I am delighted to be here for the 10th anniversary of the establishment of the Payment Cards Centre at the Federal Reserve Bank of Philadelphia.
In 2016, the BSP adopted the interest rate corridor (IRC) system to further enhance monetary 1/4  BIS central bankers' speeches  policy effectiveness. The IRC system guides short-term market rates towards the BSP policy interest rate, enhancing the link between the BSP’s monetary policy stance and financial markets. This impacts the real economy.