10 %, compared to only 3 % in 2013. at the same time, the number of ibg transactions increased by 36 % in 2014 compared to 19 % in 2013. consequently, malaysia ’ s cheque usage had fallen from 6. 6 per capita in 2013 to 5. 8 per capita in 2014. this is indeed an encouraging development. australia, the united kingdom, sweden and norway. norway, sweden, denmark and finland. bis central bankers ’ speeches to reduce the country ’ s reliance on cash usage, the bank has issued the payment card reform framework ( framework ) which took effect in stages beginning 2 january 2015. the framework aims to ensure that the cost of accepting payment cards is fair and reasonable, whilst creating an enabling environment for the wider acceptance of payment cards, especially by smaller merchants. over the next six years till 2020, together with the banking industry we plan to expand the payment card acceptance network from about 240, 000 terminals to 800, 000 terminals and further accelerate the use of debit cards. these measures, if implemented successfully, will lessen the need for cash payments. while this target seems ambitious, we can achieve this milestone with collective efforts by all. cash and cheques are still the main modes for bill payments in malaysia whilst efforts are being made to facilitate the wider acceptance of payment cards, bill payments in malaysia are still predominantly made with either cash or cheques. in malaysia, bill payments made via electronic channels 3 are still relatively low at 2. 4 transactions per capita 4 in 2014 compared to more than 10 transactions per capita 5 in countries with successful electronic bill payment platforms such as australia. malaysia has an online bill payments model where merchants need to maintain multiple banking relationships in order to receive bill payments from customers who bank with different banks. merchants, especially smes, find it difficult and costly to maintain multiple banking relationships. as a result, only about 1, 000 merchants are currently registered to accept online bill payments via the individual banks ’ proprietary bill payments system. therefore, there is still tremendous potential for greater efficiency and cost savings through the consolidation and expansion of the online bill payments market in malaysia. enhancing the efficiency, accessibility and convenience of online bill payment via jompay jompay addresses the limitations of the current bank - centric model by establishing an open electronic bill payments platform which leverages on the combined infrastructure and network of the entire banking industry. with jompay, merchants only need to maintain a banking relationship with one bank, in order to receive bill payments

jens weidmann : central bank communication as an instrument of monetary policy lecture by dr jens weidmann, president of the deutsche bundesbank and chairman of the board of directors of the bank for international settlements, at the centre for european economic research, mannheim, 2 may 2018. * * * 1 introductory remarks professor wambach, ladies and gentlemen i would first like to thank you very much for inviting me to speak here at the centre for european economic research as part of the “ first - hand information on economic policy ” series of lectures. when i hear the phrases “ economic policy ” and “ hand ”, i can ’ t help but think of harry truman ’ s famous demand for a one - handed economist. by always assessing everything “ on the one hand... on the other hand ”, the economists clearly got on the then us president ’ s nerves. in this case, it goes without saying that “ first - hand information on economic policy ” has little to do with “ one - handed ” economists. no, “ first - hand ” in this sense means “ directly from decision - makers ”. with that definition in mind, as bundesbank president and member of the ecb governing council, i should obviously talk about monetary policy. it has now been seven years since i delivered my first speech as bundesbank president, and i have given a few more in the meantime. i haven ’ t been keeping count, but the database of public speeches on the bundesbank website now contains more than 150 entries. not all of my speeches, but a large number of them, are partially or even primarily about matters of monetary policy. speeches have become a vital means of communication for monetary policy decision - makers. the six members of the ecb executive board alone have given 150 public speeches over the past year. and speeches are just one means of communication. other channels of central bank communication are interviews, press conferences, and regular publications of reports. close attention is paid, in particular, to the ecb president ’ s introductory statement at the beginning of the press conferences following ecb governing council monetary policy meetings. ecb watchers scrutinise every word. changes in communication are very keenly noticed and analysed. and it is not only what is said but also what is left unsaid that can send a message. “ one cannot not communicate. ” from that perspective, this well - known quote by communication theorist paul watzlawick also applies