agus d w martowardojo : enhancing financial inclusion through islamic finance keynote address by mr agus d w martowardojo, governor of bank indonesia, at the ifsb international seminar “ enhancing financial inclusion through islamic finance ”, jakarta, 31 march 2015. * * * bismillahirrahmanirrahiim, • his excellency : mr jaseem ahmed, secretary general – islamic financial services board ; • his excellency : dr. muliaman d hadad, chairman of ojk, board of commissioners ; • prominent speakers, • distinguished delegates and all participants, assalamualaikum warahmatullah wabarakatuh, a very good morning to all of you. greeting 1. it is a great honor for me to deliver a keynote address in this ifsb international seminar that is emphasizing on the need to enhance financial inclusion through islamic finance. having observed that providing greater financial access is very crucial in delivering equitable opportunities to all segments in the society and preserving more sustained economic development, i am pleased to observe that islamic finance has a great concern over having a better outreach in delivering financial services. the international seminar that we have today may serve as one of the efforts to deliberate ideas on how islamic finance could formulate its roles through better financial products and regulations. recent development of islamic financial industry distinguished guests, ladies and gentlemen, 2. we have already witnessed that islamic financial industry has been rapidly developing in terms of economic sectors, asset size, physical outreach, and financial products offered. islamic financial products have been used in commercial retail products, corporates, and government. the products of islamic banks, takaful, and capital market have been widely used in various economic sectors including agriculture, manufacturing, trade finance, transportation, infrastructure development, and others. branches of islamic financial institutions have also been established to reinforce physical presence in the market ; besides technological advancement that allows the customers to enjoy sophisticated islamic financial products such as mobile banking and e - finance. the global islamic financial industry is expected to reach the total assets of usd 2 trillion this year. the industry is growing at about 17. 3 percent compounded average growth rate. it is almost twice as much as the conventional industry has achieved. 3. the development of islamic financial services industry is still dominated by the 2 major industries, namely the islamic banking sector and islamic capital market with the share of 80 percent and 15 percent respectively. the interest of non - muslim populated countries like the united kingdom,

chang yong rhee : review on inflation targeting operations keynote speech by mr chang yong rhee, governor of the bank of korea, at the press conference after " review on inflation targeting operations ", seoul, 20 december 2022. * * * biannually, bank of korea releases its review on inflation targeting operations, and via a press conference, provides explanations in detail to the general public to help enhance their understanding of the current inflation situation. looking back on the year, with global consumer price inflation well above inflation targets and the subsequent response of sharp policy rate hikes by the bank, we are well aware of the unignorable costs that the general public has been bearing throughout. however, we hope that it is understood that these policy responses were inevitable in order to avoid much higher costs that would have likely been incurred to our economy down the road. recently, there have been some signs that the upward trend in inflation may be easing to some extent. nevertheless, uncertainties still remain high. today, we would like to explain in detail our assessment of recent inflation developments. first of all, consumer price inflation from january to november this year increased by 5. 1 % year - on - year, the highest annual rate of increase since 1998. looking at developments throughout the year, inflation surged from 3 % at the start of the year to 6. 3 % by mid - july, but then eased somewhat, declining to 5. 0 % last month. the recent slowdown in consumer price inflation is mainly due to significant falls in international oil prices and agricultural prices, which skyrocketed earlier this year due to russia's invasion of ukraine and last summer's torrential rainfall, ( respectively ). more specifically, oil prices had soared close to 40 % year - on - year in june this year, but rose by only 5. 6 % last month, while agricultural prices turned to a year - on - year drop of 2 % last month from more than a 10 % rise last summer. on the other hand, core inflation for items other than food and energy has steadily risen until recently, from the mid - 2 % level at the beginning of the year to the mid - 4 % level last month. this reflects the accumulated cost hike pressures in goods and services, which are a result of increases in wages and raw material prices and heightened demand - side pressure following the lift of social distancing measures. in particular, dining - out prices have sharply increased, hitting a 30 -