duvvuri subbarao : book release “ perspectives on central banking – governors speak ” remarks by dr duvvuri subbarao, governor of the reserve bank of india, at the release of the book : “ perspectives on central banking : governors speak ” by dr manmohan singh, prime minister, mumbai, 15 january 2010. * * * the compendium of key speeches of rbi governors, entitled “ perspectives on central banking : governors speak ” is the reserve bank of india ’ s platinum jubilee tribute to its past leaders. all of us in the reserve bank attach immense value to the fact that this book is being released today by the hon ’ ble prime minister, dr. manmohan singh, who was himself governor of the reserve bank from 1982 to 1985. we are delighted that besides the prime minister, three former governors are also present here today. this book, therefore, is special not only for its content but also for the very special get together that marks its release. 2. seventy - five years is a relatively short span for an institution. even so, the journey since its establishment in 1935 has been eventful for the reserve bank, shaping not only its intellectual evolution but also securing its preeminent position in the economic policy space of the country. during this time, there have been momentous changes – a paradigm shift in economic ideology, ever new perspectives on economic development, growing aspirations of people, path - breaking financial innovations and game changing technological breakthroughs. all these are changes which have influenced the reserve bank, and changes to which the bank has had to respond in its own unique way. 3. the reserve bank ’ s 75 year journey has been marked by a host of historic developments both at home and abroad. internationally, there were the aftermath of the great depression of the 1930s ; the second world war and the consequent challenges of war financing ; the establishment of the bretton woods system in 1944 ; the unravelling of the gold standard and the oil price shocks of the 1970s ; the third world debt crisis of the 1980s ; the asian crisis of the mid - 1990s ; and most recently the global financial turmoil. 4. there were historic developments on the home front too, and they were varied – starting with the launching of five - year plans ; and the challenges emanating from one of history ’ s most ambitious and gigantic experiments in economic development, the after - effects of the two wars in the 1960s, the devaluation of

dimitar bogov : creating an environment for sustainable economic growth in macedonia opening address by mr dimitar bogov, governor of the national bank of the republic of macedonia, at the 13th macedonian stock exchange annual conference, skopje, 4 may 2012. * * * honorable mr. zoran stavrevski, deputy president of the government of the republic of macedonia and minister of finance, honorable mr. ivan steriev, manager of the macedonian stock exchange, distinguished ladies and gentlemen, during my last year ’ s address at this conference i announced that “ the national bank will create environment for sustainable economic growth through price stability, stable denar exchange rate and stable, competitive banking sector which will produce sound credit growth. in order to achieve this, i will seek to conduct policy of optimal level of reference interest rate and optimal level of prudential banking regulation. in my view, optimal interest rate is the lowest interest rate that provides denar exchange rate stability and price stability, and optimal prudent banking regulation is a regulation that provides necessary bank liquidity and solvency, without being a regulatory burden on the banks ’ balance sheets ”. concerning the latter, in september last year, we integrated the denar and foreign currency liquidity rate in a single liquidity rate. simultaneously, we recognized a long - term character of twenty percent of time deposits that fall due, promising that this percent will increase in future. with these measures, we ensured larger liquidity management flexibility and higher income for the banks without deteriorating liquidity indicators. the recent redesign of monetary instruments and the yesterday ’ s cut of reference cb bills interest rate from 4 % to 3. 75 % are aimed towards conducting of policy at optimal level of reference interest rate. allow me to elaborate. we were preparing the monetary instruments redesign for a longer time period, and made the actual redesign when we considered that the time was right. the economic activity decelerates because the euro area demand is lower and the credit growth rate is below expectations. moreover, data on the foreign exchange market and foreign reserves and on the trade deficit in the first quarter indicate balance of payments deficit lower than projected. the inflation rate reduced to around 2 %, as expected for this year ’ s average. the banks, instead of investing the household savings, that increase faster than expected, in lending, purchased cb bills, the amount of which increased by denar 10 billion, i. e. one third in only three months, even though the capital ad