News/Payments
US credit card debt passes $1 trillion for the first time
NY Fed says credit is stabilising at pre-pandemic levels despite historic figure
Fed unveils new crypto supervision programme
Smaller banks need Federal Reserve authorisation before issuing stablecoins and dollar tokens
Cuba limits cash transactions and ATM access
Central bank measure provokes scepticism and concern
MAS to replace corporate cheques with deferred payment system
Singapore will move to new system by 2025 amid falling usage and rising processing costs
Banque de France says printworks are going ahead
Staff end strike as central bank agrees to appoint ergonomist to help in design of new plant
Digital yuan transactions growing rapidly, PBoC says
But Yi Gang notes prototype CBDC currently takes up a very small share of cash in circulation
Russia’s Mir cards now working in Venezuela
Russian payment cards advance in Latin America, but get sanctioned by Canada
US instant payment system FedNow goes live
Mester says service could handle P2P, cross-border, and interoperable payments
Ex-Fed vice-chair Quarles linked to bank seeking master account
Quarles’s involvement recalls controversy over Sarah Bloom Raskin
Austria introduces new clearing service
Central bank welcomes lender-owned company’s oversight of new system
Central Bank of Oman launches 24/7 RTGS
Oman will be connected to payment systems across the Arab world via AFAQ and Buna systems
Foreign de-risking keeps Somali banks isolated, governor says
Central Banking Summer Meetings: Somalia needs to rejoin world finance system after payments success
Banknotes: April to June 2023
A round-up of news and salient issues that have affected central bankers in the past three months
South African central bank prepares for total power failure
Sarb working on resilience plans but warns only “some transactions” may continue
Payment security must improve, Norges Bank warns
Norwegian central bank says it will decide on design of new settlement system by 2025
Central bankers cast doubt on utility of CBDC
“Element of Fomo” drives projects on even when purpose is unclear and resources lacking
Papua New Guinea phasing out cheques
Central bank will stop processing cheques from larger businesses from end-2023
Singapore and Malaysia set up cross-border payments link
Travellers can use QR codes to pay for transactions in foreign stores
Fed details Custodia rejection decision
Decision says Wyoming firm has deficient management and risky business model
BIS to trial Asian instant payments link
Project Nexus aims to create standardised cross-border link for different countries’ systems
Russian payment system to start operation in Cuba soon
Ambassador says Mir will help Cuba counter effects of embargo
Iran and Russia to link banking systems to bypass sanctions
Move follows Iran’s signing of free trade “memorandum” with Russia-led EAEU
Italy to allow larger cash payments despite central bank objections
Official warns move could encourage illicit activity
Kenya central bank restores mobile money transfer fees
Move will reverse anti-Covid measure, but cut fees from 2020 rates