Commentary
In-depth reports less frequent than monetary policy meetings
Over 80% of central banks set monetary policy without always publishing in-depth reports
Central banks divided on publishing policy meeting minutes
Central banks in advanced economies more likely to publish minutes
Policy-maker votes largely kept secret
Most central banks do not reveal how individual monetary policy-makers vote
Policy-makers and staff often determine headline forecasts
Joint approach may help conquer systemic bias
Majority of central banks do not take account of forecast errors
Surveys of inflationary expectations used widely, alongside macroeconomic and market indicators
Majority of central banks have power to issue debt for monetary purposes
Central banks pointed to draining liquidity as a reason for issuing debt
FX market intervention key tool for emerging market economies
Central bank markets departments perform a wide range of different roles
Asset purchase programmes prevalent among advanced economies
But just 17% of emerging market economies said they operate a purchase programme
Majority of central banks use corridors to set market rates
A handful use floors due to unconventional policy, and some use other methods
Salaries higher for monetary policy staff than markets specialists
Budgets for monetary operations/markets teams were larger, but monetary policy staff were slightly better compensated
Majority of retail payment systems lack real-time processing and settlement
Over half of RPSs in emerging market economies were owned by central banks, but in advanced economies this fell to less than a quarter
Majority of central banks charge RTGS usage fee
Annual cost of running RTGS systems ranged between $35,000 to over $16 million
Third parties often develop RTGS technology
Seventy-one percent of respondents said the technology underpinning their RTGS system was developed solely by a third party or in collaboration with the central bank
Payments department responsible for oversight of payments infrastructure
Heads of payments systems oversight often report to departmental head, but some report directly to the governor
Central banks look set to upgrade RTGS systems in the next 12 months
Nine central banks said they are planning ISO 20022 adoption
Over 50% of central banks actively regulate cost of payments services
Central banks with explicit payments mandate more involved in setting cost limits
Mastercard and Visa dominate card scheme market
Number of operational card schemes ranges from zero to 10
Limited adoption of ISO 20022 messaging in RTGS systems
Around a fifth of central banks said they use the emerging payments messaging technology
Half of central banks surveyed experienced RTGS outages last year
Most reported operating one contingency site
Central banks split on non-bank access to RTGS systems
Benefits of innovation must be weighed against risks of financial instability
Central banks’ payments operations staffed more than oversight function
Advanced economies tend to have higher staff numbers in both functions
Criteria for systemically important payment infrastructure differs
Thirty-one out of 37 central banks said they designate systemically important payment infrastructure
Oversight functions stifled by lack of resources, some central banks say
Skills and resources were identified as limiting factors, as well as the challenges of a recently formed oversight function
Scope of payments systems oversight varies
Almost all central banks are mandated to oversee systemically important payments systems but payments networks, international remittance services and fintech providers often fall out of scope