which was rooted in the us housing market and caused a synchronised global recession, should continue to serve as a sober reminder of this. let me briefly now turn to the second thing on everyone's mind when they think about the economy - the ringgit. when it comes to the ringgit, bnm's role is to make sure that its value does not swing too fast or too much either way, and to allow an orderly price discovery. under a flexible exchange rate, it is reasonable for the ringgit to fluctuate from time to time. these adjustments allow the domestic economy to adjust to global economic and financial shocks. we saw this during the federal reserve's rapid and large interest rate adjustments last year, which caused huge shocks to the global economy. at one point, the ringgit declined as much as 11. 5 % between end - march to early november, before appreciating by 7. 8 % towards the year end. yet the real economy grew by 8. 7 % during the year, thanks in no small part to the ringgit's role as a shock absorber. 2 / 3 bis - central bankers'speeches in recent weeks, the ringgit has come under renewed pressure – underscoring the need for more than short - term solutions. we need structural reforms that will strengthen our growth prospects and encourage more investment opportunities. this will increase demand for the ringgit and secure a more enduring appreciation in its value over time. ultimately, to secure our future, the country must stay the course in implementing vital reforms. the issues we need to address are not new. but history and the passage of time should inform how we move forward. we must fortify our defences against crises. we must critically examine our priorities to increase our growth potential and meet sustainable goals. we must rebuild the buffers we have drawn down on to strengthen our resilience to future shocks. and we must enhance our capacity to adapt and change in order to manage risks and exploit opportunities that we may not yet see today. ladies and gentlemen, for many of the challenges malaysia faces, the solutions require a whole - of - nation approach. hence the theme of this symposium – " structural reforms for a stronger malaysia ". today will see in - depth discussions on various issues that my team has been working on in recent years. there will be seven sessions delving into topics such as digitalisation in the payments sector, financial sector policies, and broader economic and monetary concerns

. speakers will explore the opportunities that malaysia has to grow in these areas and the obstacles in our way. very shortly, we will also be launching malaysia's cross - border qr payment linkages with indonesia, thailand, and singapore. customers of participating financial institutions can now make retail payments by scanning qris, nets, and promptpay qr codes via mobile banking or e - wallet apps. as an added treat, we have merchants from these countries offering local delectables here today – do visit them and try making cross - border qr payments yourself! with that, i hope that you will find today's discussion enriching and enlightening, and contribute to the wider discourse on the state and future of our economy. sasana comes from the sanskrit word for message and education. it is my hope that the sasana we come away with will translate into important reform actions that will strengthen the foundations of our economy and propel malaysia forward. thank you, and have a productive symposium. 3 / 3 bis - central bankers'speeches