samchain/econo-pairs-v2 huggingface dataset:
incorporate real economic targets in its framework. in south africa, however, the period of relative stability in inflation expectations has been much shorter than in economies like the united states, germany or japan. there have been, admittedly, some encouraging developments of late, like the lower pass - through of exchange rate variations to prices and the moderation in unit labour costs. but these dynamics are not yet fully understood, and the sarb cannot therefore be sure whether they indeed represent a structural, permanent shift towards lower and more stable inflation. consequently, alterations to the monetary policy framework at this stage would create the risk of confusion among economic agents and market participants. at worst, it could mean de - anchoring inflation expectations and reversing the gains of the past few years. for now, it appears to us that a strategy of limiting inflation volatility and hence the risk premium embedded in the cost of capital in south africa is the best approach to support medium - term economic growth. our internal research, for example, suggests that the country could benefit from somewhat lower borrowing costs if inflation expectations were credibly anchored at around 4. 5 %. but because of its structural current account deficit, south africa has to compete with peers to attract international capital. such gains, therefore, cannot be neglected. some people might also wonder whether our current inflation target range of 3 - 6 % is too high or not wide enough, and whether it consequently imposes unnecessary constraints on the economy. however, as i have alluded to earlier, the standard deviation of inflation since 2010 has been 0. 9 percentage points. page 7 of 11 this suggests that the current band is wide enough to allow for normal cyclical fluctuations in inflation while limiting target misses to the minimum, provided that expectations are anchored close to the target ’ s midpoint. it is also important to note that many of south africa ’ s emerging market peers have lower or narrower inflation target bands than our country, yet their trend economic performance has been better over the past few years, with no evidence of undue constraints from the monetary policy framework. equally, alternative anchors to the inflation target would be difficult to implement in south africa. prior to inflation targeting, the sarb, like many other central banks at the time, used monetary aggregates as a key guideline. however, the relationship between money growth and inflation became too erratic to validate the role of the former as a reliable lead guide to the latter. private credit growth, which is the main counterpart

, both for regulators and the industry. i realize that this will not be easy, but i am convinced that this is the best way forward. par. 724 of the new capital accord. par. 732 of the new capital accord. par. 742 of the new capital accord.
temporary, as they designed to support the “ catching - up ” process in lower income countries. beyer, robert c. m., and frank smets ( 2013 ), “ has mobility decreased? reassessing regional labour market adjustments in europe and the us ”, mimeo, european central bank. bis central bankers ’ speeches

banknotes and coins cannot start too early. it would be very difficult and costly to try to keep the public's attention over a long period of time. moreover, the euro banknotes and coins contain highly sophisticated security features. they will be new for the citizens in many euro area countries. in order to limit the risks of counterfeiting, the security features and other details of the euro banknotes should not be unveiled too early, in other words, not before 1 september 2001, the earliest delivery date for frontloading. on that particular occasion, the ecb will present the visual appearance of the euro banknotes and coins to the media and to the general public. last week, at the ecb's regular monthly press conference on 1 march, i informed the media about the slogan of our campaign. it is " the euro. our money ". the research undertaken has indeed revealed an encouraging degree of affinity between europeans throughout the 12 euro area countries and their own currency. the resulting slogan has been chosen for all deliverables of the campaign, especially for the advertisements to be developed for the autumn of this year and the beginning of 2002. in line with the timely communication policy i have just outlined, the bulk of the information campaign, in particular the mass media part, will be visible during the last months of this year. the dissemination of the information will continue in the first weeks of 2002, when the changeover will be taking place and the public will have the euro banknotes and coins in their hands and in their pockets. the public will then be in the best position to understand and assimilate the information received. i am fully aware of the fact that, among the general public in the euro area, there is sometimes still a feeling of a lack of information concerning the introduction of the euro banknotes and coins. raymond van buuren, the world - wide - account director of publicis in charge of the euro 2002 information campaign, will shortly provide you with the details of the main objectives and tools of the euro 2002 information campaign. however, let me emphasise that the citizens of the euro area should be confident that they will receive detailed information at the appropriate moment. i am repeating myself, but it is important to be aware that we are not introducing the euro in 2002. the euro has already been our currency since 1 january 1999. what we are going to do is to introduce the physical euro banknotes and coins. however, i have to admit that, in
the public. with these remarks, it is my honor and pleasure to formally declare the orient bank business academy launched. i thank you for listening to me. page 7 of 7

peddled around by some commentators to the effect that the recent increase in non - performing loans of the banking industry from 4 percent in june 2015 to over 7 percent in june 2016 was mainly a result of high interest rates. the truth could not be far from this. while lending rates by commercial banks have increased since 2015, the current average lending rate of about 23 percent, defined by the global entrepreneurship monitor ( gem ) as the proportion of the adult population that reported having discontinued a business within a year page 3 of 7 on shilling denominated loans, is not out of line with their historical average over the last few years. in addition, a recent review by bank of uganda to ascertain the reasons for the non - performance of large credit facilities in commercial banks indicated that only a paltry 0. 3 percent of non - performing loans as at march 2016 could be attributed to high interest rates. diversion of funds away from the intended purpose of the loan was a major contributor to the non - performing loans, only surpassed by delayed payment by government ( domestic arrears ) and cost overruns / insufficient cash flows. the above three reasons inclusive of diversion of loaned funds and poor management accounted for about sixty five ( 65 ) percent of the large non - performing loans in our banking industry. the third relates to the feedback we have received from the public during the bank of uganda golden jubilee commemoration activities that involved townhall meetings, radio talk - shows and public exhibitions in mbale, gulu, arua and mbarara. a sentiment frequently expressed by the public related to a lack of transparency on charges and interest rates by financial institutions, complaints about customer care by these institutions, and lack of information about financial products and services. i believe all the above three issues can be dealt with by increasing financial education and stronger consumer protection coupled with developing the entrepreneurship and management competencies of individuals and the smes. with better financial literacy and enterprise management, it is not inconceivable page 4 of 7 to believe that uganda would have fewer financially distressed firms, a lower business failure rate, more employment creation and higher rate of savings and investment. uganda needs to pick a leaf from several of the asian countries that you may refer to as “ manufacturing and enterprise hubs ” by enhancing its entrepreneurial education and training in order to realize higher labor and enterprise competitiveness within the global economy. the latest estimates by the global entrepreneurship monitor, measuring the extent to which training in creating or managing smes is
for europe as well. the exports of the twelve countries and libya are equal to around $ 120 billion a year, 20 per cent of the area ’ s gross product. more than half go to the european union ; 50 per cent of the goods exported to europe are manufactures, the remainder consists mostly of energy sources and to a smaller extent of other raw materials and food products. over three quarters of the thirteen countries ’ imports from europe consist of manufactured products ; these imports account for about half their total merchandise imports. trade among the countries of the area is limited. there are intense migratory movements from these countries to europe, owing to their closeness and, above all, as a consequence of the large differences in per capita incomes and living standards. in italy, out of a total of about 1, 400, 000 immigrants, 160, 000 come from morocco, 50, 000 from tunisia, 25, 000 from egypt and 12, 000 from algeria. in germany, out of a total of some 7, 300, 000 foreigners, about 2, 000, 000 come from turkey. in france, out of a total of about 3, 300, 000 immigrants, more than 1, 300, 000 come from morocco, algeria, turkey and tunisia. migratory flows will undoubtedly increase owing to the ageing of the european population and the limited supply of workers to do unskilled and low - paid jobs. a major social and political issue is how to control migration, to ensure that it will benefit rather than harm our economies, to guarantee that immigrants and their families are harmoniously inserted into our societies ; and to avoid the rifts, the marginalization and the problems of law and order caused by unregulated flows. voluntary organizations do commendable work in fostering the social integration of immigrants. many attempts, some very recent, to enter countries illegally with the complicity of criminal organizations have ended tragically, with women and children among the victims. there is an increasingly urgent need to find suitable ways to regulate the phenomenon and prevent the suffering and loss of human lives, in combination with policies for the development of the countries of origin of the migratory flows. an important shortcoming of the bilateral agreements between the european union and the mediterranean countries is the failure to liberalize trade in agricultural products, where the mediterranean countries have a significant comparative advantage, to the benefit not only of their economies but also of ours. direct investment in the mediterranean countries, the most effective way of disseminating technological know - how,

improvements in foreign exchange settlement, and enhancing the framework for resolving cross - border failures of financial institutions must not be forgotten as well. concluding remarks already forty years ago, the nobel prize - winning economist sir john r. hicks predicted that in a globalized financial market “ a national central bank will no longer be a true central bank, ” but will become “ single banks in a world - wide system. ” whether we like it or not, this is clearly the direction we are heading. bis central bankers ’ speeches