instruments shall be denominated in major reserve currencies. this is to ensure access to a large pool of global investors and broaden the range of its holders, thereby enhancing the prospects for active secondary market. there is not an available mechanism through which the central bank of turkey can provide liquidity to the interest - free banking sector, or the so - called participation banks. however, the central bank of turkey has become a founding member of the iilm and contributed 10 million usd to its equity. as additional efforts by the institutions in turkey to facilitate participation banks ’ liquidity management, the undersecretariat of treasury has started the issuance of revenue indexed bonds, which are purchased by the participation banks. as it is known, another kind of interest - free security, which could be useful for participation banks especially in their liquidity management, is a specially designed financial certificate, called “ sukuk ”. there is a regulation of the capital markets board of turkey dated 1 april 2010 that permits the issuance of rent certificate, which are very similar to asset - backed securities. we believe that such interest - free securities, which could also be traded in secondary markets, is very beneficial for the participation banks in their liquidity management operations. distinguished participants, the vital issue of liquidity management has the potential to reshape the future trends in the monetary policy framework. the path to resolution involves not only revisiting economic policies, but also economic and institutional infrastructure that surrounds them. in this sense, the islamic finance has a good way to go in order to maintain well - structured liquidity management system. i hope that this conference will lead to new ideas that help authorities in their efforts to design a solid islamic liquidity management structure. thank you for your attention. bis central bankers ’ speeches

benjamin e diokno : the role of capital markets in championing the sustainability agenda speech by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the omfif - dz bank sustainability symposium, 3 march 2021. * * * distinguished guests, esteemed officials of the omfif and dz bank, participants, ladies and gentlemen, a pleasant morning, afternoon and evening to all – as i understand this event spans over different time zones. first, i would like to thank the organizers from omfif and dz bank for inviting me to join this virtual sustainability symposium. the theme, “ the role of capital markets in championing the sustainability agenda ”, is timely and relevant as the world continues to wage the battle against the covid - 19 pandemic. on top of the economic costs due to the pandemic, the risks emanating from unchecked climate change puts a tragic toll on the environment. there are also social inequalities and injustices that give rise to poverty and starvation in some parts of the world. so, what is the role of capital markets amidst these emergency situations we are in? when we talk about capital markets, the first thing that comes to mind is financial intermediation. the capital market works as a link between those that have unused surplus savings and end - users who are in search of funds to support their operations. while a capital market enables the channeling of funds among different parties for varying reasons, it is important to emphasize that those funds are directed to critical and responsible use. the phrase “ critical and responsible use ”, pertains to utilizing those funds for a “ right purpose ”. as such, the driving force behind financing through the capital market is not only directed towards economic growth and financial stability, but more so on incorporating sustainability goals. at this point, let us look more closely at sustainability principles and goals. why are they relevant and is there really a compelling reason to leverage the capital markets towards meeting a sustainability agenda? i am very sure that all of us will agree that the answer is yes! indeed, capital markets have the power to mobilize capital to fund innovation and ideas that would help create a more sustainable environment. according to the bank for international settlements data, as of end - january 2021, the amount of outstanding sustainable bonds was about us $ 1. 5 trillion, of which 75 pre