the internal work processes have also been re - engineered. a recent notable step in this direction is the constitution of a technical advisory committee on monetary policy comprising external experts to advise the reserve bank on the stance of monetary policy ( box ii ). box ii reforms in the monetary policy framework objectives • twin objectives of “ maintaining price stability ” and “ ensuring availability of adequate credit to productive sectors of the economy to support growth ” continue to govern the stance of monetary policy, though the relative emphasis on these objectives has varied depending on the importance of maintaining an appropriate balance. • reflecting the increasing development of financial market and greater liberalisation, use of broad money as an intermediate target has been de - emphasised and a multiple indicator approach has been adopted. • emphasis has been put on development of multiple instruments to transmit liquidity and interest rate signals in the short - term in a flexible and bi - directional manner. • increase of the interlinkage between various segments of the financial market including money, government security and forex markets. instruments • move from direct instruments ( such as, administered interest rates, reserve requirements, selective credit control ) to indirect instruments ( such as, open market operations, purchase and repurchase of government securities ) for the conduct of monetary policy. • introduction of liquidity adjustment facility ( laf ), which operates through repo and reverse repo auctions, effectively provide a corridor for short - term interest rate. laf has emerged as the tool for both liquidity management and also as a signalling devise for interest rate in the overnight market. • use of open market operations to deal with overall market liquidity situation especially those emanating from capital flows. • introduction of market stabilisation scheme ( mss ) as an additional instrument to deal with enduring capital inflows without affecting short - term liquidity management role of laf. developmental measures • discontinuation of automatic monetisation through an agreement between the government and the reserve bank. rationalisation of treasury bill market. introduction of delivery versus payment system and deepening of inter - bank repo market. • introduction of primary dealers in the government securities market to play the role of market maker. • amendment of securities contracts regulation act ( scra ), to create the regulatory framework. • deepening of government securities market by making the interest rates on such securities market related. introduction of auction of government securities. development of a risk - free credible yield curve in the government securities market as a benchmark for

that we too must continue to improve our defenses. in this regard, there remains many issues which the bank of thailand, along with other central banks in the region, intend to drive forward, such as overseeing more comprehensive cyber resilience policies and promoting the development of human resources. in response to cyber - attacks that may target vulnerable customers, it is crucial that we strive to increase consumer technology literacy to nudge them towards safer cyber behaviors and ensure a sufficient level of cyber hygiene. ladies and gentlemen, i would like to take this opportunity to thank the thai bankers ’ association and tb - cert for organizing “ asean banking cybersecurity conference 2019 ” which has brought our asean members together today. this is an opportunity not only to gain knowledge from expertise in different areas, but also to enhance connectivity and collaboration among professionals which is vital to improve our cyber resilience going forward. i wish all of you a fruitful conference and an enjoyable stay in bangkok. thank you.