samchain/econo-pairs-v1 huggingface dataset:
These have had the aim of supporting the economy during the outbreak, and in so doing to minimise the potential for longer-term damage or scarring to the economy’s potential. On the monetary side the MPC likewise deployed its full range of monetary tools in March as the pandemic intensified. In March the Committee cut Bank Rate in two steps to a new low of 10 basis points and launched a new Term Funding Scheme with additional incentives for SME lending (TFSME for short). And against a backdrop of accelerating market dysfunction – brought on by the “dash for cash” – the MPC announced an additional £ of gilt and corporate bond purchases, to be carried out at a record pace of £ of gilt purchases per week (Figure 4).3 In June the Committee voted for a further £ of gilt purchases. And in August we gave new forward guidance. The size and pace of the asset purchase programme launched in March reflected its twin objectives – both to provide stimulus to the economy by lowering longer term interest rates, and to counteract any tightening of monetary and financial conditions that might result from the deterioration in gilt market conditions.4 Those twin objectives were successfully met. Orderly functioning was quickly restored to the market – market functioning indicators, which had been flashing increasingly red, rapidly turned back to green as pricing and liquidity metrics like bid-ask spreads returned to normal levels (Figure 5).

With conventional tools having reached their limits, policy makers enhanced their toolkits, developing what were dubbed unconventional monetary policy tools. These took the form of: quantitative easing or asset purchase programmes, designed to lower longer-term interest rates rather than short-term ones; new funding operations; forward guidance; and, in some jurisdictions, negative policy rates. I’m going to leave funding operations such as the TFSME and also lending programmes mostly to one side in my remarks today. That’s not to downplay their importance – they’ve played a key role in aiding the effectiveness of monetary policy and supporting the flow of credit to the private sector. Unconventional tools are not perfect substitutes for policy rates. The effects of many of them were, and indeed remain, uncertain compared to the relatively well-understood effects of rate cuts. And at least as much if not more so than with policy rates, their effects were and are state contingent, with the transmission through to the real economy determined both by the characteristics of the financial system in which they operate and by the economic situation in which they are applied. Nevertheless, from a starting point of a single tool approaching the limits of its usefulness, central banks came out of the great recession and the years which followed with new, much fuller sets of tools, as well as a much better understanding of how to apply them. This expanded toolkit was put to effective use in the MPC’s response to the 2016 referendum result on membership of the EU. 2  2.
Then, I hope, it will become quite clear even to the public at large who has in fact defended the public interest and who has acted against it. This multi-month campaign against the central bank (which by the way is still going on) has consumed impressively large financial, media and political resources. All of you have also observed the biased attempt of nationally representative organisations to misrepresent the BNB’s actions and, ostensibly by accident, to divert the attention of the Bulgarian public from those who has abused people’s trust and deposits. But all along while it was solving the case of KTB and CB Victoria, the BNB did not allow to be misled and deviate from the letter and spirit of the law. If somebody believed that by using Jimmy Hoffa’s1 methods they would force a strong institution like the BNB, with an earned reputation nationally and internationally, to circumvent the law or to obey personal or group interests, they were obviously mistaken. In this regard please let me share a few general observations relating to the topic of frauds in KTB, the responsibility of the banking supervision, and the role of the central bank. The KTB case can be compared with a series of cases in other countries. Over the last years alone in the EU and USA there were dozens of failed banks and banks in which frauds for billions of euros were discovered.

Elvira Nabiullina: Review of recent inflation developments in Russia and economic outlook Statement by Ms Elvira Nabiullina, Governor of the Bank of Russia, in the follow-up to the Board of Directors meeting, Moscow, 13 December 2019. * * *  Today, the Board of Directors has decided to cut the key rate by 25 bp down to 6.25% per annum. We will consider the necessity of further key rate reduction in the first half of 2020. Let me dwell on the main factors behind the decision. First. Annual inflation continues to decline faster than we expected. Our revised inflation forecast for the end of this year is 2.9–3.2%. Meanwhile, average 2019 inflation will stand at 4.5%, which reflects the high price growth rate in late 2018 and the first months of 2019. This significant slowdown in inflation in the second half of the year was caused by a joint action of a number of disinflationary factors, both temporary and more persistent. These factors include an increased supply of individual food products due to a bumper harvest. Also, price growth of imported goods is still limited due to the ruble appreciation and inflation deceleration amongst Russia’s trading partners. At the same time, moderate demand, both external and internal, is a more persistent factor. The proportion of temporary and persistent factors has yet to be estimated. Most indicators that we analyse reflect low inflationary pressure. Annual core inflation is declining at the same rate as the headline consumer price index.
However, owing to the effects of tax hikes, increases in food and energy prices, and base effects, the inflation rate is hovering significantly above the target, which is having an adverse impact on inflation expectations, and leading to risks regarding pricing behavior. Therefore, the revised forecasts are based on the assumption of gradually withdrawing the excessive amount of liquidity provided to the market, and increasing policy rates at a measured pace starting in the last quarter of 2010. However, based on the prediction that resource utilization will likely remain at low levels for sometime, the baseline  scenario envisages that the increases in interest rates would be limited with policy rates remaining at single-digit levels throughout the forecast horizon. As shown in the slide, inflation will follow a volatile path throughout 2010 owing to the base effects driven by the temporary tax cuts and unprocessed food price fluctuations that occurred during 2009 (Figure 34). The temporary tax cuts implemented in March 2009, which were withdrawn partly in June and fully in October, would cause headline inflation to increase during March and April, and to decrease during June, July and October of 2010. Accordingly, inflation is expected to increase slightly during the second quarter and then fluctuate at around 10 percent in the third quarter (Figure 34). Inflation is expected to drop significantly in the last quarter of 2010 and the first quarter of 2011 (Figure 34).

Then, I will outline the Central Bank’s inflation forecasts presented in the Inflation Report that will be posted on our website shortly. In the first quarter of 2010, as perceptions regarding recovery in the global economy became more pronounced, the trend of increase in risk appetite in global financial markets continued. Accordingly, as had been the case since the second half of 2009, emerging markets attracted more capital through increased portfolio movements. On the other hand, risk premium indicators in most developing countries remained below those of pre-crisis levels. In  this period, Turkey’s risk premium indicators continued their positive trend and did not differentiate from the general trend except for short periods when developments specific to our country were pronounced (Figure 21). The improvement in global risk perceptions in the first quarter led the currency of many developing countries to appreciate. In terms of changes in currency values, the Turkish lira did not significantly differ from currencies of other emerging markets in this period and the relatively stable course of the Turkish lira in the crisis period continued throughout the postcrisis process as well (Figure 22). National income data of the last quarter of 2009 were consistent with the outlook we presented in the January Inflation Report. In this period, while the mild recovery in private sector demand continued, public sector consumption expenditures increased more than envisaged due to temporary factors. Meanwhile, persisting problems in the global economy restricted foreign demand, whereas stock accumulation started, albeit slowly, along with the improvement in domestic demand.
Muhammad bin Ibrahim: Banknotes exhibition in Malaysia Opening remarks by Mr Muhammad bin Ibrahim, Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the launching of “Works on Paper: Art Inside the Wallet”, Kuala Lumpur, 4 August 2016. *  *  *  If you consider yourself to be a typical person , chances are you would never take the trouble to look at your banknotes closely unless you are in a situation where your banknote are rejected by the cash deposit machine. A typical response in a situation like this is to check your money more thoroughly to see if it is a genuine, fit and useable. Otherwise, the interest of typical person in banknotes does not go beyond their wallet. This attitude towards banknotes is not surprising and even understandable, but I hope this exhibition of World Banknotes at Bank Negara Museum and Art Gallery today will spur some interest among members of the public on the intricacies of banknotes of our country and the world over. Today we are presenting, what we thought, the 30 most innovative banknotes from around the world, printed in the past two centuries, to show why there is more to banknotes than meets the eyes. Banknotes of any nations are unique and represent the identity of the issuing country - and not surprisingly, to most people banknotes are only second to the national flag as the most identifiable and recognisable icon of the country.

They have a lot of stories and messages to tell, waiting for us to look up close and decipher their meanings and symbolism. Therefore, I urge all of you to take your time to marvel at the wonders of banknotes on exhibit today. I hope this exhibition will open our eyes to view banknotes from a different perspective, to have a greater understanding why banknotes have always exuded a strong sense of pride, prestige and sovereignty of the issuing country. Thank you. 2  BIS central bankers’ speeches
The first is that central banks have become increasingly aware that monetary stability and financial stability are closely linked. It used to be said that the reason why central banks were concerned about banking system soundness was that the banks were the main transmission mechanism for monetary policy. This still remains largely true, but central bankers have come to recognise that other aspects of financial stability also matter from the point of view of being able to meet monetary policy goals. For example, as the bond market has become an increasingly important as a transmission mechanism for monetary policy, market conditions, the soundness of intermediaries, and the transparency and integrity of pricing have all become relevant issues for the central bank to consider. The debate that  8  BIS Review 106/2006  took place a few years back on whether central banks should also target asset price inflation as well as consumer price inflation is another example. A third factor has been the changing responsibilities of central banks. The recent emphasis given to macro prudential policy has coincided with the move, in some countries, to establish regulatory agencies separate from the central bank. The statutory responsibility for ensuring bank soundness has moved to these agencies, but the central bank has kept its traditional concern for the overall soundness of the financial system. This has led to a clearer distinction between the micro- and macroperspectives that had become blurred in the second half of the last century.

According to our model, a rise in house prices has a strong and prolonged effect on household debt, as it takes time before all dwellings have been traded at the new higher price level. Growth in credit to households can therefore remain high for quite some time, even if the increase in house prices should start to subside. What then is driving house prices? In our empirical model, house prices are determined by household income, banks’ lending rates after tax, the housing stock, unemployment, and an indicator of household expectations of their future financial situation and of the Norwegian economy as a whole. 3 Household income has contributed most to the rise in house prices in the last two years. Interest rates  3  D. H Jacobsen and B.E. Naug (2005): “What drives house prices?”, Norges Bank Economic Bulletin, no. 1/05, pp. 29-42. BIS Review 106/2006  5  have increased since the summer of 2005. Given the lags involved, the cumulative contribution from interest rates to house prices is still positive. Nevertheless, in the period ahead, the normalisation of interest rates in Norway may moderate the rise in house prices. Observations from other countries, such as the UK and Australia, indicate that a rise in the key interest rate by the central bank has been followed by slowdown in house prices. Growth in household debt has been higher than growth in disposable income for several years now.
On the other hand, we expect to see weak developments in exports and for example in investment in commercial buildings. The Norwegian krone has appreciated markedly this year. Developments in wage settlements have probably been an important driving force. High wage growth leads to high interest rates, making it attractive to take krone positions. As a result, the Norwegian krone appreciates. We must be prepared for fluctuations in the krone exchange rate in line with that observed in other countries. There is free trade in goods and services and free capital movements. The krone is floating. This means that economic agents cannot assume that the krone will be stable against the euro, against the dollar or against a weighted average of foreign currencies. The krone does not fluctuate any more or less than other currencies. A large share of petroleum revenues is invested in foreign equities and bonds through the Petroleum Fund. Changes in oil prices influence the size of the Fund, but have little effect on the domestic use of petroleum revenues. The Petroleum Fund thus serves as a buffer against fluctuations in oil prices and shields the krone exchange rate. Nevertheless, we have been prepared for fluctuations in the krone exchange rate on a par with changes in other countries. Over the last two years, the appreciation of the krone has been driven by the wide and increased interest rate differential between Norway and other countries, which reflects the relatively high level of wage growth in Norway.

Without these measures, the euro area would have been in outright deflation last year and prices would have fallen at an even quicker pace this year. Growth would have been significantly lower. BIS central bankers’ speeches  1  Second, while our measures were deemed effective, they were also judged to be insufficient in view of the deteriorating outlook for price stability. There was a concrete risk that without increasing the quantitative stimulus, the date by which inflation would settle around levels below, but close to, 2% would once more be pushed back beyond any relevant definition of medium term. Therefore we decided to recalibrate our monetary policy stance. We cut the deposit facility rate further to –0.3%, we extended the envisaged end-date for our monthly purchases to the end of March 2017, while maintaining its conditionality on the inflation outlook, and we announced that we will reinvest the principal payments of our purchased assets once they mature, for as long as necessary. We also decided to continue conducting the main refinancing operations and three-month longer-term refinancing operations as fixed rate tender procedures with full allotment for as long as necessary, and at least until the end of the last reserve maintenance period of 2017. Since our meeting in early December, conditions have once more changed. A moderate recovery of the euro area economy is under way, driven mainly by domestic demand. But downside risks have increased again amid heightened uncertainty about emerging market economies’ growth prospects, volatility in financial and commodity markets, and geopolitical risks.
In maintaining the soundness of the financial system in Singapore, MAS’ approach is centred on establishing sensible rules appropriate to our circumstances, strengthening prudential and market conduct supervision, and working in partnership with the industry to develop a shared ownership of supervisory outcomes. 9. This approach has served us well. As global reforms reshape the financial landscape, we will continue to strengthen our supervisory and regulatory regimes and market infrastructure, consistent with new international standards and best practices. As we have done in the past, we will calibrate these changes to take into account our environment and regulatory objectives. 10. MAS is supportive of global reform efforts to strengthen capital and liquidity frameworks. We have always considered capital adequacy and effectiveness of a bank’s risk management and capital planning processes as important parts of overall prudential management of banks. As a member of the Basel Committee on Banking Supervision, we participated actively in international discussions that helped shape the broad agreement reached earlier this week on the main design elements of the new capital and liquidity reform package. Other design details such as calibration, and phase-in arrangements as well as the framework for regulatory buffers will be determined later in the year. We would like to see a set of final proposals that can be implemented globally in a meaningful manner to promote the long term stability of the banking system.

History is littered with examples of similar speculative assets that have made a very large amount of money for those that got out in time -- and that have cost those who did not an equally large amount. Technology does not make assets with no intrinsic value a safe or a one-way bet. A second example is the need for a commonly accepted settlement asset or means of transaction – aka “money” – to have a stable value under stress. If confidence breaks down in the “money“ used as a means of transaction, stress can be transmitted extremely quickly through any system using that form of money. The settlement asset used in the majority of crypto transactions is a so called ‘stablecoin’, digitally native crypto-assets that purport to peg their value to a fiat currency, almost always the US dollar. They are used to buy and sell crypto assets on platforms as they avoid the costly ‘off-ramps’ and ‘on- ramps’ from fiat to crypto, can be integrated into smart contract protocols and can be held as a store of value within the crypto eco-system. The purported peg can be effected in a variety of way – by backing with real economy assets, by backing with crypto assets or by an algorithm intended to guarantee stable value. Last year, 75% of all trades on crypto-asset trading platforms involved a stablecoin[2]. They are integral to the functioning of crypto-markets. In recent months we have seen two of the three largest stablecoins break away from their dollar pegs.
Caleb M Fundanga: Campaign to keep Zambia clean and healthy Opening remarks by Dr Caleb M Fundanga, Governor of the Bank of Zambia, at the review walk of the “Keep Lusaka clean, green and healthy campaign project”, Lusaka, 17 September 2009. *  *  *  The Acting Minister of Local Government and Housing, Hon Bradford Machila His Worship the Mayor of Lusaka, His Worship Robert Chikwelete The Chairman of the BAZ, Mr Saviour Chibiya Chief Executive Officers of Commercial Banks Distinguished Invited Guests Members of the Press Ladies and Gentlemen I am honored to officiate at this important occasion at which banks have undertaken to conduct a review of the “Keep Lusaka Clean, Green and Healthy Campaign”. Hon Minister, as you are aware, the “Make Zambia Clean and Healthy” campaign was launched by the Government in 2007 and was aimed at keeping our surroundings clean and green in order to improve the health standards throughout the country. You may wish to know that the banking sector through the Bankers Association of Zambia and the Bank of Zambia commenced work immediately after the national launch. A project committee was formed and each bank including the BoZ embarked on implementing the campaign by making financial contributions. To ensure a uniform landscape on all islands along Cairo Road, a single company was employed to carry out landscaping and maintenance works including maintaining and keeping the pavements and gardens clean and green.

The programme also included placing dustbins along the pavements and ensuring that the street lights were repaired and lit. It is highly gratifying to see how much work has been accomplished and I am sure that the results are clear for all of us to see today. This initiative, Ladies and Gentlemen, is one sure way of inculcating and promoting a culture of cleanliness amongst our people. It is also an effective way of expressing our Corporate Social Responsibility. Beautiful and clean surroundings also go a long way in complementing Government’s efforts of developing tourism. In fact another dimension of the initiative required that all banks including the BoZ maintain and keep their offices and surroundings clean at all times. In this regard, we at the Bank of Zambia have introduced regular inspections of offices while ensuring that all staff are aware of their responsibilities towards the clean campaign. Furthermore, by keeping their premises or business environment clean, banks provide the satisfaction that customer need. You would all agree with me that a business done in a clean environment leave the customer totally relaxed and in good spirit, prompting another visit in future. Ladies and Gentlemen, in line with “Goal 8” of the Millennium Development Goals on “Environmental Sustainability”, we are all expected to work together and reverse the losses of environmental resources. I am glad to report that the financial sector has taken the bold step and has become one of, if not the first, to contribute positively towards achieving this goal.