samchain/econo-pairs-v2 huggingface dataset:
. • make clear, time bound and practical recommendations on how the barriers identified can be overcome. we look forward to receiving the report of your proceedings this morning and remain open to further consultations on this topical agenda. it is now my pleasant duty and honour to declare the banking and finance conference officially open. i wish you fruitful deliberations in this conference.

njuguna ndung ’ u : agent banking remarks by prof njuguna ndung ’ u, governor of the central bank of kenya, at the official opening of the workshop on agent banking, nairobi, 14 january 2010. * * * chief executives of commercial banks here present ; distinguished guests ; colleagues ; ladies and gentlemen : allow me at the outset to thank you for accepting our invitation to attend this workshop. it is indeed important that this morning we are addressing the issue of agent banking, a concept we are keen to see take root innovatively in kenya. the central bank has convened this workshop for three critical objectives : • the first objective is to demystify this new banking model and show how it works ; • secondly, to showcase how it has worked successfully in other countries as a platform for financial reach, inclusion and financial deepening ; • finally, to build consensus amongst market players on how agent banking can work in kenya supported by regulatory framework. as you are aware, the finance act, 2009 that became operational at the beginning of this month has amended the banking act to enable use of third party agents by banks. banks will therefore be able to leverage on additional cost effective distribution channels to offer financial services. this initiative is informed by the need to leapfrog access to financial services in kenya. the national financial access survey of 2009 shows that 32 % of kenya ’ s bankable population remains totally outside the orbit of financial services and many more being served by the informal financial system. ladies and gentlemen : vision 2030 is premised on a safe, efficient and inclusive financial system where savings and investment rates will more than double. the financial sector is expected to play a pivotal role in mobilizing the substantial resources required to finance the envisaged flagship projects. we must therefore explore and implement innovative models that will deepen kenya ’ s financial sector to support savings and investment growth. the central bank of kenya continues to support innovations that will broaden financial inclusion for the majority of kenyans. in doing so, we will need to focus on safeguards to ensure that the integrity and safety of the financial sector is not threatened. but above all, the cost of financial services should decline to encourage financial inclusion and reach at all corners of the country. it is appropriate at this stage to highlight the key steps that the central bank has undertaken up to now with regard to agent banking : • initially, extensive reviews of the knowledge base in this area were undertaken to enhance our understanding of this
on generating current profits. despite the deteriorated quality of loan portfolios, bulgarian banks did manage to keep considerable capital buffers, given the provisions of over bgn 4. 5 billion allocated only by october. is there any other country among the 27 eu member - states, apart from bulgaria, that in these circumstances could be proud of the remarkable 18 % capital adequacy and total liquidity ratio of nearly 22 %? once again i would like to point out that these outcomes are not accidental and do not come out of the blue. all that we have achieved so far is a result of both the long - standing and consistent efforts made by the bulgarian national bank for creating cushions and maintaining the stability of the system, and of the common sense and efforts of each and every one of you. thank you very much for this! the crisis could not make us turn away from the strategic tasks facing us, i. e. to be competitive, to provide the services needed by individuals and businesses, to be innovative and stand in the lead among the eu member - states so as to meet the demands of the future. in one of the most rapidly developing areas – payment systems, bulgaria marked a significant progress in 2010. the merger of the two most important operators borica and bankservice is accomplished. on 1 february, we launched into operation the national component of target2 ( target2 - bnb ). the connection of the national banking community to target2 is an important step in our integration into the euro area payment system, providing to the participating banks an opportunity to execute real - time eurodenominated transfers at an exceptionally low price. in parallel with launching target2 and the developments in the large payments area, we had the system for processing customers ’ payment in euro – bisera7 - eur – started from 1 february. the system processes eurodenominated payments in line with sepa standards. with the implementation of target2 and bisera7, banks and their customers have at their disposal a reliable and secure infrastructure for processing small and large payments in euro. this is a proper opportunity to invite any of you who, for one reason or another, have not yet availed of the advantages entailed in joining these two systems to do so. the most direct and broadest everyday contact of the general public with the banking system is through the banknote and coin related services provided to individuals and businesses. this year ’ s great event in this area was the commencement of operations

as well as to the balance sheets of the banks you are running! happy banker ’ s day, dear colleagues!
place take into account the need to safeguard the integrity of the financial system. 12. in november 2011, parliament enacted the national payments system act. this act provides cbk with oversight of the national payments system. it aims to bring all payment service providers including mobile phone service providers offering money transfer services, within one regulatory framework. going forward, the inclusion of these mobile phone service providers within the supervisory and regulatory scope of cbk will no doubt enhance the country ’ s aml / cft measures. 13. it is my hope therefore, that this conference and the initiative being launched by the financial services volunteer corps will contribute to a greater understanding of the subject and will generate frontier ideas of enforcing and enhancing aml / cft measures. 14. it is now my pleasure to invite the permanent secretary, ministry of finance, bw. joseph kinyua, to officially open this conference. thank you bis central bankers ’ speeches

in the midst of all this, countries in asia and latin america have succeeded in escaping the infinite loop. remember the east asian tigers, and emerging market economies in latin america, chile and argentina. i believe there is a way out of this loop for african countries and hope that the deliberations coming out of this seminar will identify concrete policy options and proposals to support ongoing efforts to stem capital flight and enhance repatriation in support of investment and economic growth across sub - saharan africa ; so that africa in 3007 is not the mirror image of africa in 2007 ; the one which has rightly or wrongly been associated with corruption, capital flight, hipc and poverty. in wishing successful deliberations to all the delegates, i hereby declare this seminar open. thank you all.
is, therefore, important to capture not only the probability and magnitude of adverse impact of policies on inflation but also the damage that could be done both to price stability and inflation expectations in the event, even with very low probability, the risks do materialise. hence, there is a need to continue to demonstrate, in a credible fashion, by words and deeds, commitment of both monetary and fiscal authorities to stabilise inflation expectations. the government finances present a mixed picture since the presentation of the review, with greater comfort in regard to the central government ’ s borrowing programme and some discomfort at the trends in revenue deficit relative to budget estimates. the conduct of market borrowing programmes of several states continues to be a matter of concern. a distinguishing feature of the current year has been the strong growth in bank credit. non - food credit expanded by 18. 1 percent in the current financial year up to december 24, 2004. the growth in credit for housing and consumer durables continues to be a matter of some concern to the extent it reflects on credit quality, but a source of comfort is that the overall credit growth of late is reasonably well dispersed across sectors. though credit growth has shown an uptrend, money supply ( m3 ) growth has remained subdued at 7. 2 percent. by and large, the monetary trends are within the projections made in the review. the financial markets generally remained stable. though there was upward movement in interest rates in money and government securities markets in november, the interest rates have since reverted closer to levels in october 2004. the yield spread between highly rated corporate paper and government securities increased. furthermore, the spread between long term and short term government securities has declined. in the credit markets, the benchmark prime lending rates remain generally unchanged though interest rates for housing have marginally firmed up. public sector banks increased their rates for deposits of over one year. in the external sector, conditions in our forex market continue to be orderly. global developments in regard to output growth, currency markets, etc. have not been divergent from our expectations in the review and may continue to be so though uncertainties in regard to oil prices will continue, albeit in a muted fashion. since march 2004 the rupee has tended to appreciate against the us dollar and depreciate against other major currencies, primarily reflecting the weakening of us dollar. there are, however, some developments during the current year which are noteworthy. first, foreign exchange reserves increased by us $ 18. 2 billion,

other way. so thank you for all your good work, and thank you for your attention. 4 / 4 bis central bankers'speeches
jgb yields as a reference 0. 0 < outlook for prices > y / y % chg. fiscal 2023 forecasts made in july cpi ( all items less fresh food ) ( reference ) cpi ( all items less fresh food and energy ) fiscal 2024 forecasts made in july fiscal 2025 forecasts made in july + 2. 8 + 2. 5 + 2. 8 + 1. 9 + 1. 7 + 1. 6 + 3. 8 + 3. 2 + 1. 9 + 1. 7 + 1. 9 + 1. 8 note : figures indicate the medians of the policy board members'forecasts ( point estimates ).

labor market conditions will tighten further and firms will raise wages more actively to recruit and retain employees. in considering this scenario, though, a question arises as to whether many firms have an incentive that is strong enough to lead them to raise wages at the expense of profit to recruit and retain employees. in this regard, for firms to raise wages sustainably from fiscal 2024 onward, one of the key factors will be economic activity at home and abroad remaining stable, fostering an environment conducive to solid corporate profits. having said that, given the considerable uncertainties over the outlook for overseas economies, there is a risk that, depending on economic developments going forward, downward pressure will be exerted on wages and then on prices. on the other hand, if changes in firms'wage - and price - setting behavior continue and the virtuous cycle between wages and prices strengthens, these - - together with the stable increase in private consumption that i described earlier - - will likely push up prices further. ii. conduct of monetary policy further increasing the flexibility in the conduct of yield curve control based on the economic and price developments i have explained so far, i would now like to present my views regarding the bank's current conduct of monetary policy, focusing on its conduct of yield curve control in particular. at the monetary policy meeting ( mpm ) held in october 2023, the bank decided by a majority vote to further increase the flexibility in the conduct of yield curve control. within this modification, the bank - - while maintaining the basic framework of yield curve control by setting the short - term policy interest rate at minus 0. 1 percent and the target level of 10year japanese government bond ( jgb ) yields at around 0 percent - - decided to conduct yield curve control with the upper bound of 1. 0 percent for 10 - year jgb yields as a reference and control the yields mainly through large - scale jgb purchases and nimble market operations. specifically, the upper bound of 1. 0 percent for 10 - year jgb yields prior to the modification in october was a " rigid cap, " in that when the yields were at 1. 0 percent, fixed - rate purchase operations for consecutive days were to be conducted to strictly contain the rise in the yields to below 1. 0 percent. however, given that developments in economies and financial markets at home and abroad are extremely uncertain at present, the bank considered that strictly capping 10 - year jgb yields could entail large side effects
the european governments, i. e. lowering interest rates and extending the duration of the loans, will ease greece ’ s debt service burden considerably. furthermore, the outstanding debt will decrease through bond swaps and debt buybacks. but what is important is that greece carries out the adjustment itself, helped by this very important decrease of the yearly service of the debt. after brussels, will countries like spain or italy avoid the greek contagion? without exception, every country is aware that it is experiencing an exceptional crisis. for example, the italian government has just adopted a fiscal programme that will reduce its deficit to less than 3 % from 2012. how many major developed countries, outside europe, can say that? spain has started to carry out ambitious reforms, as noted at the meeting on 21 july. the european central bank has called for all countries to strictly adhere to the letter and spirit of the stability and growth pact, to strengthen competitiveness and, in particular, to monitor production costs and carry out the necessary structural reforms. that is the path to sustainable growth and job creation. the crisis has been enlightening. within the euro area, those countries that have been very attentive to their budget and their competitiveness, such as germany or austria, have succeeded in creating jobs and reducing unemployment, even during the crisis. the same applies to countries outside the euro area, for example sweden, which has had much better results than any other country outside the euro area. bis central bankers ’ speeches with each crisis, the usual suspects call for greater federalism in order to prevent the next crisis. this time, they want euro bonds and greater sharing of the debt burden. is this a responsible and helpful response? and can we take steps towards federalism without asking the people for their opinion? as you know, the summit in brussels was not convened at all with the aim of causing institutional upheaval. that said, the view that europeans need to reflect on their long - term vision of how they want european institutions to evolve is, for me, a valid one. the construction of europe really started 60 years ago. evidently, it has not yet been completed, and it is also very clear that it is up to our democracies to take the decisions and thus, ultimately, to the people of europe to say what they want. speaking as a european citizen, and not as the president of the ecb, i think that the europeans will go on to invent in a long term prospective

speech i gave in 2005 at jackson hole in wyoming, where central bankers from all around the world meet every year on an informal basis. back then, i explained that one of the conditions for boosting long - term confidence was to remain visibly and constantly in a state of alert. the experience of the most serious crisis since the second world war has only strengthened this conviction. more than ever, the benefit that the european central bank brings to europeans is to be an anchor of stability and confidence in a turbulent and demanding period. bis central bankers ’ speeches
was withdrawn from circulation in 2007 ). the lack of a different and distinct portrait on each banknote denomination has been noted for rectification. 8. different portraits allow the general public to easily identify the different denominations. it is also an important consideration when it becomes necessary to upgrade and change the design and security features of banknotes. one of the key reasons for placing different portraits on different denominations is the need to frustrate counterfeiting. a continuing concern of the central bank is to guarantee the integrity of the banknotes and defend them against the escalating trends of counterfeiting. 9. varying the portraits on our banknotes will also permit the nation to recognize departed national heroes who positively impacted on the lives of ghanaians. selection of the portrait for the gh¢2 banknote 10. it is for the above reasons that the obverse theme, the portrait of dr. kwame nkrumah, was chosen for the gh¢2 banknote, to commemorate the centenary of the birth of this illustrious son of africa. the reverse of the banknote depicts the old and new parliament buildings, signifying ghana ’ s deepening democracy. ladies and gentlemen of the media, 11. the introductory issue of the gh¢2 banknote will have the commemorative text “ centenary of the birth of dr. kwame nkrumah ”. future issues of the gh¢2 banknote are not expected to have this text ; making this introductory issue a collector ’ s item. 12. the new banknote will be issued out as legal tender in may 2010, to coincide with the conclusion of the year - long centenary celebrations of the birth of dr. kwame nkrumah. 13. on this note i formally declare the educational campaign on the introduction of the gh¢2 banknote duly launched. please remember to keep the ghana cedi clean! 14. thank you for honouring our invitation and may god bless us all. the new gh¢2 banknote front back poster

##ifice is not only functional but also a symbol of hope and determination of the ghanaian. as a pacesetter in this emerging industry, i urge you to be a shining example and a beacon of hope to the many up and coming ghanaian youth desirous of making a career in the fintech industry. this would require that you operate responsibly by being customer - centric and complying with the regulatory regime at all times. while you relish the accomplishments of the past two decades, may i remind you that you have just entered a new era and a new phase of your existence. the ecosystem in which you operate is also in a state of flux. in the midst of the excitement, you should not forget to strategize for the future. happy twentieth anniversary! congratulations!
season, and the much younger member of staff who would otherwise have to do it would be much better occupied at home with his family. well, that is all i wish to say. i hope you all now understand better why we are having this conference in palle ’ s honour. and i hope you will find it a fruitful occasion professionally as well, as palle would certainly have wanted.

affairs division, dealing in particular with global financial stability issues relating to the international monetary fund. some of you have already met him, and i am certain that he will be a worthy successor to thomas notheis. one final thought i would like to leave you with : our decision to have a permanent representative here in mumbai shows that the bundesbank acknowledges the importance of the indian economy and the role of its financial market in asia and the rest of the world. i strongly believe that our presence here in mumbai will deepen friendship and cooperation, not only between alexander sattler and his peers but also between the bundesbank and the reserve bank of india, and eventually between germany and india. thank you! bis central bankers ’ speeches
intentions as determined by its own assessment. however, i share some of alan ’ s considerations on the limits and drawbacks of macroeconomic projections based on a constant interest rate assumption. as you know, in order to improve the overall consistency and forecast quality of the eurosystem staff macroeconomic projections, we recently decided to change the assumption about the future path of short - term interest rates that is incorporated in the staff projections. with the projections released today, we have started to produce macroeconomic projections that are conditional on the path of future interest rates expected by the markets, as embedded in the yield curve and in futures prices. this approach corresponds to the second option in alan ’ s paper and addresses the concerns expressed by eliminating an internal inconsistency and improving transparency. it will not solve all of his concerns, but it should mitigate some of them. iv. monetary policy and asset prices i will turn now to the questions in alan ’ s list that concern the relationship between monetary policy and financial markets. in question 14, alan asks : how should central banks react to asset price bubbles? to answer this properly, i would need at least another 20 minutes. unfortunately, i do not have that much time, but let me make two remarks. first, i agree with alan that asset price bubbles are difficult to identify in real time and are thus often only identified ex post. this notwithstanding, it appears to me that there are a number of tools that can help identify the emergence of bubbles. the ecb does not target asset prices, but pays close attention to asset price movements with a view to preserving the stability of consumer prices over longer horizons. in this regard, the role of money and monetary analysis in the ecb ’ s strategy helps us to assess developments in asset prices and the degree to which they pose a risk to price stability over the longer term. second, excessive appreciations and subsequent rapid reversals in asset prices could have very high costs for price stability and for the real economy. therefore, a policy of only “ mopping up after ” – to use alan ’ s terminology – could have worked on some specific occasions, but this may not always be the case while, at the same time, it might create moral hazard problems. in light of this, a central bank may want to consider a policy of carefully “ leaning against the wind ” under certain, clearly exceptional, circumstances. it would then adopt a somewhat tighter policy stance in the face of an inflating asset market than

undertakings. ladies and gentlemen, with these few words, i thank you for your attention and i hope that you will find the event insightful. 2 / 3 bis - central bankers'speeches thank you. 3 / 3 bis - central bankers'speeches