And had Jane been living in the euro area today, in Germany for example, she would only have been able to invest for the long term at a negative interest rate – the 30 year bund yielded minus 0.27% in August. Nominal interest rates do vary through time of course. Since the Napoleonic wars and outside wartime, UK long term nominal rates moved mainly in a 2-5% range until the decades of inflation following the Second World War, during which they rose above 15%, before falling back as inflation was brought under control. They have been falling ever since. The fall in long rates is a phenomenon that has been building since the late 1980s, gathering pace after the financial crisis (Chart 1). During the past couple of months, UK long nominal rates have dropped to around, and sometimes even below, 1%. They have not been this low in the past 200 years. The same is true, more generally, for other advanced economies. 1 See Avery Jones (2019). 2  All speeches are available online at www.bankofengland.co.uk/news/speeches  2  Some of this likely reflects low current and expected inflation. But it is a great deal more than just an inflation story. Long term real rates – in the United Kingdom and in other advanced economies – are extremely low and indeed are negative. I want to look briefly today at why we are in a period of low interest rates and why we might expect it to persist – ‘low for long’ in other words.
Abdulrahman A Al-Hamidy: Compliance and anti-money laundering Speech by His Excellency Dr Abdulrahman A Al-Hamidy, Vice Governor of the Saudi Arabian Monetary Agency (SAMA) ,to the Fifth Annual Gathering on “Compliance and anti-money laundering”, Saudi Arabian Monetary Agency, Institute of Banking, Riyadh, 26–27 March 2013. *  *  *  Dear Audience, It gives me pleasure to welcome you all, and I would like to thank those who have participated in the preparation for this gathering. I also would like to extend my thanks to the colleagues at the Institute of Banking and the speakers to this gathering. Dear Audience, The continued holding of this gathering for the fifth year confirms the firm conviction held by all of us of the risks that the crime of money laundering poses to the global economy. It also reflects the Kingdom’s commitment to combat money laundering, and its support of the measures taken against it, and the implementation of the best international practices in this field. The discussion of this gathering derives its importance from the increasing trend towards globalization, easing restrictions on international cross-border movement of commodities and services and the revolution of communication and information technology. Dear Audience, Money laundering operations have witnessed a quantum leap at the global level over the last years. This was reflected in the various and diversified methods used in their implementation, expanding the volume this type of crime. Developed and developing countries suffer from this crime.