For example, we will not entertain attempts at fishing for banking information and other spurious requests. As with all major international financial centres, customer confidentiality is a cardinal principle of our financial sector. It will only be lifted by a Singapore court order and only if the safeguards set out in the Mutual Assistance in Criminal Matters Act are met. These provisions do not shield criminal activities. Singapore will continue to participate actively in the fight against crime, money laundering and terrorist financing. Going forward, we will work to deepen the sharing of knowledge and practices with jurisdictions that approach us for assistance through training programmes. We believe that we can make contributions on economic and financial issues, particularly those pertaining to the region. For instance, our unique monetary policy framework has proved to be sufficiently robust and flexible to cope with shocks in the external environment. We are keen to share our experience through research papers, policy dialogues and seminars with developing countries which are experimenting with intermediate exchange rate regimes. IV. Conclusion  Let me conclude. I have outlined our priorities for the next five years. Our emphasis is on action. We must translate the seminar findings and conclusions into a set of practical initiatives and implement them. We must be prepared to take calculated risks and adapt as we go along. This will require not just hard work and dedication, but also a spirit of openness, inquiry and enterprise. I am confident that together we can achieve our goals for MAS and Singapore.
This development was the main reason underlying the downward revision in the outlook for inflation and monetary policy in the last three months. 12  BIS Review 67/2009  Figure 20: Quarterly GDP Growth Rate  Figure 21: GDP  (Percent)  (Seasonally Adjusted Fixed Prices of 1998, Billion TL) 27  12 9.4  10 8 6.8  6.2  6  8.4  7.3  6.9 5.3  25  4.7 2.8  4  1.2  1.1  2  23  0 -2 21  -4 -5.7  Source: TURKSTAT. 2008-2  2008  2006  2004  -6.2 2002  2000  -8  2008-4  -6  19 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 2004  2005  2006  2007  2008  Source: TURKSTAT, CBT. An analysis of Gross Domestic Product developments in terms of output in the last quarter of 2008 reveals that all the subcomponents except those of the agriculture sector contributed negatively to growth. A comparison of this financial crisis with that in 2001 points to a similarity between not only the Gross Domestic Product growth rate, but also the composition of production sectors (Figure 22). On the other hand, making the said comparison also in terms of expenditures is crucial considering the projections pertaining to the timing of the possible rebound in economic activity.