Remittances
Libra’s Disparte on big tech’s move into digital currency
Libra Association vice-chair Dante Disparte speaks about the decision to abandon a multi-currency reserve, stress-testing a global payment network and how the Facebook-backed body still has 3 billion customers in its sights
Kosovan central bank rolling out response to coronavirus shock
Governor Fehmi Mehmeti says economy is vulnerable but the central bank is taking action
Remittances can cause volatility if concentrated – IMF paper
Flows of remittances are broadly stabilising for the receiving country, but not if they are too concentrated, paper finds
Cambodia extends blockchain payment system pilot
Central bank lengthens trial to end-2019 and explores including cross-border transactions
BSP’s Diokno on forward guidance and cutting reserves
The Central Bank of the Philippines governor speaks to Christopher Jeffery and Alice Shen about fintech, efforts to wean Asia off the US dollar, and why he wants to cut policy and reserve requirement rates
Agustín Carstens on fixing the global monetary system
The BIS chief speaks about how to strengthen the global safety net, vulnerabilities in emerging markets and the challenges and opportunities posed by fintech
New data reveals 20% drop in correspondent banking
CPMI data reveals ongoing decline; FSB unveils latest work to reverse trend
Federal Reserve profits fall as normalisation takes hold
The Fed remittances to US Treasury fell by 18.5% from last year
The Bank of England’s missing records
Central banks need to implement robust archiving frameworks, should they want to maintain public trust and learn from the lessons of the past, writes former Bank of England official historian Forrest Capie
Bank of Jamaica’s Wynter on the path to inflation targeting
Bank of Jamaica’s governor talks about revamping accountability, communications and operations as the central bank embraces inflation targeting
Philippines toughens rules on crypto-exchanges
Philippines is one of the few central banks to adopt formal regulations on crypto-asset exchanges
Singapore to step up consumer protection on e-payments
Banks must offer users better protection measures, but users could also face fines for recklessness or carelessness
Philippines sees strong ‘hot money’ inflow despite currency weakness
Net inflow of foreign portfolio investments into Philippines hits six-month high, in contrast to weakness in peso
IMF says remittances do not balance out losses caused by emigration
Remittances are key for providing support to LAC countries in terms of fiscal and financial stability; lack of labour resources and decline in productivity outweighs remittance support
Central Bank of the Philippines receives international remittances award
Filipino central bank secures award by World Bank, European Commission and the United Nations for its efforts to broaden and deepen the country's financial markets
World Bank research sees value in ‘acyclical’ remittances
Remittance flows show little correlation with the business cycle and therefore can play an important role in allowing consumption smoothing
IMF paper finds remittances depend on source and recipient country business cycles
Level of remittances are negatively correlated with strength of recipient economy and positively with source economy; when both are weak, remittances continue, study shows
Remittance flows transmit global shocks, says IMF paper
Study by IMF says remittance flows act as a transmission channel of global shocks to emerging and developing countries; policy adjustment required
Philippines central bank paper analyses effect of remittance flows
Working paper considers macroeconomic impact of flows of remittances into Filipino economy; identifies number of benefits but also potential risks to competitiveness
Financial openness provides incentive for remittances: Netherlands Bank paper
Netherlands Bank study shows greater financial openness attracts higher levels of remittances
T&T solves remittances anomaly
Central Bank of Trinidad and Tobago study explains drop in remittances to developing world
Bangladesh’s Rahman welcomes remittance improvements
Bangladesh Bank governor Atiur Rahman says banks, microfinance companies and IT specialists should continue working together to increase access to finance
Africa mostly sheltered from remittances drop
International Monetary Fund looks at the impact of the global economic crisis on African GDP via the remittance channel