samchain/econo-pairs-v1 huggingface dataset:
This is important if we are to ensure that monetary and supervisory policy frameworks are fully supportive of the ability of the financial sector to finance growth and development. Zambia today has a large portfolio of large scale industrial and energy projects such as the Multi Facility Economic Zones (MFEZ) and several large and small hydro-power projects. These require innovative financial solutions as well as varied sources of finance and expertise, both domestic and foreign. BIS Review 9/2010  1  Ladies and Gentlemen, as you may be aware, the banking sector in Zambia has over the last few years, witnessed significant growth in lending. The credit expansion has no doubt brought significant benefits to the economy as resources are channeled through to the lower end of the market. However, most of the credit extended by banks and microfinance institutions is targeted at already established enterprises and individuals in formal employment. Only an insignificant amount is extended to start-up initiatives or businesses with potential for growth. In order to bridge this financing gap, it is pertinent to establish financing arrangements such as Venture Capital Funds. Venture Capital Funds are essentially collective investment schemes where investors place their money into a Fund with the aim of achieving greater impact and security than could be realised individually.

The country possesses all the necessary attributes for sustainable economic growth and development. Competitive production costs, incentives, and reforms have also enhanced the attractive investment climate for both local and foreign investors. Numerous investment opportunities exist in the agriculture, manufacturing, tourism and mining sectors across various regions of the country. Almost all provinces in Zambia remain potential areas of investment whose resources remain largely untapped. Its active participation in the SADC Trade protocol and the COMESA/FTA offers preferential tariff access to a market of nearly 380 million people. A key challenge in developing this economic potential and enhancing the wealth creation capability of Zambians to drive growth and development is the ability to access long term investment capital especially for economically viable projects at start-up level. Financial institutions are critical in this process of mobilising and channeling these investment resources. To do so successfully, the industry must identify the constraints to the provision of finance and credit and provide innovative solutions to address them. Such innovations may include venture capital funds, structured finance products, equity and other innovations that allow a more efficient management of risks during the initial stages of the business cycle. On its part, the Bank of Zambia needs to ensure that there is sustainable stable macroeconomic environment first. But we also need to have a good understanding of the financial innovations that may be needed to attract and disburse investment capital.
Abdul Rasheed Ghaffour: Practical aspects of dispute resolution in Islamic finance facilities Remarks by Mr Abdul Rasheed Ghaffour, Deputy Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the Association of Islamic Banking Institutions Malaysia (AIBIM) Law Seminar on "Practical Aspects of Dispute Resolution in Islamic Finance Facilities", Kuala Lumpur, 14 November 2017. * * *  “Past, present and future: Legal certainty and Islamic finance in Malaysia” It is my honour to join all of you today in exploring this interesting topic on the practical aspects of dispute resolution in Islamic finance. This seminar marks another significant step in fostering dialogue between Islamic financiers, Shariah scholars and the legal fraternity. Gatherings such as this serve as an important platform for Islamic finance practitioners to develop a better grasp of legal issues, and for lawyers to gain a keener sense of Islamic finance. I am encouraged to see the Association of Islamic Banking Institutions Malaysia (AIBIM) taking the lead in advancing this mission. Disputes in business transactions have been around for as long as commerce itself. It is therefore no surprise that we come across judges and lawyers very early on in human history. Earlier than bankers – and definitely long before we see the first central banker . Disputes are bound to happen. One party may not be able or willing to honour their obligations. The other party may be dissatisfied with how an obligation is performed.

Islamic finance, ingrained with the values of socio-economic justice and the spirit of cooperation, has the potential to provide an answer to this quest. Already, it is gaining much traction around the globe. “For Malaysia to remain a central part of this solution”, we must build on our experience and continue to promoting legal certainty for Islamic finance – especially in importing and applying Shariah requirements to the Malaysian law. I certainly believe we can. I wish you all the best in your interesting discussions on dispute resolution today, and also in the days to come. 4/4  BIS central bankers' speeches
Since the implementation of our LSM, participants’ average peak intraday usage in CHAPS has fallen by around 20%, so this innovation has provided a technical means of saving liquidity, reducing incentives to otherwise adopt receipt-reactive behaviour. On-going and future priorities If the post-crisis initiatives I have discussed so far have been, or are, close to completion, one area of work where we have further to go is in ensuring continuity of access to payment services for banks that are in recovery or resolution. In the UK’s case, a new resolution regime was introduced in the Banking Act of 2009 which gave the UK authorities tools to address the risks of discontinuity. Nevertheless there is a good case that the effective statutory framework could be usefully supported by private sector initiatives (whether contractual or otherwise) to enhance further the ability of central banks, supervisors and resolution authorities to maintain continuity in payment, clearing and settlement services in recovery and resolution. For banks in recovery, that would involve avoiding “cliff-edges” in contracts that automatically exclude banks from payment schemes in the event of (say) a ratings downgrade. For banks entering resolution, we want to ensure that critical economic functions in the firm which rely on access to financial market infrastructure are not dislocated or denied. This is relevant not only for banks that are direct members of payment schemes, but also for indirect participants that rely on other banks for payment and other quasi-infrastructure services.

A lot has been made of the fact that no sovereign stress was made on the banking book. And indeed, as regulators, we did not want to give any credibility to a scenario that we consider unacceptable. However, there was full, total, and transparent disclosure of exposures to sovereigns for each in individual bank. Everybody is free  4  BIS central bankers’ speeches  to make their own assumptions and calculations. With knowledge of the exposure, it does not take a rocket scientist to figure out some scenarios. It turns out that such calculations would produce very reassuring numbers. But, for some reasons, they never were publically made by most analysts. Just as an illustration, the total exposure of French banks to sovereign debt in the southern part of Europe is 38% of total tier one (13% without Italy). I’ll let you make your own conclusions. Even in an apocalyptic scenario, only a small fraction of French banks tier one ratio would be compromised. The same results apply, with some variations, to other countries. Conclusion Let me know conclude. Like all other major advanced economies, the euro area is facing big challenges in adjusting to the post-crisis environment. For all, those challenges relate to long term fiscal sustainability. They are neither bigger nor smaller for the euro area than for the US, UK or Japan. They may be more complicated to solve because, by nature, our governance is more complex and we face specific collective action problems.
A bloom of the DIT strategy endorses the observation that central banks adopt the “technology” of low and stable inflation from one another. The dissemination of the DIT strategy was accompanied by a decrease in the average inflation level, especially in the developing countries that lowered inflation from a high level. This may prove that the dissemination of the DIT strategy was one of the factors that have contributed to disinflation. Admittedly, the impact of the DIT strategy on lowering inflation is a subject matter of discussion 23 ; however, empirical evidence exists that implementation of the DIT strategy improves macroeconomic  18  This is even called the Greenspan’s conundrum, after the name of the former Chairman of the US Federal Reserve. 19  FOMC (Federal Open Market Committee): the decision-making authority on interest rates in the Management Board of the US Federal Reserve. 20  Hannoun H. – ibidem. 21  Tytell I., Wei S-J. “Does Financial Globalization Induce Better Macroeconomic Policies?”, IMF Working Paper 04/84, May 2004. 22  The DIT strategy is applied in most developed countries outside the euro area and the USA. However, in the case of the euro area, one may talk of the de facto DIT strategy, and in the case of the USA – the current Chairman, Fed Ben Bernanke, is a zealous DIT enthusiast, so its implementation in the USA soon is not out of question. 23  See e.g.

Krzysztof Rybiński: Globalisation and its implications for monetary policy Address by Mr Krzysztof Rybiński, Deputy President of the National Bank of Poland, at a series of seminars by the Centre for European Regional and Local Studies and the UNESCO Chair, Warsaw University, Warsaw, 6 April 2006. *  *  *  Ladies and Gentlemen, Globalisation is a term used frequently in the economic debate nowadays, and it would be difficult to find an area of economic research that is “globalisation-free”. However, its meaning is so broad, that when globalisation is referred to in a discussion, various people understand various things. For this very reason, a discussion on globalisation and the monetary policy should commence with an attempt to define the term. One of the definitions of globalisation is provided by the International Monetary Fund (IMF) 1 , where it is construed as “the growing interdependence (integration) of national economies, in particular as a result of the growing international trade and financial flows”. Moreover, an element of globalisation that is worth mentioning is the fast flow of information and knowledge, which is the driving force behind globalisation processes. One should keep in mind that globalisation is not a completely new phenomenon 2 . In view of the existence of political barriers to international trade, the flow of capital and goods was equally as possible one hundred years ago as it is today.
Jarle Bergo: Inflation targeting in a small open economy Address by Mr Jarle Bergo, Deputy Governor of Norges Bank, at the General Meeting of ACI Norge on 31 August 2001. *  *  *  The overview of the economic situation is based on the assessments from Norges Bank's monetary policy meeting on 8 August. Introduction First of all allow me to thank you for the opportunity to provide this address on Norwegian monetary policy. Since Governor Gjedrem was here one year ago, the Central Bank of Norway has been given new guidelines, and I therefore find it natural to start by providing an account of the new mandate for monetary policy. I will then talk about the implementation of monetary policy, with a closer look at the role of the krone exchange rate. I would also like to address the topic of the evaluation and transparency of monetary policy, before concluding with a discussion of the basis for interest-rate setting and the current economic situation. New mandate  This spring, the Government and the Storting (Norwegian parliament) adopted new guidelines for economic policy. The Government has announced that it will use the expected real return on the Government Petroleum Fund over the central government budget. The Government estimates that the guideline implies an average annual increase in the use of petroleum revenues over the central government budget of about 0.4 per cent of mainland GDP in the years between 2002 and 2010.

To complement our oversight functions, we are putting in place basic safety nets for depositors and policy holders, as well as working towards the further empowerment of consumers. Disclosure requirements are currently in place but the presentation of information is often less than satisfactory. As more complex investment products emerge, this situation will become untenable. We will work towards refining existing disclosure requirements. Consumer education efforts will also be stepped up. Feedback obtained from the national financial literacy survey to be launched early next year will help us to tailor our consumer education programmes. To help consumers resolve disputes with their financial institutions promptly and affordably, we are facilitating the setup of a one-stop Financial Industry Disputes Resolution Centre, or FIDReC. It will  4  BIS Review 72/2004  serve consumers across different sectors and ensure consistency in processes. We have also recently announced that we will publish details of market conduct regulatory actions where it is in the public interest to do so. This will further enhance market discipline. Leveraging and building on our reputation The third priority for MAS is to leverage and build on our reputation. Singapore has acquired an international reputation for its strong macro-economic performance, its robust and vibrant financial system and its high standards of regulation and supervision. This reputation has accorded us some influence in the international financial community. This influence has in turn helped us to expand our economic space by opening doors to strategic partnerships and removing market access barriers.
Ravi Menon: What does it take to get to net zero Keynote speech by Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore, at the Economic Society of Singapore Annual Dinner 2022, Singapore, 17 August 2022. * * * ESM Goh, Dr Euston Quah, distinguished guests, ladies and gentlemen. It is both an honour and pleasure to speak to you. There are many pressing issues I could talk about today. The world is just emerging from the most devastating pandemic in over a century, with far-reaching changes whose effects will be felt for years to come. A major war has broken out between the two largest countries in Europe, heightening geopolitical risks and setting off a food and energy crisis across the world. The global economy is facing the sharpest surge in inflation and fastest pace of monetary policy tightening in 40 years, with highly uncertain consequences. Instead, I want to talk about what I think is the mother of all challenges facing the world today, and for the next few decades – climate change. Long after our conjunctural challenges of war, disease, and inflation are behind us, the climate crisis will still be with us, only more intense, more urgent, more disruptive. CLIMATE CHANGE Climate change is already happening. Over the last three decades, the number of registered severe weather events has tripled. Over the last two decades, the rate of increase in sea levels has doubled.

These are:   a better access for exports to EU Member States and to other countries with whom the EU has negotiated trade agreements;    heightened competition in the domestic market due to the removal of protectionist measures;    the free flow of factors of production, including labour and capital, between Malta and other EU Member States;    a greater availability of external financial resources; and    an enhanced degree of policy co-ordination between Malta and the other EU Member States, especially in the area of macroeconomic stabilisation, the promotion of economic growth and trade policy. Of these, the free flow of goods, services and capital are the factors that are most likely to have an impact in the short term. They have, indeed, already left their mark on the Maltese economy over the past year. The freedom of movement of labour, together with funding programmes and policy co-ordination are more likely to have medium- to long-term impacts. I shall therefore focus initially on the main opportunities and threats attendant upon the first set of factors. The longer-term consequences of EU accession will be dealt with in the context of the proposed policy orientations.
Jarle Bergo: Flexible inflation targeting Speech by Mr Jarle Bergo, Deputy Governor of Norges Bank (Central Bank of Norway), at a seminar arranged by the Association of Norwegian Economists, Gausdal, 23 January 2004. The address is based on the assessments presented at Norges Bank’s press conference following the Executive Board’s monetary policy meeting on 17 December 2003 and on previous speeches and publications. The references and the Charts in pdf can also be found on the website of the Norges Bank. *  *  *  Price stability, or low and stable inflation, is the primary objective of monetary policy in most countries. Historical experience from Norway and other countries has shown that the absence of price stability has resulted in low and unstable output and employment. High inflation or deflation is both a cause and a symptom of systematic imbalances in resource allocation. In the 1920s, John Maynard Keynes suggested that monetary policy should be aimed at stabilising the price level.1,2 This did not become common until the 1990s, however, even though Sweden had an explicit target for price stability in the period 1931-1937. We have had four periods of high inflation over the past 100 years: during the two World Wars, the Korean War and a 15-year period from the first half of the 1970s to the second half of the 1980s. In Norway, high inflation is a wartime phenomenon and a 1970s and 1980s phenomenon.

The current effort of FSB to survey unintended consequences of reforms on emerging market is welcomed. 2  BIS central bankers’ speeches  Before ending this note on Basel III, let me touch on Thailand’s own take on these developments. For Thailand, we aim to adopt the Basel III framework in accordance with Basel Committee timeline. After industry consultation, we believe that Thai banks will be well placed to implement the Basel III framework as their capital positions are well above the minimum requirements of 8.5%. The Basel III framework will help strengthen the bank’s capital and risk management. One of the major improvements of Basel III from Basel II is consideration on cyclicality, with requirement for conservation and countercyclical buffer. However, we believe that prudential measures, such as conservative provisioning designed to be countercyclical, should also be given due credit for achieving the same aim when implementing Basel III buffers. This would help avoid the double requirement on capital maintenance. Of course, we strongly support a better treatment of trade financing, to ensure that Basel III is supportive of stable economic growth. On the last note, let me turn to a key trend in Asia, “regional economic and financial integration”. Asia faces a challenge of steering a balance between liberalization and strengthening regulation. ASEAN Economic Integration under AEC, which sets the landmark date of 2015, has progressed substantially on the free flow of goods and services, as well as direct investment. Financial sector integration is also set to speed up.
These are the Hub’s contributions to the central banking community as we pilot global multilateral platforms for cross-border payments involving wholesale CBDCs. 15. More broadly, exploring multilateral connectivity is a massive undertaking, which needs to involve multiple centres of innovation. Each centre can have a role to examine different aspects, different models and technologies for enhancing cross-border payments. At the core of this, the BIS plays a critical role to set direction, forge consensus, and coordinate efforts to maximise synergies. There are two key benefits to central banks collaborating to work on the next generation of cross-border payments and settlements infrastructure in this manner. Firstly, we arrive at the finishing line faster, as we explore the extensive possibilities in parallel, whilst avoiding unintended duplications of work. Secondly, this gives us the best chance of an end-product that is interoperable, and meets the needs of many. This fits into the broader picture of the G20’s cross-border payments roadmap. Ambitious timelines have been set for this roadmap, and the BIS and the central banking community play a key role in making this happen. Conclusion 16. On this note, please allow me to conclude. The central banking community has come some way in our innovation journey. It has been a collaborative and iterative process, where we learn from each other and from the industry. The Summit has showcased the highlights of what we have done together thus far, but there remains much more that we can achieve together. 17.

Indrajit Coomaraswamy: Inaugural speech Inaugural speech by Dr Indrajit Coomaraswamy, Governor of the Central Bank of Sri Lanka, Colombo, 4 July 2016. *  *  *  Deputy Governors, Mrs. Ramanathan, Senior Management, colleagues, it is a great privilege and honour to be here with you as the Governor of the Central Bank of Sri Lanka. The Central Bank of Sri Lanka is one of the great institutions in this country and I am acutely aware that a primary responsibility, arguably the primary responsibility of the Governor is to uphold its reputation and credibility. And I can assure you that I will do my utmost to do so at all times. Of course, I can’t do this on my own. I need the cooperation of each and every one of you to maintain this as one of the great institutions in the country. You know my parents went abroad when I was about eleven years old so I had much of my secondary and university education abroad. But as I was doing my degree and thinking of what I should do in the future – of course I had been abroad for many years, but I did come back every year for my summer holidays so I kept in touch with Sri Lanka – and there was no doubt in my mind as to what my career should be and that was to be as a staff member of the Central Bank of Sri Lanka. The Central Bank had such an awesome reputation.