good news is that progress is being made. a mere five years ago climate change was considered more of a charitable cause within the financial sector. although it can sound prosaic, this progress has to focus on data and disclosure. the taskforce for climate - related financial disclosures ( tcfd ) has led the way on this. what we cannot measure we cannot manage, so it is important that financial firms and their clients use the tcfd framework and the latest tools available to measure, model and disclose the climate risks and opportunities they are exposed to today and in different future climate scenarios. we at the bank started to do this ourselves when we published our own climate disclosure this summer. 1 we are now working with the treasury and other regulators to consider the uk ’ s approach to climate disclosure. disclosure metrics force us to confront the question of where we are and where we want to be, and thereby drive different decisions today. knowing that we will be publishing our next tcfd disclosure in less than 12 months creates discipline and urgency. that brings me to the management of climate risks. last year we became the first central bank and supervisor to set out supervisory expectations for banks and insurers on the management of climate risks. 2 and this year we wrote to ceos with more guidance, putting in place a deadline for firms to meet our expectations by the end of 2021. 3 of course, this is no easy task. that is why we have worked closely with industry through the climate financial risk forum ( cfrf ) to publish a practical guide for firms so that they can implement changes. 4 https : / / www. bankofengland. co. uk / prudential - regulation / publication / 2020 / climate - related - financial - disclosure - 2019 - 20 https : / / www. bankofengland. co. uk / prudential - regulation / publication / 2019 / enhancing - banks - and - insurers - approaches - to - managing - thefinancial - risks - from - climate - change - ss https : / / www. bankofengland. co. uk / prudential - regulation / letter / 2020 / managing - the - financial - risks - from - climate - change https : / / www. fca. org. uk / transparency / climate - financial - risk - forum all speeches are available online at www. bankofengland. co. uk / news / speeches and @ boe _ pressoff

. seasonal tendency of prices ’ behaviour was confirmed to have the same intensity even during this period, by keeping the inflation value at the same rate with that of the preceding month. the average annual inflation marked 2. 2 percent, equal to the value of the previous year, revealing the full elimination of the first round effects of the previous year increases in terms of raw material and electric prices. fiscal policy persisted to be also expansionary during july, notwithstanding at more moderated paces. budget revenues stood at the same rates of projection fulfilment with the previous months – accounting for 94 percent – while expenditure were met by 98 percent of the projected target, maintaining the same level with the three previous months. this effect provided advantage to the expansion of budget deficit in this period. as we have underscored even previously, the increase of both budget deficit and public expenditure does support the economic activity in terms of a low demand of the economy, but it also is accompanied by the increasing tendency of the public debt interest rates. the increasing review of public expenditures and budget deficit rate is forecasted to preserve this effect even during the remaining part of 2009, while a more balanced fiscal position for 2010 would reduce the pressures on monetary markets, by establishing more spaces for the rise of monetary stimulus. the external sector data regarding second quarter 2009 reveal a further reduction of the albania trade exchanges with the rest of the world in annual terms. according to preliminary data, these development tendencies have persisted even during july 2009. exports decreased by 17 percent relative to the same month of previous year. imports performance incurred the same development declining by about 8 percent in annual terms. external economy developments are accompanied by the maintenance of high trade deficit rates, which affect the imbalance of the demand to supply ratios for foreign currency in the economy. nevertheless, the maintaining of the exchange rate flexibility, the correcting tendency of trade deficit and the attraction of savings denominated in all, as higher interest rates and of low inflation, serve to relaxed and prudential volatilities of the exchange rate and to a strong position of all in the short - term and medium - term period. monetary indicators of july have reflected the more relaxed dynamic of financial intermediation. external sector highlights of the economy have affected the negative paces of the foreign currency component of money stock. however, banking system carried out the intermediation to increase lending in all extended to private and public sector with positive paces. thus, while monetary supply picked up at slower annual paces