samchain/econo-pairs-v1 huggingface dataset:
The Implementing Regulations of the Finance Companies Control Law include supervisory and control provisions of the finance sector, including licensing requirements, conditions and procedures, and work rules of finance companies, the regulatory standards to be observed in practicing the activity, the requirements and standards necessary for the protection of consumer rights in finance  2  BIS central bankers’ speeches  services, including determining the method of calculating the annual percentage rate of financing, and clarity of procedures and criteria for early repayment. Activation of the Finance Laws is expected to have a positive impact on developing and promoting the finance activity in the Kingdom, improving the level of provided services by taking advantage of available assets and capital, in addition to finding new sources of funding to finance the activities of finance companies through the secondary market, which will be reflected positively on economic activity and create more jobs. SAMA has established the Department of Consumer Protection to ensure the clients’ rights in the sectors supervised by SAMA and to look into their complaints and improve the level of services of these sectors. SAMA will be happy to receive all complaints as it attaches great importance to protecting the rights of customers and raising the level of services provided to them. In conclusion, I welcome this distinctive elite of media journalists, and I am pleased to answer your questions. Asslam Alaikum Wa Rhmat Allah Wa Barakatuh. BIS central bankers’ speeches  3

In Asia, economic and financial liberalization is a powerful driving force that is reshaping our financial landscape today. This could potentially open up the gap between risk and our ability to manage it. So what should be our strategy to build trust, but avoid being blinded by our sense of security? The strategy to deal with this is to have Trust that is counter balanced by well informed debate on risk management, supervision, and good governance. So, we need a good dose of well-informed skepticism, as well as financially literate public. Let me turn to the progress on the global efforts to reform regulation. Where are we today? In all of these reforms – be they Basel or FSB – the questions we ask are these. Have we done enough to rebuild “Trust” and secure financial soundness? Is the international standard right for the local context? Are there unintended consequences, i.e. the bad side-effects? Getting it right, with the right balance, and right timing is very difficult. This is especially so when the dust has not settled, and the real economy is still vulnerable. Indeed, five years after the crisis erupted in the US, we are still seeing the spread of impact in Europe, and deleveraging of European banks. From Thailand’s own bitter experience of the 1997 crisis, the combined impact of all the economic and financial sector reforms was hard to gauge beforehand.
The Government has included a further increase in the deficit, measured as above, in the National Budget for 2004. However, the budget balance figures are influenced by transactions that have little effect on demand. For 2003 and 2004 as a whole, fiscal policy will probably generate some stimulus to activity in the Norwegian economy. As cyclical developments will probably stabilise, our forecast is based on the technical assumption that the structural deficit will not increase in 2005 and 2006. This would also seem to be consistent with the practical application of the fiscal rule, cf. the discussion by the Ministry of Finance in the National Budget for 2004. According to the fiscal policy guideline, the use of petroleum revenues over the central government budget shall over time correspond to the expected real return on the Government Petroleum Fund. At the same time, fiscal policy shall contribute to smoothing fluctuations in output and employment. Since the introduction of the fiscal policy guideline in spring 2001, the scope for manoeuvre in fiscal policy has been reduced. The projection for the Petroleum Fund’s expected real return has been revised down substantially since the Revised National Budget for 2001. Wage growth in the years 1998-2003 indicates that the degree of labour shortages in all sectors of the labour market plays an important role in wage formation.

Weaker developments both abroad and at home have had an impact on the Norwegian labour market. Unemployment has increased. Decisions concerning saving and investment are affected by the real interest rate, that is the nominal rate minus expected inflation. The real interest rate is also low. An enterprise investing in productive capital will typically apply a longer perspective than a household buying durable consumer goods. Enterprises’ cost estimates will be based on the interest rate and expected inflation in the long term, while short-term interest rates and expectations will be more important to households. Monetary policy influences inflation indirectly via domestic demand for goods and services and via its effect on the exchange rate. Because changes in the economy take time to feed through, monetary policy functions with a lag. It will therefore take time for all the effects of the substantial changes in the interest rate since December 2002 to come into evidence. When interest rates fall, consumption rises both because disposable income increases and because it is less profitable for households to save. Borrowing also becomes less costly, with an associated rise in investment. Higher demand leads to higher employment. Another important mechanism is that lower interest rates make it less attractive to invest in NOK. Lower interest rates will therefore normally lead to lower capital inflows and a weaker krone. Imported goods thereby become more expensive and inflation can rise relatively rapidly.
One could say that what we need to achieve is a “slow puncture”, where we gradually return to a more sustainable situation, with a considerable reduction of the risk of a household debt overhang causing problems. This is of course a substantial challenge and can hardly be managed unless several policy areas collaborate in the process. I have so far talked about the housing market mainly from a monetary policy perspective – where the main problem is that rising house prices are reflected in rising debt, which makes the economy more vulnerable to shocks. But there are of course other, more structural reasons why it is desirable that the housing market functions well. One is that a poorlyfunctioning housing market can lead to poorer geographical mobility, which can put a spanner in the works of the labour market. This has a negative effect on the conditions for growth.16 Another reason is that supply restrictions in the housing market result in an unjustifiable redistribution of wealth from future house buyers to existing house owners. The problems on the Swedish housing market have been debated for decades, but I perceive that the discussion has recently been particularly intensive.17 Perhaps the time is now ripe for some substantive political action? 15  A study by Jahnson and Lundberg (2013) estimates that prices on the Swedish housing market today are roughly one third higher than if construction had developed in the same way as in Finland over the past fifteen years.

The “Price Developments” report will be published on the working day following the announcement of inflation data. Beside these communication tools, speeches and presentations made by Central Bank autorities at the meetings in Turkey or abroad constitute an important pillar of the communication policy. Working papers, booklets and technical notes published along with the conferences and workshops organized by the Bank will be used as effective tools for communication policy. 1  The publication calendar for the Inflation Report and the Financial Stability Report along with the Monetary Policy Committee Meeting dates are presented in the Appendix. BIS Review 4/2008  5  Exchange rate policy and liquidity management Exchange rate policy and foreign exhange buying auctions Along with inflation targeting, the Central Bank will continue to implement floating exchange rate regime in 2008. As stated in the annual monetary and exchange rate policy announcements that have been published since 2002, the foreign exchange rate is neither a target, nor a policy tool in the floating exchange rate regime. Exchange rates are determined according to the supply and demand conditions in the market. The main factors affecting foreign exchange supply and demand are the monetary and fiscal policies implemented, international developments, economic fundamentals, and expectations. Even if floating exchange rate regime has been adopted, keeping a strong foreign exchange reserves position is very important in emerging economies like Turkey to eliminate the unfavorable effects of potential internal and external shocks and to boost confidence in the country’s economy.
Ravi Menon: The Institute of Banking and Finance at forty Welcome remarks by Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore and Chairman of the Institute of Banking and Finance, at the Institute of Banking and Finance 40th Anniversary Dinner, Singapore, 10 June 2014. *  *  *  Deputy Prime Minister and Minister for Finance, Tharman Shanmugaratnam, Pioneers of IBF, distinguished guests, ladies and gentlemen, On behalf of the Council and staff of IBF, let me welcome you to IBF’s 40th anniversary dinner. IBF is where it is today because of what previous generations of Council members and staff, industry practitioners and training providers accomplished together. They are the Pioneers of IBF, whose contributions and achievements we are gathered here to celebrate. It is the inspiring vision and tireless efforts of these Pioneers to build competencies in finance that helped create the international financial centre that Singapore has become today. I am delighted that several of them are here with us this evening. IBF was set up in 1974 with the support of the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS). Those were early days in Singapore’s development as a financial centre. The birth of IBF helped to fill a critical gap in the training of Singapore’s financial sector workforce. The subsequent growth of IBF has been a story of each generation building on the efforts of previous generations and helping to strengthen the capabilities of Singapore’s finance professionals.

You gave your time freely and shared your ideas selflessly. Thank you. We are also indebted to our partners and trainers who have contributed on a pro-bono basis to IBF’s learning resources – working on impossible timelines to deliver high-quality training standards and study guide materials. There is a final group that I want to acknowledge, the unsung heroes of the IBF story – the past and present staff of IBF. •  From administering the CMFAS examinations to developing new industry examinations;  •  from reviewing and accrediting training programmes to certifying individuals under FICS;  •  the management and staff of IBF have been unrelenting in their commitment to raising industry standards. As we look back at IBF’s 40 years, we can take pride in what it has achieved. •  Some 200,000 participants have benefitted to-date from training courses offered or accredited by IBF. •  Close to 2,000 practitioners have been certified under the FICS Standards. One of the reasons why IBF has done well is that it has renewed itself periodically, to stay relevant and effective amidst a changing environment but always focused on its core mandate of promoting competency in finance. Today, IBF embarks on the next phase of its journey to raise industry standards. Our new mission is to “empower practitioners with capabilities for a robust Asian financial industry”. To equip our finance professionals for the next phase in Singapore’s development as a financial centre, IBF will focus on two new dimensions.
Given the significance of the new developments highlighted earlier, it is our expectation to see the Board of Directors and Senior Management of reporting institutions (RIs) to be the key drivers in AML/CFT initiatives. The Board and senior management are responsible to ensure that the financial institutions stand ready, in terms of controls and resources, to face the upcoming developments and challenges. For this purpose, it is pertinent that, in implementing an AML/CFT internal programme, the board of directors and senior management ensure that it is in compliance with the AMLATFA and the related regulatory guidelines, in particular, the three important aspects of an AML/CFT internal programme. The first aspect, i.e., customer due diligence or CDD, is the foundation to effectively prevent criminals from accessing the financial system. In today’s internet environment and technologically savvy society, cross border transactions can be executed within seconds. It is for this speed in which transactions can be carried out that we need to be vigilant to ensure that the provisions of such excellent systems are not abused for illegitimate purposes. We just like to emphasize on ways to look out for false identity, complex structure with the intention to hide the true beneficial owner and the use of gatekeepers as proxies. The second important element of the AML/CFT programme, is the submission of suspicious transactions reports or STRs and Cash Threshold Reports or CTRs to the Financial Intelligence Unit of Bank Negara Malaysia.

I am also glad to note that some of the CEOs of our financial institutions will be sharing their insights on this issue and how they drive AML/CFT issue in their institutions. I hope that this sharing of insight will be an annual event, with better participation from other institutions. More importantly, I hope that this event will be the catalyst for more robust and comprehensive AML/CFT measures in each of the financial institution in Malaysia. We are to internalise the theme “Strengthening Governance to Derive Value” in our institution. BIS Review 99/2010  5
5/16  BIS - Central bankers' speeches  For example, if MAS wanted to hedge against such negative currency translation effects, we would have to sell US Dollars from the OFR and buy Singapore Dollars. That would negate our interventions in the foreign exchange market to implement monetary policy and cause the Singapore Dollar to appreciate much more, thereby harming the economy and, not to mention, depleting the OFR. The remaining 30% of the loss, or $ billion, was due to net interest expenses from MAS' money market operations to mop up excess liquidity in the banking system. Money market operations are part and parcel of MAS' monetary policy function. Like most central banks, MAS carries out money market operations to manage the level of liquidity in the banking system. In Singapore, money market operations are also a complement to our foreign exchange intervention operations. In general, there are strong appreciation pressures on the trade-weighted Singapore Dollar due to heavy capital inflows. MAS has to periodically intervene in the foreign exchange market by selling Singapore Dollars and buying US Dollars to dampen these pressures and keep the trade-weighted exchange rate within the policy band. When MAS does this, it accumulates OFR and injects Singapore Dollar liquidity into the banking system. MAS then conducts money market operations to withdraw any excess liquidity. There are a variety of money market instruments MAS uses to withdraw liquidity but they all incur an interest cost.

Third, we will also encourage SFOs to invest in Singapore companies and the local equity market. We will make two enhancements. One, the scope of the tax incentive will be expanded to recognise all investments in non-listed Singapore operating companies (including private credit), and not just private equity investments as is the case today. Two, we will recognise twice the amount invested in Singapore-listed equities, and in eligible Exchange Traded Funds (ETFs) and unlisted funds which invest primarily in Singapore-listed equities, for purposes of meeting the SFO's investment requirement. Fourth, we will encourage SFOs to contribute more to job creation and value creation for the Singapore ecosystem. We will make two enhancements: One, we will now require that at least one of the investment professionals that SFO applicants currently need to hire is a non-family member. This will expand the pool of available jobs for professionals in Singapore. Two, all new SFO applicants will have to now meet the business spending requirement solely from spending locally unlike previously when this could be met with overseas spending. This will help channel greater benefits to Singaporebased businesses and service providers. Fifth, we will encourage SFOs to conduct philanthropic activities through Singapore, both locally and overseas. We will make two enhancements. One, to encourage giving locally, we will recognise donations to local charities alongside normal business spending. Two, to encourage giving overseas using Singapore family offices as a base, we will launch today the Philanthropy Tax Incentive Scheme (PTIS) for family offices.
5 The Riksbank’s exclusive right to issue banknotes entered into force in 1904. 5 [15]  could meet for lunch at the Five Bells to exchange cheques – and the ‘modern’ clearing house was born.6 Over time, procedures improved markedly. While settlement of banks’ obligations had for many years taken place in coins, the Bank of England’s notes now allowed for a safer and more efficient process. Later, the Bank of England started to offer account settlement, for many years on physical ledgers and later in digital form. Moving from pub clearing and settlement in coins to highly advanced electronic systems may not have entirely eliminated risks. Yet, few – if anyone – would deny that the efficiency gains have been enormous. Central banks around the world followed suit and set up similar arrangements to clear and settle payments. In the United States, the Federal Reserve System in 1918 established the first version of Fedwire, its system for transfers of funds between banks. What was special about Fedwire is that it used the telegraph lines which now connected the entire country. This technological innovation made it possible to settle payments within a short time, even between banks that held accounts in different regional banks in the Fed system. In Sweden, the establishment of Postgirot was an important step. Postgirot was, in essence, a public bank within the Swedish postal service.

The ‘experiment’ was ended by the outbreak of the Civil War when a national banking system was established. Sweden also provides a case in point. Following the collapse of Stockholms Banco, the newly founded Riksbank was not allowed to issue banknotes until 1701.4 Then, as commercial banks started to emerge in the 1830s, they were granted similar concessions. Over a period, notes from ten to fifteen issuers were in circulation, causing much confusion. This was brought to a halt with the Sveriges Riksbank Act from 1897, which ensured the Riksbank its current monopoly – with a unified national currency as a result.5  The rise of financial infrastructures As the number of banks surged, so did the need for structure. In London around 1770, ‘walk clerks’ ran between banks to clear and settle cheques. One day, the story goes, two of them were having lunch at the Five Bells tavern in Lombard Street. Tired after a busy morning, one came with the suggestion that all clerks  3 See Gunnar Wetterberg, ‘’Money and power”, Sveriges Riksbank, Atlantis (2009), and Klas Fregert, ‘’Sveriges  Riksbank: 350 years in the making’’, in Sveriges Riksbank and the History of Central Banking (2018): 90–142, for more about the history of Sveriges Riksbank. 4 From 1701, the bank issued transportsedlar (transport bills). While notes-issuing was authorized in 1701, they became accepted for tax payments in 1726. Notes with a fixed nominal value that did not need to be transferred in writing were issued from 1745.
A sustained rise in medium-term inflation expectations would represent a threat to our price stability mandate and would not be tolerated.” [http://www.newyorkfed.org/newsevents/speeches/2011/dud110228.html]  6  BIS central bankers’ speeches  and salaries are reflecting heightened unemployment, and show no evidence that potential inflation concerns are placing upward pressure on wages and salaries. Core inflation rates tend to be a reasonable predictor of inflation in the intermediate term. Core inflation remains well below my long-run target for inflation. This gives us flexibility to focus on accommodative monetary policy doing what it can to promote more rapid growth in the economy. As Figure 18 illustrates, the percent of the adult population that is employed now is quite low in relation to recent history, and has shown only a slight improvement over the course of the recovery. So with significant slack in labor markets, stable inflation expectations, and core inflation well below our longer run target, there is currently no reason to slow the economy down with tighter monetary policy. Until we make more progress on both elements of the Federal Reserve’s mandate – employment and inflation – the current, accommodative stance of monetary policy is appropriate. Thank you.

The brief examines the relationship between trend inflation and commodity price increases and finds that evidence from recent decades supports the notion that commodity price changes do not affect the long-run inflation rate. Evidence from earlier decades suggests that effects on inflation expectations and wages played a key role in whether commodity price movements altered trend inflation. 2  Readers may be interested in “Oil and the Macroeconomy in a Changing World,” the proceedings of a 2010 symposium held at the Boston Fed to explore the interactions between energy prices, growth, and inflation – the determinants of oil prices and about the effect that oil prices have on the world economy. The proceedings are available at http://www.bostonfed.org/economic/conf/oil2010/index.htm  2  BIS central bankers’ speeches  The impact of recent supply shocks Now that you know my basic take on this key – and current – economic debate, allow me to flesh out my perspective with the supporting data and analysis. The full impact of the recent shocks to supply that I mentioned at the outset will likely emerge over time. But clearly there have been significant increases in a variety of food and energy prices. As Figure 1 illustrates, the recent turmoil in the Middle East has contributed to a significant increase in oil prices, which have risen to over $ a barrel.