This is a balance that is much easier to achieve in theory than in practice! However, as I have explained here today, my assessment at the latest monetary policy meeting was that it will still be necessary to keep the repo rate at this low level for a long time to come. Thank you! BIS Review 111/2009  7  1. Financial markets functioning better Basis spread, basis points 400  400 Sweden  350  350  Euro area USA  300  300  United Kingdom  250  250  200  200  150  150  100  100  50  50  0  0  Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09  Note.
Our journey offers quite a few insights on the reality of digitalization in some parts of the country: While it is true that many among our target groups in Sabah do indeed own a smartphone, in many instances the digital remittance applications were not compatible with these simpler devices; and While using digital application is a ‘no muss, no fuss’ to many of us, barriers such as language and complexity of the process, inhibited many of the migrant workers from using digital remittance services. To overcome such challenges, the Project team collaborated very closely with the remittance service providers. To enhance the usability of the remittance apps among the target group, adjustments were made including by widening the language options and simplifying the process of using the apps. To further assist our target groups, some of the providers developed step-bystep videos on how to use their apps. They also sent their staff to join our program and helped to offer one-to-one lesson to the migrant workers – importantly, such interaction allowed them to better understand the needs of this target market. 2/3  BIS central bankers' speeches  Such dedication, enthusiasm and commitment showed by all of you is indeed what drives the success of this Project. On behalf of Bank Negara Malaysia, I would like to express our deepest gratitude to the Project Team, the remittance industry, the Greenback ‘ambassadors’, the plantation companies and other employers, consulates, banking institutions, and all parties who have been with us throughout this journey.