have formulated green banking polices that have been approved by their respective boards. these policies include policy statements on environmental risk management, facilitation of green businesses, and reduction in their own carbon emissions. 27 banks and dfis ( 69 % ) have integrated environmental risk assessment procedures with their credit risk assessment procedures to better evaluate and manage the impact of environmental and climate changes on their credit portfolios. 16 banks and dfis ( 41 % ) have established strategies for facilitation of green businesses by including a policy statement for allocating funds to businesses that intend to lessen their carbon footprint. 2 / 3 bis - central bankers'speeches 18 banks and dfis ( 46 % ) have established annual impact reduction targets including well - defined key performance indicators and strategic plans for achievement of these targets. while a considerable progress has been made towards adopting green and sustainable banking guidelines, degree of implementation varies across the industry. moreover, there is lack of standardization in assessing and identifying environmental risks. i believe setting minimum standards and benchmarks will help ensuring a faster and broad - based progress. to bridge this gap, i am glad to share that today sbp is issuing environmental and social risk management ( esrm ) implementation manual for banks and dfis. an exhaustive approach has been adopted in the development of this manual and its contents have been finalized after thorough consultations with the banking industry. the objective of issuing esrm manual is two - fold. first, to establish a standardized benchmark for environmental and social risk management and compliance of green banking guidelines. second, to focus on social risk ( like child labor, forced labor, safety & health issues etc. ), which will align green banking guidelines with international best practices on environmental and social risk management. adoption of this manual will be voluntary for a period of 3 years, allowing banks and dfis adequate time to establish and integrate their environmental and social risk management systems with credit risk management procedures in a phased manner. the manual will help all the banks and dfis in developing a roadmap for comprehensive implementation of the green banking guidelines. although, the implementation of the environmental and social risk management manual will be piloted in two voluntary banks on a fast - track basis, i will encourage the entire banking industry to take full advantage and use this manual for establishing esrm systems and procedures. state bank, along with ifc, will continue to provide necessary support and guidance at every stage of esrm implementation. i am happy to

home news & media press releases article staying the course : monetary policy to avoid persistent inflation - remarks by governor gabriel makhlouf staying the course : monetary policy to avoid persistent inflation - remarks by governor gabriel makhlouf 04 april 2023 speech remarks at markets news international event by gabriel makhlouf governor central bank of ireland and member of the governing council of the ecb good afternoon. the title of my talk today –'staying the course – monetary policy to avoid persistent inflation ’ – reveals much about my current views on inflation and the near term path for monetary policy. the latest data suggest that the direct effects of the supply shocks we have seen over the last two years are gradually fading. we see this in the declining rate of headline inflation in recent months. however, indirect effects are still working their way through the economy as the input price increases we saw last year pass through more slowly into core inflation, and domestic cost pressures emerge in the form of wages and profit margins. monetary policy must ensure that this does not become a source of persistent inflation above our 2 per cent target. to achieve this, the governing council decided last month to increase the three key ecb interest rates by 50 basis points. the interest rate applied to our deposit facility is now at 3 per cent, up from minus 0. 5 per cent last july. this represents a significant tightening of the monetary policy stance, commensurate with the challenges to price stability we have been facing. the scale and pace of interest rate increases – up 3. 5 percentage points in just nine months – is unprecedented. for comparison, previous rate hiking cycles in the euro area in 1999 - 2000 and 2005 - 07 saw rates rise by 2. 25 and 2 percentage points over a 13 and 21 month period, respectively. today i will highlight my view on the key factors that will influence the future path of monetary policy. they include both the data i am monitoring, and how i react to this data when making policy decisions. the first is the assessment of the inflation outlook in light of the incoming economic and financial data, as embedded in the economic narrative underlying the quarterly projections. the second is the dynamics of underlying inflation, as a cross - check on how the projections compare with the evolving data. and the third is the judgement as to the strength of the transmission of monetary policy to date. let me begin with a review of the drivers of core and headline inflation. the path of headline and core inflation the sharp increase in headline inflation