samchain/econo-pairs-v1 huggingface dataset:
This will be updated  1  https://www.bankofengland.co.uk/-/media/boe/files/speech/2020/the-ideal-post-eu-regulatory-framework-speech-by-victoriasaporta.pdf?la=en&hash=2BBC9A3AD75F8C6DDB2FE04273A7220F3011A66D 2  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  2  to function in the context of an open, yet safe, approach to international markets, maintaining standards at least as strong as those required internationally, in a way that is fit for purpose for the UK . And we have a great opportunity to re-emphasise the role of simplicity in our policymaking – particularly relevant for today’s speech – to ensure that prudential policy is no more complex than needed to address the nature of the risks that it is designed to address. To guide our overall approach, we have a vision to be an accountable, responsive and accessible policymaker. By accountable, we mean that we will be clear on the issue we are seeking to address with any given policy, how our intervention solves the problem, and how it fits into our overall regulatory strategy. On our new ‘have regards’, we will give evidence-based accounts of how our proposals impact the relevant issue – and explain what effect this has had on our policy choices. In some areas of policymaking, we will start with very open discussions with industry and other stakeholders to determine the right way forward, given the number of possible options. As part of this, and to inform our judgments, we will have to work with industry to gather the relevant data - it is in our collective interests to do so.

And so the foundation was laid for a modern investment policy whose aim is to optimise the risk/return relationship for assets. However, this was only possible to the extent allowed by monetary policy, which has always had priority over investment policy considerations. In addition to expanding the SNB’s freedom of action, investment and risk control processes were fundamentally adapted and adjusted to the new requirements from 1997 onwards. As a result, the SNB frequently found itself in the role of central bank pioneer, not only as regards the choice of investment instruments, but also in the area of investment processes. It is with some pride that I can report how, in recent years, we have received enquiries from other central banks about our investment processes. The SNB has also played a pioneering role with regard to transparency. The composition of our investments is, to a large extent, accessible to the public. Indeed, the SNB is one of the few central banks which publishes both its investment allocation and the net result on foreign currency positions on a quarterly basis. Investment policy committed to security, liquidity and return Nowadays, therefore, when investing our currency reserves, we base our decisions on the criteria of security, liquidity and return. The currency reserves of a country serve primarily as a means to prevent and overcome crises. In order to fulfil this function, they must, in essence, be liquid. In the past, the SNB defined liquidity by specifying the term of the bonds.
Abdul Rasheed Ghaffour: Maximising Islamic finance for inclusive growth - from crisis to opportunity Opening remarks by Mr Abdul Rasheed Ghaffour, Deputy Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the (virtual) Launch of the World Bank Islamic Finance Reports, 7 October 2020. * * * Thank you for inviting me to speak at the launch of the World Bank Reports on Islamic Fintech and Islamic Finance for Inclusion in Malaysia. As countries continue to battle the Coronavirus pandemic, the publication of these two important reports is a stark reminder that risk events such as the pandemic can significantly impact global growth and disproportionately affect those who are most vulnerable. The virus has claimed more than one million lives and infected more than 34 million people in more than 200 countries just within a span of nine months1. The World Bank Group estimated global economic activity to contract by 5.2% this year with a triple hit on health, education and income. This has serious ramifications to developments. The gathering today is therefore timely for us to exchange views and perspectives on concrete ways to build more equitable financial systems, and the specific role that Islamic finance can play to catalyse inclusive economic recovery. COVID-19 has further exacerbated existing vulnerabilities Over the past decade, the global financial community has seen commendable progress in advancing financial inclusion. The 2017 Global Findex database shows that 69 percent of adults have an account compared to 51 percent in 2011 2.

3 The global gap between richer and poorer account ownership has not narrowed since 2014. 4  The simulations suggest conditions today would correspond to a steep and unprecedented decline in human development. With almost 9 in 10 students out of school and deep recessions in most economies (including a 4 percent drop in GNI per capita worldwide), the decline in the index –reflecting a narrowing in capabilities— would be equivalent to erasing all the progress in human development of the past six years. 5 Midrates on 6 October 2020 (USD: 4.15). 6  This includes RM10 billion under Prihatin Supplementary Initiative Package (Kita Prihatin) and RM295 billion under Prihatin, Prihatin SME Plus (for small and medium enterprises) and Penjana. 7 Includes Special Relief Fund (SFR). Source: Bank Negara Malaysia. 8 1H 2020: 65,597 accounts; 1H 2019: 57,367 accounts). Source: Bank Negara Malaysia. 9 990,000 (life & family certificates) and 170,000 (general certificates) Source: Bank Negara Malaysia. 4/4  BIS central bankers' speeches
The shift was towards managing the consequences of greater openness with much more emphasis on the stability of the financial system and its ability otherwise to do harm, both domestically and internationally. What was needed was not just openness, but safe openness. This emphasis was never more evident than during and after the global financial crisis. There was a moment at the height of the financial crisis when it might have been natural to consider forfeiting the commitment to an open financial system in the face of damaging international linkages. That did not happen to our great relief – the G20 nations stood firm to the principles of Bretton Woods and committed to significantly reforming the international financial system and its regulation, by raising global standards for regulating the system and reinforcing the institutional structure. The Covid crisis has been the first big test of those reforms – and it has been a big test. The scorecard to date is encouraging – by no means perfect, but the core of the system has stood up well, which is needless to say a huge relief. In order to preserve this public good of an open world economy and now also an open financial system, has required a commitment to institution building both internationally and domestically. Bretton Woods created the IMF and World Bank, and slightly less directly the GATT and then W TO.

The merit of this regulation is that it introduces incentives for better risk management by banks, while at the same time attenuating the cyclicality of the financial sector and, thereby, swings in the real economy. In my concluding remarks I will try to summarise the main lessons we have learned in discussing, designing and implementing the new system, with an emphasis on the broader economic view rather than on the purely supervisory one. Let me bring forward my main conclusion: there are regulatory mechanisms, like dynamic provisioning, that provide incentives for sound risk management and are anti-cyclical by nature and can therefore moderate cyclical swings. ***** Recent experience in a number of countries shows that credit expansion and asset price increases - and bubbles - are mutually reinforcing processes (see Graph 1). Asset prices may start to rise in an economy because new investment opportunities appear or simply because of overly lax financial conditions. When asset prices rise so does the value of collateral, which makes financing easier, increasing the demand for assets. That in turn pushes asset prices upward. In the downturn, as the value of collateral drops, financing possibilities decline, as does thus credit growth, a process often reinforced by financial institutions pursuing much more cautious credit policies as they are incurring losses or making smaller profits in this phase of the cycle. Tighter credit policies reinforce recessionary forces and provoke additional reductions in asset prices.
Victims of financial scams may call their bank's hotlines which are operating 24 hours a day, 7 days a week or NSRC's 997 hotline to lodge reports. I also wish to highlight that in trying to trace and intercept stolen funds, and to prevent further losses, time is of the essence. Therefore, victims must immediately call their banks or 997 as soon as they discover that they have been scammed. The NSRC will initiate an immediate response, but victims must make a police report to furnish more detailed information to allow the authorities to investigate the matter. The NSRC is an important element in our fight to combat scams. But, as they say, prevention is better than cure. In this regard, it is important that all of us take actions to protect ourselves from becoming victims of financial scams. Each and every one of us should remain vigilant and on guard to safeguard our banking information. In the Financial Capability and Inclusion Demand survey which BNM recently conducted, one third or 37 percent of respondents stated that they would be willing to share their bank account passwords or PIN numbers with their close friends! This statistic is indeed very troubling. We must take responsibility of our banking security credentials just like how we should take good care of our prized possessions. We also need to ensure that our computers and mobile devices are secure and running up-to-date software. Remember not to download files or applications such as Android Package Kit from unverified sources or links.

Marzunisham Omar: Launch of the National Scam Awareness Campaign Speech by Mr Marzunisham Omar, Deputy Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the Launch of the National Scam Awareness Campaign, Kuala Lumpur, 30 October 2022. *** Assalamualaikum and good morning. On behalf of Bank Negara Malaysia, I would like to thank the Association of Banks in Malaysia, the Association of Islamic Banking and Financial Institutions Malaysia, and the Association of Development Financial Institutions of Malaysia for organising the national scam awareness campaign. The presence of Dato' Mohd Kamarudin bin Md Din, Director of the Commercial Crime Investigation Department, PDRM, Encik Kamal Baharin bin Omar, Deputy Director-General of the National Anti-Financial Crime Centre (NFCC), and Encik Harme Mohamed, Head of Network Security Division, Malaysian Communications and Multimedia Commission (MCMC) this morning reflects our commitment and collaborative efforts to raise awareness on financial literacy and fight financial scams. This morning, there is also the Financial Literacy Month (FLM) Exhibition, which marks the end of this year's Financial Literacy Month. This year's FLM, themed "Financial Wellbeing: Go Digital Confidently", is all about educating and raising awareness on digital financial literacy and safe usage of digital financial services. The past month has seen many seminars, workshops and other activities being conducted all around the country. The FEN mobile coach also travelled to 61 locations across the country, reaching out to over 20,000 people in urban and rural communities.
No bank can maintain public trust for long if  2  BIS Review 34//2005  it lacks sufficient capital, so supervisors impose capital requirements to safeguard the banking system. Since capital is the last line of defence against bank insolvency, regulatory capital requirements are one of the fundamental elements of banking supervision. I should note that strong banking supervision is not enough to ensure financial stability. While I believe that a sound financial system requires robust regulatory and supervisory frameworks, there are many other potential sources of financial instability outside the financial system. Many financial crises have not resulted from shocks arising in the financial system. Any regulatory or supervisory framework must be built on a series of preconditions and on the foundations of a sound supervisory system. With respect to preconditions, there is a set of issues that may be considered. Firstly, I think there is a broad consensus among all of us about the importance of promoting the implementation of appropriate macroeconomic policies consistent and sustainable over time. Secondly, an appropriate institutional framework is also needed. In particular, a set of mercantile and civil laws must be in place to safeguard agents' property rights. A legal and judiciary structure which provides legal security must thus be in place, together with the so-called safety net institutional arrangements, core principles. etc. Moreover, it will be necessary to consider microeconomic aspects related to payment-system and market structures.

Whenever I speak with colleagues from other countries, I stress that only national authorities can decide when to adopt Basel II. Members of the Basel Committee believe that it is beneficial to move in the direction of Basel II, but no country should adopt Basel II if it feels that it is not yet ready. If a country does decide to adopt Basel II, the timing should be determined by its own circumstances, not the timetable for Basel Committee members. I hope you will pardon my pronunciation, but I am told that there is a Turkish proverb that says “hamama giren terler,” or “he who enters a Turkish bath sweats.” If I understand correctly, the point of this proverb is that you should understand the consequences of your actions. If the result is to be very positive, some work and thus some sweat is required. I don’t know whether adopting Basel II is similar to entering a Turkish bath, but I do know that it is important to understand that this is a high-quality and demanding standard. Unlike the 1988 Accord, which was relatively simple to adopt, Basel II is more complex and demands more of banks and supervisors. Therefore, we don’t expect Basel II to be adopted as widely and quickly as the 1988 Accord, at least at the outset. However, we do believe it is appropriate for all economies, and we expect and hope that the number of countries that adopt the new framework will grow over time.
Today I have shared with you two reports that reflect the institutional vision of the Central Bank on the macroeconomic picture, the outlook for inflation, the financial risks and the orientation of the policies that are our responsibility. These reports reflect how internal analyses and discussions operate in a shared vision and in institutional decisions. We have also tried to illustrate how the Bank's work on its two objectives of price stability and financial stability complement each other, strengthening our action in both dimensions. We are convinced that this action will boost the country's economic stability, reducing the risk of volatility and financial turmoil. However, as we have argued in the past, the Central Bank cannot, using its toolkit, avoid or reverse cycles, drive long-term growth or replace responsible behavior of economic agents. This challenge involves other financial, economic and political players. We hope that the Bank's diagnosis and action will contribute to this community of purposes. Thank you. 12  Figure 1 Inflation indicators (*) (annual change, percent)  8  8 CPI  Services EFE  6  6  4  4  2  2 Goods EFE  CPIEFE  0  0  -2  -2  -4  -4 13  14  15  16  17  (*) As from January 2014 the new indexes with annual base 2013=100 are used, so they are not strictly comparable with earlier figures. Sources: Central Bank of Chile and National Statistics Institute (INE).

The prices of the most volatile items (food and energy) will increase more than core inflation, so headline inflation will converge to the target sooner than the core measure. Thus, the baseline scenario continues to estimate that in the coming months headline inflation 2  will decline to levels near the floor of the tolerance range, and will return to 3% at the end of the year and hover around this figure until the end of the projection horizon, mid-2019 (figure 2). First-quarter data confirmed the strong impact of the Escondida strike on the sector’s output, aggravated by reduced production in other mines (figure 3). Thus, mining activity fell by nearly 14% annually in the period, dragging along power generation and some local activities, according to various respondents to the May Business Perceptions Report (IPN) survey. Moreover, recovering former production levels has taken longer than expected, so the effect in mining output has extended into the second half. After considering these elements, the mining sector is projected to drop this year by nearly 2.5%, compared with the 1.5% increase we expected in March. Other sectors' activity continues to show two trends. On the one hand, the weakness of construction activity and related services; on the other, the more stable performance of private consumption, driven strongly by growth in durable goods.
This will mean that in the two-year period 2012–2013 world growth will be slower than foreseen in September. We now anticipate a recession in the Eurozone in 2012, based on the recent indicators of manufacturing output and expectations in the region. In the U.S., recent output indicators have been somewhat better than expected, but not so much as to modify the view that this economy will experience a long period of slow growth, but not a recession. Political difficulties to agree on a gradual fiscal adjustment plan have increased the uncertainty about the performance of the U.S. economy. Emerging economies will grow less than we thought in September, but still outperforming their developed counterparts. China’s GDP growth will slow down in 2012–2013, to 8.2% in 2012 and 8.5% in 2013. These figures, although high, are the lowest since 2001. All these data combined result in a forecast for world growth in 2012 and 2013, 0.5 and 0.4 percentage points less than assumed in September. The terms of trade will also drop from 2011. The scenario assumes a copper price averaging $ and $ in 2012 and 2013, respectively. The prices of oil and fuels will follow a downward trend (table 1). The reduced external impulse assumed in the baseline scenario will translate into slower growth in Chile than forecast in September. The main sources of this revision are the weak external demand affecting domestic activity, stringent international financial conditions and reduced terms of trade.

Today we are again facing a scenario of external turbulence. Thus, we need to continue developing and adjusting our policy toolkit to the changes in the financial environment. Our experience of recent years has also taught us the importance of close and transparent communication of our assessments of the economy and its prospects, as it fosters a better understanding and effect of our decision. This is an area where we have made substantial progress in the past few years, but where there are always new challenges ahead. Among these challenges, we believe that improving the general public’s financial education is an important one. We will actively cooperate in initiatives in that sense. During these years the Central Bank has contributed to the country’s economic development by acting on inflation which, throughout history, has proven to be one of the greatest plagues a society can suffer, especially its most vulnerable segments. As the new Governor of the Central Bank of Chile, I want to confirm to this Commission our commitment to carry on the work done to this date, always ensuring high technical rigor in the analyses and decisions, as well as making every effort to take our Institution to the highest possible standards. Our responsibility is twofold. On one hand, keeping inflation low and stable, favoring sustainable growth. On the other, using our powers to identify and address the risks that could jeopardize the normal functioning of our financial system.
Again, this is a question that comes down to the objectives in pursuit of which policy is being set. As my colleague Ben Broadbent has said, you need to look not just at who, in terms of which policy institution, is doing what, but also why they are doing what they are doing in terms of policy actions.21  Since the start of the Covid pandemic the priority for both the MPC and the Government has been to support the economy through the outbreak and to minimise the potential for long-term damage or scarring to the economy’s potential. And to do that, to bridge across the period of the shock, we have taken unprecedented fiscal and monetary actions, as well as using our financial stability tools to the full. Those actions were consistent and they were complementary. But – crucially – they were taken independently and in pursuit of each institution’s own policy objectives. This argument in principle is backed up by what has actually happened in practice. Just in terms of scheduling, the MPC’s decisions have largely been taken ahead of rather than in response to Debt Management Office (DMO) announcements. Indeed in June the MPC, acting on advice from the Bank’s executive, agreed, at the same time as adding to the target stock of asset purchases, to substantially slow the pace of purchases, from £ to an initial £ before the DMO published its updated remit, which set out plans for increased issuance.

Zeti Akhtar Aziz: Islamic finance Speech by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the official launch of Affin Islamic Bank Berhad, Kuala Lumpur, 6 June 2006. *  *  *  Islamic finance has become one of the most dynamic growth areas in international finance. While Islamic finance has become an increasingly important form of financial intermediation in several countries, more recently, we have seen the international dimension gain significance. The Malaysian Islamic financial system is now well positioned to become internationally integrated with the international Islamic financial system. The progress and development of the Islamic financial services sector in Malaysia is evidenced by: •  the rapid expansion in new and innovative Islamic financial products and services;  •  the enhanced competitive environment in which Islamic finance has developed;  •  the progressive development of the prudential, regulatory and supervisory framework for Islamic financial institutions;  •  the active issuance of both corporate and sovereign Islamic financial instruments;  •  the progressive liberalisation for foreign participation; and  •  the strengthened financial and non-financial institutional infrastructure, including the development of the domestic money and capital markets, and the establishment of institutions to promote human resource development in Islamic finance to ensure the pool of talent that is necessary to sustain the long term growth of the industry.