. as the multi - polar system is not immune from capital flow volatility, i would like to make a brief comment on recent imf framework on capital flow management measures. while we support the work of the imf in conducting empirical study on country experiences in managing surges of capital inflows, we do not support any rules - based approach in dealing with capital flow issues. policymakers should be able to respond to such challenge in a pragmatic rather than rules - based manner. 9. let me finish my talk with some comment on the sdr. in theory, there are many good reasons to enhance the role of sdr as one of its distinct advantages is the possibility of managing global liquidity without affecting the value of currencies in the basket. in addition, the basket also has the diversification advantage as the system will be less exposed to shocks in any of its constituent economies. at this time, it may not be possible to move towards this system as there is not enough political support and many operational hurdles remain to be overcome. nevertheless, it is important for the imf to continue its work on how to broaden the use of sdr in all aspects of an international currency ( i. e. store of value, medium of exchange and unit of account ). ladies and gentlemen, 10. in closing, i would like to stress that the international monetary system is certainly in a period of transition. i do not expect a big bang, but a long and gradual process arising from macroeconomic and structural adjustments. policy dialogue and cooperation between current and prospective reserve - issuing countries will play an important role in ensuring this smooth transition. as there are so many uncertainties along the way, it would take great leadership from some advanced and major emerging market economies to move the world forward towards a more stable international monetary system. thank you the triffin dilemma is the conflict between domestic and international objectives of reserve issuing country. this is due to its duty to supply the world with extra currency, which may cause a loss of confidence in its currency. bis central bankers ’ speeches

financial ecosystem. a strong and dynamic workforce will be one of the important pillars for the industry to remain stable and competitive. it will also serve as a catalyst to spur innovation. in terms of talent demand for the overall financial sector, it is anticipated that over the next 10 years, a workforce of about 200, 000 employees would be required, which is an increase of 56, 000 people from the current 144, 000 employees. there will therefore be strong demand across the financial sector, particularly for specialised skills in high growth and niche areas such as wealth management, shariah advisory, corporate finance and investment advisory services. bis central bankers ’ speeches human capital development as key growth area in malaysia, several dedicated institutions for human capital development in islamic finance have been established. contributions by tertiary education institutions, training and research institutions, and private training providers have been important to the development of professionals and expertise in islamic finance. there are now more than 5, 800 students enrolled in islamic finance related academic courses in malaysian higher learning institutions. the international centre for education in islamic finance ( inceif ), established in 2006 to develop qualified professionals in islamic finance, has now produced 265 chartered islamic finance professional holders ; while approximately 2, 000 students from more than 75 countries are currently enrolled at different stages of completion of the islamic finance programs. in terms of industry training, ibfim has to date trained 32 percent of the total islamic finance industry workforce. critical components in talent development strategies the vision moving forward for human capital development in islamic finance is to ensure a steady stream of competent and versatile talent to support greater innovation and dynamism of the islamic finance industry. this will require the approach to be comprehensive, meeting the highest standards and in close collaboration with the industry so that the learning solutions will continue to remain relevant. the breadth of talent development solution human capital development needs to be comprehensive and holistic in meeting the requirements for all levels. the horizon of talent development solutions has to be widened towards attracting, developing and retaining talents with required skills and expertise for the industry. it must also meet the specific requirements of the workforce career progression, from the pre - employment stage, during employment and up to the leadership positions. talent development solutions must also be for beyond the circle of the financial services community, to include other business communities, such as legal fraternity, government officials and it solution providers. the advancement of the industry is also dependent on these parts of the private and public sector. their training needs must also be met through structured training