International
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
FSB outlines principles to guide regulatory ‘modernisation’
‘We have not seen people implement our recommendations and then move back,’ says John Schindler
BoK to review use of dot plot it debuted this year – Shin
Governor aims to find forward guidance ‘sweet spot’ and says any review will wait until at least next year
AI, debt and cyber risk threaten financial stability – IMF
Combination of risks ‘may have much broader systemic implications’, says institution’s Vamvakidis
Resilience is watchword in IMF’s World Economic Report
Tenreyro says sources of oil, trade and tech inputs should be diversified if economies are to withstand shocks
FSB warns global stablecoins remain untested in crisis
Complex cross-border regulatory structures have emerged, body says
China hits back at criticism of yuan policy
PBoC denies devaluation claims, says other nations are responsible for their declining competitiveness
FSB calls for ‘urgent action’ on public liquidity backstops
Many jurisdictions at risk of having to ‘improvise under pressure’, report says
Philippines’ FX reserves fall to three-year low
BSP says levels sufficient following period of currency interventions and devaluations
BIS’s Hernández de Cos on AI, non-bank risk and tokenisation
General manager talks about how the BIS is navigating a complex global environment
People: Sarb appoints former World Bank economist to MPC
Plus appointments in Singapore and the Seychelles
Rehn says European safe asset ‘deserves further examination’
ESRB vice-chair says jointly issued bond could help fund defence and energy, but design is the hurdle
Commercial value must drive digital asset adoption – Mills
BoE’s executive director for FMI says bank will not pick winning token, ledger or business model
Permanent FRTB reforms seen as vital for IMA adoption
Temporary relief granted in June has done little to encourage internal model use in Europe
RBA says stability risks mainly come from abroad
Bank’s finstab report says financial system resilient but points to AI and geopolitical concerns
Supervisors must co-operate internationally – Elderson
ECB board member warns emerging risks to stability demand joint response from regulators
Modernisation can ‘free supervisors to think’ – Thedéen
Basel Committee chair says multidisciplinary teams are necessary to track ‘ever-changing’ system
Goodhart and Pradhan on the end of monetary independence
The unanchored central banker authors speak about how ageing populations, soaring healthcare costs and rising fiscal deficits will force central bankers to compromise on inflation targets and bail out indebted governments
Stablecoins issuers’ debt wish not enough to meet US needs – study
SF Fed authors say demand for Treasuries will be much smaller than government’s requirements
ECB should become global lender of last resort – report
Academics put forward policy recommendations to further internationalise euro
Stress-testing Brazil’s credit co-operative safety net
Rapid growth in credit co-operatives has made a public test of FGCoop’s liquidity, replenishment and resolution capacity necessary, argues Gustavo Pessoa