, one is called instapay, and a bigger and bigger part of the payments are now digital. and then, we have pesonet, which is the equivalent of checks but is also electronic. so, we are moving fast on the digital side. on financial stability : regulators work in tandem 1 / 4 bis - central bankers'speeches now, let me go back to the second one - financial stability. clearly, we do not regulate the stock market. we do not regulate the issuance of private bonds. we do not regulate insurance. financial stability is done by a committee chaired by me, and the other members of the committee are the chairman of the securities and exchange commission and the chairman of the insurance commission. on price stability : month - on - month inflation figures paint an encouraging picture [ let us go ] back to price stability. well, if you look at that next picture, it seems alarming, right? headline inflation is 8. 6 percent [ in february 2023 ], which eventually fell to 7. 6 [ percent in march ]. if you take out the extreme price changes - what you would call core inflation - it is also quite high [ at 8. 0 percent in march ]. but to me, the numbers that mean a lot more are the little bars below [ month - on - month ( m - o - m ) inflation ]. if you multiply that by 12, that is the implied inflation rate for the year if everything is the same. for instance, that first figure there, 0. 9 percent [ m - o - m inflation ] in march 2022, that is terrible. that is 0. 9 percent times 12 [ months ]. if that had continued for 12 months, the implied inflation is more than 10 percent. on the other hand, if you look at the other end, there are two 0. 3 percent [ m - o - m inflation prints ] there [ in december 2022 and february 2023 ]. the first 0. 3 percent [ in december 2022 ], we celebrated too early and said, " oh, we are there already! " 0. 3 percent times 12 [ months ] is 3. 6 percent [ in annualized inflation, which is well within the inflation target band ]. and then, we got hit by 1. 0 percent [ in january 2023 ], which is 12 percent [ once annualized ], right? of course, we are now seeing what, we think

and • on financial market infrastructure, this too is very much work - in - progress. do any of these really matter? if we are going to talk about asean integration, we certainly need to have a thriving market that can connect and compete with the rest of the region. while many jurisdictions in asean – and asia for that matter – remain bank - centric, the pressure on the banking books needs to be mitigated when 15, 20 and 25 year loans are generated from a funding base largely made up of savings deposits. the gapping risk is significant and the global focus on liquidity risk makes this issue even more stark. bis central bankers ’ speeches but being bank - centric cannot be taken independently of the other financing alternatives. while we have 262 publicly - listed companies with a market cap of usd 279. 5 billion, the average for the rest of asean - 5 is 612 listed companies with a market cap of usd 406. 9 billion. our gs turnover ratio of 0. 49 is also lower than the average for the rest of asean - 5 which is at 0. 69. the lower trading activity could be attributed to several factors. the net effect however is that we have less liquidity in the secondary market and with that comes our challenges with benchmarks. renewed reform agenda ladies and gentlemen, the numbers are available for everyone to see. but beyond the figures, i trust that today ’ s forum is a call to action, highlighting where we are and what needs to be done. from today ’ s proceedings, allow me to offer my own thoughts on four issues. first, the capital market development blueprint is our guidepost in terms of three facets : price, volume and infrastructure. we strive for price discovery to develop a robust yield curve. we should do this by trading on exchanges or electronic platforms, premised on government securities that have depth across the curve. we should also be unrelenting in upgrading the financial infrastructure to ensure competitive and efficient markets, enhance market discipline and protect investors. second, asean integration of capital markets provides both investors and issuers new opportunities. we can only effectively reap these opportunities by ensuring that our own market is competitive. thus, the challenge is to appreciate what needs to be done, first for our market but with an eye towards the regional market. this agenda is massive because we need to focus on trading and post - trade infrastructure ( from ccps to csds, to sss, trs ) to applying established standards (