samchain/econo-pairs-v1 huggingface dataset:
In addition, a significant number of important emerging economies are in a very favorable situation of liquidity and external solvency, with more flexible foreign exchange rate systems and low inflation rates. 6  BIS Review 97/2007  The Chilean economy in this new financial setting It is premature and bold to try to quantify the possible effects on the economy of this adjustment that is under way. Pass-through channels will be rises in risk premiums, changes in the future path of monetary policy interest rates in industrial economies, adjustments in government bonds’ interest rates of industrial economies, a slowdown in the US and the world economy and a drop in commodity prices. What we do know is that Chile has built through the years a framework of policies and institutions that has not only favored price stability and reduced output volatility, but also increased the economy’s resilience to shocks generated by adjustments occurring in international financial markets as have been observed recently. Such a framework includes an autonomous Central Bank that conducts an inflation-targeting monetary policy under floating exchange rate, a fiscal policy whereby public spending is tied to the government’s permanent income, accumulating foreign exchange assets abroad during times of copper-price bonanza, thus contributing to enhance fiscal solvency, stabilize the real exchange rate and smooth the business cycle. Finally, Chile’s banking regulation and supervision system has helped develop a strong and safe banking system.

The RTGS was implemented in September 2003 and the system facilitates large value and time critical fund transfers and settlements electronically and on real time. In February 2004, the SSSS module was integrated to the RTGS System. To facilitate the operations of these systems, government securities are issued in scripless form and the system facilitates simultaneous transfer of government securities and settlement of funds through the RTGS on a Delivery versus Payment basis. The Central Bank continues to upgrade and enhance facilities to these two systems and in December 2005, the internet based facility called LankaSecureNet which enables the account holders of the Scripless Securities Depository System to obtain up to date details of their investments through the internet was introduced. While eliminating the systemic risks that was involved in the high value and time critical transactions, the Central Bank became the owner and operator of both the RTGS and SSS systems. The service provider of the retail payment system is LankaClear (Pvt) Ltd which is owned jointly by the Central Bank and the commercial banks. Two weeks ago, LankaClear (Pvt) Ltd introduced the Cheque Imaging and Truncation System to ensure that cheques deposited in any part of the country is cleared and settled within two days except in uncleared areas. The cheque imaging system eliminates regional disparities in cheque clearing and establishes a common clearing schedule. In addition to these two systemically important payment systems, there are other small scale payments and settlements arrangements.
I’ll begin with a few words on the conclusion of the third consultation period and a short summary of the major themes we gleaned from the comments we received. Since we have discussed the new capital requirements themselves extensively over the past several months, I would next like to address some of the other equally important issues that the BBA and others raised in their comment letters. BIS Review 42/2003  1  The conclusion of the third consultation period  Allow me to begin with a report on the very busy summer we had in Basel. It’s fair to say that we received more responses on the third consultative paper than we expected. Over 200 comments were submitted by the conclusion of the comment period in July though that was less than the 250 comments we received on the second consultative document two years ago. What was not surprising was the depth of interest in the proposals and the considerable degree of thought and care that respondents demonstrated in their letters. In this regard, the Committee owes a debt of gratitude to the many members of the industry and the public who have supported our work over the past several years. The considerable time and attention that especially the BBA and its members have devoted to the development of the New Accord are evident in the high quality of your comments and suggestions. You have offered constructive thoughts and creative solutions.

Disaster risk reduction and disaster management has thus become a focus of Governments to effectively reduce financial and economic losses. In an industry that is exposed to risks both natural and man-made, this Convention’s theme of “Today’s Risks, Tomorrow’s Claims” is highly relevant especially with regards to the challenges of insurance claims. There are three pertinent challenges that I can think of this morning. Let me briefly share my thoughts on these challenges with you. Firstly, the critical role of insurers in the various aspects of the claims management value chain, that is, claims intimidation, fraud detection and prevention, claim assessment and settlement, and complaint resolution are areas requiring close monitoring by insurers and,  BIS Review 53/2010  1  where necessary, timely intervention to detect and prevent leakages. Insurers have to assess their vulnerability and address the risk of fraud efficiently to reinforce a positive image of the industry to the public. Customers must be kept informed of the progress of their claims and be given clear explanation when a claim is rejected or not settled in full. Any delay or perceived delay in claims processing, particularly for claimants in urgent need of compensation, may be misconstrued as a deliberate attempt to delay claims settlement resulting in bad publicity and ill repute for the insurance industry. Each insurer’s claims management philosophy should therefore set out the broad principles for providing high quality service standards.
CMH is expected to unlock a vast potential of opportunities for the Islamic financial industry. It can provide a wider range of new instruments not only for liquidity management and risk management purposes but players can derive additional linkages by utilising CMH to facilitate issuance of sukuk and in the creation of financing and deposit products. Besides having the potential of providing wider product selections, CMH could create a more transparent and streamlined commodity transaction practices based on the concept of murabahah or tawarruq. Leveraging on the experience of Bursa Malaysia in the area of exchange traded products, CMH is able to eliminate uncertainty in the transactions and could mitigate risks such as legal risk, market risk and counter-party risk. We are most grateful to the CPO suppliers for participating in this initiative. For CMH to be successful, it requires the cooperation of the players in the CPO market. With greater involvement of players in the commodity industries, CMH would be able to unlock the potential of your business operation by enabling the stocks to be exploited for this exchanged traded mechanism. The success of the CMH depends on the continuous support of the CPO suppliers. The CMH could also explore the possibility of sourcing CPO supplies from abroad. This innovative effort which has been endorsed by the Shariah Advisory Council of Bank Negara Malaysia and the Securities Commission has the potential to appeal to a wider market audience in and outside of Malaysia.

The ECB also provided an opinion on the MiFID II proposal.5 As you know, the MiFID II proposal extends pre- and post-trade transparency requirements from equity instruments (MiFID I) to additional asset classes such as bonds, structured finance products, derivatives admitted to trading or traded on a regulated market, a multilateral trading facility or an organised trading facility and derivatives considered eligible for central clearing. The aim is to enhance price formation and to support the evaluation process of such instruments. The requirements cover pre-trade transparency – i.e. the provision of quotes and market depth to market participants ahead of a trade – and post-trade transparency – i.e. the timely publication of the prices and volumes upon trade execution. These mandatory transparency requirements represent a major change, especially for the fixed income market. For brevity, I will only address the issue of post-trade transparency. As we have known since the publication of the seminal work of the Austrian economist and philosopher Friedrich Hayek, prices reveal information that is dispersed among the numerous individual members of an economy. As a consequence, market outcomes are directly influenced by the time and degree to which prices and volumes are disclosed to the public. In reality, different markets are subject to different transparency regimes and disclosure requirements, which are a consequence of the existing heterogeneity among both financial assets and market participants.
Part of it reflects the ongoing normalisation of macroeconomic policy after the pandemic-induced episode of exceptional ease. But there is undoubtedly a UK-specific component. As the Governor said in his statement on Monday afternoon, we are monitoring financial markets developments – and, in particular, that UK-specific component – very closely. Importantly, what we have seen in recent days is, to a large extent, indeed a re-pricing. When new information – such as a change to the medium-term outlook for fiscal policy – is released, one would expect the relevant assets – in this context, government bonds – to re-price. That is a healthy sign of a functioning financial market responding to fundamental news. The Bank obviously has an interest in maintaining orderly and well-functioning markets that support such healthy price formation. It also has a statutory responsibility for financial stability. The Bank takes that responsibility very seriously. Since I spoke earlier in the week, the Bank’s staff and Financial Policy Committee (FPC) have identified a market segment where orderly re-pricing threatened to descend into market dysfunction: specifically, the long-end of the gilt market – where government bonds with maturities above 20 years trade. The reasons underlying these problems are complex. I am not going to address them here, and am anyway not the best-placed person to do so.

While much effort has been made to deepen our understanding of and ability to respond to market dislocation since the global financial crisis, the emergence of these problems suggests the Bank and wider central banking community still have some work to do in throwing light on and building resilience in some of the shadow-ier parts of the non-bank financial sector, as emphasised by my colleagues on the FPC and internationally in the FSB. But that is for the future. Right now, we are dealing with the problems that pose an immediate threat. The intervention announced yesterday by the Bank is intended to facilitate an orderly adjustment in the positions and structures that were threatening to generate dysfunction in that market segment. By acting in the gilt market to facilitate the necessary reduction of leverage – or at least creating an environment where that reduction can take place – the Bank is preventing a self-sustaining vicious spiral of collateral calls, forced sales and disappearing liquidity from emerging in a core segment of the financial markets. Restoring market functioning helps reduce any risks from contagion to credit conditions for UK households and businesses. The intervention is targeted specifically at that market segment where problems were emerging. And it is time-limited, because the Bank buys assets in order to sell them on afterwards, thereby helping the orderly re-shuffling of holdings of and exposures to longer-dated gilts that needs to  Page 4  take place. These operations do not create central bank money on a lasting basis.
Is it established, or is it new and unknown technology? We also know that attitudes towards security and operational risk are important. But with tech firms rushing to offer new products to the market, there is the risk of insufficient emphasis on security. This is a risk that must be monitored – not only for new products or for new players, but also for incumbent businesses. Tech giants like Google, Apple, and Alibaba look set to become dominant players. Their advantage comes from providing cross-border services and having already gathered significant information about users. They are already present in the Nordic marketplace. This development may lean towards monopolies, as it can create entry barriers for new and smaller players in the market. If that proves to be the case, it could have a negative impact on competition and go against the aims of the PSD2 (the recent EU Directive on payment services in the internal market (2015/2366). This risk is greater when the payment mechanisms are outside the jurisdiction of the relevant state. Then there is the question of supervision. Will the new solutions be supervised, and if so, how? The challenge here is that many new solutions are global, and thus outside the European Economic Area or the European Single Market. Such supervision thus requires crossborder cooperation among supervisors. The challenge for the supervisor is also to maintain a comprehensive overview of the market.

Petar Goshev: Problems in measuring inflation Opening speech by Mr Petar Goshev, Governor of the National Bank of the Republic of Macedonia, at the workshop “Problems in measuring inflation” organized by the National Bank of the Republic of Macedonia, Skopje, 22 May 2007. *  *  *  Ladies and gentlemen, dear friends, Please allow me to welcome you on behalf of the Central Bank, to thank you for your participation in today's workshop, and to wish a fruitful day for all of us present here today. This is the third workshop in the past two years, organized, or as it is now the case, co-organized by the Central Bank, which along with the international conferences and seminars on expert level, which increase in number, have been our new component of activities aimed at: increasing our own professional capacity, opening of the National Bank to the domestic and international expert community for the purpose of mutual improvement of the abilities to identify and solve the problems in the area of macroeconomics and for increasing the transparency in our communication with the public. Today's workshop has been organized in cooperation with the State Statistical Office, and the topic of discussion are the problems related to measuring of inflation. I do not think it is necessary to explain why the State Statistical Office: the State Statistical Office produces the data on inflation, while the National Bank is one of the main users of those data. Why this subject – problems in measuring inflation?
It performs its main objective, as it is written down in the law – to keep the national currency stable – and also the functions relating to its exclusive right to release banknotes and coins into circulation and to maintain the currency circulation in Bulgaria. One year after the BNB was founded, the Law on the Right of Minting Coins in the Principality was adopted, whereby the national monetary unit was created and named ‘LEV’ and the coins were named ‘stotinki’. In 1881 the first Bulgarian coins – copper coins in denominations of 2, 5 and 10 stotinki – were minted in England, and in 1882 silver 1 and 2 leva coins were minted in Russia. Soon the Bulgarian lev became widely accepted, facilitating trade payments and fostering the country’s economic development. At the same time the new national currency began to play the role of a ‘national unifier’, a symbol of the independence and sovereignty of the new Bulgaria. For many years the production of Bulgarian coins used to be assigned to specialised mints in Europe – Birmingham, St Petersburg, Brussels, London, Vienna, Paris, Belgrade, Kremnica, Budapest and Berlin. For over six decades now, since the Bulgarian Mint opened up in 1952, Bulgaria has been producing its own circulation coins, and since 1965 commemorative coins as well. In 1994 the BNB Printing Works was established as a structural unit of the central bank, and four years later the printing of Bulgarian banknotes began.

Nina Stoyanova: The history of Bulgaria’s money Welcome address by Ms Nina Stoyanova, Deputy Governor (Banking Department) of the Bulgarian National Bank, at the opening of “The History of Money on the Bulgarian Lands” exhibition, jointly organised by Burgas Municipality and the Bulgarian National Bank, Burgas, 10 June 2016. *  *  *  Mayor Nickolov, Dear citizens and guests of Burgas, It is a great honour for me to welcome you at the opening of this exhibition entitled ‘The History of Money on the Bulgarian Lands’. Co-organisers of the exhibition are Burgas Municipality and the Bulgarian National Bank. This exhibition comprises coins and coin-like items minted and circulated on today’s Bulgarian lands from antiquity to the present day, and the major part of these comes from the BNB’s museum collection. Before we go back in time, I would like to mention that the Bulgarian National Bank (BNB) is one of the oldest public institutions in Bulgaria. It was founded immediately after the reestablishment of the Bulgarian state, on 25 January 1879, and on 6 June of that same year the first banking transaction was carried out with the BNB’s involvement. Our central bank is also one of the oldest central banks in the world – the 13th oldest one by date of foundation. Today the BNB still is the independent issuing authority of Bulgaria.
And the issuance of asset-backed securities in the UK, which involve parcelling up and selling different claims on pools of assets such as consumer loans and mortgages, has risen to some $ billion from $ billion in 1995. The UK now accounts for around a third of the issuance volume in European ABS markets. On the whole, such developments are positive for financial stability. Coupled with greater macroeconomic stability (Chart 3), they have made the financial system more robust by allowing market participants greater scope to distribute and diversify risk and to manage it effectively. Experience of previous rounds of financial innovation also suggests grounds for optimism. Swaps and other over-the-counter interest rate derivatives, for example, are now well understood and widely recognised as increasing economic flexibility and the productivity of capital. More recently global financial systems and the newer asset markets appear also to have withstood several recent shocks, such as September 11, the Dotcom bubble, the GM related wobbles in May 2005, Refco, and the Iraq war. The fact that some investors, such as hedge funds, are willing to take on greater risk does not necessarily give rise to system-wide concerns. Systemic risk in modern financial systems But there are limits to the amount of risk that can be hedged away. The financial system cannot reduce the amount of risk in the economy, but only repackage and transfer it.

It establishes a framework for cooperation on three joint responsibilities – first identifying risks to the stability of the UK financial system, second reducing the risks where we can, and third managing crises if they occur. The Bank contributes to all three. •  We bring to the assessment of risks both the expertise in economic analysis that we have developed as the monetary authority and the experience that gives us as a participant as well as an observer of financial markets. •  We can help to reduce risks directly through our engagement with payment systems and by working with the FSA at home, and with other financial authorities abroad, to improve the resilience of the financial system. •  As Lender of Last Resort, we can contribute to the resolution of crises either by supplying liquidity to the market in general or, in rare circumstances, acting as the channel of support or facilitating transactions for individual institutions. The new MoU makes plain that the decision to authorise support operations rests with the Chancellor following independent advice from both the Bank and the FSA. Our concern is with the stability and resilience of the financial system as a whole. Inevitably that causes us to focus on the major UK banks, markets and infrastructure at the centre of our economy, not because they are the most likely to run into problems but because an incident that doesn’t affect them will not become a crisis for the system as a whole.
We are, as I have said, also seeking feedback on the technical approaches for such a model of the digital pound. The Technology Working Paper accompanying the Consultation Paper sets out an illustrative and complementary conceptual model consisting of a core ledger, API layer, analytics and alias service. The core ledger operated by the Bank might be centralised, running as a traditional database, or it might use Distributed Ledger Technology (whether a blockchain or another form of the technology). The paper includes key questions which will be further explored in the next phase of work, including for example which privacy-enhancing technologies might support our policy objectives and what features of an API for the digital pound would best enable innovative use cases. The digital pound within a digital payments landscape Finally, I want to cover briefly how a retail digital pound, designed for use by firms and households in everyday transactions, might sit alongside a wholesale central bank digital currency, privately issued digital money, and also alongside central bank digital currencies issued by other jurisdictions. On the question of a ‘wholesale CBDC’ the first point to emphasise is that for the Bank this is not a question of either one or the other of ‘retail or wholesale’. We are working extensively on both areas, including through the renewal of the digital infrastructure we currently use to provide money to commercial banks in the form of Bank of England reserves.

Denny H Kalyalya: Build your future - be money smart Speech (virtual) by Dr Denny H Kalyalya, Governor of the Bank of Zambia, at the Launch of the 2022 Financial Literacy Week, 21 March 2022. *** SALUTATIONS All Senior Governmental officials Chief Executive Officers of Financial Sector Regulators – PIA and SEC All Chief Executive Officers of Financial Services Providers All Cooperating partners Invited Guests Ladies and Gentlemen Good morning I am delighted to welcome you all to this years' launch of the public awareness campaign for the Financial Literacy Week activities, which will run from 21-27 March 2022. The commemoration of the Financial Literacy Week commenced yesterday with a live nationwide television broadcast by the Honourable Minister of Finance and National Planning, Dr. Situmbeko Musokotwane. The commemoration will continue with a number of activities in all the 10 provinces of our country, including public exhibitions, debates, media programmes, an innovation challenge and visits to financial institutions and selected government agencies. This year's theme "Build your Future: Be Money Smart" is anchored on the importance of planning for one's future through making prudent and well-informed financial decisions now. The theme prompts all Zambian citizens, particularly young people, to own the responsibility of securing their financial future. The Financial Literacy Week activities continue to focus on young people in primary, secondary and tertiary institutions to help future adult generations are appropriately equipped to make sound financial decisions for their financial well-being.