and credit cooperatives, and non - banking issuers and acquirers of payment cards. having this access would, for instance, facilitate the provision of instant payment services for non - banking issuers of payment cards. ( iv ) more efficient retail payments given its legal mandate, one of the priorities of the central bank is to contribute to the development of the retail payment system in a manner that strikes a right balance between security and innovation, efficiency, and inclusion. the central bank will continue with an active agenda in this area, just as in previous years, although the focus might shift from “ traditional ” issuers and acquirers of payment cards towards fast or instant payments. in the near future, it is urgent to solve frictions that affect the market of payment cards, which may affect incentives of market participants to continue the path of development that we have seen in recent years after changes in regulation made by the central bank. recently, new acquirers and issuers of prepaid cards have entered the market bringing competition and alternatives to persons and merchants, and the use of digital payment instruments has had a huge increase. this is the result of long - standing efforts, and momentum gained during the pandemic with a wider use of digital payments. regarding fast or instant payments, there is an international trend to implement systems that allow funds to be received by the final beneficiary as soon as it is triggered by the payer. in chile, this has been the standard for a long time for electronic transfers of funds, but we believe that there is still room to improve. in other jurisdictions, similar systems implemented more recently are more widely used by the population and as an actual means of payment in stores, not that different from cash or payment cards. given the increasing importance of digital payments in the economy, we decided to improve the standards for the clearing and settlement of those transactions. along these lines, earlier this year the central bank issued a new regulation for retail payments clearing houses. a number of private entities have expressed their interest in creating retail payments clearing houses and they should be entering into function during 2023. this measure, coupled with new providers of payment initiation services that shall come into the regulatory perimeter under the recently approved “ fintech law ” have the potential to promote competition in the payments system. we welcome the recent approval of the " fintech " law, aimed at promoting competition and financial inclusion through innovation and technology in the provision of financial services, which allows the bcch to regulate new activities

, this reflects the sizeable and increasing share of australia ’ s exports going to our fast - growing neighbours in the asian region, most notably china. the relatively weak growth among the advanced economies in recent years has had minimal impact on our major trading partners ’ growth figure because they account for a small share of australia ’ s trade ( at least directly ). 2 so, from the perspective of our major trading partners, growth has been average for a few years and our assessment is that this is likely to continue over the next two years. see, for example, the november 2014 statement on monetary policy. in 2013, the g7 economies accounted for about 25 per cent of australia ’ s exports directly, compared with about 40 per cent in 2000. and while australia trades with these economies less than in the past, they still have an important bearing on global demand and supply conditions, thereby influencing the prices of our imports and exports. bis central bankers ’ speeches graph 1 however, conditions in the major advanced economies are very important to australia in other ways, via their effects on global financial conditions and through indirect trade linkages. 3 the economies of the united states, japan and the euro area are in different phases of the business cycle ; however, inflation is low and monetary policies remain very stimulatory in all. stimulatory monetary conditions in those economies, including the exceptional expansion of their central bank balance sheets, has led to very low levels of interest rates globally and has contributed to a global “ search for yield ”, with important implications for exchange rates. after the recession following the global financial crisis, the recovery of the us economy is now well established. there has been a sizeable decline in the unemployment rate while wage growth and the rate of inflation have picked up a little of late ( graph 2 ). the federal reserve has now ended the extraordinary expansion of its balance sheet and markets are focused on the question of when the fed might begin the process of raising its policy rate. this is generally anticipated to be sometime around the middle of next year. once that process is seen to be starting in earnest ( or at least much closer to starting ), it may well lead to a further appreciation of the us dollar. the flipside of this would be a further depreciation of the australian dollar, which remains above most estimates of its fundamental value, particularly given the substantial declines in commodity prices over the course of this year. kelly g and g la cava ( 2014 ), “ international trade