samchain/econo-pairs-v2 huggingface dataset:
about financial markets? i put this challenge to you ~ think about how your industry could change with these developments, how you should adapt and change, and what needs to be done. tell us what you think and you can reach out to the fmc to share your thoughts and ideas. another area of focus that has captured wide attention is that of climate change and sustainability. many of our banks have embraced sustainability goals while our islamic banks are striving actively to adopt value - based intermediation ; banking and financing based on principles of shariah that encompass not just sustainability but also the wider goals of maqasid shariah and social economic well - being. financial markets should not be left behind. we should strive to work towards adopting sustainable and ethical practices where we can in the malaysian financial markets. extra support can be given to market activities that nudge the economy towards sustainable development, inclusivity and social welfare. again, the industry can think of ways and means of how you can play a role in this. lastly, having experienced heightened uncertainties in recent years, we continue to need to improve the financial market environment to ensure that markets are resilient against any form of shock. a part of this is that market players themselves need to be agile. this has become a necessity in the landscape of the financial world today which has shorter visibility on what we can expect due to the ever changing nature of the financial markets. the ability to adapt and react immediately is a must to thrive in future years. data science analytics and greater expertise will increase the agility of financial institutions to acclimatise to not only new demand but also new regulations or developments. alongside that, the development of talent with forwardthinking capabilities would be instrumental in elevating the quality of financial services. this will contribute to the elevation of our job market as a whole and pave the way for an industry that will thrive. much could happen in the next five years. technology, the environment, the economic and political landscape could change greatly. thus, we must plan well. the financial sector will transform regardless but with proper planning and execution, we stand a chance to influence and 3 / 4 bis central bankers'speeches improve the outcomes. financial market development will be a journey within this framework which requires effort and collaboration by both regulators and financial market participants. the spirit of teamwork and cooperation which has been developed over the years has paved the way for successful endeavours and should be nurtured

board or the federal open market committee. 2 / 2 bis - central bankers'speeches
trends at the local level, but also some potential source of concern that could increase downside risks in future – we will be coming back to these later. at the same time, there are signs of overheating on the domestic front, so that there is a school of thought that says we should leave the rate unchanged, keeping the monetary policy stance on hold, until the clouds, that threaten some economies at the global level, dissipate. unfortunately, inflationary pressures have persisted. for the month of april, for example, the year - on - year inflation showed a small decline, barely measurable, from 7. 2 percent to7. 0 percent. it was too early to say that it was a reversal of trend. eventually, when the may figures were released, the year - on - year inflation rose to 7. 1 percent, no longer showing a downward trend. in other words, inflationary pressures still persist, despite the hike in interest rate of 50 basis points at the mpc meeting in march 2011. at the same time, if we look at other measures of inflation, that is to say, the core 1 and core 2 inflation, also based on the year - on - year methodology, they confirm that the underlying inflationary pressures still persist. this is an indication that we must continue to tighten our approach to monetary policy and this is what we have done on the domestic front. if inflationary pressures do not abate, we intend to continue on the same track in order to get ahead of the curve. in other words, the normalisation process will continue. bis central bankers ’ speeches there are some who believe that the economy is rapidly slowing down and the balance of payments is a major source of concern. they also point out that fdi flows fell significantly in the first quarter of 2011, and unemployment rose slightly from 7. 3 to 7. 8 percent last year. according to them, these are factors that should be considered to maintain the status quo, that is, no increase in the key repo rate. but our reading is a little different – we believe that the performance of the mauritian economy is fairly good. earlier this year, we thought that growth would be around 4. 4 percent. presently, the growth forecast of the central statistics office is 4. 5 percent, and since march, we at the central bank, had forecasted that growth would be 4. 6 percent. now we have every reason to believe that it could be above

indonesia and romania. all other countries have an inflation rate lower than that of mauritius. a big effort is required to bring back our inflation rate in the ranks. a continuous effort should be considered by everyone to control all sources of inflation. the second table that we will circulate will show that the monetary policy stance of the bank of mauritius is not different from that of other central banks. the table will show you what other central banks have been doing in recent months in terms of monetary policy and interest rates. these two tables will allow you to situate mauritius vis - a - vis other countries, as it is important to gauge the differential between us and other countries. bis central bankers ’ speeches
international financial reporting standards : implementation issues ” and wish you all fruitful deliberations. thank you. 3 / 3 bis central bankers'speeches

yandraduth googoolye : the need to adapt regulatory and supervisory structures to changing technologies and business models speech by mr yandraduth googoolye, governor of the bank of mauritius, at the 15th meeting of the fsb regional consultative group for sub - saharan africa, port louis, 2 may 2019. * * * honourable governors, ladies and gentlemen, good afternoon and welcome to this fifteenth meeting of our regional consultative group. it gives me great pleasure to share my thoughts with this august forum whose work serves as inputs for the fsb plenary. we must all take pride that the democratic deficit at the level of the participation of developing economies in international discussions has been gradually addressed. the establishment of the different regional consultative groups in 2011 was a step in the right direction. it has enabled our voice to be heard. the global financial system has undergone positive transformation in the past decades. improvements in technology, product innovation, market integration, fierce competition, as well as policy and regulatory reforms have resulted in a dynamic and sophisticated financial industry. the pace of development and innovation in the financial industry even surpassed the authorities ’ ability to adequately regulate and establish suitable oversight mechanisms. ladies and gentlemen, i need not reiterate the importance of a stable financial system as a prerequisite for sustainable and inclusive economic development. we are all aware of the causes of the run - up to the global financial crisis and the consequences. we have seen percentage points to economic growth and employment rate being knocked off. many countries relied on taxpayers ’ money to bailout distressed financial institutions. returns to savers are now relatively lower and borrower ’ s access to credit has become more complex. standard - setters and regulators need to ensure that the financial industry continues to deliver on its essential services, whilst doing their best to correctly regulate and oversee the financial system. regulating a financial industry has nothing in common with how other industries are regulated. failures in the financial industry have devastating consequences on the real economy. adequate understanding of the financial sector as well as identifying risks and vulnerabilities should therefore be of prime concern to regulators and supervisors. financial stability is today one of the most widely discussed themes in economic literature. the relevance of analyses on financial stability stemmed from the late 90s international financial crises. it was reinforced by the financial and economic crisis that unfolded in august 2007. these economic tremors accentuated the need for constant up - to - date and exact snapshots of a given country ’ s financial sector.
185 – 288. woodford, m. ( 2013a ), ‘ forward guidance by inflation - targeting central banks ’, paper presented at the conference two decades of inflation targeting : main lessons and remaining challenges, sveriges riksbank, 3 june 2013. woodford, m. ( 2013b ), ‘ fedspeak : does it matter how central bankers explain themselves ’, university lecture delivered at columbia university, 22 april 2013. bis central bankers ’ speeches

mr. de swaan addresses capital adequacy regulation and the road ahead speech by mr. tom de swaan, an executive director of the netherlands bank, at the conference ‘ financial services at the crossroads : capital regulation in the 21st century ’ in new york 27 / 2 / 98. introduction 1. ladies and gentleman, it is a great pleasure for me to be here and to participate in the discussion on the future of capital adequacy regulation. i would like to compliment the organizers of this conference on the programme they have set up, covering many relevant topics, and the range of experts they have been able to bring together. in my address, as i am sure you would expect, i will approach the issues from a supervisory perspective. most of the questions that arise are quite complicated and many issues will require careful review. so do not at this stage expect me to provide clear answers on specifics. i do hope to be fairly explicit, however, on some of the more general issues at stake, in particular on the level of capital adequacy required for prudential purposes. in other words, my address today should be seen as part of the exploratory process that should precede any potentially major undertaking. starting point 2. obviously, our starting point is the capital accord of 1988. it is commonly acknowledged that the accord has made a major contribution to international bank regulation and supervision. the accord has helped to reverse a prolonged downward tendency in international banks ’ capital adequacy into an upward trend in this decade. this development has been supported by the increased attention paid by financial markets to banks ’ capital adequacy. also, the accord has effectively contributed to enhanced market transparency, to international harmonization of capital standards and thus, importantly, to a level playing field, within the g - 10 countries and elsewhere. indeed, virtually all non - g - 10 countries with international banks of significance have introduced, or are in the process of introducing, arrangements similar to those laid down in the accord. these are achievements that need to be preserved. 3. it is often said that the accord was designed for a stylized ( or simplified ) version of the banking industry at the end of the 1980s and also that it tends to be somewhat rigid in nature. elements, by the way, that have enabled it to be widely applicable and that have contributed to the greater harmonization. since 1988, on the other hand, banking and financial markets have changed considerably. a
longer horizon, concerns also remain about the persistence of global imbalances. concerning prices, recent oil price developments have created considerable upward pressure on consumer prices. according to eurostat ’ s flash estimate, annual hicp inflation was 2. 5 % in may, partly due to base effects, after standing at 2. 0 % in april. markets expect oil prices to decline gradually from recent peaks. if they were to remain at their recent high levels, it is to be expected that inflation rates would continue to be higher than previously anticipated and stay above 2 % for longer than just a few months ahead. when assessing price trends over the medium term, however, the outlook remains favourable. in particular, overall import price developments should remain moderate and inflationary pressure from wages and unit labour costs should be contained. both factors should help to bring annual rates of consumer price inflation back to below 2 % in 2005. these views are in line with the eurosystem staff projections, which put average annual hicp inflation at between 1. 9 % and 2. 3 % in 2004 and between 1. 1 % and 2. 3 % in 2005. they are also broadly consistent with recently released forecasts by international and private organisations. these forecasts and projections are subject to a number of risks and uncertainties. concerns relate in particular to oil price developments. moreover, there is insufficient knowledge today about future changes in indirect taxes and administered prices ; information on these items typically becomes available only towards the end of the year. against this background, the potential risk for second - round effects via wages needs to be monitored closely. finally, there has been an increase in measures of long - term inflation expectations derived from financial market indicators. while these indicators should be interpreted with caution, the recent upward trend calls for particular vigilance. moving on to the monetary analysis, we have seen increasing evidence of a normalisation of the portfolio behaviour of private investors. as a consequence, annual m3 growth has fallen quite significantly over recent quarters. still, the low level of interest rates continues to fuel monetary growth and the amount of excess liquidity remains high in the euro area. in an economic upswing, the persistence of excess liquidity could lead to inflationary pressures over the medium term. to sum up, the economic analysis indicates that the main scenario for the outlook for price developments over the medium term remains in line with price stability. however, short - term pressures on inflation have increased recently and some upside risks need to be taken into account

ever. thank you for your attention. bis central bankers ’ speeches
you for your attention. bis central bankers ’ speeches

linah k mohohlo : liquidity conditions in botswana banks speech by ms linah k mohohlo, governor of the bank of botswana, at the press briefing on banks ’ liquidity condition, gaborone, 26 march 2015. * * * i welcome you to this press briefing, the purpose of which is to provide clarity on liquidity at commercial banks. this is in response to some recent articles in the local media which suggest that, among others, banks in botswana are in financial difficulties and their customers face a “ credit crunch ”. the bank of botswana welcomes informed reporting of topical banking / financial issues and, in this spirit, has endeavoured to provide timely and informative responses to questionnaires received on the matter. as you will be aware, i took advantage of the national business conference in maun in november last year and addressed the issue of commercial bank liquidity in some detail. given continued interest on the subject, we have considered that a further engagement with the media is advisable. i will share with you salient points on this important matter and respond to questions thereafter. i would like to underscore an important fact, and that is, the banking sector in botswana is sound and profitable. profitability has of course declined as expenses increased faster than income, and the situation varies from bank to bank. in the 12 months period to january 2015, the aggregate industry balance sheet grew healthily by 11 percent, with deposits growing by 7 percent and credit growing by 13 percent. a tightening of bank liquidity has been evident. what is key is that all banks continue to comply with the necessary requirements such as the statutory liquid asset requirements. recent economic and market developments have had no adverse impact on levels of capital in the banking industry, with the aggregate capital adequacy ratio at 19 percent as at january 2015, and above the prudential limit of 15 percent. in the past five years, excess liquidity in the banking system, as represented by outstanding bank of botswana certificates ( bobcs ), has declined from p17. 7 billion as at end - 2010 to p4. 6 billion in february 2015. the main cause was the bank of botswana ’ s phased reduction of the excess money that is continuously mopped by way of auctioning of bobcs. the cap for this excess money is currently p5 billion and it was put in place to encourage productive lending by banks as well as to moderate the cost of mopping up
to most significant economies. not only the way china manages the current financial issues, but its implementation of structural reforms, so as to maintain robust economic growth in the long run, will have an impact on all of us. our monetary policy settings have been unchanged since last august, at what by any standard is a very accommodative level. this is playing its part in supporting sustainable growth in demand, consistent with the inflation target. we have signalled that if the economy evolves in line with the present set of forecasts, a period of stability in interest rates could be expected. having said that, let me return to a more global perspective, to make the point that sustainable growth over the long run has to rely on more than just monetary policy. strong long - run growth won ’ t be achieved in any country simply by manipulating interest rates ( or, for that matter, exchange rates ). monetary policy ’ s main contribution over the long run is to provide a stable monetary standard. that is a necessary condition for strong growth but it is not a sufficient one. nor will fiscal expansion serve as more than a temporary boost to growth. indeed the limits to fiscal activism are surely all too clear in many countries now. other conditions need to be right for growth. these include ensuring the environments for competition, innovation and investment, including in human capital, are sound. in those areas, various other government policies must come to the fore. that is the spirit in which the countries of the g20 recently committed to coming up with measures that could raise the level of world gdp by 2 per cent above what it would otherwise have been, over a horizon of five years. this isn ’ t to be achieved by a program of cheap money or debt - financed spending. many of the needed measures are likely to be politically demanding for governments to introduce. but if signing up to the challenge helps to galvanise efforts for the sorts of reforms that need to be made, then it will have been a worthwhile initiative. thank you for your attention. bis central bankers ’ speeches

. there is clearly a need for internal auditors to keep well abreast of these developments in financial institutions so that you can play the role expected of you in contributing to good corporate governance and, thus, to improved prospects for financial stability. australia ’ s corporations and governments, not to mention savers and investors, rely heavily on your work and it is crucial that it is done well. today ’ s agenda suggests that you should finish the day even better equipped to meet this challenge. i wish you a successful day. bis central bankers ’ speeches
in coming quarters. bis central bankers ’ speeches

said, growth outcomes in 2021 and early 2022 generally surpassed expectations. revisions to our mpc growth forecasts were therefore consistently to the upside – in contrast with the pre - covid period, where we were generally revising growth downward. for instance, at that unscheduled april 2020 mpc meeting, we envisioned growth of 2. 2 % in 2021, a number we eventually marked up to 4. 9 %. our estimates of slack in the economy also narrowed over time, mainly because of better - than - expected growth. page - 3 - of 8 in these circumstances, the view of the mpc was that we had provided about the right amount of policy support. our assessment was also that it would be appropriate to start moving away from emergency - level interest rates during the course of 2021. by the fourth quarter of 2021, we had a whole new different. fortunately, unlike some of the advanced economy central banks, we had not committed to forward guidance on interest rates. nor had we changed our framework in ways that made it more backward looking, for instance through average inflation targeting. we also did not have to worry about the sequencing of balance sheet policies, a factor which appears to have complicated timely policy adjustments elsewhere. the path to policy normalisation we started the normalisation cycle with a relatively modest 25 basis point increase at the november 2021 mpc. this was, incidentally, only a few days before fed chair powell said he was retiring the term ‘ transitory ’ for inflation. the sarb ’ s gradual pace of normalisation continued with interest rate increases in january and march of this year. from may, we started seeing evidence of inflation persistence. thus, we accelerated the pace of tightening, to 50 basis points, and then stepped it up further in july, hiking by 75 basis points. those decisions were shaped by a deteriorating inflation forecast, with a strong likelihood of a sustained target breach, starting with the unexpectedly high may print, at 6. 5 %, as well as the june outcome of 7. 4 %. the rand had also begun weakening after a period of resilience. furthermore, inflation expectations were clearly rising, both in survey results and as implied in financial market variables. now that we have got rates back up from 2020 ’ s record lows, the question we face is how quickly we need to get to positive real rates, and ultimately a more neutral stance. in turn, this depends on just how persistent higher inflation will be. here ’ s