BIS central bankers’ speeches  5  Figure 5 Carry to Risk Index  1.25  Brazil 1.00  Turkey  0.75  South Africa  0.50 0.25  Mexico  0.00  Poland  -0.25  Colombia Apr-15  Dec-13  Aug-12  Apr-11  Dec-09  Aug-08  Apr-07  Jan-06  -0.50  Note: Carry to Risk is calculated based on the implied spread between local rate and foreign rate in FX forwards with three-month maturity.
Almost all of the discussions that I have participated in at this Committee over the past few years have naturally focused on the banks, but of course this is only one element of the Central Bank’s mandate and it is worth reminding that almost 9 out of 10 staff of the Central Bank are actually engaged in numerous tasks other than the prudential supervision of banks.