and bold macroeconomic policy from both monetary and fiscal authorities to achieve the desired optimal balance in the economy in the medium term. 17. second, the role of financial system stability cannot be undermined. it is critical to have a well - functioning financial system through which money would go to support productive economic activities. in this context, we have pursued various macroprudential policies to help navigate economic uncertainties in 2013. 18. third, macroeconomic policies alone are not sufficient. the dynamics in 2013 also taught an important lesson about the role of structural reform in sustaining economic growth. without effective structural policy, an external shock would always require substantial adjustment in the demand side that will only intensify boom - and - bust cycle in the economy. economic outlook and risk ladies and gentlemen, 19. despite lingering uncertainties, we believe the economy will be more stable and balanced in 2014. domestic demand will continue to moderate but exports are expected to perform more favourably in line with the global economic recovery. therefore, growth in 2014 is projected to hit the lower end of the 5. 8 – 6. 2 % range. 20. bank indonesia expects the balance of payments to continue improving in 2014, supported by shrinking current account deficit and growing surplus in the capital and financial account. we estimate the current account deficit will be below 3 % in 2014. bank indonesia asserts that inflation will remain under control and within its target corridor of 4. 5±1 % in 2014. credit is projected to grow at 15 – 17 % range which is consistent with the effort to bring the economy to a healthier and more balanced level. 21. going ahead, challenges remain. we have to prepare ourselves to face a rocky and bumpy road ahead. global uncertainties concerning the fed normalization policy as well as the risk of an economic slowdown in china are among the critical risk factors that we have to anticipate. these risks could rekindle similar environment that have put our economy in jeopardy last year. policy direction and further agenda ladies and gentlemen, 22. for that reason, at no time we should be complacent. the bumpy road ahead necessitates a wide ranging policy initiatives to enable a smooth ride for the indonesian economy. 23. bank indonesia will continue to pursue monetary policy that is consistently directed towards reducing current account deficit to healthier level and controlling inflation within its target corridor of 4. 5±1 % in 2014 and 4. 0±1 % in 2015. we do

gap of more than 30. 000 people recently. i believe the same phenomenon can also be observed in many countries. in order to fill the gap of human resources supply, establishing international efforts to tackle the issues and involving more formal and informal institutions teaching islamic finance can be one possible solution. moreover, the well - trained and wellexperienced pool of talents in more developed islamic markets should open for learning exchange program facilitated by other countries with a strong international cooperation and engagement, more widespread supply of well - versed and skilled human resources will further foster the market growth given the rising demand for islamic products and services. excellencies, ladies and gentlemen, let me close my speech by highlighting that asia has bright prospects in islamic banking and finance industry. in order to escalate the existing growth and trajectory to a next level, i sincerely hope that all parties, from the region and overseas to jointly explore new growth opportunities in islamic banking and finance in this region. i wish you all to have an enriching and fruitful discussion and hope that we can contribute to the development and multiply the growth of the industry. may allah almighty bestow us the strength and patient to persevere in fulfilling our duty for a better future. thank you for your kind attention, wassalamu ’ alaikum warahmatullahi wabarakaatuh dr. halim alamsyah bis central bankers ’ speeches