In this regard, significant progress has been made in the restructuring of payment systems operating under the auspices of the Central Bank. The oversight of payment systems operating outside the Central Bank also rests with our Bank. Considering the need for a regulation on general standards including all payment services and systems in Turkey, the Bank prepared a “Draft Law on Payment Systems”, which also complies with the European Union acquits, and the draft law has been submitted to the relevant institutions and agencies to hear their views. Once the draft law has been addressed at the Grand National Assembly of Turkey and as soon as the law has been revised in line with the views of the relevant institutions, an important step will be taken to reshape the legal framework on payment systems in harmony with the international standards. Esteemed Guests, The Central Bank’s membership of the Committee on Payment and Settlement Systems (CPSS) of the Bank for International Settlements (BIS) was finalized in 2009. In this platform setting key global principles and standards related to payment and settlement systems Turkey is represented by the Central Bank, which is actively involved in the studies conducted. In parallel with the said efforts, a joint study was carried out with the Committee on Payment Settlement Systems (CPSS) and International Organization of Securities  2  BIS central bankers’ speeches  Commissions(IOSCO)and “Principles for Financial Markets Infrastructures(FMI)”, which covers payment systems of systemic significance, settlement systems for securities, central custodians, central counterparties and transaction registry centers.

Last year, adverse weather (and production constraints) dented yields yet again, causing the sector to contract by up to 2.5% in the second quarter. This is not an isolated problem for the agriculture industry. These shocks can also jeopardise domestic food production and cause prices to inflate. For instance, the irregular weather and prolonged haze conditions in 2015 caused the prices of fresh vegetables to rise by 7.7%. Climate change can also affect the economy structurally and gradually. We know that the earth is warming. The global average temperature has been increasing by 0.1 degrees Celsius each year since 1950. What we may not realise is that our cities are becoming hotter even more quickly. Some cities, despite efforts to maintain green lungs, are heating up twice as fast – as the relentless construction of high-rise steel, glass and concrete buildings work in tandem with asphalt roads to trap heat in the city. Global warming is not just a problem on dry land. Warmer oceans affect the food chain for marine life and aggravate the already declining supply of fishery resources. This in turn affects the fishing industry and the livelihood of fishermen. Warming oceans also mean melting ice caps, raising sea levels. One in three people in Southeast Asia live in low-elevation coastal zones. Alarmingly, since 1993, the Straits of Malacca has risen by the width of an iPhone 5. If this rise doubles, we may see 15 metres of shoreline erosion, which will displace many coastal populations and businesses.