Therefore, a structural shift in the composition of our trade account – increasing exports and curtailing non-productive imports, such as, gold – is imperative. What needs to be emphasized is that the current account deficit has so far been successfully financed without any drawdown on our foreign exchange reserves.
To be clear, we are not trying to oppose innovation, because innovation, including fintech, offers the world many potential benefits. As the group charged with ensuring financial stability, however, we have to work to ensure that we can reap the benefits offered by these new technologies without harming financial stability.