News
Central Bank of the Philippines cuts rates at emergency meeting
Emergency move brings central bank's rate cuts this year to 125 basis points
Podcast: adapting economic education for demographics and fintech
St Louis Fed’s Mary Suiter discusses the reserve bank’s new programme for Native American economic education
Policy-makers making risky ‘one-round bet’ on Covid-19 – El-Erian
Former Pimco chief worried about readiness and ability of policy-makers to tackle a ‘second wave’ of infections
Bank of Canada unveils new purchasing programmes
Monetary policy report analysis shows economy could shrink by roughly 30% in Q2
Colombia cuts reserve requirements in extraordinary meeting
Measures permanently inject $2.3 billion in liquidity, says central bank
IMF urges countries to use fiscal firepower against Covid-19
“Do whatever it takes, but make sure to keep the receipts,” says IMF fiscal chief
Regulators must enforce stronger payment data protection – CPMI
Payment oversight needs to be updated to accommodate fintech firms and protect consumers
Fed takes first step to unwind repo support
Repo market is showing signs of “more stable” conditions, New York Fed says
Financial resilience may be tested further by Covid-19 – IMF
“Sudden stop” in credit markets could feed back to real economy, and requires a “forceful response”
IMF takes new steps to support weaker countries
Fund approves immediate debt relief for 25 countries; offers Ghana $1 billion to fight Covid-19
IMF projects deepest recession since Great Depression
Global growth could contract by between -3% and -6% this year, a combined loss of output of $9 trillion for 2020 and 2021
FSB outlines 10-point plan for tackling global stablecoin risks
Some powers already exist but stablecoins may cut across regulatory boundaries, report says
Sarb cuts rates to historic low
Unanimous decision comes as growth outlook and inflation forecasts revised; South Africa’s risk profile has increased
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