instance, one of those challenges is the complex relationship between the dollar and geoeconomics, commonly defined as the interplay between economic and geopolitical tools and objectives. rising geopolitical tensions, sanctions against russia, china's efforts to bolster usage of the renminbi, and economic fragmentation all can affect the international use of the dollar, most visibly as a store of value and reflected in its use in official foreign exchange reserves. these same factors can also affect the dollar's role as a medium of exchange, such as in its use in trade invoicing, global banking, international debt issuance, and foreign 1 / 3 bis - central bankers'speeches exchange transactions. these topics will be addressed by two of our presenters today. linda goldberg will present a paper addressing the effects of geoeconomic tensions, focusing on the dollar's use in official foreign exchange reserves. linda and her coauthors find that financial sanctions and geopolitical distance from the united states are associated with lower dollar shares in foreign exchange reserves. looking more broadly, ryan chahrour will present work exploring the potential effects of escalating conflict and protectionism on the dollar's dominance in connection with efforts to promote the use of other currencies such as the renminbi. he and his coauthors find that both sanctions and policies that directly support the international role of the renminbi may reduce the prominence of the dollar if these sanctions and policies are long - lasting. the shifting cross - border payments landscape - including the rapid growth of digital currencies - could also pose challenges to the dominant role of the u. s. dollar. angelo ranaldo will provide an overview of aspects of that payments landscape, focusing on the world's largest multicurrency cash settlement system for foreign exchange, the continuous linked settlement payment system, and its role in facilitating cross - border payments by reducing settlement risk. in the panel moderated by michelle neal this afternoon, the panelists will take a broader look at the current landscape of crossborder payment systems and how new technologies such as central bank digital currencies and faster transactions could potentially affect u. s. dollar usage and global capital flows. stijn claessens, in his keynote address, will expand on similar themes and pose questions that still need to be explored by researchers engaged on this topic. while recognizing that the u. s. dollar may face some challenges to its dominance in the future, we, as

provision of ample liquidity and the further enhancement of monetary easing, focusing on three major aspects : maintaining the functioning of financial and settlement systems, ensuring the stability of financial markets, and supporting the economy. in this situation, in april 2011 the bank decided to introduce a funds - supplying operation that provides financial institutions in the disaster areas with longer - term funds at low interest rates in order to lend support to their initial efforts to meet demand for funds for restoration and rebuilding. it also decided to broaden the range of eligible collateral for money market operations. as for the former operation, the deadline for new applications for loans was initially set at end - october 2011, six months after the introduction, but was successively extended thereafter up to the current deadline of end - april 2014. looking at the usage of loans under this funds - supplying operation to support financial institutions in the disaster areas, the amount outstanding of loans a year after the earthquake reached about 500 billion yen vis - a - vis the 1 trillion yen ceiling, and most recently has been about 400 billion yen. the reason that financial institutions in the disaster areas have made little use of loans under this operation relative to the ceiling is that their funding conditions have generally been favorable as they have been receiving funds for reconstruction from various sources. nevertheless, the operation can be regarded as effective in that it has provided a safety valve for any unanticipated demand for funds, providing leeway for these institutions in their efforts to meet demand for funds for restoration and rebuilding. as the disaster areas are expected to see an increase in the demand for funds as reconstruction progresses, the bank will continue to provide firm support to financial institutions engaged in reconstruction efforts so as to allow for active lending. bis central bankers ’ speeches