Muhammad bin Ibrahim: Financial markets and the ringgit - our journey forward Opening remarks by Mr Muhammad bin Ibrahim, Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the Financial Market Association (PPKM) Annual Dinner "Financial Markets and the Ringgit: Our Journey Forward", Kuala Lumpur, 18 November 2016. * * * It is my great pleasure to address the members of the financial market industry at the Financial Market Association of Malaysia’s annual dinner. This dinner regularly held towards the end of the year, has developed its own unique tradition and camaraderie. Another year is passing by and we find ourselves in a very familiar situation; heightened volatility and uncertainty, low growth and low interest rates. The specificities or circumstances behind these may be different and indeed some of these developments were considered highly unexpected or even irrational. Hindsight, which gives us 20/20 vision, does not necessarily provide us with a better understanding. The global markets continue to be imbued with financial market and policy uncertainties. To add to this, are the evolving geopolitical uncertainties and challenges arising from Brexit and the impending changes following the recently concluded US presidential elections. 2016 is turning out to be a year of many surprises, something that policy makers tend to be uneasy with. I hope 2017 will bring less of these, but then for financial market players, surprises, volatilities and uncertainties are not totally undesirable as they also bring along lucrative trading opportunities.
The rationale is to give public recognition to an institution that contributes towards raising the volume and value of transactions in the FX derivatives market. Last but not least, let me take this opportunity to congratulate the FMA on its accomplishments this year. FMA recently signed a collaboration agreement with the Asian Institute of Chartered Bankers and Asian Business School that would contribute towards enhancing the integrity, ethical standards and professionalism of market participants. FMA certainly has been an important driver and partner to bring the financial market development to a higher level. And organizing this annual event is also one of its perennial successes. On this note, I wish tonight’s dinner will be an occasion for us to enjoy and cherish. 5/5  BIS central bankers' speeches