samchain/econo-pairs-v2 huggingface dataset:
borrowing must be accommodated elsewhere in household budgets. therefore, there has to be an impact in terms of dampening demand overall. inflation outlook in the medium term ( 2008 - 2010 ) inflation outlook in the medium term is influenced by domestic economic activity, imported inflation and international economic and financial developments. for instance, in south africa, there are upside risks to inflation due to the increase in food, oil and electricity prices and the forecast depreciation of the rand against international currencies. hence inflation in south africa is projected to remain above the upper end of the south african reserve bank ’ s 3 - 6 percent target to the end of 2009, thus necessitating the maintenance of the current tight monetary policy stance. the situation in botswana ’ s other trading partner countries ( sdr countries ) is also characterised by high inflation and, in some cases, the threat of recession looms large. domestically, output growth is expected to remain above the long - term trend, and this means that botswana is not currently facing the dilemma that policy tightening is unduly restricting economic growth. the balance of risks, which the generally tight monetary conditions aim to moderate, is towards domestic demand adding to inflationary pressures. to the extent that the current monetary policy stance is maintained, inflation is expected to reach the bank ’ s objective range by the end of 2009, all things being equal. the rate of crawl of the exchange rate is not expected to result in a substantial nominal exchange rate adjustment during 2008. this should not add significantly to inflationary pressures, especially in an environment of a relatively restrictive monetary policy. the latest business expectations survey points to a deterioration in inflation expectations, and this underscores the importance of staying the course in fighting inflation. monetary policy stance against this background, there is a need to maintain the current restrictive monetary policy stance going forward, in order to restrain second - round effects and refocus inflation expectations. otherwise a vicious circle of mounting pressures could make inflation increasingly hard to control, thus requiring more severe policy measures at a later stage. i hasten to add that the bank recognises the need to balance the trade - off between the need to control inflationary pressures and the desire to support output expansion ; to this end, the impact of the current policy stance on economic growth will be monitored carefully. it is important to stress that monetary policy is not by itself sufficient to attain price stability. complementary fiscal policy and the implementation of structural reforms, such as skills development, that can yield significant productivity

gains, are also critical, as they help to enhance the resilience of the economy. i thank you for your attention.
its major presence in the indian banking system, is aware of this and is working towards meeting the expectations that the various stakeholders have from the audit committees. i wish you successful deliberations. thank you! bis central bankers ’ speeches

pioneered in europe in the late 1960s has benefited immensely from the financial flexibility offered by the debt market by reducing over - reliance on the banking system. however, the european economy has also got the advantage of an enabling investment environment before the reliance on banking system could be lowered. 10. the current state of financial market in india does not support an optimal capital structure in financing infrastructure. while the public - sector debt market is fairly liquid, constituting approximately 35 per cent of gdp, the stock of listed non - public sector debt is an abysmal 2 per cent of the gdp ( goldman sachs, 2007 ). this is far below the depth of the equity market capitalisation placed almost at 100 per cent of gdp. even emerging countries such as malaysia, korea, and china have a higher percentage of corporate bonds to gdp. further, segmentation in gilt securities failed to create a credible benchmark to price other long - term securities in india despite an intensive effort by the rbi to consolidate the issuance of gilt securities. accordingly, there is a tendency to adopt lopsided structures in the form of over - reliance on equity. while the government uses tax revenues and psus surplus to fund infrastructure, a large percentage of capital requirements in the private sector too are met through equity. of the total expenditure of the eleventh plan, nearly 52 per cent is likely to be financed through internal accrual / equity primarily appropriating the internal and extrabudgetary resources of the psus. for private sector, the share of debt is relatively less at 30 per cent. 11. of the total debt requirement at rs. 9, 88, 035 crore ( usd 247. 01 billion ), the actual availability during the eleventh plan period is estimated to be around 83. 5 per cent. more than half of the total estimated resource flows are likely to come from bank credit, while close to 15 per cent is estimated to come from external commercial borrowings. the resource flow from pension / insurance companies, which is potentially a high source of long term debt, is expected to provide resources by less than 7 per cent. understandably, these institutions have been restricted by their respective regulatory authorities from exposing them too highly to the infrastructure sector on prudential considerations. 12. the credit extended by commercial banks is also restricted through exposure norms besides a cash reserve and statutory liquidity ratio requirements. although often argued for more flexibility, it needs to be appreciated that for credit institutions, it would be difficult to
i would like to thank sarah breeden, victoria cleland, karen jude, nick maclaren, harsh mehta and ali moussavi for their help in the preparation of these remarks. 3 / 3 bis - central bankers'speeches

##px rates. we understand the challenges this poses to insurers, and we are working constructively with eiopa and others to address these issues. we encourage insurers to continue to focus on the actions within your control such as identifying where libor exposure is on your balance sheets, engaging with counterparties, and preparing for operational changes. conclusion to conclude, as insurers deploy increasing numbers of models, drawing on massive amounts of data and with new analytical techniques, it is vital that they give sufficient attention to effective model risk management. insurers need to be sufficiently confident to use their models but not so over - confident that they misuse them. all speeches are available online at www. bankofengland. co. uk / publications / pages / speeches / default. aspx chart 1 : typical method used by large life insurers to calculate their solvency capital requirement ( scr ) using an internal model ( im ) all speeches are available online at www. bankofengland. co. uk / publications / pages / speeches / default. aspx chart 2 : pra ’ s analysis of selected internal model drift metrics from 1 jan 2016 to 31 dec 2017 40 % life insurance firms 30 % general insurance firms 20 % 10 % 0 % - 10 % - 20 % internal model ( im ) scr standard formula ( sf ) scr net best im scr / sf scr im scr / net estimate bel liabilities ( bel ) source : solvency ii regulatory reporting and bank calculations all speeches are available online at www. bankofengland. co. uk / publications / pages / speeches / default. aspx chart 3 : alternative perceptions of modelling and its uses source : adapted from model risk – illuminating the black box ( https : / / www. actuaries. org. uk / practice - areas / risk - management / disbandedresearch - working - parties / model - risk ) all speeches are available online at www. bankofengland. co. uk / publications / pages / speeches / default. aspx
david dodge : recent review of the canadian economy opening statement by mr david dodge, governor of the bank of canada, to the senate banking, trade and commerce committee, ottawa, 20 april 2004. * * * good morning, mr. chairman and members of the committee. as always, we appreciate the opportunity to meet with you twice a year, following the release of our monetary policy report. these meetings help us keep senators and all canadians informed about the bank ’ s views on the economy and about the goal of monetary policy and the actions we take to achieve it. the canadian economy continues to adjust to developments in the global economy such as stronger world demand, higher commodity prices, and the realignment of world currencies, including the canadian dollar. emerging - market economies, especially china and india, are contributing to intensified competition but are also creating new trading opportunities for canada. these developments require shifts in activity among sectors and create a need for adjustments by many businesses. monetary policy is facilitating these adjustments by supporting aggregate demand, with the goal of keeping the economy near its full production potential and inflation on target. when paul and i appeared before this committee last october, we told you that economic growth in canada was weaker than expected and that there was more slack in the economy than we had projected six months earlier. as you know, the canadian economy was affected by a number of shocks in 2003. thus, despite a broadening of the global economic recovery and higher commodity prices, it turned out that the economy at the end of the year was operating well below the level that we had projected in our october report. preliminary indications are that growth in the first quarter of this year was marginally below 3 per cent. thus, the bank ’ s view is that the economy is still operating significantly below its potential. our outlook for economic growth and inflation is essentially unchanged from that of the january monetary policy report update. the economy is expected to grow by about 2 3 / 4 per cent in 2004, picking up to about 3 3 / 4 per cent in 2005. this stronger growth is expected to come from private domestic demand, reflecting the current monetary stimulus in the economy and high levels of business and consumer confidence. such growth would return the economy to close to its production potential by the third quarter of 2005. core inflation - which removes the most volatile components of the consumer price index and the impact of indirect taxes on the remaining components - should average 1 1 / 2 per cent over the remainder of this year. as excess

supply in the economy diminishes, core inflation is expected to move back to 2 per cent by the end of 2005. the main uncertainty for the outlook continues to relate to how the canadian economy adjusts to global developments. overall, the risks to the outlook appear balanced. mr. chairman, paul and i will now be glad to answer the committee ’ s questions.
of credit growth reflects the banks ’ cautious in terms of lending. in this context, the bank of albania points out that, notwithstanding the externally generated short - term risks, the medium and long - term outlook for albania remains sound. albanian consumers and businesses should be more realistic about their development plans and adopt a more pragmatist approach to increase current investments and consumption. also, the banks ’ sound balance sheets should provide more financial funds to support the economy by increasing lending. looking forward, the new information obtained during the last month confirms our previous projections on the expected performance of the albanian economy over the monetary policyrelevant horizon. the albanian economic activity is expected to grow at positive but low and below potential rates. the poor performance of private investments and consumption restricts the room for economic growth. on the other hand, preliminary information suggests that the fiscal stimulus may be upward in the next year, complementing the foreign demand as a short - term contributor to next year ’ s economic growth. however, the overall effect of fiscal stimulus will depend on the response by the private sector and financial markets. at the same time, its long - term effect will depend on additional costs that it will bring about on the budget. the bank of albania deems that the aggregate demand will not exert upward pressures on inflation. against the backdrop of a stable monetary environment, well - anchored inflation expectations and moderate impact from import prices and exchange rate, inflation is expected to remain within the bank of albania ’ s target over the period ahead. under these circumstances, our monetary policy is expected to retain its stimulating nature in the medium term. * * * concluding the discussions, the supervisory council decided to keep the key interest rate unchanged, at 4. 0 %. bis central bankers ’ speeches

a central bank in maintaining both monetary and financial system stability has become more challenging. to navigate under this changing environment, in my view a central bank should have at least three critical tools at its discretion. first is the flexible exchange rate system, which provides for autonomy of monetary policy. second is a monetary policy framework which is consistent, credible, and transparent so as to provide a monetary policy anchor within the flexible exchange rate system. third is a strong banking system capable of absorbing the various risks created by financial globalization. the mounting risks and uncertainties emerging within the financial globalization process also underscore the importance of the central bank role in guiding public expectations. within this context, the credibility of the central bank is crucial. to this end, transparency, accountability, and effective communication must be integral to the entire monetary management process. in short, communication may serve as an additional “ instrument ” that a central bank should use at its disposal to complement other monetary instruments for monetary policy to operate effectively. thank you.
1 0. 9 survey of professional forecasters 1. 4 1. 5 1. 5 1. 8 unemployment rate ( level ) cpi ( percent change ) gdp price index ( percent change ) 1. 2. formerly dri - wefa return to table figures in the annual columns are q4 levels. return to table

are ongoing within central banks and international bodies such as the financial stability board and the network for greening the financial system ( ngfs ), which brings together over a hundred central banks and financial supervisors. ladies and gentlemen, 2 / 4 bis - central bankers'speeches at bank al - maghrib, we have been involved in these national and global efforts to combat climate change and its impacts for several years. in 2016, on the sidelines of cop22 held in marrakech, the bank rallied regulators and stakeholders in the national financial sector around a roadmap on sustainable finance. in the same vein, bank al maghrib is working alongside the ministry of finance and other financial regulators to draw up a strategy for financing the fight against climate change. this should make it possible to assess the green financing gap and identify measures and mechanisms to enable the national financial sector, as well as foreign financial institutions, to amplify their contribution to green and climate finance. it will be supported by the adoption of a green finance taxonomies, necessary to channel financial flows and prevent " green washing ". regarding banking regulation, bank al - maghrib issued in 2021 a directive on the management of financial risks related to climate change and the environment. to assist banks in its deployment, bank al - maghrib, with the support of the world bank, has carried out an assessment of the banking sector's exposure to physical and transitional climate risks, as well as an analysis of climate shock scenarios. bank al - maghrib is currently working on new regulatory guidelines to provide banks with guidance on the data to be collected as well as the indicators and metrics to be put in place to measure climate - related risks emanating from major borrowers and to assess the green and sustainable portion of their portfolios. they also aim to transpose international sustainability transparency standards to enhance market discipline within the banking sector. in terms of managing its foreign exchange reserves, bank al - maghrib incorporates the principle of sustainability into its investment guidelines, by promoting sustainable and responsible investments. as of 2016, at cop22 hosted in marrakech, the bank invested $ 100 million in green bonds issued by the world bank. more recently, in 2023, it made a similar investment of 200 million dollars. its investments in green, social and sustainable bonds currently account for 7 percent of foreign exchange reserves, with a long - term target of 10 percent. bank al - maghrib strengthened its commitment to the
iii ) coordination of examinations ; and, most importantly, ( iv ) your unwavering moral support. to this end, we, at the bank do sincerely believe that although this mou will expire in september 2005, its legacy shall linger on and that the signing of this mou will further cement the cordial relations existing between the embassy of france and the bank. i thank you.

language other than english, such as french, which most often is a requirement for securing employment in international organisations. in this connection, we are happy to sign this mou, whose principal objectives are to : ( a ) establish a framework in which the french embassy can facilitate capacity building in the french language among the bank of zambia employees ; ( b ) promote multi - cultural awareness and appreciation of a diversity of languages necessary for bank staff to transact effectively and efficiently in social and professional fora where the knowledge of french would be beneficial ; and ( c ) enhance opportunities for bilateral and / or multilateral co - operation between the bank and relevant french - speaking authorities and clients. notwithstanding the above, the french lessons programme is a very challenging one to our staff in that students are not only required to attend, at least, 90 per cent of class work conducted twice a week for two hours, but are also required to take examinations every ten ( 10 ) weeks ; implying that only those employees who succeed in the examinations are allowed to proceed to the next advanced level. your excellency following the commencement of the french lessons, i am pleased to inform you that this programme has already started showing encouraging results, as evidenced by the fact that at the end of the first segment of the beginners ’ course, all those who took the examinations passed and are progressing to the next stage. the results could have been even better had all the 78 enrolled students attended tuition and taken the examination as scheduled. let me also clarify here that some employees missed the examinations due to the call of duty and not out of lack of commitment. in this regard, i wish to assure your excellency that as a sign of commitment on the part of individual employees and the bank, a crush programme has been put in place to enable those who missed the first examination to sit for it and catch up with the rest of the class by april this year. further, may i also take this opportunity to inform your excellency that our french lessons programme has become so popular among staff that we are sponsoring another class of beginners and six more staff with appreciable knowledge of the language at the alliance francaise. finally, i will be remiss in my speech if i did not thank your excellency for the assistance we have continued to receive in form of : ( i ) meeting the full cost of hiring two tutors from alliance francaise - lusaka and ndola ; ( ii ) supply of study materials ; (
society. simultaneously, the process of setting the hypothesis, selecting and implementing the applied methodologies, is conducted in congruence with the best up - to - date research practices. this renders analysis and research investigation valid and professional. during this year's competition, there were a series of applications received, mainly focusing on topics that deal with recent phenomena taking place in the fields of economics and finance. the studies are directly or indirectly connected with the activities of the central bank. some of the most interesting topics of these studies were the following : the impact of policies on the central bank's balance sheet in the corporate bond markets ; 2 / 4 bis - central bankers'speeches the impact of credit and the expansion of banking products ; the effect of prices on the real estate market ; the multiplier of government expenses and consumption, and their effect on the economy. we gladly assess that the topics presented fulfil the standards of a true scientific research, correctly addressing the hypothesis, and their validation is based on the application of contemporary research methodologies, while employing the statistical data in a correct and structured manner. as a result, reaching conclusions and the implications to decision - makers are analysed based on a diligent investigation work on various economic and financial events. after analysing the topics presented, the assessment commission has reached a unanimous decision on the winners of the first three prizes of " governor's award for the best diploma thesis, 2022 ". before awarding the prizes, i would like to congratulate and commend all the participants in competition for their interest, ideas, methods and conclusions, which were based on correct methodologies. the submitted materials are of a high level and the assessment commission was hard - pressed when selecting the winners. however, the three topics that will be presented stand out from the rest because of their importance and coherence, as well as for having fully employed the methodology, and diligently having applied and described the assessment methods, and the interesting findings. i encourage the winners and all the contestants in the competition to preserve and nurture the same passion and commitment further in their professional careers as shown in the submitted research works. let's go ahead and present this turn winners. first prize the first prize was awarded to pegi myshqerri, a student at the goethe university, germany, for the study on the master's theme : the effects of ecb asset purchases on european corporate bond markets ) ".

conference has only further matured. it has grown both in audience and in breadth of topics. and this year ’ s program is, once again, testimony to that. i wish you all an inspiring two days. 1 national bank of the republic of north macedonia, accessed on 7 december 2021, rnm fintech survey final report clean 211220. pdf ( nbrm. mk ) 3 / 3 bis central bankers'speeches