*  *  *  Ladies and gentlemen The main objective of this workshop was to bring together international expertise and practical knowledge about local currency bond markets in emerging market economies (EMEs). I would now like to distil from the presentations and discussions some key recommendations for further strengthening these markets.
First, the setting of interest rate supported by exchange rate flexibility and capital flows management in responding to policy trilema arises from global monetary factors. Second, the efficacy of macroprudential measures in reinforcing lending channel of monetary transmission mechanism at the back of volatile capital flows and underdeveloped financial market.