As illustrated on the slide, in December, the weighted average of the reserve requirement ratios were remarkably raised by differentiating the ratios such that they are lower for longer maturities (Table 1). Moreover, the reserve requirement base has been expanded to include funds received by banks through repurchase agreement (repo) transactions from foreign and domestic customers, except for those funds received from repo transactions with the Central Bank and those among domestic banks. Finally, with the decision we made yesterday, TL reserve requirement ratios were re-increased for the short-term deposit/participation fund and other liabilities. Hence, the weighted average reserve requirement ratio calculated by taking the share of liabilities into consideration has increased by 4.4 percentage points since 23 September 2010. At this point, I would like to inform you about our evaluations regarding the effects of our recent decisions. The change in required reserves is expected to affect the credit market through cost and liquidity channels. With the said regulations, nearly a total of TL 22.5 billion a will have been withdrawn from the market. According to the recent data, this amount equals to approximately 5.8 percent of TL-denominated credits excluding financial sector. We believe that the monetary tightening implemented by increasing in the weighted average of reserve requirement ratios would more than offset the expansionary effects of the interest rate reductions. Therefore, we expect that the net impact of the monetary policy decisions we have taken recently will be tightening.
This involved several key financial education initiatives for students and households in Malaysia, including the School Adoption Programme that was supported by the Ministry of Education and the financial industry. More recently, it has progressed to the integration of financial education into the school curriculum. This has been made possible through the successful collaboration between Bank Negara Malaysia and the Ministry of Education. Ladies and gentlemen The compilation of caricatures in Financial LATeracy is organised according to specific money management themes while the exhibition allows visitors to experience and appreciate the fine works of Datuk Lat while highlighting key money management messages. The timeless caricatures showcased in Financial LATeracy also embodies the true essence of a multicultural Malaysia, depicting the diversity of our people, cultures and traditions. Of significance is the  BIS central bankers’ speeches  1  influence that his works have had in promoting social harmony and benevolent values that bring the diverse people of Malaysia together. Most Malaysians have grown up with his drawings. His works have touched on so many aspects of the lives of Malaysians, providing us with powerful insights into the social and political scenes of this country. The power of story telling by Datuk Lat transcends beyond the drawing of cartoons. He is among the artists who have been observers that are the most honest and critical of developments in our society.