I would like to commence my speech by reviewing the global economic outlook, given its ongoing influence on our policies. Volatilities in financial markets continue amid uncertainties about global monetary policies and concerns over global growth. Interest rate volatility experienced some decline right after the anticipated first Fed rate hike in December 2015; however, volatilities began increasing as of early 2016 mainly due to worries about the Chinese economy and geopolitical developments (Chart 1). The global economic slowdown since 2014 continued into the second half of 2015, especially across emerging market economies. Commodity prices remained on the decrease as well. Developing economies were largely affected by the global fluctuations in this period. Portfolio inflows stayed weak and exchange rate volatilities remained high (Chart 2). The effects of global market volatility were felt in the Turkish economy as well. However, reduced domestic uncertainty and the CBRT’s tight monetary stance and other liquidity –and financial-stability– oriented policies limited these effects. Chart 1. Chart 2. (MOVE Index) (Basis Points)  (4-Week Moving Average, Billion USD)  VIX and US Interest Rate Volatility Index  Source: Bloomberg. BIS central bankers’ speeches  Portfolio Flows to Emerging Economies and Currency Volatility Index (JPMVXYEM) (Percent)  Source: EPFR, Bloomberg  1  1. Monetary policy and financial conditions  As you all know, we released a road map on 18 August 2015 regarding the policies to be implemented before and after the normalization of global monetary policies.
SPEECH DATE:  2021-10-06  SPEAKER:  First Deputy Governor Cecilia Skingsley  LOCALITY:  Swedbank (digitally)  SVERIGES RIKSBANK SE-103 37 Stockholm (Brunkebergstorg 11) Tel +46 8 787 00 00 Fax +46 8 21 05 31 registratorn@riksbank.se www.riksbank.se  Building payment systems for our grandchildren* Payments at the heart of our everyday lives Firstly, thanks for inviting me this morning to speak about payments and the infrastructure that makes them possible.1 A topic that currently commands quite a lot of time at both the Swedish banks and the Riksbank, due to large projects aimed at basically building the future payment systems. I will say more about this shortly. Many of us tend to pay without thinking so much about what actually happens. On a typical day, a first interaction with the payment system could be preloading your public transport card from your bank account. At work, you use your mobile phone to send – or ‘swish’ as we call it after the domestic mobile payment service – a contribution to a colleagues 50th birthday present. Later, lunch is paid for with a bank card that you may also use to buy groceries with on your way home. Back from work, you may still have a few payments to make. In the evening, perhaps you log on to your internet bank to pay a couple of bills. Also, if the month has not been too costly, a sum of money may be placed in your savings account or even invested in the stock market.