samchain/econo-pairs-v1 huggingface dataset:
With the anticipated bumper harvest of maize coming on the market as the marketing season opens this month, maize prices are expected to fall and assist in keeping food inflation in check and overall inflation at a single digit level. The challenge will be to anchor inflation at these single digit levels throughout this year and beyond. In order to do this, continued implementation of appropriate monetary and fiscal policies as well as maintaining relative stability of the exchange rate would be vital plus increased production of goods and services. Ladies and Gentlemen, recently, the exchange rate market has been characterized by a general appreciation of the Kwacha against major foreign currencies. This has been mainly due to increased supply of foreign exchange on the market relative to demand. The key factors underlying the increased foreign exchange supply include:  BIS Review 72/2006  1  ii. increased copper output and exports as well as record high prices. Copper exports volume has in recent year registered sustained growth, increasing from 353,000 metric tons in 2003 to 423,000 metric tons in 2005. The price of copper rose to US $ per tonne in December 2005 from US $ per tonne in December 2004. By May 19, 2006, the price of copper had increased to US $ per tonne,  iii. increased non-traditional export earnings, from US $ million in 2003 to US $ million in 2005,  iv.

improved economic confidence following the attainment of the enhanced HIPC Initiative Completion Point in April 2005, which resulted in reduced external debt service obligations, and;  v.  increased foreign direct and portfolio investment, reflecting increased market confidence in the economy stemming from the greatly improved prospects for the copper sector, the cancellation of the bulk of Zambia’s external debt, and the continued commitment to prudent fiscal and monetary policies. Mr Chairman, all these factors have accounted for the current strengthening of the Kwacha. This has led to an outcry from some of our exporters of nontraditional commodities that they are losing external competitiveness and may close down their businesses. While I appreciate this outcry, I wish to state that the exchange rate alone does not determine external competitiveness of exports. Exporters should look at those areas in their production processes where they can attain efficiency gains and improve productivity. Besides the appreciation of the Kwacha which has an impact on inflation is beneficial to non-traditional exporters in several ways: •  reducing cost of capital goods  •  reducing cost of imported raw materials  •  reducing cost of freight/fuel  On its part, the Government can assist this process by directing investment in infrastructure and structural reforms, including labour laws, so as to reduce the cost of doing business in Zambia. Mr Chairman, in the Government securities market, developments in yield rates were mixed in 2005.
However, it is important that there are also good forms for discussion, cooperation and consultation between the authorities and the Financial Stability Council is one useful forum for this. The Riksbank's voice on liquidity issues should carry particular weight For the Riksbank, with its central role in providing liquidity to society, the management of liquidity among participants in the financial system is particularly important. The first sign of a financial crisis – regardless of whether it concerns an individual institution or the financial system as a whole – is namely often a shortage of liquidity. By acting as lender of last resort and using its balance sheet, the Riksbank is therefore usually the public authority that first takes action in a financial crisis. In the same way as the fire brigade tries to work on prevention by reducing the risk of fires, it is reasonable that the Riksbank should in various ways contribute to reducing the risks of a financial crisis. It is therefore natural that the Riksbank should analyse and comment on regulations that affect the probability of Sweden suffering a financial crisis, and also the cost of the crisis if it should  10 [12]  come to that. My view is that the Riksbank's voice should carry particular weight with regard to liquidity issues, given our central role in supplying liquidity. There are many different ways of formalising this.

It is the interest on the latter transactions that we now often connect with the concept of monetary policy. A central bank can also give loans to individual banks on special terms in temporary emergency situations, when it acts as lender of last resort. However, the stability of the financial system is not guaranteed only by the measures taken by the central bank; other public authorities also have important tasks here. It is in particular important that there are sufficient buffers to manage 1 The nominal anchor for attaining a stable value of money was changed, in many countries, from a fixed  exchange rate to a quantified inflation target and a floating exchange rate. Similarly, the ECB, which was given responsibility for monetary policy in the countries in the euro area, applies an inflation target and a floating exchange rate. 2 Yellen, Janet E., (25 August 2017), “Financial Stability a Decade after the Onset of the Crisis”, speech, https://www.federalreserve.gov/newsevents/speech/yellen20170825a.htm  2 [12]  disruptions and that confidence is good with regard to all participants in the payment system. This is ensured by all of the participants being well -capitalised and having good liquidity. It is also essential to ensure that financial companies can be closed down without any major repercussions on the real economy.
Although the most recent labour market statistics for April point to weaker growth in jobs, at the same time the statistics on job growth were revised upwards for the previous months. In Japan, fiscal policy investments in rebuilding after the tsunami last year will contribute to growth in Japan being slightly higher than we thought in February. In China, the economy is expected to grow by more than 8 per cent in 2012. The overall picture we saw ahead of us in April looked fairly good. Personally, I emphasised the improved prospects for the United States as a possible reason for feeling slightly greater confidence in our international forecast. Global GDP is expected to grow at a rate that roughly corresponds to the historical average. The statistics received since the repo-rate decision in April have so far not had any dramatic effect on this picture. But the risk of a poorer development remains and at present there is greater nervousness on the financial markets than there was in April. 2  BIS central bankers’ speeches  International risks Even if the euro crisis does not trigger a total collapse in the international economy, there are a number of risks in the world economy that could lead to poorer economic prospects than we predict in our April Update. The first risk is that the deleveraging in the euro area will take longer than expected, and affect the Swedish export industry through lower demand.

BIS central bankers’ speeches  7  When I weighed together the figures received since the monetary policy meeting in February, my assessment was that Sweden’s economic prospects had brightened. This may appear strange if one looks at the growth forecast in the Monetary Policy Update and sees that the growth forecast for 2013 and 2014 is slightly weaker than in February. But this is because at the end of February Statistics Sweden revised up the number of hours worked, which leads to a lower productivity trend and a lower growth trend for GDP. This means that the outlook for economic activity and resource utilisation remained largely the same as in February. The same applied to inflation prospects. The actual CPIF inflation rate, that is, the CPI with a fixed mortgage rate, has undershot the inflation target, but one should also look at the reasons for this. The strong appreciation of the krona that followed in the wake of the Lehman crash is one important reason. Low unit labour costs are another reason, but here there is now a turnaround, with labour costs being expected to rise faster during the forecast period than in the past two years. If one looks at the CPI, the most recent figures are moreover in line with the inflation target. In this context, I think that a little too much focus may be given to current inflation in the monetary policy debate, particularly given that it takes time for monetary policy to have an impact on inflation.
This new project could be another opportunity to develop new added value projects and partnerships between Paris and Mumbai, in both financial research and new business opportunities, as we know that the Mumbai financial centre aims to become a world financial cluster. The Paris financial marketplace today offers to initiate closer cooperation and develop joint programs with the Mumbai financial center. Thank you very much for your attention. BIS Review 51/2007  3

In so doing, we take the overall exchange rate situation into consideration. Furthermore, we are supplying generous amounts of liquidity to the banking system via the SNB COVID-19 refinancing facility (CRF). The SNB’s expansionary monetary policy provides favourable financing conditions, counters upward pressure on the Swiss franc, and contributes to an appropriate supply of credit and liquidity to the economy. Page 1/4  Zurich, 17 December 2020 Thomas Jordan  News conference  Inflation forecast  In the current situation, the inflation outlook remains subject to high uncertainty. The new conditional inflation forecast through to the end of 2021 is slightly lower than in September. This is primarily due to the renewed deterioration in the economic situation as a result of the second wave of the pandemic. In the longer term, the inflation forecast is unchanged from September. The forecast for 2020 is negative (−0.7%). The inflation rate is likely to be higher again next year (0.0%) and slightly positive in 2022 (0.2%). The conditional inflation forecast is based on the assumption that the SNB policy rate remains at −0.75% over the entire forecast horizon. The long-term inflation expectations are well anchored and stand at around 1%. Global economic outlook  The coronavirus pandemic and the measures implemented to contain it led to a historic downturn in the global economy in the first half of 2020. With the decline in new infections and the easing of the containment measures in the summer months, economic activity increasingly resumed.
(2)  Alternative assumptions for projections and public communication of the monetary policy interest rate and exchange rate  In the projections on the future course of the economy and the inflation rate, in the Central Bank we have shifted from using a fixed future MPR to a projection of future rates consistent with a monetary policy reaction equation that is part of the model used to project inflation and growth. For the real exchange rate, considering that it is not too distant from the estimated equilibrium real exchange rate, we now use the assumption that the long-term real exchange rate will equal the average real exchange rate observed during the last fifteen days until the statistics closing date for projections. In our public communication we deliver approximate boundaries for the assumed future trend of these variables. In the light of our own experience and that of other central banks, it is necessary to evaluate the practicality of using alternative assumptions and the advantages of a possible public dissemination of those assumptions. 2/5  (3)  Range and horizon of the inflation target  The Central Bank has a 2-4% target range for annual CPI inflation, but directs monetary policy to achieve the center of the range, that is, 3%, in a policy horizon defined at 12 to 24 months.

Vittorio Corbo: Monetary policy under inflation targeting in Chile and around the world Speech by Mr Vittorio Corbo, Governor of the Central Bank of Chile, at the ninth annual conference of the Central Bank of Chile, “Monetary policy under inflation targeting”, Santiago, 20 October 2005. *  *  *  Dear First Deputy Managing Director of the International Monetary Fund, Dear Central Bank Governors, Dear Central Bank officials, professors and economists visiting from abroad, Dear friends, I am very pleased to welcome you to this Ninth Annual Conference of the Central Bank of Chile, which has become a traditional event in the discussion of central banking policies and for the economic development of our countries. This Annual Conference focuses on the subject “Monetary Policy under Inflation Targeting,” the monetary system that is gradually being adopted in countries around the world. I am not surprised at the great participation of central bankers from inflation targeting economies in this Conference. Thank you so much for coming down. This year, our annual conference coincides with the eightieth anniversary of the creation of the Central Bank of Chile. The occasion calls for a brief retrospective account of our Bank, which will help to better understand its path to the present monetary policy framework in Chile. Next I will review some of the challenges facing monetary policy in Chile today, which motivate several of the topics that will be discussed during this conference, which I will also list shortly later on.
Rachel Lomax: Staying ahead of the curve - remarks on recent UK monetary policy Speech by Ms Rachel Lomax, Deputy Governor of the Bank of England, to the Annual Luncheon of the British Hospitality Association, London, 1 July 2004. *  *  *  It is a great pleasure to be here today. Judging by the capacity crowd, the businesses you represent are in pretty good spirits. What better way to start than by thanking you for your excellent hospitality. And what better place to celebrate an important double anniversary. Because that’s what today is, for me. It is exactly a year since I joined the Bank of England as Deputy Governor for Monetary Policy. And it is forty years, almost to the day, since I started my first job. I was a waitress: in a famous seaside town - the one that’s noted for fresh air and fun. It wasn’t much of a job. But then I wasn’t much of an employee, having no marketable skills, but plenty of attitude. I learnt how to carry several plates at the same time and a lot of interesting new words; and the job paid for a memorable holiday in Greece. Looking back on it, I’m sorry I left without giving notice: though I’m not sure my boss was. My work habits have improved immeasurably since those far off days. And so I think has British hospitality. The ‘eating out experience’ has certainly been transformed.

And that’s probably because the UK economy has weathered the squalls of the past few years rather better than both the US and the euro area. Since 2000, we have grown more strongly than the euro area, and more steadily than the US; indeed we are alone among major industrial countries in not having experienced a single quarter of falling output for more than a decade. As a result the UK emerged from the slowdown in the world economy with less slack than other economies. That is the key reason why we were the first to start raising interest rates last November, when world activity started to pick up and demand at home accelerated. Since then, a number of other countries, including the US, have begun to raise their rates to more normal levels. When I joined the Monetary Policy Committee a year ago, both the Fed and the ECB had just cut their interest rates to exceptionally low levels, reflecting real concerns about the strength of the world recovery. Activity picked up sharply in the US last autumn, but the mood only changed decisively early this year, when a million new jobs were created in just three months. It is now clear that a broad based world recovery is well under way, led by the US and Asia, especially China, but spreading to other regions. The news from Japan is more encouraging than it has been for over a decade.
These two key features of the British and Australian systems illustrate how the arrangements in Hong Kong do not go as far as, or are less formalised than, those in other jurisdictions. This may have something to do with different philosophical approaches: in Hong Kong the tradition has been a freemarket one, which entails a very low level of government involvement in business relationships. But as the Hong Kong market becomes more sophisticated and more competitive, and as consumer issues are coming more to the fore, it may be useful to consider whether Hong Kong should follow the path of other jurisdictions. At this early stage of discussion, there seem to be three broad options, which are not necessarily mutually exclusive. The first is some form of self-regulation by the banking industry. The second is to provide a specific mandate to the regulator, that is the HKMA. The third is to place the responsibility in the hands of an Ombudsman. There are a number of issues – some philosophical, some practical – that will need to be taken into account in deciding in the fullness of time where the responsibility would lie. As far as the HKMA is concerned, the arguments for and against are, I suggest, finely balanced. One argument holds that a more formal role for the HKMA in this area might create a conflict of interest between our prudential regulation and consumer protection roles.

There is also a more prominent role for financial institutions to advocate for or provide advisory services to businesses in sustainability areas. For Islamic finance, green sukuk issuances have served as a bridge between Islamic finance and sustainable investment. However, more is required for Islamic finance to have greater impact and this pursuit can be further enhanced with the VBI initiative. With this Islamic financial institutions will be able to play an important role in supporting the 2030 Government’s Shared Prosperity Agenda. Nevertheless this will not be without its challenges. Balancing different priorities on the social, economic and environmental fronts is a delicate act, as these may seemingly pull in different directions. It is inevitable there will be issues and challenges that need to be addressed on the path to attaining sustainability goals. I would like to touch on three key challenges and share the Bank’s views and strategies in responding to these and to further accelerate our journey. First, is the low level of awareness, understanding and appreciation of sustainability practices and what it entails among stakeholders. This has led to limited integration of sustainability-related consideration in individual and institutional practices. Knowledge gaps among financiers in technical areas of the sectors relating to sustainable or green financing such as renewable energy, sustainable agro-production and manufacturing, and social entreprenuership has naturally contributed to apprehension in financing new and relatively unknown sectors. A necessity in achieving scale will be to inculcate awareness on the need for and benefits of a green and sustainable economy.
Denis Beau: The Euro area sovereign debt markets in the crisis role and impact on financial stability perspectives Speech by Mr Denis Beau, First Deputy Governor of the Bank of France, at the Risk Live 2021, 7 June 2021. * * * The demand and supply environment in which European sovereign debt markets operate has changed over the last years and is still changing: 1. Firstly, liquidity in the financial system has increased, both in terms of excess reserves held by commercial banks and deposits held by the non-financial sector, notably corporates, whose considerable increase in gross debt has so far largely been offset by a similar rise of liquid assets on aggregate; 2. Secondly, central banks have strengthened their presence in the secondary sovereign debt market. This is a common and global feature. The Eurosystem for instance, has reinforced its accommodative policy stance notably by stepping up its asset purchases of public sector securities under the pandemic emergency purchase programme (PEPP) while continuing those under the asset purchase programme (APP). This implies that a large proportion of the stock of some governments’ debt -for the major currencies- is currently held by central banks; 3. A third obvious factor lies in the significant increase in sovereign debt issuances since last year, as European countries implemented substantial fiscal measures to cushion the economic impact of the Covid crisis and foster a subsequent recovery. All in all, euro area governments issued close to EUR 1 trillion in net debt in 2020.

The survey revealed that 90% of the respondents recognize the need for digital innovation in the financial sector and 72% are already in the process of implementing some form of  2/3  BIS - Central bankers' speeches  digital transformation. There is an agreement among respondents that regulation can sometimes be a barrier for a swifter innovation. To eliminate regulatory barriers, a new Law on Payment Systems has been prepared and is currently undergoing a parliamentary procedure. We have already drafted the First National FinTech Strategy, which will soon be shared with other stakeholders. Tomorrow, under our initiative, all financial regulators will sign a Memorandum for setting up a FinTech Committee with a view of promoting digitalization in the financial sector. To recap, there are no doubts that faster and inclusive income convergence calls for strengthened efforts to lift the growth potential, and perhaps even more importantly to lift the quality of growth. In this context, we would like to express our gratitude to EBRD for supporting us for almost three decades with more than EUR 2 billion total investment to date aimed at supporting competitiveness, trade integration and green transition. Despite the current headwinds which put economic growth at risk and require immediate policy focus, we should not lose sight of a longer term structural agenda, including digitalization. As Andy Rooney said, "Everyone wants to live on top of the mountain, but all the happiness and growth occurs while you're climbing it." So, let us keep climbing. Thank you.