efficient economic financing, including those provided by our banking industry. distinguished ladies and gentlemen, 98. in my view, our banking industry must continue to be encouraged to improve resilience, efficiency and its role in intermediation. broadening of the public ’ s access to an affordable banking service through the financial inclusive program is included as part of strengthening intermediation function. 99. going forward, the financial inclusion program must be implemented through the supply and the demand sides. from the supply side, broadening of an affordable banking services access, and making available banking products meeting the need of the lower income society must be carried out. 100. in this regard, going forward, we plan to broaden banking service access by way of a non - conventional measure through the use of information technology, telecommunication, and agent cooperation or familiarly known as branchless banking or mobile payment. through this strategy, banking services will reach every layer of the society without having to physically present the bank office. distinguished ladies and gentlemen, 101. in this regard, branchless banking must be implemented in phase with due consideration on potential risks that may occur, including its impact to the financial stability. on that account, in early 2013 bank indonesia will issue guidelines on the implementation of branchless banking which will be followed by the issuance of a number of supporting regulations. 102. recognizing the increasing strength of the indonesian middle class, bank indonesia also views the need to optimize such new strengths through the acceleration of generating new business ventures. for that, bank indonesia will continue its cooperation with universities and the private sector by preparing a business training program for college students and former indonesian workers abroad. 103. currently being prepared is a start - up loan for business start - ups. this skim will involve technical agencies and other agents in coaching, consulting, guaranteeing and providing eligible credit collateral, such as land certification. 104. the major obstacles of the community ’ s lower economic level in accessing credits for productive purposes are not only the lack of eligible credit collateral availability but also the high levels of lending rate for the micro segment. as such, i view that the fruits of national banking efficiency improvements should be felt by those in the lower economic level. having said that, we will promote healthy competition in the micro segment through, among others, the publication of micro credit lending rates. bis central bankers ’ speeches distinguished ladies and gentlemen, 105. aside supporting the development of inclusive finance, the policy direction for the payment system of the

backward the structural capacity of advanced economies. in the following years, advanced economies will have to accept a low - growth new equilibrium. bis central bankers ’ speeches 7. economists have called this equilibrium “ the new normal. ” it represents an era resulted from significant post - bubble correction following “ the great moderation ” spanning from 2000 to 2007. during this tranquil episode, global economy grew high in a relatively long period of time, supported by rapid technological advancement, low level of interest rate and inflation, but accompanied by the accumulation of leverage in the household sector as well as excessive risk taking and engineering in the financial sector. the bubble has finally burst at the end of 2008, culminated with the episode of “ lehman collapse. ” distinguished guests, ladies and gentlemen, 8. while the advanced countries started the opening decade of this new millennium with the golden era of “ great moderation ” and closed it with the gloomy “ new normal ”, the exact opposite happened in indonesia. we started in thorny path resulted from the aftershock of economic stabilization program post the 1997 / 1998 crisis, and landed successfully inside a transition period of an economy categorized as middle income country. 9. indonesia ’ s per capita income by the end of 2011 has reached approximately usd 3, 000, six - fold increase from the figure in the asian crisis of 1997 / 1998. if our economy continues to grow while the macroeconomic and financial stability can be maintained, it is only a matter of time before indonesia move into the upper middle income countries category with per capita income reaching usd 4, 000. 10. we also manage to close the early decade of the new millennium with phenomena of an increasing group of society experiencing higher standard of living, the so - called middle class. at present and in the future, this group will become an important transitional strength to influence our entire aspects of life, be it politics, economy, social as well as culture. 11. we have optimism that with the rapid increase in the productive - age population as a demographic bonus within the population pyramid, the growing middle class will continue to expand until at least the next 20 years. distinguished guests, ladies and gentlemen, 12. in the midst of prolonged sluggishness within the advanced economies, the expanding middle - class population has strengthened and enriched the diversity of base demand of goods and services in the domestic market, thereby steadfastly supporting the economic expansion. in the last eight years, we manage to successfully maintain a continuous economic growth of around