samchain/econo-pairs-v2 huggingface dataset:
” to cover the bonds and t - bills market. however, although the concept of islamic finance has generated a lot of interest and overwhelming support from both muslim and non - muslim population in kenya, as a regulator, we have faced certain challenges which i wish to share with this gathering. key among these are : a ) islamic banking prohibits interest and allows profit sharing. however, most of our prudential returns and disclosure report formats were tailored for institutions which have the element of interest in their financials. we have therefore tailored our returns and disclosures formats to cater for the new market niche ; b ) the banking act prohibits wholesale trading and restrict holding land and buildings while sharia compliant lending has an element of trading and land and building. however, this challenge has been cured through granting of exemptions to institutions concerned upon request. but also we are happy that this allows theses banks and their clients to endogenise risk ; c ) the law requires all banks to pay interest on savings accounts as long as the minimum balance is maintained. this challenge has also been addressed by incorporating in the banking act the leeway for banks to give some form of return for shariah - compliant savings products. it is worth noting that the two fully fledged shariah - compliant banks currently boast of 1570 loan accounts and 58, 548 deposit accounts and control 0. 8 percent of banking sector ’ s net assets after being in operation for less than two years. these developments have enabled the formerly unbanked kenyans and specifically the muslim community in the marginal areas have access to financial services adding to the wealth creation in the economy. this is a solid testimony of the vast potential of islamic finance in kenya, which should be tapped, and opportunities explored in the insurance ( takaful ) and capital market segments using sharia compliant vehicles. on the regional front, there is a move by the countries in the region to permit their institutions to offer islamic products. central bank of kenya is therefore sharing its experience in shariah - compliant banking with other central banks in the east african community. therefore, there is growing interest in shariah - compliant banking in our neighbouring countries and kenya has the potential to be regional islamic finance hub. this is tandem with vision 2030 aspirations. under this vision, one of the key aspirations for the financial sector is positioning of nairobi as a regional financial hub by 2030. with these few remarks, it is now remains for me to wish you very fruitful delibe

##hip, and notably your commitment in driving and modernizing the financial sector in the region over the last 8 years of my term. let me conclude by once again, thanking the bank of tanzania for the warm welcome and hospitality. with these few remarks, i look forward to fruitful engagement in discharging our mandate in this meeting. thank you. bis central bankers ’ speeches
serbian banks, the nbs has created all necessary conditions for a stable and sound banking sector which finances economic activity at home and provides state - of - the - art financial services. thanks to institutional efforts to resolve the issue of npls, their share in total banking sector loans shrank to an all - time low of around 3 %, from the inherited level of over 20 %. due to problems in operations caused by inadequate management and supervision before 2012, in the 2012 – 2014 period the nbs was forced to close four banks – nova agrobanka, razvojna banka vojvodine, privredna banka beograd and univerzal banka beograd. this has enabled the restoration of full confidence in the banking system, and all relevant banking indicators are now well above the regulatory requirements of the nbs. the nbs's responsible approach was also confirmed in 2022 when it resolved the issue of sberbank following the escalation of the ukraine crisis. the nbs responded quickly and efficiently and, without spending a single dinar of public funds, managed to preserve confidence in the republic of serbia's banking sector. this confidence is clearly reflected in the rise in both dinar and fx savings to their record - high levels – from below rsd 18 bn at end - 2012 to over rsd 147 bn at present ( dinar savings ), and from eur 8. 3 bn to eur 14. 7 bn ( fx savings ). thanks to a responsible approach of the nbs, banking sector consolidation was successful and stability was preserved even in the conditions of changes in the operations of some parent banks ( e. g. during the " greek " crisis of 2015 or the coronavirus pandemic ). that the local banking market is attractive is also reflected in the fact that the nbs issued 31 prior consents for the acquisition of ownership in banks and 10 consents for mergers during this period. the number of banks decreased from 33 to 20, with constant enhancement of the quality and scope of services provided to households and corporates. against the backdrop of the pandemic and the pronounced negative effects of global shocks, the nbs also adopted measures facilitating loan repayment. and this is why i keep saying that this is a joint success which we would not have been able to achieve without commercial banks : in order to preserve financial system stability and protect financial service consumers, in september 2023 we adopted measures temporarily cap

public for the first time in a separate section of the regular report on nbs activities. we are taking part in this gathering because of our profound conviction that today ’ s topic is essential for the quality of transition in serbia. please note that we are more than willing to give our modest contribution to all other actions and ideas! thank you for your attention!
regulatory framework, pose challenges in this respect as they might ask for a balance sheet rebalancing towards more liquid assets, which can reduce the availability of infrastructure finance. in addition, the implementation of nsfr increases the costs of infrastructure financing as it asks these types of assets to be covered with longer term and more expensive funding. albeit there are many other angles within the new regulatory reform which have been discussed in light of their consequences to the ee ’ s ( for instance policy measures for dealing with systemically important banks, the impact of some other national and regional reforms 1, the two above elaborated dimensions of the basel iii, seem to depict, or to be a good represent of what the main impact boils down to. rising cost of finance, restrained credit availability and more conservative treatment of some of the forms of financing, crucial for the growth of ee ’ s are the most important consequences being discussed, which should be seriously addressed. as for the quantitative impact studies, they do indicate a growth impact of the new regulatory changes, though with varying intensity. while bis macroeconomic assessment group finds rather modes effect, assessment of the international institute of finance and some assessments of the banking industry point to a non - negligible growth effects. a bbva 2 research, conducted in early 2011 estimates the impact of higher liquidity and capital requirement on the quantity and price of credit, and hence its impact on the gdp per capita. the estimation results point to a larger effect of the regulatory changes on the gdp per capita of the emerging markets, compared to the one in the more advanced countries. the results show that an increase in the capital to assets ratio by 20 % reduces the gdp per capita by 1. 6 % for the whole sample, and by 2. 5 % for the emerging markets, while the increase of the liquid reserves to assets ratio by 20 % adversely impacts the gdp per capita by 0. 4 % and 0. 5 %, respectively. another research, conducted by the international institute of finance ( iif ), a private sector institution, in 2011, finds pronounced net cumulative impact on economic activity of the proposed financial sector reforms ( both, car and lcr ) estimating that the level of gdp will be 3. 2 % lower than it would otherwise be after five years with an output loss of 0. 7 % per annum. on the other hand, the analysis conveyed by the macroeconomic assessment group ( mag ), which was set up by the bcbs and fsb in

i now declare the 10th jubilee conference on payments and market infrastructures open. i wish you pleasant days here in ohrid and many fruitful discussions. thank you! 2 / 2 bis central bankers'speeches
the major financial crisis ; iii ) the revolution in information technologies and its impact on labor and daily life ; and, iv ) the growing gap between citizens ’ expectations and their development opportunities. while long - term policies and structural reforms are much needed, escalating geopolitical and trade tensions have put pressure on central banks ’ aggregate demand management responsibilities, increasing the challenges and trade - offs for monetary policy. regarding monetary policy, it is essential to note that its role in smoothing the business cycle has become more complex. 1. advanced economies ( aes ) operate in the “ new normal ” of lowinterest rates. lower r * and the lack of inflationary pressures pose serious challenges to monetary policy : first, a more limited policy space when facing the downward phase of the business cycle. second, it may lead to excessive risk taking, thus posing financial stability risks at the national and international level. an abrupt risk - off episode could expose financial vulnerabilities accumulated during years of low - interest rates and depress global growth as highly leveraged borrowers could find it difficult to roll over debt. as you will be discussing in one of the sessions, this requires a better integration of monetary and financial stability issues. 2. in emerging markets, even though we have more policy space, central banks must be mindful that global risk appetite and portfolio adjustments in response to idiosyncratic risk factors pose serious constrains for monetary policy. thus, making it harder to focus on domestic cyclical conditions and making it necessary to better integrate monetary, capital flows and financial stability considerations. in this context, central banks face the challenge of both fulfilling their objectives and communicating more effectively the benefits that can be attained with, their mandates, their independent status and their actions on the wellbeing of citizens and on development opportunities. now let me comment on some of the other issues that will be discussed in the conference. regarding the interaction of monetary policy and financial stability, around the world, albeit under different institutional arrangements, central banks have renewed their critical role in addressing financial stability challenges. the benefits of attaining monetary policy and financial stability goals tend to mutually reinforce each other. thus, the instruments to achieve such goals are characterized by a certain degree of interaction, but also by clear differences that must be considered. along this line, a central bank must take three elements into account : 1. separability between monetary policy and financial stability goals. although monetary policy actions can contribute to stabilize the economic cycle, it

. once again, i welcome you all to banco de mexico and thank you in advance for your valuable contributions to these topics of interest to all of us.
foreseeing any slowdown in growth in 1998 is because of the asian crisis there was nothing in the domestic economy that pointed in that direction - in fact, it pointed to higher growth. i suspect that in the future evolution of our policy, asia will be the major influence. as you know, the board of the reserve bank met on tuesday and did not make any change to the setting of monetary policy. there had been some speculation over the preceding month that we might ease, but the majority of observers expected no change. our on - balance view is the same as the majority of outside observers : that is, we judged that the present setting is the right one. as we see it : • the present stance of monetary policy provides a low interest rate environment which is working to support, rather than restrain, growth. credit is readily available, borrowers seem to regard current interest rates as attractive, financial wealth is rising, as is private sector leverage. • developments in the exchange rate and interest rates charged by financial intermediaries since the last reduction in the cash rate in july last year have worked to magnify the effects of lower official rates. the exchange rate has come down against major currencies, and competition among banks has reduced interest rates to business and personal borrowers. • the most likely outcome over the next 12 months at the present policy setting is for inflation to return to its target range and for domestic demand to remain at or above trend growth. with a significant reduction in net exports, gdp will probably grow below its trend rate, but some growth slowdown in the short run is an unavoidable result of the external shock. • our measured approach to date has served us well in that it has maintained confidence in australian financial markets. that, of course, does not rule out further changes in policy, but it does impose a constraint in that it means monetary policy has to be adjusted credibly. we do not wish to jeopardise australia ’ s current good international standing or revive memories of when australia was regarded as a “ boom and bust ” economy. we gain a lot from our current reputation for stability - not only does it reduce our borrowing costs, but we can raise equity more cheaply, and we have become a more attractive place for direct foreign investment. of course, we recognise that it would also be a mistake to stick too long to a setting of policy in the name of stability if there were good reasons to move. we have to be

conscious of the risks to our current assessment, and constantly review them. the major downside risk which we can see is the possibility that the effect of the asian and japanese situations might produce a larger slowing in the australian economy than our current expectations, perhaps indirectly by slowing growth substantially in other trading partners or by seriously dampening domestic demand through income or confidence effects. such an outcome is not in our view the most likely one - but it has some probability.
turned out to be active partners in finding meaningful resolution mechanisms to a global problem. iii. impact and policy responses in india why was india impacted? in the initial phase of the crisis, the impact on the indian financial markets was rather muted as the direct exposure of banks to subprime assets was negligible. nonetheless, india could not remain unscathed for long. as the crisis intensified in the aftermath of collapse of lehman brothers, the global shocks first impacted the domestic financial markets and then transmitted to the real economy through the finance, trade and confidence channels. this could be attributed to the global nature of the current crisis on the one hand and accelerated trade and financial integration of the indian economy with the world since the 1990s. consequently, there has been a shift in the degree of synchronisation of the indian trade and business cycles with the global cycles, which along with increased financial integration in the recent period indicate that india cannot remain immune to global trends. thus, global economic developments now have a greater influence on the domestic economy ( mohanty, 2009 ). how was india impacted? post - lehman, the impact of the global financial crisis was first felt through reversal of capital flows and fall in equity prices in the domestic stock markets on the back of large scale sell - off by the foreign institutional investors ( fiis ) as a part of the global deleveraging process. simultaneously, there was reduced access to external sources of funding by indian entities due to the tightening of credit conditions in international markets. this shortage of dollar liquidity put significant pressures on the domestic foreign exchange market, which was reflected in downward pressures on the indian rupee along with its increased volatility. simultaneously, there was a substitution of overseas financing by domestic financing, which brought both money market and credit market under pressure. the transmission of this external demand shocks was swift and severe on india ’ s export growth, which turned negative in october 2008. imports too started declining by december 2008 as domestic activity slowed. the overall impact was reflected in a fall in investment demand and sharp deceleration in the growth of indian economy in the second half of 2008 – 09 which persisted through the first quarter of 2009 – 10. policy response in order to limit the adverse impact of the contagion on the indian financial markets and the broader economy, the reserve bank, like most other central banks, took a number of conventional and unconventional measures. these included augmenting domestic and foreign exchange liquidity and sharp reduction in the policy rates

that. and thank you chair.
##m represent the financial stability that we aspire to. 5. given the depth and breadth of exposure that all of you, especially colleague governors, bring to this forum, it will be presumptuous on my part to anticipate and debate all the issues that will come up. i will attempt something much less ambitious. just by way of a curtain raiser, i will try to give an assessment of the global debate on financial stability and outline what we are doing here in india. financial stability and central banks 6. given that central banks have been at the heart of this crisis – being blamed for getting the world into the crisis and being praised for leading from the front in getting the world out of the crisis – a question that naturally arises is whether the crisis could have been averted if central banks had an explicit mandate for financial stability. there are two presumptions behind this question : first, that central banks neglected financial stability because they had no explicit mandate, and second that in some sense, financial stability falls bis central bankers ’ speeches within the purview of a central bank mandate. evidently, there are no settled views on these presumptions but they do raise a host of important issues. let me try and flag them. financial stability – why is it important? 7. given the enormity of the crisis the world has just gone through, to ask why financial stability is important will sound inane, perhaps even outlandish. but that perception comes from the benefit of hindsight. remember financial stability was not on anyone ’ s radar screen during the period of the great moderation. so, let me address the question of why financial stability is important. 8. that financial stability is important for the macroeconomy is perhaps obvious. what clearly distinguishes a financial crisis from other types of economic crises, as evidenced by the history of crises since the great depression of the 1930s, is that financial crises are deeper, the recovery from them is protracted and they leave behind deep scars by way of output and employment foregone. the great recession of 2008 / 09 bears this out. global income, trade and industrial production had fallen more sharply in the first twelve months of this crisis than in the first twelve months of the great depression. two years after the crisis, much of the world is still in a recovery phase. and there are apprehensions that there may be a permanent loss of output – a new normal as it were. so, on all parameters

opportunity to acquaint ourselves with the global best practices on the same. we should remember that price is an incentive and can be a disincentive – it has to be appropriate. with these few remarks, i now declare this workshop officially open and take this opportunity to wish you fruitful deliberations. thank you bis central bankers ’ speeches
and trading of corporate financing bills and corporate bonds.

. the sound operational requirements of banks have made it difficult for them to extend credit to these businesses at their starting stage. as they grow and expand, banks can come in to help by charging higher risk premium and providing financial advice. as competition intensifies, to expand market is not only required by economic development but also meets banks own interests. as serving the society and return its kindness is the responsibility of all businesses, and the reason of the success of age - old brands, it should become the aim of financial sector too. iii. efforts should be made to lay the foundation of monetary policy transmission through promoting interest rate liberalization, financial innovation, and formation of a government bond yield curve. the yield curve of government securities provides a benchmark for pricing of financial products. at present, the term structure of government securities cannot form a complete fixed income product yield curve. pbc ’ s issuing of central bank bills of one - month, 3 - month, half - year and one - year terms takes place of the absence of short - term treasury bills. even though central bank bills and treasury bonds are of same risk category, the segmentation of treasury market hampers the formation of a complete yield curve. in order to form a benchmark yield curve, management of securities issuance should be replaced by management of outstanding debt, and improvement in securities registration is required as well. b. for the financial products and costs of funds to reflect changing market conditions, further efforts are needed to promote market - oriented interest rates. progress achieved by the pbc in moving toward market oriented interest rates in 2004 included removal lending rate ceiling and deposit rate floor. in the meantime, the pbc still controls the interest rate spread of deposit and lending and a number of specific interest rates. this is because spread income still dominates commercial banks ’ income and their internal controls are still weak. the aim of interest rate liberalization is to eventually let the central bank control the benchmark rate and leave the discretion of spreads to commercial banks. the interest rate of excess reserves was lowered to guide the money market rate. c. financial innovation of commercial banks should be encouraged to create more instruments for asset and liability management and increase their adaptability to macro - adjustments. the discretion of financial innovation shall be left to the commercial banks as the pbc proceeds with interest rate reform that creates conditions for them to price their products. efforts shall be added to promote cds, financial bills, subordinated bonds and asset - backed - securities, and issuing