samchain/econo-pairs-v1 huggingface dataset:
from 4.5% to 3.6% of GDP, with the deficit being predominantly financed by foreign borrowing, would slow down government demand for domestic borrowing. The growth in government demand for credit could decrease from this year’s 32.7% to about 6%. However, even with this relatively low growth rate, there will be little room for the rechannelling of banks’ domestic credit potential towards the private sector. The situation can be further aggravated by shipbuilding, which is not included in these estimates, but can nevertheless affect the budget and its borrowing in 2010. BIS Review 2/2010  1  (X) Under such circumstances, monetary policy will have to balance between reducing the current account deficit and providing for the aggregate domestic credit growth accompanied by exchange rate (foreign exchange reserves) stability. Consequently, we expect to continue implementing the existing instruments (foreign exchange interventions and open market operations), for now, without changing the reserve requirements (because of the favourable liquidity situation in the banking sector), or relaxing the prudential measures, as well as without raising regulation costs. We anticipate that total liquid assets, money supply and bank placements will increase by about 7%, 4.5% and 4.4% respectively.

A rational domestic demand and import policies will be required (with a 5.3% rise in imports, given the oil price growth), in order to keep the current account deficit at about 6.5% of GDP (EUR 3 billion), the same as in the current year. Of course, this implies a continuation of heavy dependence on foreign sources of financing in 2010. (2)  Given stagnation in direct and portfolio investments (EUR 2.1 billion in 2009 vs. EUR 2.3 billion in 2010), this would mean that: −  the current account deficit will have to be financed by foreign borrowing;  −  the external debt-to-GDP ratio will increase from 83% last year and about 93% in 2009, to about 100%, which is feasible, but will certainly not improve the country’s credit rating, and the question is to what extent the global downward trend in interest rates can carry over to this country. This is all too important, as we know that in 2010:  (3)  −  total debt repayments (EUR 8.3 billion in principal and EUR 1.4 billion in interest) will amount to EUR 9.6 billion (EUR 10.8 billion in 2009); and  −  total utilisation of foreign sources of financing will stand at EUR 12.6 billion (13.5 billion in 2009). The anticipated fiscal deficit reduction, in terms of consolidated general government (including HAC), from HRK 15 billion to HRK 12.1 billion, i.e.
Among the other tools and risks that require particular attention, I would like to turn now to interest rate risk and macroprudential stress testing. 5) On interest rate risk in the banking sector At present, interest rate risk in the Russian banking sector is low. This is largely thanks to the fact that after market stabilisation which took place in 2015 and the period following, the economy learned to adapt to external shocks, and confidence in implemented monetary policy grew. Amid slowing inflation and decreasing interest rates on bank loans and deposits, banks have been able to increase their margins of interest. This in turn has contributed to growth in net interest income, which reached a three-year peak in the fourth quarter of 2016 to exceed 700 billion rubles. Despite low interest rate risk for Russian banks, it is important not to forget the need for improvement in systems of risk management. In terms of inflation targeting, interest rates are quite heavily dependent on inflation behaviour and can significantly impact the value of credit institutions’ assets and liabilities, as well as their interest margins. When taking this into account, the challenge of effectively managing banks’ interest rate risk becomes very important. Recently, particular attention has been paid to this issue by the world’s leading central banks. A year ago, in April 2016, the Basel Committee on Banking Supervision (BCBS) released their benchmark standard, dedicated to the management of interest rate risk in banking books.

From a regulatory perspective, it is important to note that responsibility for ensuring that payment and settlement systems work smoothly and meet the requirements of the financial industry lies with the system operators and market participants. The role of regulatory authorities is to establish certain guidelines, especially for infrastructures that are of critical importance for the stability of the financial system, and to intervene rapidly in cases where market forces do not provide an adequate infrastructure. BIS Review 103/2009  1
Gent Sejko: Welcome address - Second Conference of the Museum of the Bank of Albania Welcome address by Mr Gent Sejko, Governor of the Bank of Albania, at the Second Conference of the Museum of the Bank of Albania, Tirana, 20 September 2018. * * * Distinguished professors, Dear participants, It gives me a great pleasure to welcome you to the Second Conference of the Museum of the Bank of Albania, via this recorded message. I wish I were present to attend in person the proceedings of the Conference, but, regrettably, due to the rather tight agenda I will not be able to. Nevertheless, I will have the possibility to read all the presentations, discussions, and input in the Conference book that will be compiled subsequent to the Conference. As I have already emphasised, the Conference of the Museum of the Bank of Albania is one of the most prominent events, providing us with the opportunity to enrich and further the studies on the exposed collections, and serves as a platform for Albanian experts to discuss and share their research findings. We are pleased to see that the Museum of the Bank of Albania brings for the second time together representatives from renowned research institutions, such as: the Albanian Institute of Archaeology and History, European Universities and central banks to present their studies. As the title suggests, this Conference will address the role of money in wartime.

Zamani Abdul Ghan: Creating a competitive banking system - towards the enhancement of quality and efficiency in Malaysian banks Speech by Mr Zamani Abdul Ghan, Deputy Governor of the Central Bank of Malaysia, at the 9th Malaysian Banking Summit 2005 - “Enhancing Competitiveness to Meet Strategic Challenges”, Kuala Lumpur, 10 May 2005. *  *  *  Bismillahirrahmanirrahim Y. Berusaha Encik Mirzan Mahathir, President, the Asian Strategy and Leadership Institute or ASLI Y.Bhg. Dato' Dr. Michael Yeoh, CEO/Director of ASLI Your Excellency Distinguished Guests Ladies and Gentlemen Assalamualaikum warahmatullah and Good Morning On behalf of Bank Negara Malaysia, thank you for the invitation to officiate at this year's Banking Summit organised by ASLI. It is indeed a great pleasure to be here today at this important forum. The theme chosen for this year's Summit is most relevant as it provides an opportunity to deliberate on the challenges ahead and the strategic initiatives needed to realise our common goal of a progressive and competitive banking system that will facilitate and drive our economic transformation. Ladies and Gentlemen, The financial landscape is undergoing transformation, driven by financial liberalisation and consolidation, economic transformation, and more discerning consumers. These developments have been reinforced by technological advancements, which have allowed the developments of new and more efficient delivery and processing channels as well as more innovative products and services. Against this backdrop, a number of challenges have emerged. Foremost amongst these is intensified competitive pressures, spurred by financial liberalisation and technological revolution.
We must groom a corps of competent and committed economists, supervisors, and investment managers within MAS. But this will not be sufficient. We also have to reinforce our team with talent from industry and abroad. We already have foreign and mid-career professionals among our ranks, but we must attract more such persons. Only by building a truly world-class MAS team, will we succeed in our mission – to promote macro-economic stability, and a sound and progressive financial centre. BIS Review 67/2001  7

Over the last few months, leverage has generally fallen, especially among those institutions that were most highly leveraged. 20 The fall reflects, in part, recapitalisation efforts, lower risktaking as a result of more prudent lending standards, and the shedding of assets and/or limitation of the growth in balance sheets. It also reflects pressure from the market and supervisory authorities to control leverage, as well as expectations regarding the possible introduction of a leverage ratio, in addition to risk-based capital requirements. 21, 22 Likewise, capital position ratios of large and complex banking groups in the euro area are improving. The earnings of these banks have recovered, while the growth of total assets and of risk-weighted assets has slowed down and capital has increased, both from public and private sources. These developments were necessary in view of the expected increase in non-performing loans as a delayed result of the economic crisis. 18  W. Bagehot, “Lombard Street: a description of the money market”, Scribner, Armstrong & Co., 1873. 19  With regard to the importance of an accommodative monetary stance at the margin, see, for instance, T. Adrian and H.S. Shin, “Financial intermediaries and monetary economics”, Handbook of Monetary Economics, forthcoming. 20  It should be noted that this effect only arises when the impact of losses on the capital base is greater than the reduction in the value of marked-to-market assets on the balance sheet.
Ardian Fullani: On building capacities for policy design and implementation Opening remarks by Mr Ardian Fullani, Governor of the Bank of Albania, at the workshop “On building capacities for policy design and implementation", Tirana, 3 December 2009. *  *  *  Dear participants, It is a very great pleasure for me to open the proceedings of this two-day workshop, entitled “Building Capacities for Policy Design and Implementation”, organised for the first time in Albania by the Bank of Albania, in co-operation with the Center of Excellence in Finance (CEF), Ljubljana, with support from the European Commission, European Central Bank, and International Monetary Fund. Welcoming you here in Tirana, allow me to express my gratitude for the excellent work done by the CEF in the course of these years, to the benefit of our region. Since our Washington meeting last April, the effects of the global crisis increased their presence in our region; however, as I have already emphasised even earlier, they did not immediately concert to full blown economic and financial problems. The extension of crisis effects to the real economy, to the budgets of governments and to financial sectors of the region, was mitigated by sound macroeconomic policies pursued in the recent years and by the availability of International Monetary Fund funding on an unprecedented scale, in coordination with support from the European Commission and the EBRD.

They include some reflection whether there is a need for more co-ordination and synergy between our policy dialogues with the IMF and the Commission; how the Commission’s fiscal surveillance (through Economic and Fiscal Programmes, Pre-Accession Economic Programmes, Convergence Programmes) can be deepened and serve more as a commitment device; how far there are lessons to learn about monetary anchors and prudential coordination mechanisms for the EU accession of our region; and how we – including the external actors – can foster stronger domestic anchors in various forms, ranging from medium-term fiscal frameworks to more effective policy co-ordination mechanisms. Finally, we will turn to the issue of capacity-building. This is a question on which we agreed, at this workshop, to already provide some operational input to the CEF as it develops its work programme in this area. There is a long lead-time in the effectiveness of capacitybuilding, although fortunately the CEF had already taken the initiative a few years ago to ramp up its contribution in areas such as financial stability and policy co-ordination, so it has a head-start. In the field of capacity-building, we need to consider: what are the top priorities, and where are the gaps to be filled through initiatives in terms of training workshops, technical assistance, and cross-country exchanges of experience. This will bring us to look carefully at the design and implementation of fiscal policy, among others, and the way policies come together through domestic co-ordination processes.
The total recruitment needs in health and welfare professions are estimated by the Swedish National Labour Market Administration (AMS) to be approximately 527 000 persons up to the year 2015, of which 180 000 are professions requiring university level training and 347 000 are professions requiring upper secondary school level 7 training, such as care personnel. Given the present training dimensions, this entails a deficit of around 22 000 persons a year up to the year 2015. The low wages make new recruitment difficult and the number of applicants with the upper secondary school care programmes as their first choice has  7  Swedish National Labour Market Administration (AMS), Den framtida personalförsörjningen inom vård och omsorg - Tillgång och rekryteringsbehov fram till år 2015 (Future personnel supply in health and welfare - Supply and recruitment needs up to the year 2015), Ura 2002:3. BIS Review 63/2002  5  8  declined nationwide from approximately 12 000 persons in 1990 to around 3000 in 2001. Prior to the present academic year, there were only 11 people who had the care programme as their first choice here in Stockholm county. These groups have market forces behind them. Nurses and teachers are examples of professional groups that have received support from market forces to raise their wages in recent years. The large demand in relation to supply has meant that 9 nurses have increased their wages by an average of 25 per cent over the past five years.

Norman T L Chan: Latest developments of renminbi business in Hong Kong Briefing by Mr Norman T L Chan, Chief Executive of the Hong Kong Monetary Authority, on the latest developments of renminbi (RMB) business in Hong Kong, Hong Kong SAR, 23 December 2010. *  *  *  Good afternoon. Today I would like to provide an update on the latest developments of renminbi (RMB) business in Hong Kong. With the strong support from the Central Government and the relevant Mainland authorities, the development of RMB business in Hong Kong has been encouraging this year. Significant growth and progress have been seen in various areas, including cross-border trade settlement, deposits, bond issuance and the introduction of financial products in the second half of this year. The total amount of RMB deposits increased markedly from RMB 60 billion at the end of last year to RMB 220 billion in October and RMB 280 billion in November this year. Of these deposits, those from personal customers amounted to RMB 120 billion, with a total of 2.2 million accounts and an average deposit size of RMB 54,000. Deposits from corporate clients amounted to RMB 160 billion at the end of November, with 117,000 accounts and an average deposit size of RMB 1.3 million.
BIS central bankers’ speeches  9  At this point, I would like to emphasize that any new data or information regarding the inflation outlook may lead to a change in the monetary policy stance. Therefore, assumptions regarding the monetary policy outlook underlying our inflation forecasts should not be perceived as a commitment on behalf of the CBRT. 4. Risks and Monetary Policy  In the last part of my speech, I would like to share our assessment of the risks on inflation outlook. The first of these risks is the possibility of second round effects that might stem from inflation hovering at high levels in the short term. Three-month accumulated increase in consumer prices in the final quarter of 2011 was 5.66 percent. This will stay in annual inflation figure for another three quarters. Therefore, it is highly likely that annual inflation will stay significantly above the target until the last quarter of the year, even if the underlying trend in the forthcoming period eases to levels consistent with the target. Although the monetary tightening delivered by the CBRT since October has reduced the possibility of second round effects, I would like to emphasize that inflation expectations and pricing behavior will be monitored closely and necessary measures will be taken to keep medium-term inflation outlook consistent with the target. Ongoing uncertainties regarding the global economy call for a continuation of a flexible approach in monetary policy.

Many say today that households’ debt overhang has caused as big a problem for the macroeconomy as the crisis in the banking system (see, for instance, Krugman, 2013). 5  Bech, Gambacorta and Kharroubi (2012) find that expansionary monetary policy has greater difficulty contributing to a recovery from a financial crisis than after a normal economic downturn. 6  That taking risks into account is not the same as “pricking bubbles” is pointed out by, for instance, Woodford (2012). 4  BIS central bankers’ speeches  macroeconomy. Denmark and the Netherlands are examples of otherwise well-managed economies that have suffered this in recent years.7 One risk factor that may be quite specific to Sweden is that the banks’ mortgage lending is largely market-funded and also to a large extent financed from abroad. If confidence were to be shaken for some reason, investors might choose to reduce their exposure to the Swedish banking sector. The banks’ access to market funding would thus decline. This could cause further negative developments or even be a factor that in itself triggers a downturn. The policy is not problem-free Of course, the type of policy we have conducted is not free of complications and problems. Although our policy has aimed to attain a good economic development and target attainment in the longer run, the consequence is that it has contributed, at least on the margin, to inflation approaching the target more slowly than would have been the case with a more expansionary policy.
Tukiya Kankasa-Mabula: Stakeholder’s workshop on the draft Bank of Zambia Act Opening remarks by Dr Tukiya Kankasa-Mabula, Deputy Governor of the Bank of Zambia, at the Stakeholder’s Workshop on the Draft Bank of Zambia Act, Lusaka, 21 September 2010. *  *  *  Chief Executive Officers and Representatives of Stakeholder Institutions; Distinguished Invited Guests; Directors and Staff of the Bank of Zambia; Members of the Press; Ladies and Gentlemen. On behalf of the Bank of Zambia, and indeed on my own behalf, I welcome you to this workshop which is entitled “the Stakeholder’s Workshop on the Draft Bank of Zambia Act”. As the name rightly suggests, it is a workshop facilitating the meeting of minds of key stakeholders affected by the Bank of Zambia Act. On the one hand we have those administering the Act, the Bank of Zambia representatives and on the other hand those whose operations stand to be affected by the administration of the Act, the Financial Service Providers. We have also cast the net wide to include other key stakeholders such as Government ministries, other regulatory entities and professional bodies representing lawyers, accountants and economists. The Bank of Zambia is charged with the responsibility of formulating and implementing monetary and supervisory policies that achieve and maintain price stability and promote financial system stability in the Republic of Zambia.

Unfortunately, all that does not mean that the problems caused by the pandemic are behind us. For example, we can see a strong rise in inflation, both domestically and across the globe: demand has recovered as restrictions and lockdowns have been lifted, while supply-side restrictions persist. Companies in many sectors are recording skills shortages, and there are raw material and component supply disruptions. We are monitoring economic developments and the financial situation in the regions on an ongoing basis. At each policy Board meeting, our regional executives report on how the situation in the regions is unfolding and provide us with a broad picture. We note a global rise in prices for many goods (metals, wood, and food), which are pushing up business costs. Prices are increasing in many countries, but regulators view the current surge in inflation as temporary, and are just waiting for the trend to end. There is no way we can afford the same approach. Let me explain why. By historical standards, we are quite new to inflation targeting, the regime we switched to just six years ago. Regrettably, inflation expectations — a very valuable indicator — remain unanchored. What does this mean? Many countries record a temporary surge in inflation, but people and businesses are confident that their central bank will take whatever action necessary, and inflation will return to target. Those central banks have extensive experience in the field of inflation targeting. Therefore, with inflation expectations in their countries steady, they expect inflation to drop again after that surge.