samchain/econo-pairs-v1 huggingface dataset:
5 The Hong Kong Securities and Futures Commission implemented a Manager in Charge Regime (MICR); the Australian Parliament has recently passed legislation establishing a Bank Executive Accountability Regime (BEAR); and the Monetary Authority of Singapore has published Proposed Guidelines on Individual Accountability and Conduct 6 The FSB Report on Strengthening Governance Frameworks to Mitigate Misconduct Risk can be found here: http://www.fsb.org/wpcontent/uploads/P200418.pdf  4  All speeches are available online at www.bankofengland.co.uk/speeches  4  That’s why the Bank and the FCA are taking a proactive, forward-looking approach to identifying vulnerabilities in hard and soft market infrastructure. We see this as core to our institutional responsibilities. Indeed, the Bank has made catalysing structural reforms in financial markets, such as the new risk-free benchmarks that I’ll turn to in a moment, one of its core strategic goals. But the authorities cannot future-proof alone. We rely on industry to help us scan the landscape for emerging risks and to help determine ways to mitigate them. We are encouraged by your efforts. In particular, the FMSB is undertaking horizon scanning for future misconduct risks through its innovative behaviour cluster analysis; and the Global Foreign Exchange Committee, which is responsible for keeping the FX Global Code ‘alive’, has already identified areas of further work on spot FX market practices.

The reduction in headline inflation over the projection horizon, reflects strong energy-related downward base effects throughout the course of 2023, the gradual impact of the normalisation of the ECB's monetary policy which started early in 2022, the weaker economic growth outlook and the assumed decline in energy and food commodity prices, in line with futures prices. The underlying assumption in all this is that long-term inflation expectations will continue to remain anchored. The Cyprus economy  2/4  BIS - Central bankers' speeches  As regards Cyprus, the economy showed notable resilience in 2022, recording significant growth of 5,6%, despite the negative international environment. This is in part due to the higher than expected activity in the tourism industry, the nondependence of the Cypriot economy on Russian gas, as well as the reality that the Cypriot banking sector has very limited exposure to the Russian economy and therefore has not been affected by the sanctions on Russia. In particular, according to the latest available data, deposits from Russian Federation citizens amount to only 2,17% of total deposits of the Cyprus banking sector at the end of January 2023 , while loans amount to only 0,2% of total loans. Economic growth in Cyprus was supported by new lending by the Cyprus banking sector and by foreign direct investment. For example, largely owing to the enactment of new incentives, including the facilitation of a fast-tract process for incoming firms, a large number of high value-adding foreign companies have been attracted to Cyprus.
But the reality is that we are linked together in a complex economic and financial ecosystem where everything hinges on, and changes in relation to, everything else. The emerging markets have a great stake in the success of the developed economies in meeting their challenges – and the developed economies’ stake in the success of the emerging markets is no less great. Global prosperity is and will remain a joint and common endeavor. And, as the financial crisis and the Great Recession have painfully reminded us all, past performance is not a guarantee of future success. Thank you. BIS central bankers’ speeches  5

Our task is confined to ensuring that structural changes do not undermine the soundness and “supervisability” of banking institutions, and that bank shareholders are suitable. So, with this in mind, let me turn to the main topic that I would like to discuss, which is the Basel II initiative. When the IIF met in Madrid last July, the Basel Committee had just released the text of the revised capital framework. The publication of Basel II marked a critical milestone in our efforts to improve the risk-sensitivity of bank capital requirements while providing incentives to strengthen the quality of risk management. I think that on this occasion the meeting of the IIF has been preceded by another milestone in our work in relation to the new capital framework. A successful meeting of the Basel Committee concluded yesterday. Among other things, we dealt with the double default and trading book issues, on the basis of the work undertaken in close collaboration with the International Organization of Securities Commissions. I think this teamwork between IOSCO and BCBS can also be perceived as a landmark in the area of cooperation among supervisors. Let me therefore start by talking about this work strand. Then I will try to clarify some aspects of the calibration exercise and, finally, I will address implementation issues of Basel II. When we were in Madrid last summer, I mentioned that supervisors were very interested in finding practical and prudent solutions to the treatment of certain exposures under Basel II.
Figure 6 Imacec (*)  Mining activity  (change from previous moving quarter, percent) (annual change, percent)  3  3  40  2  20  20  1  0  0  Total 2 Nonmining  1  0  0  -20  -1  -1  -40  15  16  17  18  19  Mining output index-20  -40 15  16  (*) Seasonally-adjusted series. Sources: Central Bank of Chile and National Statistics Institute (INE). 11  40  Mining Imacec  17  18  19  Figure 7 Manufacturing exports (*) (contribution to annual change, percentage points)  15  15  10  10  5  5  0  0  -5  -5  -10  -10  -15  -15  -20  -20 2014  2015  2016 Price  Volume  2017 Total  2018  (*) Component of price obtained using differential between nominal and real exports. Source: Central Bank of Chile.

We would expect to see the same factory owners boosting technology investment to be able to manufacture more valuable products in the future, or the banking system being improved to bring funds to investors more effectively. The first component requires full utilization of current resources and can be achieved through demand-management policies, while the second component requires improvement of these resources and production processes so that production can yield a higher rate of return. This can be achieved by supply-side policies: increasing productivity of the labor force, adding value to products by innovation, and improvement in infrastructure. BIS central bankers’ speeches  1  Looking at the Thai economy right now, we can see room for both demand-side and supply-side policies. Our economists have analyzed two decades of trend in capital accumulation and estimated that Thai economic growth potential has declined since the 1997 crisis and is currently at 4 to 4.5% per year. Thai growth potential is also low compared to ASEAN peers, who average around 5%, according to an IMF study this year. This reflects lower productivity, and suggests that there is room for supply-side policies to lift growth trend. Looking at need for demand-side policies, Thailand’s actual growth has averaged 2.5% between 2008 and 2013. In this period the Global Financial Crisis and the Thai mega flood occurred, and the economy’s rebound was not enough to compensate for lost growth during these large shocks. Demand-management policies are needed to restore confidence and growth to full capacity.
At some point, this passive loss of duration will begin to exert increasing upward pressures on the term premia. Over time, this gradual process will tend to steepen the yield curve, with our forward guidance on policy rates keeping the front end of the curve well-anchored. Our enhanced rate forward guidance is a two-pronged statement. There is the date-based element that interest rates are expected to remain at their present levels “at least through the summer of 2019”. In addition, there is a state-contingent element that rates will remain unchanged “in any case for as long as necessary to ensure the continued sustained convergence of inflation to levels that are below, but close to, 2% over the medium term”. The date-based element ensures that our stimulus is not weakened by premature expectations of a rate hike. The state-contingent element, in turn, ensures that the stance will continue to evolve gradually and in a data-dependent manner. The anchoring effect of our enhanced rate guidance was highly visible in June, when the Governing Council announced that we anticipated a gradual winding-down of our net asset purchases. Our enhanced forward guidance helped reduce the uncertainty around future shortterm rates (Chart 7 and Chart 8). Rate expectations aligned immediately to the Governing Council’s rate guidance; no financial market volatility ensued.

In this context, the Bank of Albania: reduced the policy rate to a historical low of 0.5%, in March 2020, and established the needed operational conditions to supply with sufficient liquidity to banks; provided the necessary regulatory relief and instructed banks to help enterprises and 1/4  BIS central bankers' speeches  households in difficulties, through the placement of a short-term moratorium on credit instalments as well as in the form of a targeted credit restructuring; temporary forfeited the commissions applied by banks on the use of electronic payment platforms and the fees applied on the interbank transactions costs for the payment systems AIPS and AECH operated by the BoA; last, we suspended the distribution of profit from commercial banks for 2020 to enable the maintaining of capital adequacy of the banking system. The stimulating measures undertaken by the Bank of Albania were coordinated with an augmented fiscal stimulus. Fiscal stimuli were in the form of tax relief and direct transfers to households and enterprises, whose income were affected by the closure of the activity and in the form of sovereign guarantees on loans to enterprises, aimed at minimising the negative effect from income and preserving the liquid position in their balance sheets. The simulating macro-economic policies helped in containing the impact of the pandemic on the real and financial sectors of Albania, and succeeded in safeguarding the macroeconomic stability uncompromised. The economic contraction, fall of employment and the damage in the financial balances of enterprises resulted lower than our initial projections.
National budget 2011 The Minister of Finance and National Planning announced the 2011 National Budget on October 8, 2010. The Government maintained its focus on diversifying the economy, increasing productive employment and maintaining a stable macro-economic environment. The key Macroeconomic objectives for 2011 are;   To exceed 6% GDP growth;    To reduce end-year inflation to 7.0%; and    To maintain international reserves of at least 4 months of import cover. The growth in GDP for 2011 is premised on the continued strong performance of the agriculture, mining, construction, manufacturing, transport and communications and tourism sectors. Inflation outlook for the third quarter of 2010 In the fourth quarter of 2010, annual overall inflation is projected to remain below the end year target of 8.0%. This favourable outlook is on account of expected stability in maize prices in view of the bumper harvest in 2010, favourable supply of vegetables and fresh fish during the period and relative stability of the exchange rate of the Kwacha against the US dollar for much of the fourth quarter. However, the Bank of Zambia will continue to monitor developments and undertake appropriate monetary policy actions to ensure that monetary targets are achieved. To contain growth of money supply within the programmed path, Bank of Zambia will continue to employ open market operations and auctioning of Government securities. This is expected to be complemented by prudent fiscal operations. I thank you for your attention.

•  Introduce products/supply chain focused credit facilities and payment instruments: Introduction of appropriate credit facilities as well as payment systems and instruments in commodity markets and production chains/supply chains seems to be new entry points to improve access to finance and financial inclusion. Women  8  BIS Review 40/2008  in agriculture can be driven towards a debt trap when prices collapse at the time of harvesting. Although it is common to both men and women in agriculture, losing regular incomes would be a bigger blow to women than men. There can be inland bills, goods receipt vouchers and other instruments that are discountable during such periods. This is a responsibility for banks and financial institutions. Let me sum up the substance in a few sentences. More than anything, there is an urgency on the part of CENWOR or Marga or any other institution to conduct research, surveys and statistical analyses to assess the status of enhancement of access to credit and financial inclusion among women in Sri Lanka. It is hard to come to conclusions without adequate and reliable statistics or even to initiate policy action to fill in gaps that exist in this area. It is equally important for the relevant Ministry or Ministries and other public and private organizations to coordinate and prepare a strategic plan to spearhead the campaign of financial inclusion for women and suggest policy and operational measures as they deem fit. This initiative too should be supported by well-recognized research institutions like CENWOR.
Christian Noyer: Monetary policy and banks, and the rise of global protectionism Introduction by Mr Christian Noyer, Governor of the Bank of France and Chairman of the Board of Directors of the Bank for International Settlements, at the GIC (Global Interdependence Center) central banking series “Monetary policy and banks, and the rise of global protectionism”, Paris, 10 March 2014. *  *  *  These are challenging times for economic policy making. As was apparent at the G20 meeting in Sydney, the performance of the world economy is contrasted and uncertain. A central question is whether monetary policy has a role to play to improve the situation. To me, the answer is unambiguously “yes”. Monetary policy should remain active because persistently low inflation threatens the achievement of price stability as commonly defined by all major central banks today. Not all central banks are the same and there is some diversity in their objectives, mandates and, of course, the situations they are facing. Remarkably, however, all advanced economies have converged – in recent years – towards the same definition of price stability, first adopted by the Eurosystem in 2003: an inflation rate “close to 2%” (and in our case: below but close to 2%). I will focus my introductory remarks on two issues related to this challenging objective: the low inflation level and the forward guidance strategies. I’ll start with low inflation. Inflation has been falling recently in all advanced (although not emerging) economies.

Slide 1  1  4  BIS central bankers’ speeches  Slide 2  Dynamism During the Reform Process Dovernment pushing infrastructure and investment projects  Anti-corruption measures delaying government spending and investment  3  Slide 3  Thailand Profile 1997  2005 2014E  Inflation  5.6%  4.5%  1.9%  Current Account  9.3  -7.6  8.6  NPL  42.9%  10%  2.3%  D/E Ratio of corporate sector  5.1  1.3  1.3  Household Debt  n/a  54%  85%  Public Debt  42%  51%  46%  (Billion USD)  (% of total loan)  (% of GDP) (% of GDP)  Note: 2014 numbers as estimated; NPL as of Q2, 1998  BIS central bankers’ speeches  5  Slide 4  Reform Efforts: National Reform Council  DECENTRALIZATION  EQUALITY  ANTI-CORRUtTION  INTRA-REGIONAL COatLEaENTARITY  Slide 5  State-owned Financial Institutions (SFIs) in Thailand Ministry of Finance tolicy-maker  hwner  Bank of Thailand wegulator  SFIs  6  BIS central bankers’ speeches  Slide 7  15 YeMrs of HnflMtion TMrgeting (HT) % 10 8 6  Headline Inflation 4.4% Pre-HT  2.6% Post-HT  Transparent  Clear target  deliberation  Independence  process  4 2  tolicy  0  Credibility  -2  1985 1990 1995 2000 2005 2010  Monetary policy target for 2015 : Headline inflation 2.5 ± 1.5% (annual average)  BIS central bankers’ speeches  7
It was maintained due to the continuation of positive values in net financial result. Addressing the non-performing loans issue has been one of the major engagements of the Bank of Albania throughout 2015. For the first time, after a four-year period, the level of nonperforming loans fell below 20%. Decisions taken by the Bank of Albania have constantly increased the pressure on the banking system, which, in turn, has added the efforts for managing non-performing loans through restructuring, execution, provisioning and their write off from the balance sheet, accordingly. 4  BIS central bankers’ speeches  The inter-institutional initiative materialised in the Plan of Measures for Reducing NonPerforming Loans, which consists in a multidimensional action of legal, fiscal and regulatory improvements, contributed to lowering the stock of non-performing loans to 18.2 % at the end of 2015. This plan includes other steps over the course of 2016, which will render the positive result even more visible in the system. Moreover, in 2015 the banking system was tested by the psychological pressure arising from the Greek crisis; however, it passed the test successfully. On the other hand, the situation served to test the effectiveness of prudential measures that the Bank of Albania had taken in due time. 4. Banking supervision  During 2015, we have worked on further bolstering banking supervision.

Gent Sejko: Bank of Albania – strengthening governance and recent other challenges Introductory statement by Mr Gent Sejko, Governor of the Bank of Albania, presenting the Annual Report 2015 to the Parliamentary Committee on Economy and Finance, Tirana, 29 March 2016. *  *  *  Honourable Chair of the Parliamentary Committee on Economy and Finance, Honourable Members of the Committee, It is my special pleasure to present, in this hearing session with the Parliamentary Committee on Economy and Finance, the Annual Report of the Bank of Albania for 2015. In 2015, the Bank of Albania has worked to successfully fulfil its objectives stemming from the Law “On the Bank of Albania”, as well as all the other obligations arising from relevant sublegal acts and relations with our international partners. I would like to start my presentation, focusing on the activity of the Supervisory Council of the Bank of Albania. 1. Decisions of the Supervisory Council  At the beginning of 2015, the management team of the Bank of Albania was rendered complete. Thus, thanks to the support of the Assembly of the Republic of Albania, the vacant positions in the Supervisory Council were completed, the Governor, the Second Deputy Governor and Inspector General of the Bank of Albania were appointed. During 2015, the Council met 15 times and approved 98 decisions. Of them, 63 consisted in acts approved for the first time, and 35 in amendments to existing acts.
All these facts and numbers suggest that Hong Kong has the strongest foundation on which we can launch further efforts to advance the progress of RMB internationalisation. 10. The timing is also right – with the Mainland’s economic growth continuing to outperform. Macro aside, portfolio flow is another major driver. We are seeing increasing capital flows into the Mainland markets by international investors, driven by the inclusion of RMB assets in global indices and also the attractive yield pick-up and diversification benefits. In the other direction, there is also an increasing need for Mainland investors – be they individuals or institutions – to more efficiently manage their wealth and diversify the allocation through outward investments. A good part of these two-way portfolio flows will be conducted in RMB, and through Hong Kong. Some thoughts on “How” 11. So far, the level of the international use of RMB remains relatively low, and is not commensurate to the Mainland’s economic strength. For example, the Mainland is already the world’s largest trading nation, but the use of RMB for cross-border trade settlement is only in the range of 15 to 20% of its total trade volume. Some will argue that in order to 2/4  BIS central bankers' speeches  further boost the usage of RMB in trade settlement, we will need to see more active use of RMB as an investment currency in capital market transactions.

Some of the ideas that I have just mentioned will take time to materialise. Some may need a testing ground to pilot before being scaled up. On this, the Guangdong-Hong Kong-Macao Greater Bay Area or Qianhai could function as pilot zones in the Mainland to test new crossboundary initiatives with Hong Kong. The Wealth Management Connect is a case in point. Conclusion 21. Ladies and gentlemen, what I have presented to you is a very brief summary of our thoughts on the role of Hong Kong in promoting the international use of RMB, but even that, I am sure you will agree, is already quite a menu. And we are already actively exploring some of these policy initiatives with our Mainland counterparts. But we cannot do it all on our own. While we need to create the necessary policy headroom, the market should be the one driving the process of RMB internationalisation. The active participation of market players is critical. I would therefore warmly welcome views and suggestions from Members of TMA and its subcommittees on ways to enhance the liquidity, to expand the product diversity and to build an efficient infrastructure in order that we can further develop the role of the Hong Kong markets in the process of the internationalisation of the RMB. 22. With its 76 institutional members and over 3,000 individual members, the TMA has been providing broad-based support to foster market development in Hong Kong. We believe the HKMA and the TMA’s relationship can also be a mutually beneficial one.