ”, nber working paper no. 12753, december 2006. rajan r. ( 2006 ) “ is there a global shortage of fixed assets? ”, remarks by raghuram g. rajan, economic counselor and director of research, imf at the g - 30 meetings in new york, december 1, 2006. states that there is a shortage of supply of assets – particularly in emerging markets – relative to demand for these assets. problem lies in underdevelopment of financial markets in emerging economies amid various macro - and microeconomic deficiencies. no single hypothesis is able to explain global imbalances well. i do have a consistent story explaining the sequence of events that led to development of the global imbalances. i will not present it here, those interested may take a look at my blog www. rybinski. eu 15. today i will present two opposing views of what could be the implications of global imbalances for emerging markets : i call them the calvo view 16 and the caballero view 17. calvo view : soft landing in the us and sudden stops in some emerging markets • if em central banks stop buying dollars and ust, they will at the same time stop issuing bonds in domestic currencies which are used to sterilize money markets. it will not imply a change in total world debt level, but a change in the total world debt composition. if bonds are highly substitutable ( as might be in the case of ust and jgb ) then if japan were to stop buying us debt instruments the effect on us rates would be minimal. pboc cannot stop buying foreign debt instruments as it would imply very big appreciation of renminbi, it can change the currency structure of its reserve holdings. this would force a change in composition of debt in hands of private investors and the impact on us rate would be small again. •