not tolerate inflation move beyond the upper bound of the target range. bank indonesia will also strengthen policy coordination with the government to manage domestic demand. 24. but again, as i mentioned before about lesson from 2013 experience, a sound macroeconomic policy is not sufficient to sustain economic growth. it is imperative to augment it with structural reform. we have to address our reliance on the export of primary commodities given the boom of commodity prices is over. at the same time, efforts should be made to address our heavy reliance on energy and food imports. bis central bankers ’ speeches 25. in the financial sector, financial market reform is also imperative. we, in bank indonesia, with close collaboration with ojk, have committed to boost financial market deepening initiatives. this includes elements such as well - functioning securities and money market, seamless payment system, and well developed long - term financing. a nation in transition ladies and gentlemen, 26. the year of 2014 is rather special. with the general election at our doorstep, maintaining macroeconomic stability is a key. macroeconomic stability, in our view, is the element of continuity for the indonesian economy in transition. in this regard, i would like reiterate our commitment to maintain the stability of our economy. 27. i would also like to emphasize here the remarkable progress in the nation ’ s journey to democracy. less than two decades ago, if we recall, there was an imminent risk of “ balkanisation ” following a devastating financial crisis and an abrupt regime change. but now we are viewed as a strong and stable democracy, supported by institutional reforms in both private and public spheres. 28. with more than 500 elected offices throughout the archipelago, election and peaceful transition of power actually occur almost every day in this country. i am confident that the upcoming parliament and presidential elections will be no different. and it will be a testament to the strength of our democracy and its ability to support economic development. closing ladies and gentlemen, 29. before concluding this remark, i would like to remind us that fitch rating is the first rating agency to award investment grade to indonesia after losing the credential due to 97 / 98 financial crisis. we believe that such decision was taken after an elaborate assessment on the country ’ s economic and financial data. and as we all have witnessed in 2013, it turned out to be an accurate assessment. indonesia ’ s economy is indeed resilient and is able to withstand challenges that may have come to its way. 30. i am confident

have sought to challenge their banks directly, although they are granted a private right of action under the statute and may obtain triple damages if successful. a 2003 report by the government accountability office ( gao ) on bank tying practices found that the available evidence did not substantiate claims that banks were engaging in illegal tying, but the report did note that borrowers were reluctant to file formal complaints. the gao recommended that the board consider taking additional steps to enforce compliance with the anti - tying provisions. our proposed interpretation and guidance are intended to help banks and the customers understand this rather complex compliance area. i should mention that we also received a comment letter on the proposed interpretation from the department of justice. this letter, which is available on the department ’ s web site, expresses concern that the bank anti - tying statute itself may suppress competition and harm consumers, especially as it is applied to large customers. the justice department recommends that the board interpret the bank anti - tying statute in a manner similar to the federal antitrust laws. under federal antitrust laws, which apply to independent broker - dealers, a showing of market power is essential to support a finding that a company has coerced its customer to purchase an unwanted product or service. in contrast, the courts historically have found that the special anti - tying statute that applies only to banks generally does not require a showing of market power to support a violation. alternatively, the department recommends that the board exercise its statutory authority to exempt large, corporate customers from the reach of the bank anti - tying statute. these are all issues the board will have to carefully consider as it moves toward finalizing the anti - tying interpretation and guidance. conclusion i know that the sia and your financial firms have been devoting time to many of the regulatory issues that have made the headlines in the past several years. i hope that my comments today will also remind you that the evolution of the industry and financial products creates challenges that you are likely to encounter in the more normal course of business.