zeti akhtar aziz : facing malaysia ’ s current economic challenges speech by dr zeti akhtar aziz, governor of the central bank of malaysia ( bank negara malaysia ), at the invest malaysia 2015 “ facing malaysia ’ s current economic challenges ”, kuala lumpur, 23 april 2015. * * * it gives me great pleasure to be here at invest malaysia 2015. this event takes place at a time of major transformative change in the world, in the region and in our country. these changes include the world becoming more inter - connected, integrated and interdependent within and across countries. it also reflects the significant shifts in demographic structures occurring in major parts of the world and the marked transformation in the international financial landscape following the international regulatory reforms prompted by the recent global financial crisis. slower but nevertheless equally far - reaching are the changes in the institutional arrangements that are altering international and regional circumstances. a further fundamental change is the greater reliance on unprecedented and unconventional monetary policy responses that has brought us into uncharted territory. and finally, the world is also being transformed by the more significant cross - border financial, information and talent flows. my remarks today will touch on three key areas : the current challenges confronting the global and domestic economy in this new environment ; the intrinsic strengths of the malaysian economy that will enable us to navigate through these more challenging times ; and finally on the new changing profile of malaysia ’ s investment landscape and what it means for the prospects of our economy. key challenges and prospect for the world and domestic economy we meet today at the time when the international economic and financial environment has become immensely more challenging. to a large extent, this has been due to the significantly higher degree of uncertainty that has prevailed on several fronts in the world today. firstly, is the uncertainty about the prospects for global growth in the aftermath of the global financial crisis. the persistence of this uncertainty is now having its implication on sentiment and confidence. secondly, are the conditions in the commodity and financial markets that have become more volatile. the massive shifts in global liquidity are precipitating volatile capital flows with its immense implications on the asset and foreign exchange markets. thirdly, is the increased uncertainty prevailing in the policy environment in the global economy in terms of the extent and timing of policy changes. in particular, is the uncertainty with respect to the timing of the exit from the highly accommodative policies and the implications of the divergent monetary policy stance that are being pursued in the major economies

respect. given its responsibility for financial statements, and for ensuring a sound system of internal controls, the audit committee will be a point of some focus as financial reporting standards as well as insurers ’ operations become more complex. this forum and your participation provide great encouragement to the bank that continuously raising the level of board competence is an important priority that is shared by those who have primary charge of ensuring that insurers operate in a prudent and responsible manner. bis central bankers ’ speeches