samchain/econo-pairs-v2 huggingface dataset:
reserves on average from 3. 8 months of imports of goods and services at the start of the 2000s to 5. 5 months in 2009. the decision by central banks to accumulate reserves has proved farsighted. many african economies, including uganda, are weathering the current global crisis with much less damage to their economies than was the case with previous major external shocks, such as the oil crises of the 1970s. one of the reasons for the greater resilience of african economies to external shocks is that they now have much larger buffers of international reserves to support their balance of payments, although the improvement in their macroeconomic management undoubtedly made a more important contribution. with countries across the continent holding higher levels of international reserves, the management of these reserves to maximize the benefits which can be derived from them becomes ever more important. traditionally, central bank reserve management has focused on three objectives, commonly referred to as the “ classic trilogy of objectives ”. in order of importance, this trilogy of objectives is : safety of capital – through the prudent management of risks ; liquidity – the availability of reserves at short notice and at minimal cost to meet unforeseen requirements and ; reasonable consistent rates of financial return – this objective is normally subordinated to the safety and liquidity objectives. in pursuit of this trilogy of objectives, most central banks adopt a conservative approach to the management of their foreign reserves. like silas marner, central banks hoard their gold zealously. i think it is fair to say that this approach, with the attendant governance and risk management frameworks that guide its implementation, has also been vindicated by events arising from the global financial crisis in that central banks have not suffered significant losses of capital despite the dramatic falls in value of many different classes of financial assets on world markets. nor was the liquidity of central bank reserves impaired even though liquidity dried up in many sections of the financial markets around the world. the global financial crisis has, however, created new challenges for the management of reserves by central banks, in several important respects. first, interest rates on fixed income securities and in money markets in the industrialised economies have fallen to near record low levels as a result of the extraordinary measures taken by central banks in these countries to inject liquidity in order to bolster financial markets and aggregate demand. a three month united states treasury bill currently yields only 0. 13 percent and a three year us treasury bond yields only 1. 5 percent. how long interest rates will remain

falls national park on saturday. i will be happy to join you later this evening at the dinner which the bank of uganda will host. ladies and gentlemen, i wish you a very successful meeting. thank you for your kind attention.
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banks consider climate action as part of their mandates, up from less than half a year ago4. 1 / 3 bis - central bankers'speeches focusing on the priorities recognizing the importance of climate risks, the national bank has so far undertaken multiple activities in the area, to increase awareness and stress the importance of active contribution of all stakeholders to set a road to green and sustainable economy. our activities relate to inclusion of sustainable finance as a separate objective in our strategic plan, active participation in the international network of central banks and regulators, publishing regular green finance data, as well as adjusting monetary policy instruments to foster sustainable finance. very recently, ( september 2023 ) we have adopted our first medium - term plan of activities in the area of climate - related risks, as a way to set a comprehensive and consistent framework for all activities that we plan to undertake. it aims to improve the current regulatory framework, to set guidelines for managing climate - related risks by banks and further strengthen the supervisory approach, by incorporating the climaterelated risks in the banks ` overall risk assessment. the plan also emphasizes the importance of coordinated activities in the country and the need for cooperation with other relevant stakeholders, given that climate issues require a coordinated national approach. the strategy also provide a first, preliminary overview of the exposure of the republic of north macedonia's banking sector towards climate - related risks and shows that more than half of total credit exposure of banks to corporates is to sectors that are sensitive to climate policies. it can therefore be expected that climate - related policies could have significant effects on these sectors and consequently on banks, though further analysis is needed to assess the relevance and materiality of the transition risks. the plan was informed by the survey that we conducted to map the green finance ecosystem and assess the banks'practices in managing climate risks. the survey showed that almost 90 % of the respondents consider that climate change is an important source of financial stability risk. yet, as assessed by the majority of the respondents, climate risk management is still in its early stage. the lack of standards and tools, adequate regulatory framework, the lack of adequate data, as well as limited internal resources and policies were pointed as the main barriers. to address some of these challenges, we have already drafted guidelines for banks ( which are currently being discussed with the banking industry ). transition towards a green and sustainable economy the republic of north macedonia is sensitive to the risks associated with climate change. this is related to the geographical and climatic profile of the country, which
especially the most needy, and writing a more exciting chapter in that history book. ” i look forward to the deliberations and the outcomes over the next two days as we reimagine the future of the african banking sector. thank you!

njuguna ndung ’ u : kenyan banking sector development over the last six years remarks by prof njuguna ndung ’ u, governor of the central bank of kenya, at the kenya bankers association 50th anniversary luncheon, nairobi, 7 august 2012. * * * honourable njeru githae, minister for finance of the republic of kenya ; dr. donald kaberuka, president of the african development bank ; mr. richard etemesi, chairman, kenya bankers association ; mr. habil olaka, chief executive officer, kenya bankers association ; members of the kba governing council ; distinguished guests ; ladies and gentlemen : it is a great pleasure for me to join you on this auspicious day to celebrate the golden jubilee of the kenya bankers association ( kba ). allow me at the onset to thank the honourable njeru githae, kenya ’ s minister for finance and dr. donald kaberuka, president of the african development bank for gracing this occasion. their presence demonstrates the importance they attach to the role that the kenyan banking sector plays in the economy. let me also congratulate the members and management of kba on turning 50. ladies and gentlemen : the choice of the theme for this luncheon, “ banking ’ s role in development, recognizing the achievement while catalyzing greater private - public sector collaboration ” depicts the path through which the kenyan banking sector has scaled the heights over the last six years. the current resilience of our banking sector is the outcome of partnership between the regulator and the regulated. this is not a common occurrence in most sectors, but i can confidently tell you that cbk and the kenya bankers association ( kba ) have successfully demonstrated they are agents of development in the financial market. ladies and gentlemen : the tremendous growth in the kenyan banking sector in the midst of financial turmoil in the developed markets has been put to question by parties who may not be aware of the past efforts towards a more sound and resilient sector. allow me to mention just a few initiatives that cbk and kba undertook jointly over the last five years to complete the financial infrastructure set up in the economy and whose outcome is reflected by the unrivalled performance in the region. 1. roll out of credit information sharing : kenya witnessed several unsuccessful efforts by the kenyan banking sector to introduce credit information sharing ( cis ) in kenya since 2003. however, cis became a reality in 2008 when a regulatory framework was developed jointly
sources of policy uncertainty. likewise, china has its own acute policy uncertainty problem as mentioned above. reasons behind heightened policy uncertainty are policy paralyses and unconventional policies such as monetary quantitative easing policy and negative nominal policy rates following financial crises. elevated policy uncertainty holds back investment and growth6 and causes heightened market volatility. over the recent globalization period the world has become an increasingly interconnected place. global trade has increased, broadened and deepened drastically because of trade liberalization, unprecedented capital flows and the international fragmentation of production in global value chains. emes have contributed to this development significantly as they have become increasingly more connected to the global production, monetary and financial systems. the unprecedented capital flows have also made global financial markets more interconnected than at any time in history. advances in communication technology have further heightened and extended the interconnectedness of global financial markets. the increased interconnectedness together with sharply risen external liabilities has reinforced the proposition of the impossible trinity ( also known as the trilemma ) on monetary policy dependence as monetary conditions have become more correlated than before. resilience of emerging market economies to global financial conditions in the 1980s and 1990s emes experienced financial crises following a sudden reversal of capital flows. in fact, during this period there were two waves of financial crisis in the eme world. the first wave was associated with currency crises as significantly strengthened us cecchetti, s, m mohanty and f zampolli ( 2011 ), “ achieving growth amid fiscal imbalances : the real effects of debt ”, in achieving maximum long - run growth, a symposium sponsored by the federal reserve bank of kansas city, jackson hole, wyoming. lo, s. and k. rogoff ( 2015 ), secular stagnation, debt overhang and other rationales for sluggish growth, six years on, bis working papers no 482. koo, r. ( 2009 ), the holy grail of macroeconomics : lessons from japan s great recession, revised edition, john wiley & sons. baker, bloom and davis ( 2013 ), “ measuring economic policy uncertainty ”, chicago booth research paper, no 13 – 02, may. bis central bankers ’ speeches dollar led to massive adjustments in the fixed eme exchange rates. this followed sovereign debt crises in many emerging markets, i. e., mexico, brazil and argentina. the second wave was triggered by sudden stop of capital inflows. the em banks having intermediated these

11 : volatility in eme financial markets figure 12 : gdp growth rates in turkey bis central bankers ’ speeches figure 13 : monetary policy and monetary policy conditions in turkey figure 14 : differentiated loan growth rates in turkey bis central bankers ’ speeches figure 15 : current account balance in turkey figure 16 : worsened inflation expectations in turkey bis central bankers ’ speeches figure 17 : maturity lengthening in external liabilities of the turkish banking sector bis central bankers ’ speeches
is the excess capacity in banking within the european union. banks need to reduce costs significantly and that includes reducing the number of branches. they also need to deal with the transformation to a more digital - based business model. how do you think brexit will affect the financial markets and the building of the banking union? the banking union per se will not be affected much because the uk was not part of it from the start. but the consequences will probably be more significant for the uk than for the rest of the eu. we can, for instance, expect some decline in london ’ s importance as a financial centre in europe. that also depends very much on the decisions of banks from other parts of the world now based in london. maybe they will decide to relocate. 1 / 2 bis central bankers'speeches what is your opinion of the single supervisory mechanism ( ssm )? has it been successful? what challenges do you still see? yes, i think it has been successful. the creation of the ssm in 2014 contributed to an increase in the capital ratio of euro area banks. ahead of its operational start, we conducted a complete assessment of the robustness of the ssm banks and called for higher capital levels, although banks had already started enhancing their capital position in preparation for the assessment. so the robustness of the balance sheets has very much improved. but there is still much work to do. despite the ssm process there are still too many national options and discretions that do not contribute to a complete and unified banking market. we need harmonisation to continue in order to complete the banking union project. 2 / 2 bis central bankers'speeches

, support our forward guidance on the key ecb interest rates and reinforce the fact that there are significant and increasing differences in the monetary policy cycle between major advanced economies. but the latest euro area macroeconomic projections indicate lower inflation, accompanied by weaker real gdp growth and subdued monetary dynamics. in this context, early next year the governing council will reassess the monetary stimulus achieved, the expansion of the balance sheet and the outlook for price developments. we will also evaluate the broader impact of recent oil price developments on medium - term inflation trends in the euro area. should it become necessary to further address risks of too prolonged a period of low inflation, the governing council remains unanimous in its commitment to using additional unconventional instruments within its mandate. this would imply altering early next year the size, pace and composition of our measures. thank you. bis central bankers ’ speeches
role, limitations in the form of account thresholds and restrictions on non - residents will, in practice, have no major impact. but it could probably play a role for tourists. the claim on the ecb need not be in the form of an actual deposit account. experiments are also being conducted with the development of " tokens ", which are tradable unique digital certificates that may even be directly exchangeable between individuals, for instance via mobile phones and offline. you should imagine that two individuals may exchange a certificate offline, while the entry into accounts takes place later when they are online – a potentially interesting innovation. so far, an effective system for handling this type of transaction does not appear to be in place. sweden has done some testing. 6 a token - based product doesn't change the need for all individuals'receivables to be recorded centrally. 7 a number of security issues will have to be addressed, for instance what happens if you lose your mobile phone or your computer crashes? it is not obvious why a product of this nature should be operated by a central bank rather than private banks, but it would probably stimulate innovation in this area. one might argue that, legally, a retail cbdc is a parallel to cash because the central bank is the direct counterparty, but in practice customers are unlikely to perceive it as a cash substitute. it is a new digital product which, by its nature, is very similar to existing digital banking products. so, digital products will be close substitutes. some people will fear that a retail cbdc will be seen as e - krona pilot phase 1 https : / / www. riksbank. se / en - gb / payments - - cash / e - krona / e - krona - reports / e - krona - pilot - phase - 1 - report - 3 /. on the possibility of a cash - like cbdc https : / / www. riksbank. se / globalassets / media / rapporter / staff - memo / engelska / 2021 / on - the - possibility - of - a - cashlike - cbdc. pdf. page 2 of 5 an opportunity to abolish cash. therefore, the ecb and other central banks are going to great lengths to explain that this will not be the case. anonymity will be a matter of debate. while cash use is anonymous, digital products can't be used anonymously. in principle,

particularly ( as the initiators of diem will report ) in terms of transfers to less developed countries, but also between european countries – and even between countries in the nordic region. work is ongoing to resolve this issue. the ecb is developing target instant payment settlement ( tips ) to enable handling of multiple currencies, and the major nordic banks are collaborating on the p27 project, which will also contribute in this field. thank you for your attention. financial sector forum for operational resilience. threat intelligence - based ethical red teaming. page 4 of 5 page 5 of 5
the “ quartet ” will take up the beat ; our second instrument is the stock of purchased assets which we will reinvest in full for as long as necessary to maintain favourable liquidity conditions and an ample degree of monetary accommodation ; our third instrument is policy interest rates. this is a conventional instrument used in unconventional ways. in our most recent forward guidance we have said that we will maintain our policy interest rates at current levels – including our negative deposit facility rate – until at least through the summer of 2019 ; our fourth instrument is the provision of liquidity and credit to banks. the second series of tltros are still outstanding, as is frfa. such operations could be considered again – possibly with different terms – if warranted. so our quartet will shortly become a trio but the tune will remain strong. the score, however, will change over time and we should continue to play in a harmonious way. in sequence : in my view, we should reduce the rate of reinvestment only after the first increase in interest rates. and so, we are not obliged to rush, as early as at our december meeting, to set out the precise length of our reinvestment period. we should also play the trio in synergy, i would even say in symphony. 1 / 3 bis central bankers'speeches like any orchestra, we need to be able to adapt the normalisation of our monetary policy tempo ( allegro or andante ) and intensity, according to economic data. in short, we are very clear about our objective – normalisation following non - standard policies – and about our sequence, but we should remain very pragmatic along our path. another and somewhat related challenge – as monetary policy cannot be the only game in town – is the continuation of structural reforms in countries where they are needed. in this regard, france is on the right path. i stress this as a fully independent central banker : the french government has displayed a strong commitment to reforms aiming to boost employment, productivity and resilience. i could quote, among others : the “ macron ordonnances ” of 2017 which have increased flexibility in the labour market ; tax reforms, which have reduced or shifted the tax wedge on labour and capital ; or the recent law “ avenir professionnel ”, adopted in the summer of 2018, which has simplified apprenticeship and improved the professional training system. all these reforms will hopefully be enhanced by further progress on public finances ; but france is now in a stronger position than

, jackson hole conference proceedings. r. g. rajan ( 2006 ) : “ monetary policy and incentives ”, speech given at the bank of spain conference on central banks in the 21st century, 8 june 2006. c. m. reinhart and k. s. rogoff ( 2009 ), “ the aftermath of financial crises ”, american economic review, 99 ( 2 ), 466 - 472. taylor ( 2009 ), “ the financial crisis and the policy responses : an empirical analysis of what went wrong ”, nber working paper no 14631.
may be the first country in the south pacific region to launch mobile money. with these words ladies and gentlemen, it is my privilege to officially launch the e - money fiji project and wish the mobile network operators every success in the commercial launch of their financial service product in the near future. thank you.

needed, even when it was unpopular to do so. but in the end, it cannot be just the standards that have made a difference. instead, we do recognize that the market has – to a large extent although not absolutely always – conducted itself in a prudent and professional manner. it is this combination of prudential governance and market conduct that has gotten us this far. as a community, we clearly value it. it is to our best interest to sustain and also find ways to enhance it. final thoughts at the beginning of my remarks, i said i had two words … i have only given you one – divergence. let me conclude with the second word – convergence. in this divergent world, where each is driven by his own bottom line considerations, we come to realize that there is no exercise that does not leave us short of breath. whether it is a proactive effort or an intervention to address parochial concern, the intention to make us better requires deliberate effort. there is no short cut to this and there cannot be easy wins if it is longer term competitiveness that is our objective. strength is achieved, not granted. reforms are consciously laid out, not wantonly enforced. our efforts therefore need to converge towards purposeful reforms. if we value what we see around us in the industry today, let us actively find ways to improve ourselves and our operating environment. we are all vested parties and the future is a collective interest. this is the message i would like to share with all of you today. be part of the pro - active change. reforms are never convenient. but, with the right mix, they make us better. indeed, we must find convergence in this divergent world we operate in. bis central bankers ’ speeches