Africa
Volume of damaged notes withdrawn from circulation increases
Frequency of official fitness tests tend to have bearing on removals
National Bank of Ethiopia joins Papss
Network says it will increasingly focus on boosting Africa’s connectivity with global payment systems
Number of banknote depots linked to cash cycle involvement
Public and private sectors jointly bear distribution costs in most jurisdictions
Success of Rwanda’s eKash comes from mandatory use – governor
Central bank learned from UPI and Pix on how to lower transaction costs on instant payment system
CBN faces lawsuit over $1bn of allegedly misappropriated funds
NGO demands explanation for more than $6.23m in alleged election-related fraud
Volume of cash in circulation averages less than 5bn notes
Proportion of payments made using cash averages 40% in past year
Printworks owners have seven times more cash staff
Currency departments generally more satisfied with non-staff resources than staffing
Tanzania, DRC and Kenya keep rates on hold
Countries face different risk factors, though Middle East conflict remains common thread
IMF flags gaps in Somalia’s financial reform efforts
Fund notes progress, but says central bank should go further to safeguard stability
People: Sarb appoints former World Bank economist to MPC
Plus appointments in Singapore and the Seychelles
Africa’s central banks diverge as Zambia delivers major rate cut
Mozambique holds while Sierra Leone delivers second consecutive hike
Sarb hikes rates 25bp, citing persistent global supply shock
Global economy not in a healthy space, governor says
Nigeria makes biggest rate cut since 2007
CBN also recalibrates standing facilities corridor to strengthen policy transmission
Pacific series: Climate is top issue for Fiji’s governor Ariff Ali
Head of central bank speaks about climate, inclusion, modernisation and vulnerability ahead of his likely retirement next year, following 30 years at institution
Kenya publishes draft national payment system policy and law
Payment ecosystem should draw on lessons from India and Brazil, National Treasury says
Third parties manage roughly one-sixth of reserves
Compensation for external asset managers takes different forms across jurisdictions
Foreign exchange interventions jump 71% year on year
One in four central banks uses derivatives for FX intervention
ADB offers $5bn to alleviate energy and fertiliser crisis
Institution says funds will be delivered on selective and demand-driven basis
Investment tranches account for half of reserves
Just one-fifth of central banks lack tranching mechanisms
Larger reserve holders operate longest portfolio duration
Duration among respondents holds steady at around two years, on average
Reserves exposure to non-SDR sovereign debt increases
US Treasuries and gold remain the most prominent asset classes