Africa
Email and social media most common two-way channels
Central banks in emerging market economies prefer social media to email
Central bankers cast doubt on utility of CBDC
“Element of Fomo” drives projects on even when purpose is unclear and resources lacking
Few central banks report recruitment difficulties
Central banks from emerging market countries more likely to say they face problems finding staff
Advanced economy central banks more likely to make profits
Majority of central banks report profits in most of last five years
Rates round-up: Kenya raises rates to highest since 2018
Sarb adds 50bp more as economy struggles; Zimbabwe cuts 1,000bp; Mozambique holds
Central banks differ on profit-sharing agreements
Advanced economy central banks more likely to have formal agreements on profit distribution
Most central banks satisfied with policy autonomy
EME central banks say they are more likely to face pressure over monetary policy
Rates round-up: Ghana and Thailand tighten
Many central banks in Africa, Asia and Europe still raising rates, but Angola continues cuts
Some internal policies differ by country income
Central banks likely to have ethics codes and whistleblower policies regardless of national income
Most central banks disclose governors’ salaries
Governors’ salaries show moderate correlation with countries’ per capita GDP
Boards’ make-up differs across jurisdictions
Emerging market economy boards more likely to include government officials and ministers
Countries vary on governor appointment powers
Poorer countries more likely to combine powers, while richer ones split responsibilities
Central banks’ roles differ by national wealth
Few central banks have task of overseeing sovereign wealth funds
Most governments can change mandates without consulting central banks
Most jurisdictions’ central bank laws either limit or forbid monetary financing
Central banks differ over board term limits
Nearly half of responding central banks impose no term limits on board members
EME governors more likely to leave role early
Emerging market economy countries also less likely to limit number of terms governors can serve
CBDC needs good preparation, warn central bankers
Panellists say financial literacy, research and infrastructure must come first
Central database is ‘cornerstone’ of open banking
Cyber security and financial literacy are key obstacles to data-sharing, experts say
EME fintech teams have wider mandates
Few chief fintech officers recruited by central banks
Regulating fintech is biggest tech challenge, central banks say
Benefits include financial inclusion, cost reduction and service efficiency
Central banks split on machine learning, AI technologies
Respondents optimise features despite drags in data quality, skills gap and algorithmic challenges
Location, security and privacy are top cloud concerns
Richer economies more likely to domesticate and operate hybrid servers
Cloud used for business continuity and advancing computation
Most institutions rely on third parties for services
Retail CBDC work more common than wholesale
Most jurisdictions still lack a legal mandate to issue a CBDC