Market participants can then use this standardised information to assess the value of projects and price them better. Testing the use of remote sensing technology combined with satellites to more 7 / 10  BIS central bankers' speeches  accurately verify carbon sequestration. This is important to ensure that credits issued from a project represent real and measurable reductions in emissions. Complementing the Sustainability Alliance, DBS Bank, Temasek, the National University of Singapore, and Conservation International have come together to research nature-based solutions. I am pleased to share that they launched just this morning a joint report studying the commercial viability of nature-based solutions. Temasek and DBS Bank are leading a six-month Technology Accelerator for start-ups interested to use technology to scale nature-based solutions. The National University of Singapore, the World Bank, and Google have come on board as partners to the Accelerator. International co-operation remains key to growing the Asian carbon credits market. The Task Force for Scaling Voluntary Carbon Markets, sponsored by the Institute of International Finance, has launched a consultation paper outlining 17 very sensible recommendations. Singapore is keen to work with like-minded countries and businesses to test-bed the recommendations of the Task Force… … and to start laying the foundations for a viable carbon credits market in Asia. Green Finance Action Plan The second way in which Singapore seeks to facilitate Asia’s transition to a sustainable future is through the Green Finance Action Plan, which MAS launched at the FinTech Festival last year.

The current account surplus is comparable with our estimates of external debt payments in 2015. According to the data from transaction passports, the repayment value, including interest payments, is estimated at 120 billion US dollars this year. But, given the refinancing capacity of international markets, we estimate net external debt payments totaling 65 billion US dollars, that is twice as less as in last year. In effect, we have already passed the peak of external debt payments. Residents can make payments either buy drawing down the buffer of their accumulated foreign exchange liquid assets or from current revenues from foreign trade. The Bank of Russia foreign liquidity refinancing instruments will make it possible to fund both external debt payments and cumulative capital outflow estimated as 100–110 billion US dollars without considerable impact on the ruble exchange rate. I would like to note, that this year peak debt servicing payments are due in February and March, and payments already effected did not have any significant impact on the ruble exchange rate. Oil prices remain the main factor which can influence the ruble exchange rate dynamics. However, sustainable oil price reduction comparable to last year’s patterns does not seem feasible. The oil market will remain volatile, with oil prices changing in both directions. Oil price fluctuations are followed by fluctuations in the ruble exchange rate. However, one-way change in the ruble exchange rate has stopped. This means that the exchange rate impact on the inflation will gradually wear out.