CBRT Interest Rates (Percent) Non-CBRT Average O/N Funding Rate in BIST CBRT Average Funding Rate 1 Week Repo Rate Late Liquidity Window  14 13 12 11 10 9 8 7 6  02.17  01.17  12.16  11.16  10.16  09.16  08.16  07.16  06.16  05.16  04.16  03.16  02.16  01.16  5  Source: TURKSTAT, CBRT. I would like to underline that the recent policy we have been implementing is not equivalent to the previous discretionary monetary policy under a flexible corridor framework where the policy stance shifted at daily and weekly frequencies. This is a clear and stable policy tightening which will be preserved until we see a considerable improvement in medium term inflation dynamics. The significant tightening in the monetary policy stance can also be observed directly by looking at the yield curves. The left side figure shown below compares the most recent yield curve with the one materialized in early January, right before the CBRT response (Figure 13). It is clear that the short-end has shifted up and the longer-end has fallen, which is a typical response after a credible monetary tightening. As another indicator of the monetary tightening in time dimension, the 9  right side figure below shows the evolution of the slope of the yield curve at the cross currency swap market, which also clearly reveals a flattening in the yield curve (Figure 14). Figure 13. Figure 14.
Suhaimi Ali: Leading the change - empowering small businesses to tackle climate change Opening remarks by Mr Suhaimi Ali, Assistant Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the Greening Value Chain (GVC) Programme Rollout, Kuala Lumpur, 7 March 2023. *** Assalamu'alaikum and a very good morning to distinguished guests. Let me begin by congratulating Kossan Rubber Industries Berhad and Pantas Sdn. Bhd. for the timely rollout of the Greening Value Chain programme. It is no doubt that climate change is accelerating. Dangerous weather events are becoming more frequent and extreme, and global CO2 emissions are starting to rise as economies pick up speed post-pandemic. As we gather here today, floods caused by heavy rainfall have been reported across several states in Malaysia. With the climate crisis upon us at such a pace, accelerating our actions in responding to climate risk becomes all the more urgent and necessary. Ladies and gentlemen, We are on the edge of a climate precipice, close to reaching a 1.5C tipping point, beyond which the damage to our environment would be irreversible. The increasing frequency of natural disasters also provides a grim teaser of what lies ahead if we do nothing. Recognising this urgency, more than 70 countries have set net zero Greenhouse Gas (GHG) emissions targets1, and more and more businesses are also making commitments to reach net zero GHG emissions by mid-century. Based on projections, climate inaction would cost the global economy USD 178 trillion over the next 50 years2.