In every platform we participated and in every announcement we made, we emphasized our policy objective, which is to achieve and maintain price stability, the reasons underlying our policy implementations and the importance of having a medium-term vision in terms of lagged effect of policy decisions. To this end, we try to use communication policy effectively as an important part of the inflationtargeting regime. We base our communication policy on the grounds of trust, transparency, consistency and decisiveness. I believe this is not peculiar to the Turkish case. Many central bankers in emerging market countries have to deal with the drawbacks of a past of high and chronic inflation and thus incredible policies. And it is by all means clear that designing a communication strategy is not easy under these circumstances. As you may all agree, the concept of communication itself is a dynamic issue. Therefore, given the importance of effective communication, it is important to note that we at the Central Bank of Turkey have been working continuously on improving our communication policy. 5  Woodford, M. (2003). Interest and Prices. Princeton Univesity Press. 6  BIS. (1998). “The Transmission of Monetary Policy in Emerging Market Economies”. BIS Policy Papers No. 3. 7  Orphanides, A. (2006). “The Road to Price Stability”. BIS Review 88/2006  5  Dear guests, There is no doubt that central banking can be considered as a combination of positive sciences and human psychology, or as you could say, the union of science and art.
Zeti Akhtar Aziz: Focus on human capital development in Malaysia Welcoming remarks by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the INCEIF Strategic Partnership 2006, Kuala Lumpur, 14 December 2006. *  *  *  Yang Berhormat, Dato' Mustapa Mohamed, Minister of Higher Education, Distinguished Guests, Ladies and Gentlemen, It is my great pleasure and honour to welcome you to INCEIF Strategic Partnership in conjunction with the signing of Memorandum of Understanding between INCEIF and nine institutions of higher learning in Malaysia. This occasion is of particular significance as, on this day, with the grace of Allah, we are laying the foundation for the promotion of collaborative efforts in human capital development which will benefit the Islamic financial services industry. Against an environment of a rapidly evolving Islamic financial industry and the growing significance of Islamic financial institutions globally, human intellectual capital has become the defining factor in sustaining the performance and competitiveness of the Islamic financial industry. Indeed, the fast pace of innovation in global financial services in general and in the Islamic financial services sector in particular, demands new expertise and skills. In this environment, the creation of a substantial pool of talent is indispensable for the future growth of Islamic finance. In this regard, Malaysia has placed strong focus on human capital development through training and education.