samchain/econo-pairs-v1 huggingface dataset:
Senders will have upfront certainty of fees due and an immediate update on transaction status. High security. The central platform leverages on the strong security and risk mitigation protocols built into national faster payment systems. The ten members of the Association of Southeast Asian Nations, or ASEAN, have a shared vision of a multilateral network of payment linkages across ASEAN by 2025. MAS believes that Project Nexus can be a key enabler towards realising this vision. ASEAN is well placed to be a first-mover on this multilateral solution. In fact, as this network expands, we hope to see more countries coming onboard as we build connectivity from ASEAN to the rest of the world. STRONG LIKE METAL - ATOMIC SETTLEMENT (PROJECT UBIN PLUS) The second desired outcome is atomic settlement. Real-time cross-border payments does not mean real-time settlement. Let me explain. Project Nexus solves the clearing problem. The sender's bank account is debited and the recipient's bank account is credited instantaneously, based on the payment instruction sent through the network; and the recipient can spend the money. But it does not solve the settlement problem. The actual movement of funds between the banks is not instantaneous. It involves many intermediaries, goes through different ledgers, and takes two to three days to complete. This potentially creates multiple points of failure and higher costs. We want a real-time settlement system that is strong and secure like Metal. We want atomic settlement. Atomic settlement is the simultaneous exchange of two linked assets in real-time.

Its behavior has been atypical compared to previous episodes following a recession. This fall was especially marked in the euro area, from 2.7% in 2011 to 0.8% in December 2013. Recently, developments in the euro area have started to diverge downward from some other advanced economies such as United States and Canada. The sources and reasons for such a low inflation are complex and multiple. There are many uncertainties. Temporary and global factors may be at play in the euro area with import prices going down. I also think there are more permanent and deep forces pushing inflation down both at the euro area and global level. Besides there is still an important unused capacity – commonly labeled as “slack” -in most advanced economies, as demand has not yet caught up with its pre-recession levels and firms, as a consequence, have not recovered their pricing power. Commodity price inflation has been trending down recently. This is true both for energy and food prices. Commodity prices have a global impact and react very amply to small changes in supply and demand equilibrium. They act as amplifiers and transmitters of disinflationary pressures. Powerful headwinds – and disinflationary forces- are coming from the deleveraging process especially in the euro area, due to the importance of the banking sector and the amplitude of its balance sheet adjustment. We are working very hard to repair the bank-lending channel in the euro area.
On the other hand, the uncertainty stemming from the war in Ukraine as well as the coronavirus lockdowns in China are curbing the development of the global economy. That said, unemployment has continued to decline in many countries. In the advanced economies, it is now back around the low levels seen prior to the pandemic. Since March, there has been a further considerable and broad-based increase in inflation in many countries. The war in Ukraine has been a significant factor here, too, in that the prices of many commodities have risen as a result. In addition, persisting supply bottlenecks have led to further price increases for various goods. In our baseline scenario for the global economy, we assume that energy prices will remain high for the time being, but that there will not be an acute energy shortage in the major economic areas. The positive development of the economy should thus continue overall. Owing to the increased prices for energy and food, coupled with the supply bottlenecks, inflation is likely to remain high for some time. However, the importance of these factors should diminish over the medium term. With monetary policy also becoming increasingly tighter in many countries, inflation is likely to gradually return to more moderate levels. Our scenario for the global economy is subject to significant risks. For example, inflation could rise further and thus weigh even more heavily on real incomes and consumer demand.

At the same time, high inflation could become entrenched as a result of increased secondround effects, requiring stronger monetary policy responses in other countries. Finally, there are still important downside risks to growth from the war in Ukraine and the pandemic. Page 2/5  Berne, 16 June 2022 Thomas Jordan  News conference  Swiss economic outlook I now come to developments here in Switzerland. The Swiss economy has continued the favourable development it has shown since the beginning of the year. After modest growth in the fourth quarter of 2021, GDP increased by just under 2% in the first quarter of this year. The signals remain positive for the current quarter. The situation on the labour market has also continued to improve. The war in Ukraine has thus far had comparatively little adverse impact on economic activity in Switzerland. The effect has been most clearly felt in the higher energy prices and in the supply bottlenecks. For 2022, we still anticipate GDP growth of around 2.5%. Unemployment is likely to remain low. This favourable forecast is based, among other things, on the assumption that the global economy continues to grow and that the war in Ukraine does not escalate further. Our forecast for Switzerland, as for the global economy, is subject to large risks. If the energy supply in Europe were to be adversely affected, this could have a serious impact on the Swiss economy. The global supply bottlenecks and further increases in commodity prices could also slow growth.
Payments: Diversity Matters Speech given by Victoria Cleland, Executive Director, Banking, Payments and Innovation  European Women Payments Network Annual Conference, Amsterdam 5 June 2019  I would like to thank Samantha Leighton, Richard Lewis and Sara Ward for their help in preparing this speech. 1  All speeches are available online at www.bankofengland.co.uk/news/speeches  I am delighted to be speaking today at the European Women Payments Network (EWPN) Annual Conference. Amsterdam, as home to what is reputedly the world’s oldest stock exchange, founded in 16021, is an apt location to discuss payments. While people’s fundamental requirements when exchanging value probably have not changed very much since then, the choice of how people make payments, and the technology which facilitates this, certainly has. Such changes can only come about through listening to what is needed and harnessing innovation. How much more quickly would these changes have come about if EWPN had been around a few centuries ago? EWPN’s focus is ‘making diversity matter in fintech’, by building a community for women and by championing a more diverse and inclusive payments industry for all. In keeping with this, I want to set out how, through the lens of our work in payments, we are embracing the changes that fintech can bring and why diversity matters to the Bank of England. The Bank’s mission is to promote the good of the people of the United Kingdom by maintaining monetary and financial stability.

Eddie Yue: Developing Asia’s infrastructure to sustain economic growth Statement by Mr Eddie Yue, Deputy Chief Executive of the Hong Kong Monetary Authority, and Head of Delegation, Hong Kong, for the 48th Asian Development Bank Annual Meeting, Baku, Azerbaijan,4-5 May 2015. *  *  *  I would like to thank the Government of Azerbaijan for hosting the 48th Annual Meeting of the Asian Development Bank (ADB), and the Management and staff of ADB for the excellent arrangements of the event. I would also like to express my deepest condolences to the people of Nepal affected by the recent earthquake. Global economic growth has been modest and uneven since the last Annual Meeting. While developing economies including those in Asia remain an important source of global growth, there are signs that activities are slowing and potential outputs are falling. Despite substantial progress, developing Asia still faces significant development challenges. In particular, a number of developing economies have been held back by infrastructure bottlenecks. To sustain economic growth and fully realise their growth potential, substantial infrastructure investment is needed. Developing Asia’s infrastructure development needs dwarf existing official development assistance, government and private investments combined. To fill this huge infrastructure financing gap, we need bold, new efforts. In this regard, we welcome the combination of Asian Development Fund (ADF) resources with the ADB’s ordinary capital resources. The merger will allow ADB to make more efficient use of its existing resources and substantially expand its financial capacity by up to 50% according to ADB’s estimates.
In the US, weaknesses in housing and labour markets are persistent. Uncertainty over employment prospects will cap the strength of consumer spending. But business sentiments (as measured by the purchasing managers’ index) and new orders for capital goods point to continued economic expansion, though at a slower pace. In Europe, the core economies such as Germany and France should continue to perform well. Industrial output and business investment have been robust. But sovereign debt concerns in peripheral EU economies have escalated. They cast some uncertainty over Europe’s near-term growth prospects. In Japan, the economy has been hit hard by the earthquake and tsunami. But there are signs that the worst has passed as production has begun to gradually recover. Emerging Asia remains on a relatively firm footing. Domestic demand continues to be resilient, supported by robust income growth and generally healthy household and corporate balance sheets. On balance, the Singapore economy should register moderate growth for the rest of this year. Some industry-specific factors that dragged down growth in electronics and pharmaceuticals are expected to be transitory and the manufacturing sector should pick up from the soft patch we saw in Q2. The services industries, especially financial and tourismrelated activities, should remain firm due to strong regional demand. MTI and MAS are reviewing Singapore’s GDP growth forecast. For now, our sense is that the 5–7% forecast range remains intact. But if the pick-up from the downturn in Q2 is weaker than currently expected, growth could come in at the lower half of the range.

Some countries have opted for various forms of capital control, although their effectiveness needs to be evaluated based on the objective of imposing them at the first place. Some studies find that capital controls have some compositional effect and could alter the maturity of new investments. So far as reducing the volume of flows, the empirical evidence is inconclusive. Unless the authorities have full control over capital accounts, partial restrictions are unlikely to offset the impact of flows, prevent appreciation of local currency and provide more space for independent monetary policy. In principle, flow of capital from advance economies to emerging ones and appreciation of the currencies of the latter over time is a mutually beneficial secular trend, as long as it is supported by strong fundamentals, better growth prospects, and high productivity differentials. Rather than fighting against this trend through over restrictive capital controls or excessive reserve accumulation, there is strong legitimacy in using macro-prudential policies to mitigate the adverse effects of volatility in capital flows, especially those with speculative nature, over financial stability. Several emerging economies have started implementing such measures to limit the credit growth and asset price bubbles. These measures include raising reserve requirement ratios, requiring higher income- and deposit-to-loan ratios, tightening capital adequacy requirements and liquidity ratios, introducing transaction taxes, fees etc.
6  BIS Review 100/2008  Table 1: Monetary Policy Committee (MPC) Decisions in 2007 and 2008 Dates for MPC Meetings  Decision Rates  January 16th, 2007 February 15th, 2007 March 15th, 2007 April 18th, 2007 May 14th, 2007 June 14th, 2007 July 12th, 2007 August 14th, 2007 September 13th, 2007 October 16th, 2007 November 14th, 2007 December 13th, 2007 January 17th, 2008 February 14th, 2008 March 19th, 2008 April 17th, 2008 May 16th, 2008 June 17th, 2008 July 18th, 2008  No Change No Change No Change No Change No Change No Change No Change No Change -0.25 -0.50 -0.50 -0.50 -0.25 -0.25 No Change No Change +0.50 +0.50 +0.50  on  Interest Interest Rate 17.50 17.50 17.50 17.50 17.50 17.50 17.50 17.50 17.25 16.75 16.25 15.75 15.50 15.25 15.25 15.25 15.75 16.25 16.75  Source: CBT. 3. Inflation outlook and monetary policy  Distinguished Guests, After summarizing the developments in the previous period, in this part of my speech, I would like to share with you our projections about the inflation and the monetary policy in the upcoming period and the seasonally adjusted inflation forecasts of the Central Bank. Recent readings on supply and demand conditions are in line with the outlook presented in our April Inflation Report and the open letter of April 2008. Although first quarter private consumption growth at 7.3 percent appears quite strong in annual terms, the seasonally adjusted figures point to an ongoing moderation in economic activity (Figure 8).

The success attained in these three areas, which are interlinked with each other and shape expectations, has activated Turkey’s economic potential. In my opinion, the milestone in attaining enhanced confidence, stability and predictability of economic policies and especially of monetary policies, was the Central Bank of Turkey becoming independent in 2001 with the amendment to Central Bank Law, and its becoming primarily committed to achieving and maintaining price stability. Starting from 2001, when the Central Bank achieved its independence, Turkey has been experiencing a ‘disinflation process’. In the four years to follow, inflation targets were announced, these targets were achieved and a strong and reliable monetary policy history was established. With determined implementation of macroeconomic policies, particularly of fiscal policy, accompanying a large number of significant structural reforms, the strong support of international institutions and the perspective of the European Union, this process, as a whole, has established a more reliable, stable and predictable economic environment. BIS Review 68/2006  1  This environment should definitely be maintained and any kind of efforts and discourses that may raise doubts about the determination of economic policies or worsen expectations should be avoided. The stage Turkish economy has reached is the concrete proof to what extent price stability-centered macroeconomic stability is significant and vital for achieving sustainable growth, an increase in employment and an improvement in welfare, which are the ultimate objectives of economic policies. Within this framework it can be clearly seen that price stability is not a monetary policy cliché.
This means that the different opinions must instead be brought together into a compromise as far as this is possible. The Monetary Policy Reports and Updates that we publish can thus be said to reflect the average stance of the members of the Executive Board. If one or more of us considers that the opinions expressed in the Report or Update differ too much from our own opinion to be able to express support from them, we must enter a reservation at the monetary policy meeting. We have, of course, also had the opportunity to put forward any dissenting opinions during a number of earlier meetings. When a member of the Executive Board enters a reservation at a meeting, it therefore rarely comes as a surprise to those initiated in the  BIS Review 65/2010  5  forecasting process or to the rest of the Executive Board. Most of the Executive Board members believe that they know roughly how their colleagues on the Executive Board will vote at the actual meeting. This is usually true, according to the conclusions of a study made by the Monetary Policy Department, and which is based on a questionnaire sent to all current and previous members of the Executive Board. 8 The reservation and motivation are published after the monetary policy meeting, in the press release and in the minutes of the meeting.

Not only is it necessary for the cost of credit to be low, but also for households and companies to have access to it and to meet their financial obligations, because it is important not only for themselves but also for the soundness of the financial system as a whole. The importance of this interaction between the functioning of the financial market and economic activity is not limited to the short term. As we have stressed on several occasions, Chile faces an important challenge in terms of improving productivity and medium-term growth. To this end, the support of a stable, deep, liquid, efficient and inclusive financial system is of the essence. From a monetary policy standpoint, this is achieved by having stable, controlled inflation, in a context where the economy successfully smoothes business cycle fluctuations. From a financial policy perspective, there are many instances in which regulatory amendments can improve the efficiency and efficacy of the national financial system. 9  Considering a broad set of developed and emerging countries, Chile shows increasing levels of depth and access to its financial system according to various indicators, such as the loans to GDP ratio, market capitalization or number of bank accounts. However, there are always important challenges to be addressed, so we cannot overestimate the importance of recent or pending regulatory changes that will potentially help Chile to improve in this regard. A first series of measures has to do with the Law that defines actions to boost productivity, including some initiatives to deepen the financial market.
7  The average gender wage gap is a commonly used measure to summarise gender differences in career progression. In recent years, this gap has stood at 17% at the Banco de España (black bar), i.e. the average wage of male members of staff is 17% higher than that of female members. This is the raw gap and could therefore be due to differences in staff’s individual characteristics causing wage differences. The gap narrows from 17.2% to 8.4% when factoring in demographic characteristics (grey bar). Family situation lies behind a portion of this difference. The gap closes to 7.9% if we factor in marital status and parenthood (blue bar). Adding in characteristics such as years of experience and area of activity narrows the gap further to 6.8% (red bar). Taking professional group into consideration, the gap closes completely (green bar). Yet it is important to take into account that, unlike the other individual characteristics that we can assume to be exogenous, an employee’s career history has a significant bearing on their professional group. Once staff members’ individual characteristics have been factored in, a significant gap only remains for women with children. In summary, when considering the underlying causes of the gender wage gap, the two usual suspects are in play: parenthood and movements between professional groups (or promotions). In these times, marked by a sense of urgency to find solutions and answers, I believe central banks must spearhead efforts to analyse and address the major challenges facing society and the economy.

First, we are introducing measures aimed at retaining talent and excellence, based on: (i) work-life balance policies, such as remote working and flexible hours; (ii) neutrality in job postings; (iii) mentoring programmes, in which we try to establish an equal number of men and women; and (iv) efforts to ensure parity on selection panels. Most of these policies are geared towards all employees, both men and women. This is essential, given that we believe a far-reaching cultural change must be achieved. And that is always more difficult if only some of us are engaged. Naturally, to drive such a shift in culture and attitudes, the commitment of senior management is key. This commitment was set out in our first Strategic Plan 2020-24, which was approved this year and includes a firm undertaking to consolidate, reinforce and build on the achievements made in this domain, and also to communicate and spread this message to the outside world. Accordingly, the Banco de España is involved in various cross-border initiatives, including most notably a forum we have jointly organised with Morocco’s central bank since April 2018 and which, this year, unfortunately had to be postponed because of the pandemic. Lastly, as part of our research function, this commitment is embodied in an undertaking to assess the implications of the gender gap at our institutions.
We still have a long way to go, to be sure, but I am confident that Europe has now moved from being a risk to the global economy to a partner in global growth. Thank you for your attention. 13  Bank of England and European Central Bank, “The impaired EU securitisation market: causes, roadblocks and how to deal with them”, joint paper, April 2014. See also the communication from the Commission on Long Term Financing of the European Economy, COM(2014) 168 final, March 2014. BIS central bankers’ speeches  7

As at Q4 2018, halal exports amounted to RM40.0 billion or only 4 percent of total Malaysian exports, of which halal exports by small and medium enterprises (SMEs) account for a mere 8.4 percent2. To capture the market, businesses in the halal industry need to be agile and be quick to respond to changing consumer preferences and behaviours. This means business practices and processes need to be re-calibrated to be more aligned with sustainable expectations. Similarly, quality enhancements are given expectations in terms of product offerings, using a more current and efficient distribution channels and payments methods. In conjunction with Japan Olympic 2020, for example, there is a strong demand for halal products with high traffic of tourists, supporters and spectators. Companies which are able to satisfy the high bar placed by Japan on production, quality, safety and health aspects, will be able to open up a series of medium to longer term opportunities to export to other countries. As such, securing a suitable financial solution to upgrade and upscale production to meet the demand and requirements, would be an important prerequisite for businesses. Recognising these key success factors, recent announcement by Government to introduce The Halal Industry Strategic Development Programme, or ‘be-Halal’ — under the National Halal Council Secretariat to drive the growth of the halal industry is timely.