The Americas
Most communications teams outsource tasks to external providers
Outsourcing more common among central banks in emerging markets
Email and social media most common two-way channels
Central banks in emerging market economies prefer social media to email
CBDC could increase financial instability, Fed’s Bowman warns
Retail CBDC would not improve payments or financial inclusion, she says
Immigration decline hurts growth and inflation prospects – Fed research
Dallas Fed VP says “absolutely” a link between low immigration and rising inflation
Few central banks report recruitment difficulties
Central banks from emerging market countries more likely to say they face problems finding staff
Advanced economy central banks more likely to make profits
Majority of central banks report profits in most of last five years
Central banks differ on profit-sharing agreements
Advanced economy central banks more likely to have formal agreements on profit distribution
Most central banks satisfied with policy autonomy
EME central banks say they are more likely to face pressure over monetary policy
Some internal policies differ by country income
Central banks likely to have ethics codes and whistleblower policies regardless of national income
Boards’ make-up differs across jurisdictions
Emerging market economy boards more likely to include government officials and ministers
Countries vary on governor appointment powers
Poorer countries more likely to combine powers, while richer ones split responsibilities
Central banks’ roles differ by national wealth
Few central banks have task of overseeing sovereign wealth funds
Most governments can change mandates without consulting central banks
Most jurisdictions’ central bank laws either limit or forbid monetary financing
FedNow set to launch in July
Onboarding to instant payment system begins in April, followed by production validation
Central banks differ over board term limits
Nearly half of responding central banks impose no term limits on board members
EME governors more likely to leave role early
Emerging market economy countries also less likely to limit number of terms governors can serve
What is happening to US wages?
Economists disagree over causes of real wage stagnation
EME fintech teams have wider mandates
Few chief fintech officers recruited by central banks
Regulating fintech is biggest tech challenge, central banks say
Benefits include financial inclusion, cost reduction and service efficiency
Central banks split on machine learning, AI technologies
Respondents optimise features despite drags in data quality, skills gap and algorithmic challenges
Location, security and privacy are top cloud concerns
Richer economies more likely to domesticate and operate hybrid servers
Cloud used for business continuity and advancing computation
Most institutions rely on third parties for services
IMF allows five regional banks to hold SDRs
Development banks in Europe and the Americas are now “prescribed holders”
Retail CBDC work more common than wholesale
Most jurisdictions still lack a legal mandate to issue a CBDC