zeti akhtar aziz : the future prospects of the islamic financial services industry speech by dr zeti akhtar aziz, governor of the central bank of malaysia, at the ifsb interactive session, bali, 31 march 2004. * * * our endeavour is to develop an islamic financial system as an intermediation process that will contribute to overall wealth creation, growth and development and a greater shared prosperity. as the pace of globalization and liberalization accelerates, securing financial stability and confidence have increased demands for more robust and resilient financial systems. the challenge is therefore to evolve strategies that will promote a competitive, dynamic and sustainable islamic financial services industry. central to this common vision, to create a comprehensive islamic financial system that will be able to respond to meet the requirements of the domestic economies and also to become an integral component of the international financial system. distinguished guests, assalamu ’ alaikum warahmatullahi wabarakatuh, it is my pleasure to be here today at this conference organised by the islamic financial services board to discuss the future prospects of the islamic financial services industry. malaysia ’ s experience in the development of our financial system is outlined in our ten year financial sector masterplan. the masterplan represents the blueprint that provides the strategic direction for the development of the sector that looks beyond the near term and takes a long - term perspective into the needs of the future. the aim of the plan is to provide clarity of the vision and objectives that are to be achieved in the context of a more challenging environment that is driven by rapid change in a world that is becoming increasingly more integrated and more technology and knowledge - based. in the development of our islamic financial system, a comprehensive approach has been adopted. malaysia has given emphasis to the development of a comprehensive financial infrastructure that includes the islamic financial markets, islamic financial instruments, contract law and law enforcement procedures, shariah governance framework, islamic accounting practices and valuation standards, appropriate disclosure requirements as well as an efficient and secure payment and settlement system. attention has also been directed to develop the prudential regulatory and supervisory framework that underpins the stability of the islamic financial industry. today, my remarks will focus on three key areas in which greater attention is needed in order to secure a promising future for the islamic financial services industry. these areas include accelerating the pace of financial innovation, strengthening risk management capabilities and leveraging on information technology. accelerating the pace of financial innovation as we advance forward in the development of islamic

alexey zabotkin : monetary policy guidelines for 2022 – 2024 speech by mr alexey zabotkin, deputy governor of the bank of russia, at the press conference on monetary policy guidelines for 2022 – 2024, moscow, 2 september 2021. * * * good afternoon, at the beginning of september, we usually release the first draft of the bank of russia ’ s strategic document on monetary policy — the monetary policy guidelines for the next three years. today ’ s event is held to present this document. monetary policy goals and principles the goal of monetary policy is to maintain price stability. the bank of russia implements its monetary policy within the inflation targeting regime, seeking to ensure the annual growth rate of the consumer price index of around 4 %. we influence the economy primarily through money market rates keeping them close to the key rate. the effect of monetary policy and key rate decisions on the economy and price movements has a significant time lag. therefore, when making our decisions, we always rely on the comprehensive analysis of the current situation and the medium - term macroeconomic forecast. moreover, it is crucial to take into account the balance of risks in the baseline forecast and other possible developments of the situation. according to economists, this is what is called a robust policy. another important instrument of our policy is communication. we adhere to the principle of communication transparency to implement our monetary policy efficiently. we believe it essential for financial market participants, businesses, and households to understand how our policy responds to changes in the economy and how we ensure price stability. to this end, beginning from april 2021, the bank of russia publishes the projected path of the key rate as one of the indicators of its medium - term forecast. we have also systematised and released the materials about the model - based approaches we apply to build our forecasts. people ’ s confidence in the monetary policy pursued is critical to anchor inflation expectations, reduce the inflation risk premium, and maintain interest rates at a moderate level. the monetary policy guidelines we present annually promote this confidence. economic situation in 2020 – 2021 for the second consecutive year, the global economy has been developing in the conditions of the coronavirus pandemic. the main problem a year ago was plummeting aggregate demand, whereas the major challenge since the beginning of this year has been increasingly higher inflationary pressure. russia is no exception. after the downturn of last year, our economy has swiftly recovered. the rebound was faster than many expected. russia ’ s