Figure 15: Interest Rate Developments (Percent) 26  21  16  BondTahvil yieldsve Bono Piyasası Faiz Oranı IMKB (gösterge niteliğinde, bileşik)  11  CBT Policy Rate (compound)  0909  0709  0509  0309  0109  1108  0908  0708  0508  0308  6  0108  TCMB Gecelik Faiz Oranı (bileşik)  Source: ISE, CBRT. 6  BIS Review 143/2009  Market interest rates in all maturities are declining. It is noteworthy that long-term yields declined more than shorter-term yields and displayed a flatter yield curve (Figure 16 and 17). Figure 16: Yield Curves*  Figure 17: Difference Between LongTerm and Short-Term Interest Rates*  (Percent)  15  28.July.2009  10  01.October.2009  9  Release of the July Inf lation Report  13  7  Yield  8  6  11  5 4  9  3  0.5  1  1.5  2 2.5 Term  3  3.5  1009  0909  0809  0709  0609  0509  0409  0309  7  0209  0109  2  4  * Estimated by using the compound yields on the bonds in the ISE Bonds and Bills Market, based on the Extended Nelson-Siegel (ENS) method. *Difference between interest rates with 4-year and 6month maturities of the yield curve estimated by ENS method, 5-day moving average. Source: CBRT. Source: CBRT.
It is about growing the Singaporean talent base as well as being a magnet for the world’s talents. It is about a vibrant entrepreneurial and innovation base, characterised by a lot of start-ups, a lot of experimentation, and a lot of R&D. A key aspect of dynamism is also high rates of churn in the labour and capital resources in our firms: There needs to be continuous flux and reallocation of resources in response to changing economic and market conditions. Both capital and labour need to be nimble and highly adaptive. The structure of the Singapore economy is well suited for sustaining our dynamism. Singapore’s strong advanced manufacturing and related trade and logistics activities are internationally competitive. In modern services, comprising financial, professional services, and info- communications technology, we enjoy an international hub status. Together, these sectors make up some 40% of our economy. If our domestic services can be further professionalised – job by job, each worker possessing deep skills and delivering a high quality of service, we will be a dynamic economy. Finally, dynamism must be about our people. We must remain an open society. 16 / 17  BIS central bankers' speeches  Not just in being open to foreign trade, investment, and talent, but being deeply connected to the rest of the world. Not just attracting foreign talent to Singapore but Singaporeans venturing abroad as our companies and industries internationalise.