That recovery is assisted by the continued support the MPC is providing through low interest rates and quantitative easing, and in my view it amply justifies our current stance on monetary policy. But let me dwell for a moment on three important elements of the MPC’s decisions. First, we will continue to execute the announced programme of asset purchases, which we expect to be completed by around the end of 2021. Second, we have in place an important piece of forward guidance, which states that: “If the outlook for inflation weakens the Committee stands ready to take whatever additional action is necessary to achieve its remit. The Committee does not intend to tighten monetary policy at least until there is clear evidence that significant progress is being made in eliminating spare capacity and achieving the 2% inflation target sustainably”. This guidance is a recognition of the scale of the shock, the high level of uncertainty and the risks around the Covid recovery, which are still on balance distributed on the downside, though less so as time goes by. It is deliberately state contingent, in other words it sets out that there is a burden of proof we will need on the sustainability of the recovery. But it does not deviate from the usual medium-term nominal anchor, the 2% inflation target. And in this context it is encouraging that measures of inflation expectations have remained relatively stable in the UK, despite the seismic shocks and unprecedented policy response we’ve experienced over the past year.
Ladies and Gentlemen, Currently, consumers are not fully aware of the avenues for redress when they have complaints on the financial services being produced. In a survey undertaken by the consumer associations indicate that the level of awareness of the existence of the Banking Mediation Bureau was very low. The consumer education programme seeks to provide consumers with information on the avenues available to them if they have issues relating to the financial services or products they have acquired. Banking institutions are required to have a special unit to deal with complaints. Where this cannot be resolved, it can be referred to the Banking Mediation Bureau. In addition to the Banking Mediation Bureau, there is also the Unit in Bank Negara Malaysia. With the infrastructure in place, banking customers therefore have a number of channels to address grievances in a consultative and constructive manner. Ladies and Gentlemen, The existence of a single point of reference on retail banking products and services is expected to provide consumers with a fast and convenient way of looking for information and accelerate their learning curve. It is hoped that this one stop centre will improve financial literacy amongst the Malaysian banking population and create a more financially savvy population. This has prompted the development of a long term programme to promote consumer education in Malaysia. The primary objective of the programme is to raise the level of financial literacy among the Malaysian public.