Remittances
BSP remains cautious about stablecoins as proposals roll in
Deputy governor says most submissions are for dollar-backed assets focused on retail use
The Genius Act: a smart move for global payments?
Experts from the stablecoin industry discuss if new US law can live up to its name
Experts split over wisdom of Mexico’s 25bp rates cut
Economist says policy committee’s sole dissenter was right to vote to hold
Handful of central banks have bilateral payment links
Projects are nascent and growing, but some countries seek multilateral links instead
Can central banks cut remittance fees to sustainable levels?
More action is needed to reach the UN’s 3% global average cost target. But central banks face limits on what they can do
Syria’s central bank says citizens’ deposits will be safe
Announcement comes after footage appeared to show looting of cash from bank’s premises
Nandalal Weerasinghe on Sri Lanka’s IMF programme, central bank reforms and road to recovery
The Central Bank of Sri Lanka governor speaks about his return from retirement to aid Sri Lanka’s structural reforms and recapitalisation, reinforce central bank independence and develop financial resilience
Banknotes: October to December 2024
A round-up of news and salient issues that have affected central bankers in the past three months
Governors differ on cross-border payments
Officials from Europe, Africa and Asia diverge over whether bilateral or multilateral links are best
FSB calls for more action on cross-border payments
Reports say regional disparity remains and “significant progress” is needed to meet targets
Higher inflation results in greater remittances to Pakistan – paper
Workers send more money to make up for erosion of real incomes in their home country
Non-banks in RTGSs: greater efficiency or more risk?
Policy-makers and practitioners from central banks in Brazil, Hungary, Israel, Romania, Rwanda and the US share their perspectives
China links CBDC to Hong Kong’s fast payments system
Hong Kong residents can top up wallets via 17 retail banks as PBoC continues to promote use
Slight majority of US consumers ‘warm’ to CBDC, survey says
Respondents most interested in free use and widespread market adoption, Philadelphia Fed finds
India and Nepal to set up cross-border payments link
Project adds to growing list of similar bilateral initiatives in Asia
MAS suspends some remittance channels to China
Singapore’s central bank acts after Chinese authorities freeze around $10 million worth of remittances
Moldova cuts rates steeply while Romania holds
IMF says Moldovan central bank has largely neutralised second-round effects
Remittances to Mexico reach record high, says Dallas Fed
Researchers say strong US construction sector fuels funds transfers
Cross-border CBDC challenging to deliver, officials warn
But digital currency could tackle “extremely high” remittance costs, says IMF’s Tobias Adrian
US ‘bitcoin ATM’ industry growing despite risks, research finds
Remittances are big driver of bitcoin-to-cash ATMs, but industry is predatory, paper warns
El Salvador’s central bank licenses Binance
Move comes despite growing international regulatory concern over crypto exchange firm