Consequently, Malaysia’s cheque usage had fallen from 6.6 per capita in 2013 to 5.8 per capita in 2014. This is indeed an encouraging development. 1  Australia, the United Kingdom, Sweden and Norway. 2  Norway, Sweden, Denmark and Finland. BIS central bankers’ speeches  1  To reduce the country’s reliance on cash usage, the Bank has issued the Payment Card Reform Framework (Framework) which took effect in stages beginning 2 January 2015. The Framework aims to ensure that the cost of accepting payment cards is fair and reasonable, whilst creating an enabling environment for the wider acceptance of payment cards, especially by smaller merchants. Over the next six years till 2020, together with the banking industry we plan to expand the payment card acceptance network from about 240,000 terminals to 800,000 terminals and further accelerate the use of debit cards. These measures, if implemented successfully, will lessen the need for cash payments. While this target seems ambitious, we can achieve this milestone with collective efforts by all. Cash and cheques are still the main modes for bill payments in Malaysia Whilst efforts are being made to facilitate the wider acceptance of payment cards, bill payments in Malaysia are still predominantly made with either cash or cheques. In Malaysia, bill payments made via electronic channels 3 are still relatively low at 2.4 transactions per capita 4 in 2014 compared to more than 10 transactions per capita 5 in countries with successful electronic bill payment platforms such as Australia.
There are no easy or quick answers to the problems we are facing - and I'm tempted to say that if anyone thinks that there are then they probably don't understand the questions! But I am confident that persisting in our parallel attempts to maintain macroeconomic stability in our respective currency areas provides the best way forward for the world economy as a whole. But it may be a somewhat bumpy road. BIS Review 76/2001  5