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Payments Benchmarks 2025 report – cross-border connections
One of the major unsolved challenges of global payments is how to establish efficient, multilateral, cross-border payments. However, the Payments Benchmarks 2025 highlight the progress central banks are making, from upgrades to real-time gross settlement systems, to adoption of the common ISO 20022 messaging standard and bilateral connections between instant payment systems.
Philippines cuts policy rate by 25bp
Central bank points to improved outlook for inflation, as well as threats to growth from global events
Kenya to extend RTGS system’s daily operating hours
Central bank says Kepps system will move from seven hours a day to 12 from July 1
Benchmarking
PBoC’s Pan outlines vision for multi-currency international order
Governor describes SDR-based system in which major currencies would “co-exist and compete”
US Senate passes ‘Genius Act’ to regulate stablecoins
Regulators express concerns over stability risks; senator says bill could trigger “next financial meltdown”
Chile holds rates at 5% again
Inflation slows and growth exceeds expectations, though war in Middle East adds uncertainty, BCCh says
Bank of Namibia holds policy rate at 6.75%
Central bank maintains cautious stance as inflation eases and growth continues
Handful of central banks have bilateral payment links
Projects are nascent and growing, but some countries seek multilateral links instead
Eurosystem launches unified collateral management system
Operated by four central banks, ECMS replaces 20 systems previously operated by national authorities
Central Banking Summer Meetings 2025
European reserve managers express optimism over ESG
Panellists at Central Banking Summer Meetings celebrate sector’s maturity over past decade
Developing AI comes with geopolitical risks, says panel
Summer Meetings panel discusses infrastructure supply chains and where data is stored
Rhetoric on AI is rarely backed up by resources – panellists
Central bankers tell Summer Meetings their institutions seldom have enough to spend on innovation
Policy must be forceful to anchor expectations, panel hears
Central bankers discuss lessons from post-Covid inflation surge at Summer Meetings
Editor's choice
Reflections on the international financial situation
Jacques de Larosière writes that markets are blind to Trump's policy shocks that are fragmenting the monetary ‘system’
NBP’s Juliusz Jabłecki on geopolitics, bitcoin and gold
Director of financial risk management department talks tactics versus strategy, operations following breakout of war in neighbouring Ukraine, FX interventions and independent risk-taking
Maurice Obstfeld on the trade war’s damage to the monetary system
The former IMF chief economist speaks about Trump’s chaotic economic policies, the erosion of Fed independence and dollar stability, difficult policy trade-offs for central banks, and the threat to the Bretton Woods institutions
Trends in reserve management 2025: survey results
Insights on strategies in anticipation of tariffs, interest rate divergence and geopolitical risk, FX diversification and de-dollarisation, as well as bitcoin in reserves, FX interventions and gold
Benchmarking
Handful of central banks have bilateral payment links
Projects are nascent and growing, but some countries seek multilateral links instead
Inter-bank working groups
Facilitating connections between central bankers across the globe to promote the exchange of expertise and support collaboration.
Upcoming meetings include: Cyber risk management, social media in communications and upgrading forecast models.
A fractured monetary system
US policy is encouraging a transition away from a dollar-led, rules-based order
Trump's tariffs
Tariffs not the only policy causing uncertainty – Fed presidents
Officials highlight risks from US administration’s approaches to deregulation and immigration
ECB says tariff shocks ‘continue to reverberate’
Stability review says risk of slowdown has “increased markedly”, though banks are better placed than in 2008
US faces mounting costs if trade war escalates – study
Fed economists monitor effect on asset and consumer goods prices under blanket 25% tariff
German and Spanish governors criticise US policies
Nagel defends Fed independence, while Escrivá cautions against excessive deregulation
Awards
Central Banking Awards 2025: the winners in full
Awards recognise extraordinary achievements in another challenging year for central banks
Lifetime achievement award: Agustín Carstens
A driver of strategic change, respected in both emerging and developed economies
Central bank of the year: Bank of Thailand
The Thai central bank has countered government interference while fulfilling its mandate and striving to future-proof the financial sector
The winners of the 2024 FinTech & RegTech Global Awards
Seventh annual tech awards recognise excellence among central banks and the private sector
Book reviews
Book notes: The measure of progress: counting what really matters, by Diane Coyle
Book notes: The political economy of central banking, by Alessandro Roselli
Book notes: Smart money: how digital currencies will win the new Cold War, by Brunello Rosa with Casey Larsen
Book notes: Unexpected revolutionaries: how central banks made and unmade economic orthodoxy, by Manuela Moschella
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