samchain/econo-pairs-v1 huggingface dataset:
With trust, we can have complex and farflung relationships and conduct such transactions in full confidence that these would be honoured and all liabilities or debts will be met. Without such trust, we need legal contracts and enforcement. We need money that provides finality to a transaction so parties can walk away afterwards. Unsurprisingly, money and even barter are mechanisms that allow us to do away with the need to trust. Though this can be expedient, it is not without a loss. What could have been an ongoing mutually beneficial business relationship is instead a series of individual and potentially costly transactions. Which is better? In a world without trust, we need the mechanisms to cope. In Islamic finance, with ethics as its core, such trust can be nurtured and sustained. We can thus rely less on the coping mechanisms which would merely serve as safeguards while focusing more on the business and activities that generate productive and impactful outcomes. Acting ethically should also involve embracing professionalism. Having qualified Islamic finance professionals will be a key differentiator. Professional credentials can be instrumental in strengthening the trust between financiers and customers. These qualities will anchor businesses and financial institutions towards sound and fair practices even in an environment that is rapidly changing and uncertain. In addition, continuing professional development, or CPD, will be crucial to ensure talents keep their knowledge and skills fresh, enabling them to respond to changing circumstances with agility and precision.

In particular, they act out of self-interest or greed often at the expense of others. It is time to put this to rest. One can just take Islamic ethics as they are, and act as one say and as one mean. However, we should build on this, infuse it with a creed of professionalism that will provide its practitioners with not only a clear set of principles, but a sense of vocation to do what is right and to strive for the greater good and the betterment of the society to truly achieve the aspirations of maqasid al-Shariah. Let me share some further thoughts on this. In building such an ethos, we should always have in mind the basic or fundamental Islamic ethics that are also shared across many religions and societies. Such prescriptions lay out the fundamental basis of decency and behaviour. We cannot steal, cheat, lie, and act dishonourably. Principles that essentially guide us to be decent and in fact socially acceptable and responsible members of society. A natural component of this is ‘amanah’ or trust. As professionals, we should act as it is entrusted upon us, protecting the interests that we serve; our customers, shareholders, institutions, and sometimes this comes at personal expense. Trust is often called a valuable commodity. Indeed, it is even larger than that. Trust is a foundation or pillar of many relationships, including that of business and finance.
But at the September meeting the Executive Board’s assessment was that there would not be any more raises and that the interest rate might need to be cut during 2009. The decision was reached by a narrow majority. Three members of the Executive Board supported the decision, while three were against it, and the Governor’s casting vote was decisive. I was part of the minority who wished to hold the repo rate unchanged at the September meeting and to see a slightly faster reduction in the rate in the future. The main reasons put forward by the majority for raising the interest rate were that inflation had continued to rise and was far above the target, that inflation expectations remained high and that cost pressures had increased. The majority assessment was that it was necessary to raise the repo rate to prevent the increases in energy and food prices from spreading to other areas. The reasons for lowering the interest rate path included the fall in the oil price and other commodity prices over the summer. Another reason was that growth had slowed down more than expected, both in Sweden and abroad. The turmoil in the financial markets was of course also included in the picture. BIS Review 119/2008  5  My own assessment I personally had entered a reservation as early as July against the forecast that it would be necessary to raise the repo rate a couple more times during the autumn.

Covered bonds are therefore good collateral and many other central banks accept them to a greater extent than the Riksbank. In our case, the permitted share was raised from 25 per cent to 75 per cent. This measure meant, to put it simply, that participants in the RIX system, were given the opportunity if necessary to use more collateral as a base for their loans from the Riksbank. Another preventive measure taken by the Riksbank has been to establish, together with other central banks, a swap facility with the US central bank, the Federal Reserve. This agreement entails the Federal Reserve supplying US dollars in exchange Swedish krona if the need should arise. But it should also be pointed out that the Riksbank has a substantial foreign currency reserve. The agreement is not the only means for the Riksbank to obtain loans in US dollars, but it makes it easier for us to take action quickly. Right now, the situation regarding short-term funding in USD has been very strained on many markets. To increase access to liquidity in US dollars and to make the markets function more normally, several central banks, including the Riksbank, have agreed on coordinated actions. The Riksbank has decided to lend dollars to Swedish banks in two auctions during October. The first was held yesterday and amounted to USD 7 billion. A second auction with loans extending over the turn of the year will be held on 22 October and amount to USD 15 billion.
Elvira Nabiullina: Review of recent inflation developments in Russia Statement by Ms Elvira Nabiullina, Governor of the Bank of Russia, in the follow-up to the Board of Directors meeting, Moscow, 24 March 2017. * * * Today the Bank of Russia Board of Directors decided to reduce the key rate to 9.75 p.a. The economic situation is more favourable than we expected in December 2016. The upturn in the economy has started earlier and is progressively gaining sustainability. The balanced growth in supply and demand exerts no considerable inflationary pressure. Inflation is slowing down faster than we predicted. Inflation expectations continue to go down. These developments favour a change in the key rate. We reduced it today by a quarter percentage point and we are looking into further cuts in the second and third quarters of this year. At the same time, we need to be convinced that the positive trends will gain momentum. We need to see inflation not just slowing down, but anchoring near the 4% target. Therefore, inflation expectations should be anchored at this level. Inflation risks have abated somewhat for now, but they may materialise over the forecast horizon. Therefore, we will reduce the key rate progressively in the medium term and are likely to take short pauses while sticking to moderate tightness in our monetary policy. We will mostly rely on our pivotal meetings when we update and release our macroeconomic forecast whereon our decision is based.

Chart 3 shows the paths of short-term forward interest rates in the UK, US, euro-area and Japan for the next 30 years. They imply that rates will rise, on  BIS central bankers’ speeches  1  average, by only 10 basis points per year in the US, 7 basis points per year in the UK, 6 basis points per year in Japan and 5 basis points per year in the euro-area. That is the most gradual of interest rate glide-paths. The eventual cruising altitude for interest rates expected by financial markets is also remarkably low by historical comparison. The level of forward interest rates 30 years hence is around 3% in the US, 2.5% in the UK, 2% in Japan and 1.2% in the euro-area. Up until the crisis, the average level of policy rates in these countries in the post-war period was 3%, 7%, 4% and 3% respectively – for most, roughly double the levels currently expected. Interest rate end-points are also remarkably low. In a growing number of countries, interest rates are not just low but have recently turned negative. At last count, eleven countries had negative shorter-term bond yields, including nine within the euro-area. In part, that reflects the effects of a recent further round of policy loosening by central banks. At present, two-thirds of countries globally have policy rates below 3% (Chart 4).
Figure 9 Nominal exchange rate (*)  Chile: Real exchange rate  (indexes 2 January 2008=100)  (index 1986=100)  160  160  140  140  120  120  100  100  80  80  Jan.08  Jul.08  Brazil Australia New Zealand  Feb.09  Sep.09  Mexico Canada Chile  120  120  110  110  100  100  90  90  80  80  70  70 88  91  94  97  00  03  06  09  1989-2008 average 1994-2008 average  (*) Parity with the US dollar. Sources: Central Bank of Chile and Bloomberg.

10  BIS Review 145/2009  Table 2 Economic growth, current account and inflation (annual change, percentage) 2007  2008  2009 (f)  2010 (f)  GDP  4.7  3.2  -2.0 to -1,5  4.5 to 5.5  Domestic demand Domestic demand (w/o change in inventories) Gross fixed capital formation Total consumption Goods and services exports Goods and services imports  7.8 8.2 12.0 7.1 7.6 14.9  7.4 7.9 19.5 4.2 3.1 12.9  -6.2 -3.5 -12.9 0.0 -4.7 -13.8  6.7 3.7 7.4 2.5 4.9 9.0  Current account (% of GDP)  4.4  -2.0  1.9  1.2  CPI inflation December CPI inflation CPIX inflation December CPIX inflation CPIX1 inflation December CPIX1 inflation  4.4 7.8 4.0 6.3 4.1 6.3  8.7 7.1 8.4 8.6 7.8 7.7  1.7 -0.8 2.8 -1.2 2.8 -0.6  1.5 2.8 1.0 2.6 1.2 2.6  (f) Forecast. Source: Central Bank of Chile. BIS Review 145/2009  11
In other words, ensuring that the banking industry caters fully to the needs of the wider economy and community, rather than focussing purely on the most profitable activities and market segments. 31. Hong Kong is a capitalist, free-market place. But the regulatory authority works not only for the industry but also for the public. And our population has a keen sense of community and fairness. 32. In the last 10 years, anyone concerned with public policy, corporate governance and business regulation has noticed rising expectations of good corporate citizenship. I took over as Chief Executive of the HKMA just a few months after the SFC and HKMA pushed through a solution to the Lehman minibonds episode. I think everyone learned some valuable lessons from that. 33. One market segment we need to consider is the elderly and low-income retail customer. 34. Some of these retail clients obviously have limited savings to deposit and limited banking 3/5  BIS central bankers' speeches  needs, and the reality is that they will not provide banks with much fee or interest income. However, the community expects banks to provide them with basic services, essentially on a pro-bono basis. 35. Some of them have difficulties using technology, and cost-saving service-delivery channels such as ATMs, online banking or mobile device. We could try harder to persuade – or even compel – the elderly to adopt modern technology, in the name of efficiency or modernity.

Norman T L Chan: Keynote speech - HKAB & HKIB Distinguished Speaker Luncheon Keynote speech by Mr Norman T L Chan, Chief Executive of the Hong Kong Monetary Authority, at the HKAB & HKIB Distinguished Speaker Luncheon, Hong Kong, 26 September 2019. * * * Mary (Huen), Patrick (Fung), distinguished guests, ladies and gentlemen,  Introduction 1. I have been Chief Executive of the HKMA for 10 years. This will be the last time I speak to you in my official capacity. 2. I would like to take this opportunity to look back at what all of us here have accomplished during those 10 years. 3. When I say “all of us”, I do mean everyone represented here today. 4. Under conventional wisdom, our relationship is not designed to be friendly or close. We all know that there is potentially going to be some sort of friction between the regulator and regulatees. If there were no friction, at least one of the two sides would not be doing their job properly. 5. But if we succeed in working together, we accomplish something of vital importance. We ensure that Hong Kong can fully trust the financial services that you provide and which keep our economy going. 6. Today, I want to look back over the last 10 years and see how well we have all done.
Premièrement, en coordonnant les politiques budgétaires des États membres de l’Union monétaire, le pacte permet de doser de façon convenable les politiques monétaire et budgétaires (policy mix) au sein de la zone euro. Cet élément est essentiel pour la politique monétaire. Étant donné que l’Europe ne dispose pas d’un budget fédéral important, tout comme elle n’est pas dotée d’un gouvernement  3  BIS Review 22/1999  fédéral, la somme des budgets nationaux doit servir de budget global pour l’ensemble de la zone euro. Cette situation rend nécessaire une surveillance mutuelle étroite et la coordination des politiques budgétaires au sein de la zone. Deuxièmement, par le biais de l’instauration d’un système de sanctions financières en cas de déficits excessifs, le pacte permet d’éviter que les économies bien gérées aient à supporter des primes de risque injustifiées. Troisièmement, le pacte de stabilité nous permet de réfuter l’affirmation selon laquelle la zone euro ne dispose pas de stabilisateurs automatiques en cas de chocs asymétriques subis par un État membre. En réalité, en incitant les États à viser à moyen terme une situation budgétaire proche de l’équilibre ou en excédent, le pacte leur permet de laisser s’accroître les déficits budgétaires durant les récessions sans dépasser la valeur de référence de 3 %. Bref, il leur permet de se constituer, durant les périodes économiques normales, un volant de sécurité budgétaire auquel ils peuvent recourir pour résister à un choc asymétrique. B. Les préparatifs techniques approfondis ont permis l’introduction réussie de l’euro sur les marchés 1.

Le respect de l’objectif à moyen terme de “ finances publiques proches de l’équilibre ou en excédent ” — il signifie que nul ne doit céder à la tentation du déficit budgétaire individuel — est essentiel si l’Union veut pouvoir faire face collectivement à des périodes de difficultés économiques et si chaque pays veut pouvoir surmonter des phases de détérioration de la conjoncture qui n’affecteraient que lui. C’est l’attachement de l’ensemble des gouvernements européens au Pacte de stabilité et de croissance qui a permis à la BCE et aux banques centrales nationales de décider récemment de ramener les taux d’intérêt à 3 % — une baisse des taux qui ne peut manquer de soutenir la croissance. 5  BIS Review 22/1999  - En troisième lieu, tous les pays européens doivent résolument s’engager à entreprendre des réformes structurelles. L’Europe continentale connaît un chômage élevé, même si celui-ci a enregistré une légère décrue dans la plupart des économies concernées. Selon le FMI et l’OCDE, ce chômage est, à concurrence de près 80 %, de nature structurelle, c’est-à-dire qu’il est créé par le poids de nos propres règles et règlements. Le Conseil de la politique monétaire de la Banque de France partage cette analyse. Certains observateurs extérieurs reprochaient à l’Europe, tout récemment encore, de se focaliser sur l’euro au lieu de se consacrer à la tâche, plus urgente à leurs yeux, de mettre en œuvre les réformes structurelles indispensables à une création plus dynamique d’emplois.
A tighter monetary policy designed to combat a flare-up of inflation tends to cause business activity to slow down. Such a slowdown may be necessary, for instance to reduce the likelihood of overheating, but it has painful side effects on various sectors of the economy. In pursuing price stability, we must be careful not to lose sight of the costs, and must use tact and discretion. The obligation to take account of the economy is now inscribed in law, but in reality this is nothing new: we have always made the state of economic activity in Switzerland one of our prime concerns. Our massive interest rate cuts in recent years while the economy was in the doldrums is ample proof of this stance. BIS Review 25/2004  3  Having to take account of the economy also means that we cannot be dogmatic in our pursuit of price stability, which must be seen as a medium-term goal. As a small, open economy, we are constantly exposed to external shocks. As our inflation rate tends to be more volatile than that of large countries or economic zones, temporary movements beyond the bounds of price stability cannot be ruled out. Trying to keep too tight a lid on prices would have adverse effects on the economy and would be counterproductive. It is just as obvious, though, that monetary policy has its limits.

While it can contribute to the development of the economy by providing a stable, transparent and efficient monetary framework, we must not expect that it will be able to increase its long-term potential, or that it will succeed in energizing the economic machinery and forcing it to perform beyond its technical capacity. The new legislation now requires us to give an account of the management of our mandate to Parliament and the Federal Council. This obligation towards Parliament is new. It is the logical counterweight of our independence, an independence which has been guaranteed by the federal Constitution since 2000. We are free to choose - within the limits of the law - the means necessary to carry out our mandate; on the other hand, though, the country is entitled to expect us to be able to justify our actions. Lastly, the new Act grants us greater freedom in the choice of instruments to manage our monetary reserves. As you know, the National Bank has considerable monetary reserves. These reserves, which are a national asset, are essential for pursuing an independent monetary policy by reinforcing confidence in our currency. They are thus instrumental in ensuring its stability. It is crucial, however, that these reserves be managed effectively and with due regard to liquidity and security requirements. Over the next few weeks, we will define to what extent we wish to take advantage of the investment possibilities offered by the new Act. We will present our plans on this matter at our press conference on June 17.
As expectations of LIAM increase with the evolution of the industry, I trust LIAM shall continue to reinvent itself to remain relevant and effective. With the world changing in profound ways and sometimes in a manner that confound us, this is the time for the insurance industry to assert its relevance and provide solutions to the challenges that confront our society. BIS central bankers’ speeches  3

Muhammad Al-Jasser: “Assessment” project of small and medium size enterprises Opening speech by His Excellency Dr Muhammad Al-Jasser, Governor of the Saudi Arabian Monetary Agency (SAMA), at the inauguration ceremony of the “Assessment” project of small and medium size enterprises, Saudi Company for Credit Information (SIMAH), Riyadh, 8 October 2011. *  *  *  Your Excellencies and Dear audience, I am pleased to participate with you in celebrating the launching of the “Assessment” Project of Small and Medium Enterprises. First, I would like to express my thanks and appreciation to the colleagues at the Saudi Company for Credit Information (SIMAH) for the development of this important project, which I hope will be provided with all necessary means of support by all entities concerned for its success. Dear brothers and sisters, The national economy consists of a large and integral variety of public and private institutions that use available human and material resources to produce continuous flows of goods and services to meet the domestic community’s needs and a part of the external demand. Of course, domestic enterprises differ in size based on various criteria, the most important of which are: the number of workers, the amount of capital, sales and others. One of the misconceptions is that large enterprises are the main impetus of economic activity. This belief has arisen from the good news repeatedly published about those institutions in various mass media.
In the euro zone, developments during the fourth quarter were roughly as expected, but the indicators published since then point towards slightly more favourable developments there than was expected in February. At the same time, the oil price has risen much more than expected and forward prices for oil have also risen. We can therefore assume that oil and petrol prices will remain at a high level for some time to come. This of course comprises an uncertainty factor for the economic assessment and it is difficult to ascertain what consequences it will have. The experiences so far indicate that the international economic upswing has been resistant to the increasing oil prices. At home, a considerable amount of new statistics have been published since February, including the national accounts for the final quarter of 2005. GDP growth during the fourth quarter was slightly lower than expected, but for the year 2005 as a whole growth was nevertheless in line with our forecast because the outcomes for earlier periods had been revised upwards. The figures show that exports increased more than anticipated last year, which with hindsight is not surprising, given the strong international growth. On the other hand, both household consumption and investment were weaker during the fourth quarter than in our earlier forecast. Judging by the recent economic indicators, developments so far this year have been better than at the end of 2005.

6  BIS central bankers’ speeches  Accordingly, we based the projections on a stronger domestic demand outlook for the first half of 2013 compared to the previous reporting period. On the other hand, external demand remains subdued. This period did not see a notable change in global growth projections; hence there was no significant revision in exportweighted global growth index (Chart 19). Accordingly, our forecasts are based on an outlook that entails a mild increase in exports driven by market and product diversification as in the previous report. Chart 19. Export-Weighted Global Economic Activity Index* (2008Q2=100)  * For methodology, see Inflation Report 2010–II, Box 2.1 “Foreign Demand Index for Turkey”. Source: Bloomberg, Consensus Forecasts, CBRT. In short, in line with the developments in domestic and external demand, the contribution of aggregate demand conditions to disinflation is envisaged to be larger in the second quarter of 2012; but smaller at the start of 2013 compared to the previous report. Overall, given the lagged effects on inflation, I would like to state that the revision in the output gap did not bring about a noticeable effect on the end-2013 inflation forecast. As you all know, food, energy and import prices also play a great role in inflation forecasts. Therefore, before moving on to forecasts, I will briefly talk about our assumptions regarding these variables. The outlook for import prices did not exhibit a notable change in the interreporting period (Chart 20).