samchain/econo-pairs-v2 huggingface dataset:
the technology and business risks associated with these investments. the identification and recognition of technology leaders in the form of these technology awards underscores our ability to excel in our respective fields. the awards of today are not a culmination ; instead they mark another milestone in our journey towards an efficient, effective and, may i add, sensitive and user friendly financial system. my congratulations to all the award winners today.

). in 2005, rbi was clearing about 2. 70 lakh neft transactions a month. this number has jumped exponentially to nearly 40 lakh a month today. the establishment of the legal framework for all of this – in the form of the payment and settlement systems act, 2007 – provides the requisite supportive structure for these systems. i also want to highlight here the extent of customer migration to electronic payments in india. from less than half a percent of transactions in the electronic mode in 2001, today we process close to about 30 crore transactions per year in the electronic mode. the same holds true for rbi ’ s recent initiative away from high value clearing to electronic modes – a move aimed at creating a safer, secure and credit - push based funds transfer route that has gained considerable traction. we have also seen developments in the communication network and messaging system in india. this institute, the institute for development and research in banking technology ( idrbt ), set up by the rbi in 1997, implemented the indianfinancialnetwork – the infinet – a “ one - of - a - kind ” initiative for the banking sector aimed at sharing expensive it resources so as to achieve economies of scale. one of idrbt ’ s notable achievements has been the implementation of public key infrastructure ( pki ) – based electronic data transfer with very high security levels. the institute also developed a messaging standard called structured financial messaging system ( sfms ) with security features superior even to swift. today infinet has migrated to the latest mpls technology in an effort to provide a state - of - the - art network. idrbt also set up the national financial switch for interconnecting atms. it ’ s interesting to note that at the turn of the century, there were only about 4000 atms in all of india, and today there are more than ten times this number, and all of them interconnected. these changes have enabled rbi to take two major steps in this area in recent months. first, atm card holders can use any atm in the country irrespective of which bank issued them the card ; and second, use of atms has become free of charge since april 1, 2009. so, now a customer can go to any atm and withdraw money free of charge regardless of which atm is being used and which bank issued the card. idrbt also spearheaded research in the field of banking technology and has been the centre for excellence in training in this
and guidelines that create a conducive environment for growth of the financial sector, encourage provision of financial services to the majority of the population at affordable cost and enhance the safety and soundness of the financial system. 9. with these few remarks, ladies and gentlemen, it is now my honour and pleasure to declare this workshop officially open and presuppose a fruitful engagement. thank you and god bless you all. bis central bankers ’ speeches

njuguna ndung ’ u : strategic human resource management and development in the mefmi region remarks by prof njuguna ndung ’ u, governor of the central bank of kenya, at the official opening of the mefmi ( the macroeconomic and financial management institute for southern and eastern africa ) human resources workshop, nairobi, 3 march 2014. * * * the mefmi executive director, dr. ellias ngalande ; resource persons ; distinguished participants ; ladies and gentlemen ; it gives me great pleasure to officiate at the opening of this important workshop for human resource officials of the mefmi region. may i take this opportunity at the outset to extend a warm welcome to you all to nairobi and the republic of kenya. i extend a special welcome to our first time visitors to kenya. kenya is certainly an interesting country which you will discover despite being here for a short period. i have to assure you that kenya as a hosting country for this event feels greatly honored because of your presence having travelled long distances to come here. this only goes to confirm one aspect, that the membership of mefmi is like one family and visits of this nature help to cement relationships among the peers. indeed, i am told that this is the first time that mefmi is holding a workshop for heads of human resources in kenya. on a very important note, the timing of this workshop is also critical, as it comes in the third year of mefmi phase iv. as the executive director alluded to earlier in his remarks, mefmi is implementing the phase iv strategic plan that runs from 2012 to 2016. please take time to understand and appreciate the progress that mefmi has made in implementing phase iv, during dr. ngalande ’ s presentation later in this workshop. however, i wish to add from my perspective that since its foundation in the 1990s, mefmi has grown into a network institution that plays an invaluable role in enhancing public sector capacity in eastern and southern africa. kenya was a founder member of mefmi ’ s forerunner esaidarm in 1993 and has continued to benefit in all aspects of capacity building. many officials in the central bank, the national treasury, ministry of devolution and planning and other related institutions have had an opportunity to improve their technical skills through participation in various programmes delivered by mefmi within the region. a number of technical missions have also been undertaken by mefmi following our requests
mainly on domestic markets right now. however, we should not disregard the potential that cbdcs may have for enhancing cross - border payments. they could be used to process instant payments and should also help to extend their reach. in many countries, one of the reasons for pursuing cbdcs is to increase financial inclusion. furthermore, cross - border payments made in central bank money may contribute to lower risk. however, increased involvement of central banks entails its own risk : the risk of crowding out private competitors. cbdcs should therefore be designed around the principle of " do no harm ". they should also continue to rely on services provided by the private sector to the greatest possible extent, including for a significant portion of the cross - border chain. 3 / 4 bis - central bankers'speeches even if interlinked cbdcs were to become a reality, central banks would still have to rely on private actors for certain tasks. one example is currency exchange, since this is typically a market - based business, including managing and dealing with the inherent exchange rate risk. project icebreaker, an experiment conducted by the bank of israel, the bank of norway and the bank of sweden in cooperation with the bis innovation hub in the nordics, has shown that banks still have a place in a world of interlinked cbdcs. and, just like interlinked faster payment systems, a solution based on interlinked cbdcs would still rely on private actors to provide attractive front - end solutions. 5 closing remarks all of this shows that, in order to enhance cross - border payments, we need cooperation, not only between banks and central banks, but also with other players as well. regulators will have to coordinate efforts to harmonise regulation. central banks will have to be active in two different roles. as operators of payment systems, we may have to adjust our systems and communicate with the market on how best to expand their services. as leaders, we will have to continue to support and coordinate the actions resulting from the roadmap. ultimately, all stakeholders will have to come together to find solutions that are beneficial for all parties and work together to improve the global payments landscape. which brings me back to nelson mandela : with close collaboration on a global scale, which might be hard to imagine today, this may become a reality in the future. 1 financial stability board, g20 roadmap for enhancing cross - border payments, october 2021. 2 committee on payments and market infrastructures

, iso 20022 harmonisation requirements for enhancing cross - border payments, march 2023. 3 > https : / / www. bis. org / about / bisih / topics / fmis / nexus. htm 4 / 4 bis - central bankers'speeches
equipped to face the challenges ahead. as you strive to enhance the well - being and dignity of your members and improve their professional status, you also magnify the values essential in attaining the bsp vision and mission. let us therefore join hands as we embrace the changes in the way world - class central bankers perform their tasks! thank you and good day!

, see the asean - 5 economies rebound in 2021 following significant contractions in 2020. the imf, in particular, projects the asean - 5 to grow by 5. 2 percent this year. this is reflective of the broad - based recovery seen for the philippines, indonesia, malaysia, vietnam, and thailand. on the domestic front, these multilateral agencies expect the philippine economy to expand by 5. 9 percent to 6. 6 percent this year. these are broadly in line with the national government ’ s forecasts of 6. 5 percent to 7. 5 percent for 2021. meanwhile, some foreign analysts have rosier forecasts for the year, with growth projections ranging from 6. 1 percent to as high as 9. 6 percent. 1 / 5 bis central bankers'speeches what are the key factors supporting this shared optimism? a quick look at some of the key economic indicators in 2020 show that even at the peak of the pandemic, the philippines ’ macroeconomic fundamentals remained broadly intact. these indicators include the following : the quarter - on - quarter improvements in gdp outturntowards year - end ; better business and consumer outlook ; within - target inflation ; ample liquidity in the system ; sound and stable banking system ; robust external payments position ; and manageable fiscal deficit. let me briefly expound on some of these factors. let me discuss the first indicator, which refers to improving quarterly gdp outturn. by reallocating resources to sectors which needed help the most, the economy was able to register sustained improvements on a quarter - on - quarter basis. from the 16. 9 percent contraction recorded in the second quarter of 2020, which was at the peak of the lockdown, the philippine economy managed to post slower declines of 11. 4 percent and 8. 3 percent in q3 and q4, respectively. this is expected to continue in the succeeding quarters of 2021 with the calibrated reopening of businesses and mass transportation, the relaxation of age group restrictions, and the planned roll out of covid - 19 vaccines. while the – 9. 5 percent cumulative gdp outturn in 2020 broke the 21 year - record of uninterrupted growth for the philippines, it was within - expectations given the unprecedented nature of the pandemic. the contraction in 2020 could have easily hit double - digit levels had the philippine economy entered the crisis in a weak position. second is the encouraging consumer and business sentiments. early indicators show improved economic activities in the last quarter
of markets, but still secures resilience when, inevitably, more difficult times arrive. for an elaboration of this theme, see an earlier http : / / www. rba. gov. au / speeches / 2006 / sp _ dg _ 270506. html. speech ‘ risk and the macroeconomy ’, available at

joachim wuermeling : introduction to the book " banking business in germany " opening speech by prof joachim wuermeling, member of the executive board of the deutsche bundesbank, at the occasion of the publication of the book " banking business in germany " from the association of foreign banks in germany, frankfurt am main, 16 october 2019. * * * introduction ladies and gentlemen, thank you very much for the invitation. it is my pleasure to introduce the 6th edition of “ banking business in germany ”. previous editions have been a valuable guide, with clear and insightful descriptions of the structure of the german banking sector, the structure of banking supervision in germany and the eu, and the relevant legislation for banks and investment firms active in germany. these information are very helpful for foreign banks entering the german market, which is why it has become something of a go - to guide. as this book is about german banking i would like to take this opportunity to make three remarks on the sector. first, i would like to make a brief assessment of the brexit preparations. second, i would stake stock of the incoming financial institutions due to brexit third, i will then talk about the strategic options post brexit. state of brexit preparations the book as well as the association of foreign banks in germany are as important as ever given the developments we are seeing due to brexit. this event has a major impact on the german banking sector not only in the short, but also in the long term. for the short term, i may say that banks and supervisors have more or less completed preparations for a hard brexit. this is due to the hard word of the banks but also to the clear stance of supervisors and – last but not least - the delay from march to october. we as supervisors have been very strict ; we saw no alternative than to prepare for the worst - case scenario, which is a hard brexit. that proved to be the right stance, despite of the promising rumours ahead of this week ’ s european council meeting and glowing hopes that there finally may be a withdrawal agreement between the eu and the uk. a hard brexit is exactly what institutions have been preparing for in recent months. i am well aware that this was a very challenging process for all firms, but i am convinced that these strict measures are a valuable advantage in light of the current, difficult circumstances. moreover, in areas where banks were not able to do this alone,
more open and transparent conversations on shariah issues. our hope is that this will build greater mutual respect and understanding within the shariah fraternity and the wider financial communities, and in turn, pave the way towards greater harmonisation of shariah interpretation globally. conclusion let me conclude by quoting the words of imam al - ghazali : " knowledge without action is insanity, action without knowledge is vanity. ” let ’ s ponder that point. 1 this companion refers to salman al - farisi. 2 sayyed abul hassan ali nadwi, muhammad the last prophet : a model for all time 3 imam al - dhahabi, siyar a ’ lam al - nubala ’. 3 / 3 bis central bankers'speeches

kuwait finance house's initiative, in this regard, as the first islamic bank worldwide to possess an economics & investment banking research arm based in malaysia, is a major advancement on this front. the establishment of the research unit will facilitate information sharing amongst the islamic financial institutions and other key stakeholders. the setting up of the research unit provides vital information which can be shared. the promotion of information sharing and exchange of knowledge will encourage better understanding and spur global collaboration among the financial players. through in - depth market knowledge of the financial services industry, it will without doubt spur greater innovation in islamic financial services, leading to cutting - edge products and services. equally important, it is also expected to enhance linkages between the middle east and asian regions, acting as a conduit to promote greater economic integration and encourage deeper intermediation of islamic markets. this further underscores the economic integration of both the middle east and asian regions and further enhances linkages in the new silk road, a manifestation of the thriving global islamic finance market. ladies and gentlemen, on this occasion of the official launch of kuwait finance house research, it is with pleasure that i congratulate kuwait finance house for its forward - looking outlook and commitment to contribute to the success of islamic finance by allocating resources in having a dedicated research entity to drive its islamic banking business forward. it is my hope that kuwait finance house will continue to play a major role in the initiatives to further develop islamic banking both here and in asia. i wish kuwait finance house research every success in its endeavours. in the name of allah, most gracious, most merciful, it now gives me great pleasure in officiating the launch of kuwait finance house research. thank you.
originated in the combination of an unsustainable exchange rate peg and foreign denominated debt. the devaluation of the currency would raise the stock of the debt in relation to gdp, which in turn would further contribute to make the peg more difficult to sustain and thus fuel speculative attacks against the currency, in a vicious circle. under these circumstances, if a peg could not be sustained, the devaluation would have to be accompanied by a restructuring of the debt or a partial default to stabilise the situation. this is not the case in most advanced economies, either because the debt is generally denominated in domestic currency or because the peg is a “ super - hard ” one, as in greece ’ s case. certainly, if greece were to exit the euro – a hypothesis that i make just for the sake of reasoning, but which i consider absurd – its debt burden would de facto worsen given that it is denominated in euro, and partial default or restructuring would in that case be unavoidable. however, thanks to the irrevocable nature of participation in the euro, the debt trap is avoided. what many analysts – or i should say doomsayers – have not understood is that the debt problem is the biggest incentive for greece to remain in the euro area. second, in many previous crises in emerging market economies, the debt issued by the country was largely held by foreigners. a restructuring of the debt thus mainly hit foreign citizens and was thus, from a political and economic viewpoint, relatively less costly for domestic residents. in advanced economies, the difference lies in the fact that domestic wealth is more relevant in relation to gdp and is partly composed of domestic debt instruments, including government bonds. a debt restructuring or default thus has an immediate and direct impact on the value of the residents ’ wealth and thus on the real economy. the larger the impact of a ( partial ) default on the financial and real economy of the country, the more costly a ( partial ) default would be, compared with the alternative of achieving the primary surplus necessary to stabilise and reduce the public debt. what is often forgotten is that the wealth effect does not depend only on the direct effects of a default or restructuring of the public debt, but also on the chain of events that would be triggered throughout the entire banking and financial system. owing to the role of advanced economies as lenders of last resort to their own financial system, as has been confirmed by this crisis, a debt

, comments and a summary of the discussions will be made available on the ecb ’ s website in due course.
made the decision to launch the european monetary system. since then i ’ ve worked in different ways and in different functions to realise the single currency, which is a milestone in the deepening of the european union. as a result of these functions, i had the great privilege to contribute at critical junctions. these historic, major efforts, which began shortly after the second world war, are of fundamental significance for european peace, stability and prosperity. i was extremely touched to be told that i would be receiving this year ’ s charlemagne prize. weser - kurier : is there a special relationship between germany and france? bis central bankers ’ speeches trichet : the friendship between germany and france has played a historic role in creating a united europe. this friendship needs to be put to the service of overall european unity, for all european nations. there are 27 countries in the european union and now 17 in the euro area. weser - kurier : you are about to enjoy cod and green cabbage at the schaffermahl. today is also the 85th birthday of paul bocuse, the inventor of “ nouvelle cuisine ”. what does good food mean to you? trichet : i love good food and “ nouvelle cuisine ”. i always like to discover something new. i ’ m sure i ’ ll do just that at the schaffermahl. bis central bankers ’ speeches

prejudices in france ; for example, the idea that unemployment in france can be explained by the euro being undervalued for german industry and overvalued for french factories. in fact, if unemployment is higher in france it is because the labour market is performing less well. we must overcome these prejudices, which fuel populism. everyone needs to do their bit. this is something that emmanuel macron has understood very well. france is expected to make proposals about reforming the euro area. but to be credible, it must itself undertake the reforms necessary to bring the french unemployment rate closer to the best performers within the eu. 3 / 3 bis central bankers'speeches
me end with a quote from noted author, sir arthur clarke, “ any sufficiently advanced technology is indistinguishable from magic. ” ladies and gentlemen, i am excited to see that time when we would have fully seized the benefits of information technology, for then it would be truly “ magical ”. once again, my warm congratulations to the officers of petef and itap. magandang gabi po sa inyo at mabuhay tayong lahat.

is improved significantly with the use of nickel - plated steel. the coins are also more resistant to discoloration, corrosion, and everyday wear and tear. mr. president, ladies and gentlemen, the bsp is honored to discharge its mandate to maintain currency integrity, to further promote public trust and confidence in philippine currency. we respectfully present these banknotes and coins. thank you. now, we have a short avp on the ngc coin series. 1 / 1 bis central bankers'speeches