FMI
National Bank of Georgia launches contest to design currency symbol
Former Soviet nation follows Russian example in seeking suggestions for a currency symbol; winning entry to be selected next month by a commission set up for that purpose
Major international banks join UK's high-value payment system
BNY Mellon, ING Bank, Northern Trust, BNP Paribas and Société Générale have until now participated in Chaps indirectly, in an arrangement criticised by the Bank of England
Two-thirds of US non-cash payments by card, but cheques persist
Payments by credit and debit cards grew nearly 8% annually between 2009 and 2012, according to new Fed data; 122.8 billion non-cash payments made in 2012, worth $79 trillion
Macedonian central bank launches financial literacy drive
Joint initiative with the government and other state agencies aims to improve understanding of, and involvement in, the financial system; agencies will also seek to promote cross-border co-operation
ECB unveils new Euro Retail Payments Board
New board will be the driving force behind retail payments integration in Europe; will replace the Sepa council and take a more proactive approach than its predecessor
Bank of England promises diversity on new polymer banknotes
Public consultation revealed 87% of Brits in favour of switching to polymer banknotes; Bank of England also unveils a new system for selecting historical characters to feature on its notes
Bank of Tanzania launches financial inclusion framework
East African country is aiming for 50% formal financial inclusion by 2016, up from 22% today; strategy will tackle supply side, demand side and structural obstacles
Liquid liabilities to become more expensive as a result of Basel III, says RBA's Debelle
New liquidity rules will make liabilities with less than 30 days to maturity more costly for banks to provide, making it a more expensive liquidity service for customers to obtain, says RBA assistant governor
ECB launches online competition to familiarise citizens with new €10 banknote
Players have to uncover four security features and also guess the number of euro banknotes in circulation in the euro area on December 31, 2013; new note unveiled on January 13
EBA warns of Bitcoin risks
European Banking Authority tells Bitcoin users to invest only what they can ‘afford to lose’ as not much can be done about exchange failures or digital theft
Rajan outlines medium-term 'pillars' for improving India's financial system
The five pillars comprise a 'clarified' monetary policy framework and a more liquid sovereign bond market; nation would 'benefit enormously' from the elimination of 'poorly targeted' subsidies
HKMA launches ‘hassle-free’ electronics payments platform
Hong Kong Monetary Authority says the platform will enable the general public to receive, manage and schedule electronic payments in three different currencies through one portal
Pakistan deputy wants new data protection laws for payments
Ashraf Mahmood Wathra welcomes the ‘innovative banking practices’ driving financial inclusion but says data protection must keep pace
Central Bank of Russia picks official rouble symbol
The Russian currency will now have an official symbol after an open design competition came down to a public vote between five designs
RBI's Joshi on the bank's wide-ranging strategies to raise financial awareness
RBI executive director says strategy is to raise financial literacy through initiatives like outreach visits and financial literacy centres, but also through 'comic books, plays and skits'
RBA paves way for new entrants in card systems
Reserve Bank of Australia wants to facilitate new entrants into Australia’s credit and debit card systems; plans to let MasterCard and Visa set the eligibility criteria
Malaysian deputy laments ‘price distortion’ between cheques and electronic payments
Muhammad bin Ibrahim says the $240 million spent on processing cheques by the Bank Negara Malaysia each year is a ‘huge and sheer wastage’ and could be avoided by more accurate pricing
National Bank of Belgium weighs reduction in one and two cent coins
Belgian central bank considers merits of allowing traders to round cash and electronic payments to the nearest five cents in a bid to render one and two cent coins ‘unnecessary’
MAS launches two-year technical assistance programme for neighbouring central banks
The Monetary Authority of Singapore will provide training activities and forums for 190 central bank officials from Cambodia, Laos, Myanmar and Vietnam between now and 2015
Philippine governor touts country's microfinance expansion
Amando Tetangco outlines ways in which the central bank has facilitated developments; says recent catastrophe underscores the need for 'microinsurance'
Financial literacy in France is correlated with political engagement, study finds
Working paper finds middle-aged men are the most financially literate demographic; little difference between different political orientations, but the disengaged score worse on the test
Design of Norwegian banknotes charts new waters
Norges Bank reveals upcoming banknote series will share a maritime theme, reflecting the country's 83,000km coastline; notes will not feature human portraiture
CLS raises £160 million capital from shareholders
Hefty capital raise completed last week to enable CLS to meet demanding new capital requirements and support future growth
Taiwan allows Chinese issuers in offshore RMB bond market
So-called Bao Dao bonds are expected to find a ready market eager for yield; offshore RMB bond market in Taiwan has seen just six issuances so far this year