Finally, in China, while the policy cycle has turned and the economy appears to have reaccelerated, the authorities there will need to continue to deal with new challenges, including rapid growth in non-bank finance, increased leverage across the economy, and maintaining equilibrium in the midst of rapid structural change and increasing complexity. BIS central bankers’ speeches  1  So, while global growth appears to be picking up (after a lackluster 2012 which saw Europe and Japan contracting in the second half of the year, and a second consecutive year of slowing growth in the emerging market economies) the pick-up is likely to be only moderate; and significant economic slack in the mature economies (high unemployment, large output gaps, etc.) seems likely to be with us for some time to come. Against this backdrop, developed economy central banks are continuing to take extraordinary measures to support growth. Policy interest rates are close to zero, and central bank balance sheets have grown to unprecedented proportions via asset purchases and lending. As you know, the Fed is in its third round of large scale asset purchases. The Bank of England and Bank of Japan (BoJ) have been expanding their balance sheets as well, and markets expect the BoJ to engage in stepped-up asset purchases in the months ahead.
Ranee Jayamaha: Moving from informal to formal in the provision of remittances Speech by Dr Ranee Jayamaha, Deputy Governor of the Central Bank of Sri Lanka, at the Global Payments Week, Sydney, 3-6 October 2006. *  *  *  Let me begin by thanking the World Bank, IMF and BIS officials for giving me this opportunity to speak on the Worker Remittances in Cross Border Payment Flows. Most of what has to be said on this topic has already been articulated by the previous speakers. Let me therefore be very brief. I intend to make this presentation in three parts. Part I deals with an overview of remittances. Part II elaborates the importance of remittances in the Sri Lankan economy and Part III discusses possible solutions to issues relating to remittances at macro and micro levels. Part I – Global overview In terms of magnitudes, worker remittance has become a significant component in foreign inflows and balance of payments in developing countries. The statistics presented here are largely estimates. According to the latest reporting, worldwide remittances during 2005 had been approximately $ 250 bn and it is likely to increase further. In 2005, developing countries appear to have received $ 167 bn from about 175 migrants. It is also estimated that around 500 mn of the world population is dependent on remittances. Formal institutional channels It is important to highlight some key points on the formal institutional mechanism/channels of remittance flows. Traditionally, the banks collected and disbursed remittances.