samchain/econo-pairs-v2 huggingface dataset:
connection, i would like to take this opportunity to call on zambia national commercial bank plc, as a national bank, to take the lead in responding to our call and indeed government ’ s call to reduce lending interest rates further. i am mindful of the fact that zanaco ’ s base rate is one of the lowest in the country but would like to urge zanaco to live by its slogan, “ big, strong & reliable ” by being proactive and set an example of supporting our efforts in developing the economy. at the central bank, we have continued to do our best, in support of government ’ s effort of reducing inflation, stabilising the currency and implementing sound monetary policies. with inflation of 8. 4 %, the lowest in the last 30 years in the history of our country and other positive developments, we surely would not be asking for the impossible for commercial banks to respond favourably and reduce their lending interest rates further. at this point, ladies and gentlemen, i would like to declare the zanaco bill muster officially launched. thank you.

current account balance and the capital and financial account. 36. during the period under review, the current account surplus declined to us $ 390. 6 million from us $ 399. 1 million recorded the previous quarter, largely on account of a decline in the merchandise trade surplus and widening of the net income deficit. 37. the merchandise trade surplus declined by 9. 2 % to us $ 771. 4 million in the fourth quarter of 2010, from us $ 849. 6 million recorded in the third quarter, following an increase in imports, which outweighed the rise in exports. merchandise export earnings, rose by 5. 2 % to us $ 2, 040. 9 million from us $ 1, 939. 2 million recorded in the previous quarter. this was due to an increase in metal exports earnings by 7. 3 % to us $ 1, 728. 5 million from us $ 1, 610. 2 million in the previous quarter. 38. copper export earnings, at us $ 1, 654. 3 million, were 7. 8 % higher than us $ 1, 534. 9 million recorded during the third quarter of the year, reflecting an increase in the average realised price by 6. 8 % to us $ 7, 380. 92 per tonne from us $ 6, 912. 96 per tonne recorded in the third quarter. in addition, copper export volumes increased by 0. 9 % to 224, 128. 6 tonnes from 222, 034. 6 tonnes. 39. however, cobalt export earnings declined by 1. 4 % to us $ 74. 2 million in the fourth quarter of 2010 from us $ 75. 3 million in the previous quarter. this followed a slide in the average realised price by 3. 9 % to us $ 32, 165. 02 per tonne from us $ 33, 467. 08 per tonne in the preceding quarter despite a rise in export volumes by 2. 6 % to 2, 308. 0 mt from 2, 249. 9 mt recorded in the third quarter. bis central bankers ’ speeches 40. similarly, non - traditional exports ( ntes ) f. o. b. fell by 5. 1 % to us $ 312. 4 million from the us $ 329. 0 million realised the previous quarter. this was largely due to declines in export earnings from copper wire, cotton lint, electrical cables, fresh fruits and vegetables, petroleum products and electricity. 41. in the period under
can return to this beautiful historical setting sans souci. in the meantime, i am most grateful for your support. thank you once again for this award and your kind words tonight and thank you very much for your attention. bis central bankers ’ speeches

their lowest level since 1997. the same story is visible for employment. in early 2014 the vast majority of euro area headcount growth was coming from germany. as that year progressed the contribution from spain began to rise, driven by the recovery in activity and previous labour market reforms. and since the second half of 2015 the employment turnaround has extended into other formerly stressed economies as well, including in particular italy, ireland and portugal. just as for gdp growth rates, the dispersion of employment growth across euro area countries is now at record low levels. so though the risks to the growth outlook remain tilted to the downside – mainly on account of the geo - political factors i mentioned earlier – the balance seems to be shifting upwards. this is reflected in recent sentiment indicators, which suggest that the recovery may be gaining momentum. the latest euro area composite purchasing managers ’ index ( pmi ), for example, which is a reasonably consistent leading indicator for euro area gdp growth, gave the highest reading since april 2011. 3 / 6 bis central bankers'speeches this was also the assessment of the governing council at its last monetary policy meeting in march, where the staff projections for growth in the coming years were revised slightly upwards. and in light of the improving risk outlook, the council affirmed that it is no longer concerned about deflation risks, nor do we perceive a sense of urgency to take further measures to combat adverse tail risks. inflation dynamics depend on continued policy support yet despite these signs of progress, it is clearly too soon to declare success. in important ways the outlook for price stability remains unchanged. in particular, while growth and employment rates have been converging upwards across the euro area, significant gaps still remain in terms of levels. in large parts of the euro area there are still substantial under - utilised resources, reflected in a negative output gap and high unemployment rates. and this is of course crucial for our assessment of the path of inflation – namely, whether we see a sustained adjustment that would warrant a scaling back of our exceptional degree of monetary policy accommodation. let me remind you that we have established four criteria to confirm a sustained adjustment : first, that headline inflation is on a path to levels below but close to 2 % over a meaningful mediumterm horizon ; second, that inflation will be durable and stabilise around those levels with sufficient confidence ; third that inflation will be self - sustained, meaning it will maintain its trajectory even with diminishing support from monetary policy. and finally,
being undertaken to promote a more favorable business and investment climate. let me end by saying that overcoming the challenges we face can be made easier if we maintain an open line between private enterprises and the government sector and recognize the important role each one has to play. this is the reason why the bsp is taking the initiative of bringing us together regularly in this exporters ’ forum. previous discussions had been quite fruitful and in fact yielded positive results for some. i hope this forum will be productive and will serve to open more avenues for mutual linkages within the export industry. thank you very much and i look forward to hearing your views.

rafael buenaventura : exports performance in the philippines welcome remarks by mr rafael buenaventura, governor of bangko sentral ng pilipinas ( central bank of the philippines ), at the exporters ’ forum, manila, 25 october 2004. * * * ladies and gentlemen, good morning : once again, i welcome you to this gathering of exporters and policymakers, which we have been doing since 2002 to discuss issues and concerns of common interest. i am glad to see familiar faces around. i also extend a special welcome to the new attendees for finding the time to join us today. let me also congratulate you for working hard to keep exports performance one of the few bright spots in our macroeconomy. i hope that we can go beyond the 13. 7 percent growth we had in august for the rest of the year. i am sure that this is possible given that the outsourcing of manufacturing of electronics and motor vehicle parts from other regions continues to benefit the asia pacific region, including the philippines. garments, which posted a double - digit growth in august, the first time since march of 2003, hopefully, will continue to pick up ahead of the holiday season. meanwhile, the improving world price of agro - based products bodes well particularly for the coconut oil industry. these are signs of good times ahead. overall, we expect a full year growth of 10 percent in 2004 and 2005. mr. guinigundo will discuss the details later and we will take this opportunity to validate with you our forecasts. being with the industry, your expertise in reading where the market is leading to is a major input to our projections. while export growth for next year looks promising, we all believe that there is more to be done to catch up with our asian neighbors who are making major inroads into the world market. we have been discussing the problems besetting the export sector - high power cost, poor infrastructure, security concerns, labor unrest - and i know the growing impatience in some of you on the seemingly slow progress in addressing them. however, you must also recognize that the government has been doing its best given its limited resources. this is the reason why we invited officials from other departments - department of energy, department of labor, department of finance, department of trade and industry, the board of investments, the philippine economic zone authority and the philippine national police, among others - to hear your concerns as well as share with you the various reforms currently
could act as a significant further drag on growth and put additional downward pressure on inflation. another important downside risk is that the global recovery could be even more protracted than projected. • on tuesday, the bank reaffirmed its conditional commitment to maintain its target for the overnight rate at the effective lower bound of 1 / 4 per cent until the end of june 2010 in order to achieve the inflation target. • the bank retains considerable flexibility in the conduct of monetary policy at low interest rates, consistent with the framework that we outlined in the april mpr.

mark carney : summary canada ’ s latest monetary policy report opening statement by mr mark carney, governor of the bank of canada, at the press conference following the release of the monetary policy report, ottawa, 22 october 2009. * * * good morning. paul and i are pleased to be here with you today to discuss the october monetary policy report, which we published this morning. • recent indicators point to the start of a global recovery. economic and financial developments have been somewhat more favourable than we expected in july, although significant fragilities remain. • in canada, as expected, a recovery in economic activity is also under way, following three consecutive quarters of sharp contraction. • this resumption of growth is supported by monetary and fiscal stimulus, increased household wealth, improving financial conditions, higher commodity prices, and stronger business and consumer confidence. • however, heightened volatility and persistent strength in the canadian dollar are working to slow growth and subdue inflation pressures. the current strength in the dollar is expected, over time, to more than fully offset the favourable developments since july. • given all these factors, the bank now projects that, relative to our july report, the composition of aggregate demand will shift further towards final domestic demand and away from net exports. we now expect growth to average slightly lower over the balance of the projection period. • the bank projects that the canadian economy will contract by 2. 4 per cent this year and then grow by 3. 0 per cent in 2010 and 3. 3 per cent in 2011. this projected recovery will be somewhat more modest than the average of previous cycles. • total cpi inflation declined to a trough of - 0. 9 per cent in the third quarter, reflecting large year - on - year drops in energy prices. total cpi inflation should rise to 1. 0 per cent this quarter, while the core rate of inflation is projected to reach its trough of 1. 4 per cent during the same period. • owing to the substantial excess supply that has emerged in the economy, the bank expects both core and total inflation to return to the 2 per cent target in the third quarter of 2011, one quarter later than we projected in july. • the main upside risks to inflation relate to the possibility of a stronger - thananticipated recovery in the global economy and more robust canadian domestic demand. • on the downside, a stronger - than - assumed canadian dollar, driven by global portfolio movements out of u. s. - dollar assets,
efficient. i would now like to declare this workshop officially open. bis central bankers ’ speeches

emmanuel tumusiime - mutebile : reforming the government debt market speech by mr emmanuel tumusiime - mutebile, governor of bank of uganda, at the bank of uganda / uganda securities exchange workshop on reforming the government debt market, kampala, 18 may 2011. * * * the chairman of uganda securities exchange chief executives of financial institutions resource persons distinguished guests ladies and gentlemen it is a great pleasure for me to be here this morning to officiate at the opening of this extremely important, somewhat technical workshop. i would like to welcome all of you. i would also like to thank the uganda securities exchange for collaborating with the bank of uganda to organize the workshop. the aim of the workshop is to discuss a number of important reforms to the debt markets in uganda ; reforms which are under consideration and about which we would like to hear your views. the reforms are intended to contribute to making debt markets deeper, more liquid and more efficient. as such they will benefit borrowers, investors, financial institutions and the wider economy. in particular, i would like this workshop to agree on practical steps to encourage and enable broker dealers to play an active role in the debt markets. over the last decade, we have achieved substantial progress in promoting the growth of the domestic capital markets, for both bonds and equities. uganda is now regarded as a “ frontier market ”, because the country is able to attract portfolio investment from abroad into its capital and money markets. therefore, we are well and truly on the road to becoming an emerging market. nevertheless, we must also acknowledge that our financial markets are still characterized by certain weaknesses. these weaknesses include the low levels of liquidity in the secondary market as well as a narrow investor base, which is largely confined to the commercial banks and a few non bank financial institutions. participation by the general public in the securities markets is very low. markets are not as fully transparent as is desirable. the listing of government securities on the stock exchange has not yet been accompanied by vibrant trading of securities. there are also problems with the efficiency and volatility of our securities markets. evidence for this is the often erratic bidding behavior at bond market auctions, with bids which are at odds with prevailing secondary market rates and a normal positively sloped bond yield curve. in part this reflects a lack of transparency in the securities markets ; for example, the closing prices and yields on the secondary markets are not available to all market participants. it also reflects the need to improve
i would like to thank sarah breeden, victoria cleland, karen jude, nick maclaren, harsh mehta and ali moussavi for their help in the preparation of these remarks. 3 / 3 bis - central bankers'speeches

andrew bailey : the future of money and payments speech by mr andrew bailey, governor of the bank of england, at the group of thirty's 39th annual international banking seminar, washington dc, 26 october 2024. * * * thank you for inviting me to offer some thoughts on what is not a small subject! i think there are two propositions in the world of payments which attract very broad support. one is that in addition to delivering stability there is a strong need to modernise some key payments practices, and thus an opportunity to improve efficiency and reduce cost. this applies to both domestic and cross - border payments, and wholesale ( or high value ) and retail. there is a particularly pressing need in the area of cross - border payments, where progress on modernisation continues to be slow. here more needs to be achieved on speed, cost, transparency and access to cross - border payments. my second proposition is that, in modernising, we should harness the potential of digital technology. to do otherwise would risk a failure of imagination. i don't claim to be in any sense an expert on this point, but harnessing digital technology to improve strikes me as having real potential, say in areas like solving late payment for firms by enabling automatic release of funds when goods are delivered and more widely using encryption technology to prevent fraud. so, i think the case for harnessing digital technology is made. i am going to focus on the implications of doing so from an economic and financial perspective. this strikes me as under - examined. do we need fundamentally to change the money and banking system to enable all of this to happen? my starting point is that as a matter of principle i fail to see why we need to change the system fundamentally, though as a matter of practice there are outcomes under which it may be necessary, but a first best endpoint is that we do not do so. let me add a few points on the nature and role of money. first, payments are, of course, one of the key functions of money – money as a medium of exchange. so, they are core to the interests of central banks. second, we have a world where there are two forms of money – central bank money and commercial bank money. a key feature of the system is that they are fully aligned in nominal and real value terms – i call this the singleness of money. this is achieved by a mixture of central bank operations, bank regulation and deposit protection. with the singleness of
gradual withdrawal in early march. various market contacts as well as incoming data confirm that higher yields and coupons for fixed income assets are creating incentives and opportunities. that is the 3 / 5 bis - central bankers'speeches case not only for price - sensitive investors, but also for structural buyers such as insurers or pension funds. many institutional investors - - – who expanded the illiquid parts of their portfolios over recent years – are regaining their appetite for fixed - income assets. 3. 4 structurally higher inflation? in the short term, the policy focus is on bringing down cyclical inflation – largely deriving from the poly - crises of the past three years. however, there is another twist to the current challenge, which most of you will already be aware of and i will only briefly touch upon today. namely, is the era of structurally low inflation pressure coming to an end? after two decades of subdued price pressure, the tide may well have turned. looking further ahead, changes in underlying trends could intensify inflationary pressures. some people refer to these challenges as the " three ds ". first, deglobalisation, driven by geopolitical tensions and a desire to reduce economic dependencies. related processes have also become known as friendshoring or nearshoring. second, the decarbonisation of the economy, incentivised in particular through carbon pricing, could exert persistent upward pressure – and not just on energy prices. third, demographics – more precisely, the assumption that dwindling labour supply will continue to exert upward pressure on wages. all these factors could turn out to be inflationary over the coming years. that is another reason why the eurosystem must remain vigilant in this regard and ensure that inflation expectations remain well anchored around 2 %. 4. resume ladies and gentlemen, gita gopinath, the imf's first deputy managing director, has summed up the task for central bankers neatly2 : " monetary policy should remain data dependent, be well communicated, and ensure that inflation expectations remain anchored. " i could not agree more. and having a compass of that kind is all the more important in times of elevated uncertainty. this way, we can be confident that the eurosystem will restore price stability in the euro area. 4 / 5 bis - central bankers'speeches 1 https : / / www. bankingsupervision. europa. eu / press / pr / date / 2023 / html

/ ssm. pr230320 ~ 9f0ae34dc5. en. html 2 the global economy : a delicate moment ( imf. org ) 5 / 5 bis - central bankers'speeches
the question of liquidity management. in addition, due to the new regulations and due to the general interest in reducing exposures markets will need more collateral in the future. that is why the eurosystem will roll out solutions which help the market cope with the liquidity 1 / 4 bis central bankers'speeches challenges. our thoughts are not confined to the eurosystem, of course. multi - currency capability is an enduring system feature which might prove worthwhile in the integration of european markets, for example. the issue of target2 and t2s consolidation was another area in which we discussed the outcome of the consultation. ladies and gentlemen, your numerous contributions today were insightful and thought - provoking. the eurosystem is currently liaising with the potential users of our services to formulate a set of user requirements. we cannot, of course, make every wish come true, nor would it be right for us to do so, because at the end of the day, we are a provider that needs to cover its costs, and those wishes will have to be paid for. the trick will mainly be to use consolidation as a way of driving down costs. investment in consolidation will push costs higher initially, but over the medium - term horizon, it will yield significant savings in the running of t2 and t2s. all our projects can ’ t go live overnight, of course, and building rome in one day is something we can ’ t be expected to achieve, either. 2. technical innovation another topic we spoke about today was innovation and transformation. there are a great many technological innovations which could potentially unleash change in the market. blockchain, distributed ledger technology, cloud computing, big data analytics and artificial intelligence are already firmly established in the way we think and, in some cases, how we act, too. plato once said that “ necessity is the mother of invention ". but in the case of blockchain, it is the exact opposite we are seeing. the invention, ie blockchain, has already been born. now people in many quarters are looking for the necessity – that is, for specific areas where it can be put into practice. the initial sense of euphoria over the potential which blockchain and distributed ledger technology offer has now given way to disillusionment over the problems surrounding their practical implementation. central banks, too, are testing a variety of ways in which the potential offered by blockchain can be harnessed.

us, and you debated with us. thank you all for getting involved. my gratitude also goes out to all those who made our focus session such a success – everyone who spoke and participated in discussions, and of course the many helping hands in the background whose job it was to prepare and organise today ’ s event. ladies and gentlemen securities settlement and payments are a network industry. what would be more apt, then, to network at a joint reception to which you are now all cordially invited. join me there in celebrating the successful migration of the german market to t2s. thank you for your attention. 4 / 4 bis central bankers'speeches