samchain/econo-pairs-v2 huggingface dataset:
which they can collaborate. bou and ucc are discussing the essentials to be included in the mou. future developments we envisage that mobile money will become an integral part of the national payment system. the bank of uganda act is being amended to include powers of the central bank to regulate and supervise the payment systems, and a national payment systems legislation is being developed whereby payment service providers will be licensed by the central bank. once this legislation is enacted, payment service providers will be directly licensed as payment operators. bis central bankers ’ speeches

will be the consequent dutch disease impact. we must be very careful to try and avoid, as much as is possible, rendering our non oil traded goods industries economically unviable, because that would be very detrimental to long term growth and structural transformation. if dutch disease drives up the costs of producing traded goods in uganda, the competitiveness of traded goods industries can only be maintained if these industries can become more efficient, for example by raising the productivity of labour. thirdly, oil prices are inherently volatile. this poses acute problems for the short term management of fiscal policy. in particular the volatility of oil revenues often leads to procyclical public spending which amplifies the business cycle and thus destabilises the macroeconomy. to avoid this, it is necessary to de - link public spending from contemporaneous oil revenue receipts, in a manner which is consistent with long term fiscal sustainability. again, this presents political challenges because of the need to maintain fiscal discipline during periods of above normal oil revenue receipts, when optimal fiscal policy dictates that government budget balances should improve, but when pressures for more public spending will intensify. good public policy decisions are more likely to be taken and implemented if they are a product of well informed public policy debates ; debates which involve public officials, the academic community, the business sector and civil society. i hope that this seminar, which includes participants from the parliament, government, the business sector, academia and civil society, will strengthen our understanding of the critical issues relevant for oil revenue management and will help to promote public debate about these issues. distinguished delegates, i would now like to invite the honorable minister of finance, planning and economic development to officially open this seminar. bis central bankers ’ speeches
municipal commission of commerce ( smcc ) 2 source : shanghai municipal commission of commerce ( smcc ) 3 the bond indices, designed by cfets and boc, track the movements of the chinese bond market and can be used by investors to benchmark their chinese bond portfolio performance. 5 / 5 bis central bankers'speeches

here in shanghai. this is a reflection of the close bonds with our partners in china, which mas greatly values. in the next five years, we look forward to broader and deeper financial cooperation with china, reaching more milestones in a range of areas including belt and road collaboration, capital markets connectivity, rmb internationalisation, and fintech cooperation. 1 / 5 bis central bankers'speeches singapore – shanghai economic relations against this backdrop, we expect shanghai - singapore cooperation to grow from strength to strength, building on the strong economic and financial relations between both cities. a. in 2017, shanghai - singapore trade amounted to us $ 17. 5 billion1, an increase of 33. 8 % from 2016. on the investment front, singapore has been china ’ s largest foreign investor for five consecutive years. shanghai was singapore ’ s second largest investment destination in china while singapore was also shanghai ’ s second largest foreign investor in 2017. with growing affluence of shanghai ’ s resident population, shanghai continues to be an attractive investment destination for singapore companies. b. similarly, shanghai companies view singapore as an important asian commercial and financial hub as they expand internationally. as of end 2017, there were close to 110 shanghai companies in singapore, with more than us $ 6 billion in investments2. c. notably, singapore minister for trade and industry chan chun sing visited shanghai from 4 to 6 november 2018 for the inaugural china international import expo ( “ ciie ” ), which allowed singapore companies to take part in business matching sessions and explore collaborations with chinese partners to enter and expand into china. d. during premier li ’ s recent visit to singapore, both sides welcomed the discussion between singapore and shanghai to establish a comprehensive mechanism for cooperation. the new platform will focus on belt and road initiative ( “ bri ” ), modern and financial services, urbanisation and sustainable development, technology and innovation, and people - to - people exchange. this new strategic, progressive and comprehensive platform will expand and deepen china - singapore engagements. 5 as economic and financial relations between shanghai and singapore expand, there is scope to foster even closer collaboration between both financial centres, and reinforce key areas of cooperation undertaken at the government to government ( “ g2g ” ) level. let me outline five key areas, which i hope would lead to further discussion during the forum today. belt and road collaboration between shanghai and singapore 6 first, shanghai – bridgehead of the bri – and singapore can foster the development of a comprehensive financial ecosystem
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done so in past crises, and we will do it again. 1 / 4 bis - central bankers'speeches anchored on three pillars our actions are anchored on what we call our three pillars : price stability, financial stability, and a safe and efficient payments and settlements system - these are the three pillars of central banking. allow me to provide updates on each. on price stability, as an inflation - targeting central bank, we aim to bring inflation back to the government's target range over the medium term. based on our latest estimates, we expect inflation to ease from the projected 5. 6 percent this year to 4. 1 percent next year and further to 3. 0 percent in 2024. as you know, next thursday, we will be holding our policy meeting. i have already communicated that we are prepared to match the us fed. since they hiked by another 75 basis points, you can expect that i will be voting to raise the policy rate by a similar magnitude. the reason we do this is to increase the likelihood that headline inflation will be within target by the second half of next year and, hopefully, for the rest of 2024. the bsp's policy rate hikes will also prevent a significant narrowing of the interest rate differential between the us and the philippines. keeping a comfortable differential between our policy rate and that of the us lends support to the peso. as you know, the bsp observes a flexible exchange rate policy. as such, we do not target a specific exchange rate nor set a specific line in the sand. nevertheless, we recognize that significant and persistent depreciation of the peso can dislodge inflation expectations. we, therefore, intervene in the market as needed, consistent with our price stability mandate. in addition, the bsp also exercises flexibility in selling dollars. the philippines has ample gross international reserves - standing at 94. 1 billion us dollars as of the end of october 2022 - allowing us to sell dollars and help smoothen foreign exchange market volatility. in summary, the bsp uses three tools to cushion the economy against disruptionsinterest rate adjustment, a flexible exchange rate, and foreign exchange market participation. we use a combination of these tools in a well - calibrated manner to keep the impact of external shocks manageable. meanwhile, there is a fourth tool, which are non - monetary measures implemented by the national government to help boost the supply and moderate the prices of key food commodities. the bs
participants, in conclusion i would like to underline that this project provides to the market an important infrastructural element. starting from today, the securities market will speak in the language of electronics. however, the bank of albania will introduce in april a full package of improvements which will focus on the development of the financial market and stability. hoping that you will be using the new system efficiently, thank you.

amando m tetangco, jr : maximising the benefits of remittances from overseas filipinos remarks by mr amando m tetangco, jr, governor of bangko sentral ng pilipinas ( the central bank of the philippines ), at the signing of the memorandum of agreement between the commission on filipinos overseas ( cfo ) and the bangko sentral ng pilipinas on the remittance for development council, manila, 26 march 2012. * * * secretary imelda nicolas ; officers and staff of the commission on filipinos overseas ; fellow advocates in promoting the interest of overseas filipinos and their families ; distinguished stakeholders ; fellow bspers ; special guests ; friends from the media ; ladies and gentlemen, good afternoon. welcome. what we have today is a short and simple ceremony for the signing of the memorandum of agreement between the commission on filipinos overseas and the bangko sentral ng pilipinas covering the remittance for development council. short and simple ; …. but full of significance. to the bangko sentral, this partnership with the cfo on the remittance for development council, is yet another step forward in our continuing efforts to maximize the benefits from remittances from overseas filipinos …. not only for themselves and their dependents in particular, … but also for our country in general. as a multi - stakeholder advisory and policy recommending body, the remittance for development council can address the matter of channeling individual and collective remittances to productive use and … at the same time ….. serve as a venue for discussing issues related to the remittance environment affecting overseas filipinos. over the past decades, the steady growth of migrant remittances has become a dependable and major source of foreign exchange for the philippines. in fact, the world bank reports that in 2011 … the philippines ranked as the world ’ s fourth largest remittance - receiving country. remittances from overseas filipinos coursed through banks was up 7. 2 percent in 2011 and reached over $ 20 billion ; this is equivalent to about 9 percent of the country ’ s gross domestic product. clearly, remittances from overseas filipinos are a major driver of consumption activity in the philippines, which in turn has supported economic growth. nevertheless, while remittances boost domestic consumption, their impact on the financial security of households and on the country ’ s long - term economic development
the time to push ahead on tackling climate change speech given by andrew bailey, governor of the bank of england corporation of london green horizon summit, mansion house 9 november 2020 all speeches are available online at www. bankofengland. co. uk / news / speeches and @ boe _ pressoffice it is a great pleasure at least to have the opportunity to meet virtually. today, i want to focus on how we ensure that we get back to the vital subject of tackling climate change and the role of the financial system. first, i want to say what a pleasure it is to be sharing a platform today – so to speak – with mark carney. as i have told mark quite a few times, timing is everything, and midnight on march 15th was an interesting choice of date to hand over as governor. but let me also say that in everything that has happened since at the bank we have benefitted from the many things that mark did during his term, and for that we owe him great thanks. mark has gone on to push forward his deep commitment to tackling climate change, and the role of the financial system in doing that. there have been times since march when we have faced very stark decisions in the face of the covid crisis. we decided in the spring to prioritise preserving people ’ s jobs and livelihoods in this emergency, and as far as possible the businesses that provide employment and the life blood of the economy. these short - term interventions did not discriminate on the basis of climate change. i believe that was the right response. in the face of such an emergency in all conscience it was not right to say to people that they would be denied a livelihood because their employment was of the wrong sort for the climate. i say this very starkly, because there is no point hiding from reality. but that does not mean that we have abandoned our commitment to tackle climate change and indeed the uk government has made a firm commitment to transitioning the economy to net zero by 2050. if we needed reminding of the importance for the uk and the 125 other countries who have made similar commitments of delivering on them, this year we have seen record wildfires in australia and california, record - breaking temperatures in the arctic circle and of course the powerful witness of sir david attenborough. these are a striking reminder of the need for sustained action by government, public authorities and the private sector. and it is important that, even in the face of the

inflation variance 1958 - 1992 p 1993 - 2012 2008 - 2012 1993 - 2007 output gap variance table 1 : monetary base data are month averages for uk, us, japan and end month for the euro area. sources : bank of england, federal reserve, bank of japan, ecb. bis central bankers ’ speeches table 2 : size of central bank balance sheets uk us japan euro area mar 2013 ( % nominal gdp ) increase since dec 2007 ( pp of nominal gdp ) sources : datastream, bank of japan. bis central bankers ’ speeches
and the moral of this story is this : the miracle of money creation by a bank may stimulate industry and trade – the upward phase of a business cycle in modern language – and give almost everyone a warm feeling of well being. but taken to excess, this miracle may result in a terrible day of reckoning. how to have the wonder without the reckoning? that is the question. mankind has progressed somewhat from the times of the 1720 ’ s with the creation of modern central banks whose functions typically include an element of oversight over the banking system. but the cupidity of certain people is eternal ; and requires eternal vigilance. beware of financial geniuses. this, i would like to suggest to you, provides the best firm reason for the continued existence of the iob. it must equip all those who are going to work in the banking system with the requisite set of j. k. galbraith ( 1975 ) money : whence it came, where it went, penguin books ethics with which to restrain people ’ s greed and cupidity : and protect bright, keen and energetic young men – and women – from the ways of nelly, the mentor, by providing them with the requisite training. that done, we will all proudly be able to assert as we look back on our contributions to a safe and sound banking system, “ finis coronat opus ”. thank you for your attention. ndi gqibile.

its support for a design that honoured the first australians. the new note will continue the rba's proud tradition of having first australians'imagery on australia's banknotes. some of you might recall the $ 1 dollar paper banknote issued in 1966 and the first $ 10 polymer banknote issued in 1988, both of which featured the art and culture of first nations peoples. australia's coins, which are produced by the royal australian mint, will continue to have the image of the monarch on one side. the rba is now embarking on a process of consultation with first australians on the new design. we anticipate it will be at least a couple of years before the new banknote is ready for circulation. the current $ 5 banknote will continue to be issued until then and it will still be able to be used once the new banknote enters circulation. thank you for your attention. next time we meet, the review into the reserve bank will have been completed and we look forward to discussing the results and recommendations with you. today, my colleagues and i are here to answer your questions. 5 / 5 bis - central bankers'speeches
an ideal opportunity to exchange views, in that it brings together a set of distinguished experts with considerably diverse experience. i encourage all participants to be active, ask questions and share their insights. ladies and gentlemen, we are also honoured to have professor juan ignacio cirac sasturain with us today as a keynote speaker. as many of you will know, our speaker is one of the leading theorists in quantum computation. his contributions range from the physics of quantum computers to quantum algorithms and quantum information theory. many here will be especially interested in his seminal work on quantum cryptography. professor cirac is the director of the theory department at the max planck institute of quantum optics in garching bei ma¼nchen, bavaria, and collaborates with many other academic institutions. he has received an impressive number of high - level awards, including the prince of asturias award for technical and scientific research ( 2006 ), the 2 / 3 bis - central bankers'speeches bbva frontiers of knowledge award ( 2008 ), the benjamin franklin medal ( 2010 ), the wolf prize in physics ( 2013 ), the max planck medal ( 2018 ), and many others ; more are sure to come. the subject of his talk is, very aptly,'opportunities and challenges of the next generation's computers '. we are certain that his remarks on today's central issue will set the stage for a very productive seminar. please join me in welcoming ignacio cirac to the stage. 3 / 3 bis - central bankers'speeches

excessive deficit procedures in the case of germany and portugal and the early warning issued to france. countries with remaining imbalances are urged to prepare sufficiently ambitious consolidation plans for their forthcoming stability programmes. emphasis should be placed on a growth - oriented consolidation policy that strengthens the productive forces of the economy. the governing council considers the recent commission communication to be a good starting point for rebuilding confidence in the budgetary framework. as already reflected in the statement on the stability and growth pact of 24 october 2002, we fully support the commission's main objective, namely to improve the implementation of the pact within the existing framework of rules. finally, i should like to stress again that there is still an urgent need to implement decisively the structural reform agenda. we note with some concern the slow progress in many euro area countries and call on governments to take determined action. the medium - term impact of these reforms on the economic growth potential of the euro area is likely to be substantial. a prompt implementation of structural reforms in the labour, product and financial markets is particularly important at this juncture since it would contribute to strengthening confidence in the euro area, thereby also supporting economic activity in the short term. we are now at your disposal for questions.
in the spring of 2016, which you can see in the chart on the left - hand side, would, at least at face value, nurture such concerns. it suggests that there is at most a loose correlation between the actual pace of eurosystem purchases under the app – which has been gradually declining since april last year – and the intensity of cross - border capital flows. the persistence of policy - induced cross - border capital flows the chart masks important differences across investors, however. you can see this more clearly on my next slide. up until may this year, net capital outflows in debt securities have decelerated, by and large, as a result of a reduction in the pace of net sales by non - euro area residents – as you can see in the chart on the left - hand side. in april this year, non - euro area residents became net buyers of euro area long - term debt securities – in moving annual sums – for the first time in nearly three years. as non - residents have been important counterparties to the eurosystem in implementing the app, the gradual slowdown in their net sales of euro area securities may not be surprising. it is likely related to the step - wise reduction in the actual pace of eurosystem purchases. 3 / 7 bis central bankers'speeches euro area residents, by contrast, and this you can see on the right - hand side, have reduced their purchases of foreign securities to a much lesser extent. in fact, when we cut the monthly pace of our purchases from €80 billion to €60 billion in april last year, euro area residents increased their acquisition of foreign debt securities by more than 15 % over the following six months. even when we cut the monthly pace of purchases to €30 billion as of january this year, euro area residents remained important buyers of foreign securities. in the united states, and this you can see in the chart on the left - hand side of my next slide, euro area residents accounted for nearly 30 % of total us treasury purchases during the first half of 2018. in 2017, their share was 25 %. now, there is no simple answer that could help explain the observed investment pattern. some would argue that foreign securities – us treasuries in particular – offer a considerable yield pickup compared with comparable euro area securities. so it should not come as a surprise to see continued outflows from low - yielding euro area bond markets. but not all investors are willing or able to assume

sector. in conclusion, data doesn't just offer numbers ; it tells a story. a story of where we've been, where we are, and most importantly, where we can go. the intersection of technology and tourism presents an avenue ripe with opportunities. let's harness these insights to ensure that our beautiful island remains a premier destination, not just for the present generation but for many generations to come. thank you, and let us work together to build a future as luminous as the barbadian sun. 4 | page