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The Financial Stability Board (FSB) today published its report to the G20 on the framework for monitoring progress toward meeting the targets for the G20 Roadmap for Enhancing Cross-border Payments, to achieve cheaper, faster, more transparent, and more accessible payments.

To create accountability and maintain momentum, the FSB committed to develop a framework for monitoring progress toward the targets for achieving cheaper, faster, more transparent, and more accessible cross-border payments.

Current account again with a clear surplus

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Six Chinese departments including the People's Bank of China (PBC), the country's central bank, have released an announcement that they are encouraging financial institutions in the banking sector to defer debt and interest payments for loans due in the fourth quarter for small and micro enterprises, the PBC said on Monday.

Bank Indonesia (BI), Bank Negara Malaysia (BNM), Bangko Sentral ng Pilipinas (BSP), Monetary Authority of Singapore (MAS), and Bank of Thailand (BOT) have agreed to strengthen and enhance cooperation on payment connectivity to support faster, cheaper, more transparent, and more inclusive cross-border payments. A Memorandum of Understanding (MOU) on Cooperation in Regional Payment Connectivity (RPC) was signed on 14 November 2022 in Bali, Indonesia, on the sidelines of the G20 Leaders’ Summit with keynote address from Indonesia’s President, His Excellency Joko Widodo.

The Federal Reserve Bank of New York’s New York Innovation Center (NYIC) and the Monetary Authority of Singapore (MAS) today announced Project Cedar Phase II x Ubin+, a joint experiment to investigate how wholesale central bank digital currencies (wCBDCs) could improve the efficiency of cross-border wholesale payments involving multiple currencies.

October 29, 2022, was the maturity date for Sberbank’s subordinated Eurobonds ISIN XS0848530977 valued at USD 2 bn. Sberbank repaid the face value and made the final coupon payments under the above bonds to the Russian depositors whose rights were listed via the National Settlement Depository and outside of it.

According to statistics released today by the Monetary Authority of Macao, the total numbers of personal credit cards and debit cards issued by banks in Macao witnessed annual increases in the third quarter of 2022.

Digital money is a logical step in a process of continuous technological advancement in payment systems. In response, central banks are reviewing their conduct of monetary operations in light of the new shape of financial markets and systems. The impact of digital money will depend on the type of money substitution by digital money. The paper straddles several cases where substitution of CiC (currency in circulation), and bank deposits may take place via digital money such as CBDC or other e-money, and how it would impact the central bank balance sheet. Remuneration of CBDC, if aligned to a new objective, could potentially amplify the effect on the interest rate channel of monetary policy.

Floating Rate: +2.08%1 Fixed Rate: +2.50%