our analyses show weak monetary pressures on inflation. money supply expanded at slow paces during 2013, supported mainly by the private - sector demand, which was marked in the first half of the year. lending remained weak, reflecting economic agents ’ low demand for financing and banks ’ conservative lending policies. lowering credit interest rates in the fourth quarter did not boost the credit demand. at year - end, the annual change in the banks ’ loan portfolio settled at – 1. 2 %. * * * our baseline projections for future economic developments show a gradually recovered growth rate in 2014. alongside the positive external demand, private - sector demand will improve this year. private - sector arrears payment is believed to improve this sector ’ s liquidity and ease the banks ’ balance sheets. also, accumulating financial savings and easing monetary policy stimulus will materialise into better performance of private investment and consumption. besides improvement, the albanian economy is expected to operate below potential over the period ahead. below - potential economic growth and weak inflation pressures from the external sector will lead to a low inflation rate. at the end of discussions, the supervisory council decided to lower the key interest rate by 0. 25 percentage points, to 2. 75 %. given the available information, the bank of albania deems that the expected economic and financial outlook requires maintaining an easing monetary policy over the quarters ahead to help create the proper conditions for meeting inflation target in the medium term. bis central bankers ’ speeches

ravi menon : central banks and supervisors step up climate action keynote remarks by mr ravi menon, managing director of the monetary authority of singapore and chair of the network for greening the financial system ( ngfs ), at the ngfs cop28 finance day, singapore, 4 december 2023. * * * good afternoon ladies and gentlemen. welcome to the ngfs cop28 finance day. as chair of the network of central banks and supervisors for greening the financial system, or the ngfs, i would like to thank singapore for hosting the ngfs programme at the singapore pavilion. climate change is directly relevant to central banks and supervisors because it will have a significant impact on our economies and financial systems. even an orderly transition to net - zero will have adverse effects on economic growth and inflation over the short to medium term. but if the global economy fails to make this transition, annual global gdp losses by 2050 are estimated to be twice as large as those under a net - zero transition. these adverse impacts will be disproportionately borne by emerging markets and developing economies ( emdes ), with significant implications for food security, human health, economic opportunity, and development outcomes 1. this is why the ngfs has made inclusiveness a priority over the last two years. the ngfs was established as a coalition of central banks and financial supervisors to help green the financial system and contribute to global climate action. we started with 8 founding members six years ago, but have now grown to 150 members and observers from across the world. last year, i spoke about the ngfs'ambitious and expanded work programme to strengthen collective efforts towards greening the financial system. thanks to the hard work of our members and partners, the ngfs has made substantial progress on this work programme. today, i want to highlight three key areas of that work : climate scenarios and their macroeconomic and financial impact blended finance for emerging markets and developing economies transition planning by financial institutions climate scenarios let me start by outlining key findings from the fourth vintage of the ngfs climate scenarios, which was completed and published last month. 1 / 6 bis - central bankers'speeches first, reaching net zero by 2050 will entail significant economic transformation and financial investments against much higher carbon prices than today. from where we are today, achieving net zero by 2050 will require a significant pivot towards green energy sources. under such a pathway, renewables and biomass are estimated to deliver over 80 % of global primary energy needs by