samchain/econo-pairs-v1 huggingface dataset:
However, the improvement in the macroeconomic environment and positive economic growth has resulted in great strides in the development of the financial services and financial sector in general. The Government of the Republic of Zambia through the Ministry of Finance and Bank of Zambia has been putting in place measures to maintain a stable macroeconomic environment which have resulted in low inflation and a decline in interest rates in recent years. Except for the volatility of the Kwacha exchange rate against other currencies experienced in recent months, the exchange rate has been fairly stable over the years. We remain confident that the economy is on a robust footing and the end year inflation target of 6.5 per cent is attainable. The Bank of Zambia will continue to be vigilant and take appropriate measures to support the stability in the macroeconomic environment. 2  BIS central bankers’ speeches  Ladies and Gentlemen, the strong economic performance has culminated in growth in both the number of financial services providers and the financial products in the country. However, the level of financial inclusion still needs to be broadened further. The evidence from the FinScope Demand Surveys revealed that as at 2009 only 37 per cent of the adult Zambian population was financially included. This signified a 3.6 per cent marginal increase from 33.7 per cent in the 2005 survey. The FinScope study further revealed that access to finance for women was relatively poor in relation to their male counterparts.

Michael Gondwe: Women’s access to financial services in Zambia Opening remarks by Dr Michael Gondwe, Governor of the Bank of Zambia, at the “Women’s Access to Financial Services in Zambia – Dissemination and Consultation Conference”, Lusaka, 24 June 2014. *  *  *  •  Permanent Secretary, Ministry of Finance;  •  Permanent Secretary, Ministry of Gender and Child Development  •  Permanent Secretary, Ministry of Commerce  •  Bank of Zambia Board Members  •  Your Excellences, High Commissioners and Ambassadors to Zambia present;  •  The United Nations Development Programme Country Director, Ms Viola Morgan;  •  The African Development Bank Country Representatives; Dr Freddie Kwesiga;  •  Representatives from the International labour Organisation (ILO);  •  Deputy Governor Administration, Bank of Zambia Dr. Tukiya Kankasa-Mabula  •  New Faces, New Voices Representative, Ms Nomsa Daniels  •  Chairpersons of the Boards of Commercial Banks,  •  Chief Executive Officers of Banks and Other Organisations;  •  Senior Staff and Colleagues from Bank of Zambia;  •  Members of the Press;  •  Distinguished Guests, Ladies and Gentlemen. It is my honour and privilege to welcome you all to this conference on Women’s Financial Inclusion in Zambia. May I extend a special welcome to delegates that have come from abroad. I wish you a good stay and hope you will have time to visit the various places of interest and sample the food that Lusaka offers.
One measure of this is income dispersion, in 2003, the per capita GDP of Japan was about $ while that in the Philippines was less than $ Real convergence matters because complementarity and similarity in production and economic structure reduces the likelihood of so-called "asymmetric" shocks, or shocks that hit all member states in a different way calling for different monetary policy responses - something that is not possible under a monetary union. For emerging market economies, financial disturbances are an increasingly prevalent source of asymmetric shocks: the best illustration of this in recent years is the Asian financial crisis, and the differing effects - and the variety of responses - among the economies in the region may, for some, be the main argument against union. It is tempting to conclude that the lack of nominal and real convergence among Asian economies is a serious barrier to a viable Asian monetary union. However, it has been suggested that full convergence is not a necessary pre-requisite to successful monetary union, and that the act of forming a monetary union will, by itself, force greater convergence among its members. As Governor Noyer has just said in his presentation, the introduction of the euro has increased the correlation between the business cycles of European economies, and has led to a more homogenous monetary transmission mechanism.

This would involve the replacement of regional currencies with a single one, implying a single monetary policy for participant states. A key concern, therefore, is whether it would work. Or whether the pressures would be so intense as to make an Asian monetary union unworkable from the outset. At the heart of this question is the degree of real economic convergence between potential members. Using the Maastricht criteria as a reference point for the degree of nominal convergence among Asian economies suggests that Asia is far from ready to cope with a single monetary policy. In 2003 only six Asian economies were able to keep their budget deficits below 3% of GDP, and only five had government debt levels of less than 60% of GDP. Only five economies had inflation rates within 1.5% of the three economies with the lowest rates. As for long-term interest rates, only six had bond yields within 2% of the three economies with the lowest interest rates. Perhaps more fundamentally, the degree of real economic convergence among Asian economies is a lot lower than it was between European economies prior to the formation of monetary union.
Furthermore, this month the Eurosystem will set in motion a new programme to purchase mortgage-backed securities, or securities backed by other loans held by banks, i.e. in Spain’s case, our various types of covered bonds. Following the approval of this set of measures, the ECB has reiterated its commitment, unanimously backed by its Governing Council, to resort if necessary to further unconventional measures. Developments in and outlook for the Spanish economy In contrast to the weakening of the recovery in the euro area, the momentum of the Spanish economy in 2014 has progressively firmed. GDP rose in the second quarter by 0.6%, marking four consecutive quarters of increases. The latest figures point to this trajectory continuing over the rest of the year, albeit at a more measured pace. That will allow the yearon-year rate of change in GDP to draw close to 2% in the final quarter, a rate at around which the Spanish economy may be expected to grow on average in 2015 as a whole. The growth rate of employment during the first half of the year exceeded forecasts across the board in the productive sectors, albeit more intensely so in market services. Our expectation is that this pattern of job creation and of gradual reduction in the unemployment rate will continue, although perhaps somewhat more slowly. 2  BIS central bankers’ speeches  National demand is playing a key role in this phase of recovery.

First, with regard to significant Spanish banks, the Banco de España, in addition to providing its experience and most of the staff of the joint supervisory teams, will shoulder the weight of on-site inspections, it will participate in the preparation of all the decisions to be adopted by the ECB Supervisory Board and it will be active in the exercise of its sanctioning powers. As regards the sanctioning regime, it should be stressed that the European Central Bank will be responsible for imposing sanctions, provided that three requirements are met: that the sanction is imposed on the credit institution, i.e. on the legal person; that it stems from noncompliance with directly applicable European Union legal rules; and that the sanctions are of a pecuniary nature. In the remaining cases, power will continue to be exercised by the national supervisory authorities, without prejudice to the ECB being able to demand that the appropriate proceedings be initiated. Second, as stated, the Banco de España will continue to be fully responsible for the supervision of the 81 credit institutions deemed less significant.
The integration of e-trading with internet banking and banks’ websites is also a notable feature. These IT advancements have enabled banks to gradually replace manual work by automated procedures with on-line real time processing. BIS Review 13/2008  1  2. Adoption of IT by banks in Sri Lanka  2.1 The banking sector in Sri Lanka has undergone a rapid transformation with the adoption of IT-based banking solutions. The widespread usage of IT in Sri Lanka’s banking sector began only in the late 1980s with the introduction of the first ATM by HSBC Bank in 1986. The introduction of ATMs and automated processes has reduced the cost per transaction significantly, as staff overhead costs have decreased. 2.2 Initially, the banks adopted systems developed in-house or used vendor provided systems on a decentralized basis, thus transforming manual systems to automated processes. However, most of the core-banking systems provided by different vendors were ad hoc solutions and on piecemeal basis, i.e. separate modules and technology platforms for key operations such as deposit mobilization and lending, trade finance, treasury operations, and more recently card transactions. Those who opted to implement new core-banking systems together with other sub systems and integrations may have made relatively large investments with sustainable gains to compensate costs. The arrival of new foreign and private banks with state-of-the-art technology-based services pushed other banks in Sri Lanka to move towards the latest technologies so as to retain their customer base and meet competition.

To facilitate the collection of information, the Central Bank has established an on-line Web-based reporting system through a central database for all licensed banks. The banks forward their periodic reports to the Central Bank through this system, which facilitates collation and analysis of the information for off-site surveillance and to pursue corrective action by banks. In this respect, technology has not only changed the way banking business is conducted, but also to modernize the supervisory and regulatory framework in Sri Lanka and elsewhere. 6.3 In addition to spearheading with the introduction of new technology platforms for payments, clearing and settlements, the Central Bank also established a conducive legal and regulatory framework for IT related operations in Banks. During 2002 – 2006, the Central Bank introduced several amendments to the Registered Stocks and Securities Ordinance, Local Treasury Bills Act to facilitate RTGS and SSS transactions. In addition, the Central Bank also passed a dedicated law, i.e. the Payments and Settlements Act to regulate the national payment system with enabling powers to the Central Bank to monitor and regulate new payments instruments, systems and service providers. This Act also includes appropriate provisions for customer rights. In the retail payments area, prior to the introduction of the cheque imaging system through LankaClear, the Central Bank initiated amendments to the Bills of Exchange Ordinance, and Evidence Law to enable cheque images be recognized in courts.
The symposium aims specifically at providing a clear understanding of Islamic Financial Services Board's standards with regard to capital adequacy, risks management , supervisory review process , corporate governance systems , transparency and market discipline , which constitute fundamental bases to ensure soundness and stability of Islamic banking services. Therefore, it is expected that this symposium will facilitate the application of these standards by all relevant parties. Finally, I would like to thank the Islamic Financial Services Board, especially its General Secretariat, Dr. Refa'at Ahmad Abdulkareem and his colleagues for their great efforts. I also would like to thank the colleagues in the Institute of Banking for organizing this symposium as a continuation of the Institute's efforts and role. I wish the symposium all success. Thank you for your listening. BIS Review 14/2007  3

Hence, it is clear that not only are the present day poor nations struggling in the emerging, highly complex and controlled economic environment, they are also facing reduced resource transfers, and not being accorded special treatment they should be afforded in order to propel them out of poverty. Some may however argue that the tremendous benefits of globalization has levelled the playing field and that advantages are available to any and all who care to access, and it is just unfortunate if some persons are unable to take advantage of these conditions. Nevertheless, I believe we are all aware that weaker communities have lesser chances of access and that situation leads to widening even further, the ever-widening gap. Therefore, it is timely and appropriate that this forum addresses the need to impress upon the more wealthy nations to increase aid flows, open out greater trading opportunities, and move towards higher investment and resource build-up in the lower income countries. Lest I be misunderstood, let me add that, not for a moment am I suggesting that the progressive steps the world and the international community have taken over the past few decades in developing new standards and norms are in any way, inappropriate or unwelcome. Those initiatives were certainly necessary and have been beneficial for the overall advancement of society.
Together with Securities Commission Malaysia, Bank Negara Malaysia co-chairs a Joint Committee comprising officials from the stock exchange and industry to collaborate on building climate resilience within the Malaysian financial sector. We are currently developing a principles-based taxonomy – to guide financial institutions to classify economic activities that contribute to climate change objectives. These complement efforts by the Islamic finance industry in driving the sustainability agenda through the value-based 1/2  BIS central bankers' speeches  intermediation strategy. There are many reasons to be optimistic on the future of ASEAN-China economic ties. ASEAN became China’s largest trading partner in first quarter 2020. Trade and investment flows grew despite the crisis. China’s direct investment in ASEAN in first three quarters this year surged 76.6 percent year-on-year. 1 Investment from ASEAN into China increased by 6.6 percent yearon-year, and Malaysia is among the top investors.2 Many cooperative projects under the framework of the Belt and Road Initiative resumed rapidly after the initial shock of COVID-19. I echo our Prime Minister’s call last week for ASEAN and China to fully tap the potential of the digital economy as part of our efforts to build a stronger economic region. Opportunities can also be unlocked for investments on green infrastructure – such as renewable and energy-efficient technologies, as well as addressing basic infrastructure gaps in a fiscally constrained environment. Malaysia certainly welcomes China as a partner in this journey and we hope to see closer relations with Chongqing.

By 2/4  BIS central bankers' speeches  decision of the BNB Governing Council, Mr. Kalin Hristov, Deputy Governor in charge of the Issue Department, is designated as the BNB representative at the SRB with a voting right in the plenary session and with rights and obligations as all other non-executive members when participating in the SRB extended executive session. The distribution of the functions and tasks between SRB and the national resolution authorities is in line with the distribution of the supervisory functions between the ECB and the supervisory authorities of the participating Member States. The SRB takes decisions on any matter concerning resolution planning and taking resolution actions with regard to the significant entities or groups falling under the ECB direct supervision and with respect to the cross-border groups within the Banking Union. In this process the national resolution authorities assist the SRB and following the decisions take the relevant actions or adopt their own decisions for implementing the SRB decisions and guidance. For the purposes of the close cooperation, the BNB has designated its representatives as members of the Internal Resolution Teams, which are set up for each entity or group within the scope of the SRB direct powers. The Internal Resolution Teams assist the SRB in the performance of its functions; draw up the documents for the meetings of the extended executive session and carry out daily communication and coordination between the SRB experts and the national resolution authorities.
To this day, 25 US States have extracts from Magna Carta on their statute books; a further 17 have the full text. Goodness knows how the latter intend to enforce the removal of “[a]ll fish-weirs … from the Thames, the Medway, and throughout the whole of England, except on the sea coast” (Clause 33). Of course, sometimes American extraterritoriality literally knows no bounds. Coke’s romantic resurrection of Magna Carta transformed it into part of the backdrop to the American Revolution, with his influence clearly evident in the drafting of the US Constitution. *  *  *  We have seen how the economic forces and political developments of the time played a crucial part in the mounting hostilities between King John and the barons that led to Magna Carta and First Barons’ War. Given that background, it is not as shocking as it first seems that Magna Carta is very largely taken up with the parochial interests of the rich. It is dominated by three basic themes: taxes; abuses of the “judicial system” with the aim of raising revenue; and the protection of the barons’ mercantile interests. Given how irrelevant those specific concerns now seem, it is hardly surprising that almost all of the Charter’s clauses that survived the 1225 re-issue (and therefore made it into the law in the first place) have since been repealed. In fact, only four clauses of the original 66 remain. These stand out as different in character from the others. They are much more general, universal and timeless.

Indeed, within a few months of its agreement, by the end of August 1215, John had convinced Pope Innocent III to annul the Charter on the grounds that it had been issued under duress. 16 The 1215 Magna Carta was never enacted, and England slipped into the First Barons’ War. Charters of this type were not uncommon at that time. It had been fairly routine, in fact, for English kings to attempt to curry favour with the nobles upon whom the stability of their realm depended by rubbishing the reputations of their predecessors and issuing “coronation charters” that demonstrated how virtuous and peace-loving they were by comparison. It was also fairly routine for kings to renege on the promises in those charters, creating fertile ground to begin the cycle anew. 17 What was novel about Magna Carta was that: (a) it was longer and more detailed than its predecessors; and (b) it was issued not at John’s coronation, but under compulsion from a true political opposition, sixteen years into his reign and evidentially too late to serve its purpose. 18 This brings a second observation. Obnoxious and tyrannical as he might have been, King John was not solely to blame for the aristocratic discontent that led to Magna Carta. His predecessors had reneged on their promises, mismanaged the realm and imperilled its finances. John’s administrative and military incompetence were merely the straws that broke the camel’s back. If Magna Carta was such a product of its time, how did it become to be so venerated?
As such, there remains enormous scope for Mainland’s OPI to increase. 10. Japan’s experience in opening up its capital account in the mid-80s may also shed some light on the future path of Mainland’s OPI. Japan’s outward portfolio investment started off with 5% of GDP, then rose to 18% in 10 years’ time, and then further to over 40% in another 10 years. If we assume that Mainland’s OPI follows a path similar to that of Japan, it is possible that their OPI could reach 18% of GDP in 10 years’ time. It is not difficult to get an idea of the potential scale of such flows by simply punching the calculator: this will give a good sense of why we say the potential is huge. 11. So, given the huge potential outward portfolio investments from Mainland China, how will they be allocated across different financial markets? Our internal research shows that, despite the advances in telecommunications and technology, home bias is still very much there, and people do like investing in markets closer to their home countries. As such, Hong Kong is likely to be one of the key destinations of Mainland’s OPI. Apart from being the final destination for these investments, Hong Kong can also act as an ideal launch platform for these investment flows to reach other major global markets. 12. Since the introduction of the QDII scheme, $ billion worth of investment quotas have been granted up to June this year.

Eddie Yue: Hong Kong as an international financial centre – the China factor Introductory remarks by Mr Eddie Yue, Deputy Chief Executive of the Hong Kong Monetary Authority, at the “Hong Kong: China’s Global Financial Centre” conference, London, 16 November 2010. *  *  *  Ladies and gentlemen, 1. It is a great pleasure to be here today. This conference is taking place at an exciting time as there is growing interest in the investment and business opportunities in Asia, particularly in Hong Kong and Mainland China. Indeed, we are already seeing more and more asset managers moving from the West to the East, looking to set up their regional operations in Hong Kong to capture these opportunities. I believe what we are seeing today is only the beginning of a period of exceptional growth in Hong Kong’s financial services industry. 2. KC Chan and Martin Wheatley have already set out the key strengths of Hong Kong in serving as a financial hub in Asia. I will not repeat them here. I would like instead to focus on one unique competitive advantage of Hong Kong that is difficult for other financial centres to replicate. And that is the China factor. 3. This China factor is growing in prominence as China continues with its path of very impressive growth: over the past three decades, Mainland China’s GDP has registered an amazing 25-fold increase, from $ billion to $ trillion last year, with an average annual growth rate of 10%.