with innovative solutions to deal with this major risk to the international financial system. the second problem statement seeks to encourage the participants to come up with technology solutions in forex and liquidity to enable settlement in more number of emerging market and developing economy ( emde ) currencies. the use of local currencies in cross - border payments can help to shield the emdes from global shocks, protect against exchange rate fluctuations and encourage the development of local forex and capital markets. multilateral payment platforms that support multiple currencies would offer a way to promote such local - currency payments. as things stand today, fx and liquidity risks associated with emde currencies can make the operation of multilateral platforms with emde currencies more challenging. it is in this backdrop that effective liquidity mechanisms need to be developed. the third problem statement which was intentionally kept broad, calls for technology solutions for multilateral cross - border cbdc platforms. it invited solutions and technologies for multilateral cross - border cbdc platforms which can contribute to interoperability across multi - cbdc platforms or domestic payment systems ; reduce operational cost ; and increase efficiency, while ensuring consistency in standards across multiple jurisdictions. i strongly believe, cross - border payments can be made more efficient through adoption of cbdcs and this is an area which should receive close attention. as all of us are starting on a clean slate on the cbdc front. the adoption of right technology platform, which is inter - operable, would be a great benefit to the future of cross - border payments ecosystem. i am happy to share that this g20 techsprint 2023 has witnessed encouraging participation from around the world with 93 proposals submitted across the three problem statements. in collaboration with the bis, 21 proposals in total ( 7 each for the three problem statements ) were shortlisted. these proposals have the potential to bring transformation in the cross - border payments ecosystem in line with the g20 priority. they have the power to provide solutions to maintain the integrity of the financial system, empower the underserved, reduce frictions in cross - border payments and amplify the resilience of financial systems. these proposals were evaluated by an eminent jury and three best submissions ( one for each problem statement ) have been chosen as winners. my congratulations to the winning teams. i would also like to thank all the participants for their efforts and encourage them to continue their innovative endeavours. i extend my gratitude to every participant, mentor,

! since the beginning of december, the british pound has lost over 7 % and 5 % of its value against the euro and the us dollar respectively ( see figure 8 ), with a portion of this decline in spot price being cited as a “ brexit ” premium by market participants. however, in implying any direct causality between brexit and the pound ’ s depreciation, we should remind ourselves that the recent pound depreciation has occurred in parallel with a reassessment of the likely rate path of the bank of england, with expectations for the bank of england to follow the fed in raising interest rates, having decreased significantly over the same period with the market re - evaluating of the bank of england ’ s potential interest rate path. thank you very much for your attention. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches