Their efforts, together with those of commercial banking institutions and government mandated micro-financing agencies, have resulted in a significant expansion of micro-financing. Micro-financing has increased from RM151 million in 2000 to RM1.7 billion in 2008, representing an annual average growth rate of 35%. Early this year, Bank Negara Malaysia celebrated its 50th anniversary. The Bank has taken the opportunity to review our existing legislation; the Central Bank Act to take into account the dramatically changed domestic and international economic and financial environment. The work on this proposed new legislation has spanned two years. In articulating with greater clarity the mandate of the Bank, the objective of financial inclusion, not explicitly mentioned in our existing Act, but undertaken in practice is now explicitly articulated in the proposed Act. This is to ensure that going forward, the future generation of central bankers at Bank Negara Malaysia will continue with the unwavering commitment to the building of an inclusive financial system. Conclusion Let me conclude my remarks. In this current environment of great uncertainty, financial intermediation has a vital role in supporting an economic recovery. As regulators, the focus is placed on ensuring the soundness and stability of the financial system, and thereby provides the platform on which the role of the banking sector in the economy can be enhanced. It is the continued functioning of the financial system that will be a vital element in the economic growth and development process.
Zeti Akhtar Aziz: Policy and regulation of financial inclusion Welcoming remarks by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the UNAG Asia Regional Forum on Policy and Regulation of Financial Inclusion, Kuala Lumpur, 6 May 2009. *  *  *  Introduction It is my pleasure to welcome you to the United Nations Advisers Group Asia Regional Forum on Policy and Regulation of Financial Inclusion. This conference takes place at a time when the world is confronted with addressing many issues that have emerged from the current global financial and economic crisis. Whilst significant attention and efforts are being channelled to resolving the financial crisis and creating an enabling environment for the resumption of growth and job creation, we must not lose sight of the financial inclusion agenda. Financial inclusion is vital for creating balanced sustainable economic growth. It provides the opportunity for all members of society to benefit from economic progress. It allows for a shared prosperity, an aspiration that is encapsulated in the United Nations Millennium Development Goals. The Central Bank of Malaysia is most honoured to be given the opportunity to host this forum which is being held in Asia for the first time. We are most honoured to have Governor Nout Wellink, President, of the Central Bank of Netherlands. We are also pleased to have present Mr. Jacques Toureille, UNAG Advisor, who will be delivering the keynote address by Her Royal Highness Princess Maxima on her behalf.