Realizing that the current crisis has taken on a global nature, we will further strengthen engagements with regional peers to share information, discuss emerging developments, and pool resources, if necessary even foreign exchange reserves. It’s interesting that the current financial turmoil took on a turn for the better once the major economies began to act in concert. Confidence had been quickly eroding until then.
In 2008, further enhancement has been done in the area of monetary policy implementation by the introduction of overnight interbank rate as our operational target to improve the effectiveness of the monetary policy. Institutional reform in the financial sector has been done by improving the soundness and efficiency of the financial market through the combination of imposing prudential practices and enhancing market deepening.