michelle doyle - lowe : become financially savvy and shape the future you want remarks by ms michelle doyle - lowe, deputy governor of the central bank of barbados, at i am a girl ngo's " money smart girls : building wealth, shaping futures! ", bridgetown, 27 may 2024. * * * to our young ladies and participants, as well as the organisers of i am a girl ngo, to our scotia bank and other colleagues – good morning, and a warm welcome to the central bank. let me begin by saying how pleased and encouraged i am to be chatting with you this morning. as a woman and as a mother of two daughters around your age, i understand the importance of having supportive, empowering spaces for girls. i am also pleased because the topic of focus - " money smart girls : building wealth, shaping futures! " - is quite apropos because just two and a half months ago at the start of march, the central bank launched a digital financial literacy campaign called moneysmart, so it seems our conversation this morning is well aligned with the bank's recognition that financial literacy is paramount to repositioning our future. like your workshop today, our programme aims to help people understand the ins and outs of personal finance. we began by focusing on saving and budgeting, and, over the next few months and beyond, we will look at investing, borrowing, and other moneyrelated matters. since we have a lot of information readily available to you on our website, youtube channel, and social media accounts, i don't intend to repeat everything you'll find there – and yes, the central bank is sufficiently cool to have a social media presence on some of the day - to - day platforms that you use. rather, than just mentioning a few key points of relevance, let me ask you a few questions : by a show of hands how many of you get an allowance, or if not an allowance, then money, be it weekly or monthly, from your parents, grandparents, or whomever you live with? how many of you have a part - time job, a micro business or a side hustle? maybe you manage a business'social media accounts, or build websites. maybe you do hair, nails, or eyelashes. maybe you bake or sell customised or hand - made items. so why am i asking these questions? because i want to show you that you're not too young to be thinking

deep and liquid fx market that could work as a critical shock absorber took decades of implementing consistent policies and avoiding the temptation of using capital flow management measures. the journey began after the crisis of 1994 - 1995, when banco de mexico was forced to adopt a flexible exchange rate regime. at that point, it was clear for the local authorities that, in order for the mexican economy to achieve long - term development and integration to global trade and financial markets, it was essential to develop a deep and liquid fx market with an efficient price discovery process. such situation required profound reforms. among the most relevant were : 1. adopting full convertibility of the mexican peso. 2. developing a derivatives market that could allow market participants to hedge against exchange rate fluctuations and manage fx risks. 1 / 5 bis central bankers'speeches 3. introducing risk - management regulation to avoid currency mismatches in the domestic financial system, fostering long - term peso financing and hedging practices to enhance intermediaries, corporates and households ’ resilience against large tail - risk fx adjustments ; and 4. adopting the best fx market trading and settlement practices. for instance, since 2008 the mexican peso has been included in the cls system, allowing the mxn to trade on a 24 - hour basis. these reforms had a very positive effect on the liquidity and depth of our fx market. according to the 2020 bis triannual survey, the mexican peso is now the second most traded currency in emes, with a daily total turnover of 114 usd billion, including spot, forward and swap transactions. the development of our fx market has had a virtuous effect on other markets as well, including the money and fixed - income markets, playing a critical role in broadening the investor base in domestic debt instruments and lowering the cost of funds. it has also allowed market participants to rapidly adjust their investment positions and adapt to difficult market environments. as such, the flexible exchange rate, supported by the better functioning of our fx market, has served its function as a shock absorber, reducing output and nominal variables ’ volatility. furthermore, in an exchange rate market like the one i described, there has been a lesser need for fx interventions. i should stress that the development of deep, liquid and resilient financial markets must be accompanied by the development of sound economic fundamentals and strategies for long - term crisis prevention and mitigation. the goal has been to design and follow an appropriate