samchain/econo-pairs-v1 huggingface dataset:
In this regard, I wish to congratulate the banking institutions for completing the chip-based ATM cards migration, and introducing EMV-compliant credit cards and terminals to combat fraud, a technology leap that was indeed a challenging task. While the conversion of the credit card infrastructure to be EMV-compliant is an ongoing effort, I wish to commend the industry players, the issuers, acquirers and the affected merchants, particularly the petrol industry, for their positive response towards meeting the migration deadline. Ladies and Gentlemen, The desired migration to an electronic payments environment will not only be engineered through secured system architecture and active promotional programmes, but also induced by greater transparency. Banks need to be more transparent in the delivery and pricing of financial services, and highlight the underlying motivation and activities that banks undertake in prescribing financial services. Pricing will affect consumers’ preference and behaviour. In this regard, banks need to understand their own cost structure and price the payment services accordingly, to provide the incentive for the shift to electronic payments to take place. To foster greater efficiency in the payments system, its charges relative to other means of payments need to be structured accordingly to encourage greater use of the electronic channels as the preferred mode. These moves also need to be complemented with ample provision of electronic payment methods that are comparable to the other means of payments in terms of its reach and convenience.

Dynamic leadership  Your role in Investrust Bank Plc is very crucial. As the Management team, you are providing leadership. Your way of doing things must be exemplary, inspirational, and analytical, with drive and with integrity. Keep abreast with current affairs. As Financial Intermediaries in the economy, the public looks up to you for innovative and effective products. 2. Customer focus  The Bank of Zambia is keen to see that the Zambian public is offered quality service by the Banking industry. We wish to see more innovative products introduced on the market. I am glad to note that Investrust Bank Plc is part of some banks who teamed up under ZAMLINK to offer ATM services to their clients. Such collaboration is commended. It is in the same spirit that you have supported the RTGS and DDACC products. I will be pleased to learn that this conference will deliberate and resolve on how best the Bank will improve service delivery to greater heights. You need to develop financial products that reflect the country’s level of development and not just ape what is being done in developed countries. 3. Sound practices  In recent years, we have read of how “big” institutions have been brought down due to unprofessional conduct by their senior executives. I urge Investrust Bank Plc to pro-actively propagate Corporate governance standards at all levels of Management. I commend the Bank for the newly created dedicated function of Risk Management in its structure. This will provide prudential guidance in the other areas of operations.
10 Campbell, J. R., C. L. Evans, J. D. M. Fisher, and A. Justiniano (2012), “Macroeconomic effects of Federal  Reserve forward guidance,” Brookings Papers on Economic Activity, 43(1): 1‒54 and Del Negro, M., Giannoni, M. and C. Patterson (2015) “The Forward Guidance Puzzle,” Federal Reserve Bank of New York Staff Reports, no. 574. 11 Notable contributions include Del Negro, M., Eggertson, G., Ferrero, A. and Kiyotaki, N. (2017), “The Great  Escape: a quantitative evaluation of the Fed’s liquidity facilities”, American Economic Review, 107(3): 824–857; Gertler, M. and Karadi, P. (2011), “A model of unconventional monetary policy”, Journal of Monetary Economics, 58 (1): 17–34; Gertler, M. and Kiyotaki, N. (2015), op. cit. ; Suarez, J. and Martinez-Miera, D. (2014), “Banks’ endogenous systemic risk-taking”, mimeo; Brunnermeier, M. and Sannikov, Y. (2014), “A macroeconomic model with a financial sector”, American Economic Review, 104(2): 379–421. 12 Curdia, V. and M. Woodford (2011), “The Central-Bank Balance Sheet as an Instrument of Monetary Policy,”  Journal of Monetary Economics. ; Gertler, M. and Karadi, P. (2011), ibid. 13 Krishnamurthy, A. and A. Vissing-Jorgensson (2013), “The ins and outs of LSAPs,” Federal Reserve Bank of  Kansas City Jackson Hole Symposium; Gertler, M. and Karadi, P. (2013), “QE1 vs. 2 vs. 3: A Framework to Analyze Large Scale Asset Purchases as a Monetary Policy Tool”, International Journal of Central Banking, 9(S1): 5-53; Altavilla, C., Carboni, G. and R. Motto (2015) “Asset Purchase Programmes and Financial Markets: Evidence from the Euro Area,” ECB Working Paper, no.1864; Andrade, P. et al.

For some countries, not least Ireland, the debt mountain has grown to unmanageable heights and the financial crisis has changed form to become a sovereign debt crisis. Sweden has also been affected by the financial crisis. But, unlike many other countries, we have emerged from the crisis in fairly good shape. Growth in the Swedish economy is back to pre-crisis levels and other indicators, such as the level of investment and household consumption, are also positive. I would say that this is mainly due to two factors. First, the Swedish banks, with the crisis of the 1990s fresh in their minds, have been less risk-inclined than many international banks, although of course with the exception of their operations in the Baltic countries. Second, the unusually sound condition of the Swedish economy has made it possible for Swedish authorities to take extraordinary measures without putting our public finances at risk. However, even if Sweden has coped relatively well with the crisis this time, we should remember that as a small, open economy Sweden is highly dependent on what happens in the rest of the world. This also applies to the Swedish banks as a considerable part of their funding comes from international financial markets. The international operations of the Swedish banks have also increased significantly over the last ten years. This means that events abroad have an increasing impact here in Sweden. This is also the case for most other countries.
SFIA is partnering the investment community to develop an AI-driven ESG information tool to harness qualitative data at scale to support investment decisions relating to Asian assets. It is already in discussions with several asset managers and financial institutions on a proof of concept. SFIA is a strong addition to Singapore’s ESG eco-system. CONCLUSION The transition to a net-zero economy is the greatest collective endeavour humanity must undertake in the decades ahead. How capital is allocated to support this endeavour will be critical to the outcome. As owners and stewards of capital, you have a great responsibility – to direct investments to activities that promote sustainable development. Together, let us make the future of capital green. 1 Nature Climate Change, 2016, Climate value at risk of global financial assets. 2 The Economist Intelligence Unit, 2015, The cost of inaction: Recognising the value at risk from climate change. 3 Fidelity, 2020, Putting sustainability to the test: ESG outperformance amid volatility. 4 Global Sustainable Investment Alliance, 2019. 5 6/7  BIS central bankers' speeches  5 CNBC, 2021, Money invested in ESG funds more than doubles in a year. 6 BlackRock, 2020 Global Sustainable Investing Survey. 7 Wealth-X, 2019, A Generational Shift: Family Wealth Transfer Report. 8 Financial Times, 2018, Asia’s Young Rich and The Challenge for Private Banks. 9 Morgan Stanley Institute for Sustainable Investing, 2017, Why Millennial Investors are Different. 10 McKinsey, 2020, Climate risk and response in Asia. 11 Asian Development Bank, 2017, Meeting Asia’s Infrastructure Needs.

Svein Gjedrem: Hearing before the Standing Committee on Finance and Economic Affairs Introduction by Mr Svein Gjedrem, Governor of Norges Bank (Central Bank of Norway), at a public hearing before the Storting's Standing Committee on Finance and Economic Affairs, together with Mrs Kristin Halvorsen, Minister of Finance, and Mr Bjørn Skogstad Aamo, Director General of The Financial Supervisory Authority of Norway, Oslo, 13 February 2009. *  *  *  Government finance fund and government bond fund The crisis in the banking sector was initially a problem of liquidity. In October and November, there was considerable turbulence and fear was spreading among banks. Credit premiums were high. The situation has improved. The improvement is to a considerable extent the result of action taken by the authorities. The swap arrangement whereby banks can exchange covered bonds for government paper has been important. The arrangement is oriented towards larger banks, and a number of banks have made use of this facility, in an amount so far totalling more than NOK 70 billion. Norges Bank has proposed an extension of the arrangement to provide banks with funding at 5-year maturities. Maturities so far have been up to 3 years. The extension is important to ensure that maturity dates do not all fall within a short period. The arrangement provides banks with Treasury bills. Banks have used these as collateral for loans, sold them or kept them as liquidity reserves. There has been high demand for Treasury bills.
Caleb M Fundanga: The Bank of Zambia and the insurance industry Speech by Dr Caleb M Fundanga, Governor of the Bank of Zambia, at the end of year cocktail party for the Zambia State Insurance Corporation Limited clients, Lusaka, 1 December 2004. *  *  *  The Master of Ceremony The Registrar - Pensions and Insurance Authority The Board Chairman-Zambia State Insurance Corporation The Board Chairman-Zambia State Insurance Pension Trust Fund Madam Managing Director - Ms Muyenga Distinguished Invited Guests Ladies and Gentlemen Good Evening! I wish to thank the Managing Director of Zambia State Insurance Corporation Limited - Ms Muyenga, for inviting me and my wife to be the Guest of Honour at this end of year cocktail party. Despite the fact that the Bank of Zambia is not directly associated with the insurance industry, this function gives me a rare opportunity to say something about the relationship between the Bank of Zambia and the insurance industry. In the past few years, the Bank of Zambia has taken keen interest in the operations and performance of the insurance companies and pension funds. This is because insurance companies and pension funds have a direct impact on macro-economic variables, since most of them are leading players in the Government securities market. Whenever the Government wishes to raise funds, it is these institutions together with commercial banks that provide them.

Ladies and Gentlemen, many of you will agree with me that the recent downward trend and stabilisation in the macro-economic variables, such as interest, inflation, and exchange rates, has induced high levels of investor confidence in our economy. As many of us are aware, a stable macroeconomic environment is one of the critical ingredients for achieving sustainable economic growth and, ultimately, poverty reduction, in our country. In this regard, allow me to reiterate what I have been saying at other fora that the insurance industry plays a critical role in the economic growth and development of any country. Here in Zambia, the insurance industry, with gross annual premiums of approximately K273 billion for life and non-life business, and about K550 billion for pensions, controls colossal sums of money which could be used for investment locally; and if properly regulated could contribute to developing a strong financial sector in Zambia. However, the problem has been that the insurance industry has been under-regulated for many years. In this respect, it is high time that regulations are put in place to harmonise the operations of this important industry. I have several times been told that the Insurance Act of 1997 is inadequate in many areas such as licensing, separation of life and non-life business and investment outside the country. I have similarly been told that the Pension Schemes Regulation Act of 1996 is equally deficient. To make matters worse, the Zambian public has insufficient knowledge of insurance matters.
A year after, as the Russian ruble collapsed, we had to deal with both international and domestic loss of confidence in the financial system during the economic downturn. Again, the interest rates more than doubled (from 8-18%) in a few weeks due to the temporary loss of confidence in the currency. These two episodes provided clear examples of the importance of financial stability for the monetary and, ultimately, economic conditions in case of a fixed rate. But these experiences also provided policy insights that are useful not only under the present circumstances but also for the financial policy making in a common currency area. II. What are the main challenges for the central bank? Central bank's direct responsibilities to maintain the financial stability, apart from direct supervisory functions, can be divided into three large areas. Firstly, central banks are responsible for analysis of financial system developments and to determine the early signs of possible financial difficulties. Central banks are well positioned for that task because of the close relations with market participants and because of the analytical skills that provide natural ground for analyzing the so-called macroprudential indicators and perform regular stress testing. BIS Review 63/2001  1  Secondly, central banks are by definition involved in designing and building up financial system safety nets. The so-called "traditional" central banks are directly responsible for short-term emergency liquidity support to prevent the problems of one institution to develop into a systemic crisis.

Inflation reached at 8.3% in October, continuing to remain the main threat to the macroeconomic stability and to both the stable and long-term growth of Albania. Given these circumstances, the Bank of Albania has undertaken a gradual monetary policy normalization process, ensuring that the speed of this normalization will return inflation to target within a reasonable period of time and with the lowest cost possible to the economic activity. Our efforts to control and contain inflation have also been helped by the appreciation of our currency vis-à-vis the euro. During 2022, our currency, the lek, has appreciated by 2.5% on average against the euro, due to significant revenues generated by tourism, high FDIs, and stable risk premia in our domestic financial markets. This was further strengthened by the convergence of our monetary policy cycle with that of the euro area. In parallel, the regulated energy price for Albanian households has helped in absorbing the foreign pressures. This conclusion is well documented by previous and recent research conducted by our staff at the research and policy departments and by the econometric models that support our monetary policy. Foreign price pressures helped by persistent domestic demand are already feeding to inflation of domestically produced goods and services, thus driving to the increase of production costs, and most importantly, of inflation expectations. This is evident in the labor market, capacity utilization rate and the capital markets, which seem to have already internalized these expectations in their decision making.
Households probably need to build up financial buffers and reduce debt, which will in turn weigh down on growth in private consumption ahead. Growth in spending on goods stalled last autumn. There has been a considerable drop in car sales in particular. Norges Bank’s regional network also reports a decline in demand for goods related to moving home, such as white and brown goods and refurbishing equipment. Growth in consumption is expected to be very low for a period ahead, but growth in private consumption may pick up again towards the end of next year. Growth in mainland investment has been strong in recent years, but is now moderating. According to the national accounts, corporate investment was still on the rise in the first half of the year, but there was a considerable decline in housing investment. Falling housing starts, reduced order reserves and assessments from the enterprises in Norges Bank’s  4  BIS Review 143/2008  regional network indicate that housing investment will continue to show a pronounced fall next year. Gross investment is expected to decline by 14 per cent on an annual basis in 2009, remain at a low level in 2010 before picking up in 2011. Even though the krone depreciation is curbing the impact, the global downturn is expected to result in lower growth in Norwegian exports. The high level of petroleum investment was an important driving force during the economic upturn, and petroleum investment is expected to remain high in the years ahead.

However, some are still dragging their feet and are yet to adjust their rates. While we commend the banks that have responded positively, we call upon those who have not done so to act in a positive and prompt manner in order to make credit more affordable to the majority of our people. This in turn will lead to the growth of the productive sector and in particular Agriculture and the SME sectors, which are the engine for economic growth of our country. Finally, let me extend my gratitude to the Board of Directors and the Managing Director of Stanbic Bank for inviting me to be with you on this auspicious occasion of the opening of this branch. It now gives me great pleasure and honour to declare Mulungushi Branch of Stanbic Bank Zambia Limited officially open and I thank you for your attention. 2  BIS Review 152/2009
The reason may be that market participants have a different perception of the interest rate path that is necessary to stabilise inflation at target and to achieve stable developments in output and employment. Alternatively, the market may have the same short-term interest rate expectations as Norges Bank, but because of extraordinary conditions long-term bond prices are being pushed up and, consequently, long-term bond yields are being pushed down. 1  Forward interest rates - often referred to as implied interest rates - are calculated so that a short-term bond, when rolled over and reinvested at the implied interest rates, generates the same yield as a long-term bond. For example, if we observe today’s one- and two-year interest rates (‘short-term’ and ‘long-term’ interest rate respectively), the implied forward interest rate one year ahead will be expressed by the equation , where is the two-year interest rate, is the one-year interest rate and is the implied one-year rate one year ahead. The expectations hypothesis holds that the implied interest rate is equal to the market’s interest rate expectations and the expected return from rolling over short-term bonds is equal to the return on a long-term bond. However, if term premia exist, the expected return from rolling over shortterm bonds is different from the return on a long-term bond. If the term premium is positive, forward interest rates will overestimate expected future short-term interest rates, while they will be underestimated if the term premia are negative.

The aim of preventing inflation expectations from becoming entrenched markedly below target was one of the main reasons for reducing the key policy rate to a very low level when inflation fell and approached zero in 2003 and 2004, at a time when there was also spare capacity in the Norwegian economy. We indicated that the interest rate would remain low until we saw clear signs of rising inflation. Since summer 2003, the Norwegian economy has been in a clear upswing. Low interest rates, high oil prices and a favourable global environment have been important driving forces. Growth is strong in most industries, and profitability in the business sector is solid. Underlying inflation is still considerably lower than the inflation target. However, several factors point to higher inflation further ahead. Capacity utilisation is high and there is little spare capacity in the Norwegian economy. Employment is  BIS Review 10/2007  1  rising rapidly and unemployment has fallen markedly. There are signs of higher wage growth and expectations of rising inflation. We are now normalising the interest rate gradually. Since summer 2005, the key rate has been increased by 2.0 percentage points and there are prospects of further interest rate hikes. The shortest money market rates are determined by the central bank via the key policy rate. But private-sector consumption and investment decisions depend more on expectations regarding future developments in the key rate. To be successful, monetary policy must be able to influence these expectations.
I am even more pleased to see how many of them are old colleagues and friends. The speakers will all be properly introduced in their sessions. Let me just note that the relevant international organisations are represented at a high level. We have a General Manager of the Bank for International Settlements for the first time in Iceland. We have also a chairman of the Basel Committee for Banking Supervision for the first time in Iceland, as far as I know, although Stefan has of course been in Iceland several times with other hats. We have Deputy Managing Director of the IMF for a second time in Iceland. We have two current governors (not counting me) and two former governors. We have three former deputy governors from G20 countries and we have prominent academics. As you have probably realised there is some double counting in this, which just goes to show the quality of the speakers. Before I make my final remarks, I would like to remind us all that this is a closeddoor invitation-only event. There is no press here, and we are under modified Chatman House rules, which imply that you may use what you hear in your work and even speak about the event, but without attributing to or quoting individual speakers. We wanted to have it this way in order to facilitate frank and open discussion of a difficult topic that many of us are trying to get a handle on.

Increases in productivity especially in the agricultural sector are of vital importance and thus call for prompt action for the developing countries that are witnessing a shift in employment from agriculture to nonagriculture sectors. In a similar sense, measures for achieving more effective use of energy by companies and households, and for increasing the use alternative energy sources, especially renewable energy, should be the another issue among the priorities on the part of both advanced and developing countries, dependent on imported energy inputs. Esteemed Participants, A comprehensive literature has been guiding central bankers as to the type of monetary policy responses to be given to commodity price changes. The central banks following to the widely accepted advice put forth by this literature endeavor to contain the second-round effects of the commodity price increases, rather than the first-round effects. It is inevitable for commodity price increases to be reflected directly on prices, because of the high weight of goods linked to energy and other commodities in consumer price indices. That is why the first-round effects cause fluctuations in inflation. Nevertheless, temporary movements in commodity prices, unless they affect the general pricing behavior, do not affect the mediumterm outlook, but just remain as relative price changes. That is why those central banks pursuing monetary policy with a medium-term perspective prefer to refrain from sharp policy responses to the abovementioned first-round effects. Understanding the sources of the price fluctuations prior to making decisions is a prerequisite for policy makers.