important for me to speak about the economy. even as we face headwinds from abroad, domestic economic activity has already exceeded pre - pandemic levels. from real wages and employment prospects to investments and domestic demand, various indicators point to relative strength in our economy. 1 / 3 bis - central bankers'speeches this underscores the importance of a solid foundation. we entered the pandemic crisis economically stable and well buffered. we could not have achieved this without our sound fundamentals and the conventions of measured and evidence - based policymaking – as they say, " sains dan data ". this is especially true of monetary policy. with the economy gaining strength, macro policies such as the opr must be adjusted. this is necessary to ensure that our broad macro policies match our economic realities. at the same time, we recognise that although the overall economy is in good health, there are some who are still facing economic challenges. however, given that the opr is by design a blunt tool to deliver price stability, more targeted measures are in place to help those who may be facing difficulties in meeting their monthly loan repayments. help continues to be available through banks or akpk, which can work out new repayment arrangements tailored to individual circumstances. in this way, policies can work to deliver what the economy needs. by acting sooner rather than later in managing inflation, we have been able to move in a measured and gradual way, avoiding large and more disruptive adjustments which would have been much more costly for the economy. we are still experiencing high and elevated inflation, partly due to strong demand. yes, some cost pressures are coming down, but it has not translated to the final prices of goods because demand remains high. the cost of making nasi lemak has probably eased but with people still queuing as far as 100 metres for akak nasi lemak, as widely shared on tiktok, prices are unlikely to come down as long as demand stays strong. if we do not manage excessive price pressures like we see in some other economies, this will affect everyone through lower purchasing power. the b40 and vulnerable groups are the ones who will be the most affected if we let inflation get out of hand, and we will not be able to preserve sustainable growth over the longer term. let us also not forget that keeping rates too low for too long can have damaging effects on the economy. the devastation of the global financial crisis more than a decade ago,

zeti akhtar aziz : the financial process exchange ( fpx ) speech by dr zeti akhtar aziz, governor of the central bank of malaysia, at the official launch of the financial process exchange ( fpx ), kuala lumpur, 28 october 2004. * * * yang berbahagia dato ’ amirsham bin a. aziz chairman of meps ( malaysian electronic payment system ( 1997 ) sdn. bhd ), distinguished guests, ladies and gentlemen, it is my pleasure to be here this morning on the occasion of the launching of the financial process exchange or the fpx. today ’ s launch of the multi - bank internet payment platform marks another step forward in enhancing the financial infrastructure of the malaysian financial system. in this more integrated and dynamic environment, the retail banking frontier of the future is defined by the range of services that are accessible to the consumer. increasingly, technology is no longer an inhibiting factor in the payment services offered by banks. indeed, expedient fund transfers and account access flexibilities are now apparent elements that differentiate banks to the discerning customers. of importance is that investment in technology is vital in meeting the changing consumer requirements and the need for banking institutions to continue to invest in information technology in this more competitive environment. it applications in financial services, especially in the payments industry, are complex and scale - dependent. it is, therefore, imperative that the financial industry is collectively engaged in designing and participating in industry - wide payment system platforms. the interdependencies and synergies arising from a collective approach will generate mutual benefits and cost savings. benefits range from a consistent and standardised application of rules and processes, to seamlessly harnessing the individual institution ’ s respective infrastructure and promotional activities to realise cost savings arising from the sharing of scarce capital. in the quest for efficiency in the payment systems of the nation, an essential task for the banking industry is thus to strengthen the focus on meeting the specific demands of the consumers, and at the same time, forging alliances in common infrastructure building. the fpx is a right step forward in this direction. the efficiency of the financial system will be further enhanced with the fpx that reduces transaction costs and contributes to the overall functioning of the economy. this advancement forward can only be successfully achieved when there is active participation by the banking institutions, individuals as well as businesses, in utilising and promoting the system nation - wide. bank negara malaysia