News
Indonesia gains ‘second line of defence’ from $60 billion Fed repo
Bank Indonesia secures repo with NY Fed to boost dollar liquidity and shore up rupiah
New fintech innovation hub goes live in South Africa
Hub will accommodate regulatory advice unit as well as sandbox and accelerator facilities
Fed unveils $2.3 trillion package for ‘Main Street’
Package launched as 6.6 million more people claim for unemployment insurance
ECB minutes reveal resistance to lifting self-imposed limits on PEPP
Some governing council members did not deem new programme necessary, proposing to use APP or OMT
World Bank says sub-Saharan Africa destined for first recession in 25 years
Growth could fall as low as -5.1% as largest economies struggle with Covid-19 repercussions
National Bank of Poland cuts rates to record low of 0.5%
Central bank includes state-guaranteed bonds in its asset purchase programme
Bank of England to lend directly to government
Central bank agrees temporary expansion of “Ways and Means” facility
Israeli reserves fall sharply on dollar liquidity provision
Central bank’s portfolio decreases by $5.1 billion in March
ECB takes unprecedented steps to preserve credit provision
Central bank accepts state-guaranteed loans as collateral, reduces haircuts, and raises limit on unsecured bank bonds in collateral pool
Central banks may have to become ‘dealers of last resort’ – BIS economists
EMEs have not overcome “original sin” by deepening local currency bond markets, authors warn
Banque de France predicts 6% economic contraction
Confinement laws have had a significant impact on activity
People: Sarb and BoE renew senior appointments
Senior Sarb and BoE officials receive new terms; MAS picks new assistant managing director; ECB appoints director; William Dudley takes consulting job
BoE poll signals convertibility is key to CBDC demand
CBDC does not need to be built on DLT network, BoE says
ECB buys Italian bonds well above capital key in March
Central bank bought €11.8 billion in Italian sovereign bonds last month, up from €2.2 billion in February
Covid-19 frazzles AI fraud systems
Seismic changes in customer behaviour see machine learning solutions throw out false positives
Bank of Korea launches CBDC pilot
Bank of Korea starts 22-month CBDC test in preparation for future needs
Covid-19 could accelerate CBDC development – BIS economists
Fear could promote use of CBDCs but data is yet to point to whether cash demand has changed
China cuts rate on excess reserves for first time in 12 years
PBoC levels up stimulus, cutting rate on excess reserves while reducing RRR for the third time this year
Riksbank picks ECB’s Tips for instant krona settlement system
Central bank preparing system for round-the-clock settlement in Swedish krona
UAE president replaces central bank governor
Veteran banker appointed shortly after central bank unveils large-scale emergency finance package
Official institutions shed US Treasuries in record amounts
Fed holdings of Treasury securities for foreign official institutions dropped by $127 billion in March
US jobless claims eclipse previous week’s record high
Economy will require more fiscal support, say current and former senior government officials
Podcast: inside Brazil’s new instant payment system
New system seeks to boost financial inclusion with coverage of accounts and mandatory participation
Fed eases capital restriction on large US banks
US repo rates stray into negative territory as investors make massive flight to safety