Africa
Staff error is largest cause of op risk at central banks
Legacy systems tend to trigger most threats in jurisdictions with greater than average number of incidents
Mitigation and reporting are leading components of risk strategy
Decentralised teams more likely to embed philosophy in divisional decision-making
Most centralised risk teams prioritise cyber security
Decentralised teams primarily cover credit and counterparty, op and market risks
Risk policies widely reviewed by committee in larger teams
Central banks with larger teams favour risk committees over CROs
Algeria sacks central bank governor
Taleb replaced by erstwhile deputy on an interim basis, country’s president announces
Nigeria revokes mortgage lenders’ licences
Central bank says closure of Aso and Union Homes due to poor compliance culture
South Africa’s inflation target cut a ‘major’ feat, says IMF
Move likely to reduce borrowing costs and improve debt sustainability, institution says
Nigeria to discourage cash withdrawals and make deposits easier
Central bank says reform package aims to reduce cash usage and tackle money laundering
Central banks’ social media share ticks up
Social-traditional media split for communications roughly the same across different regions
Local languages widely used in central bank communications
African central banks use more English in communications than counterparts in other regions
Comms teams see dis/misinformation on social media as key risk
Criticism from government ranks as smallest risk
Website upgrades are comms teams’ top priorities for next year
Commitments differ somewhat by departmental structure
Climate and fragmentation are key risks, say deputy governors
Officials from EMEs in Africa and Americas outline concerns at Autumn Meetings
Larger comms teams involved earlier in policy decisions
Most departments become involved in duty after decisions are taken
Hybrid teams widely employ social media for two-way communications
Most respondents use strategies to address crises and disinformation
Nigeria holds rates at 27% despite easing inflation
Governor says exit from FATF grey list and outlook upgrade will boost capital inflows
Communications teams use AI mainly for drafting
But use cases vary according to team structures
LinkedIn, Facebook and YouTube are top comms platforms
Over a third of communication teams adopted new platforms in the past year
South Africa cuts by 25bp, citing lower prices ahead
Sarb brings policy rate to 6.75% in first decision since government lowered inflation target
Central banks universally communicate internally via email
Additional tools used vary somewhat by system efficiency and structure
Social media and press releases are primary external comms channels
Impact assessment tools vary across teams by structural approach