Central Banking
ECB sets up €2 billion swap line with Croatian National Bank
The line will remain in place until the end of 2020, but can be extended as long as it is needed
IMF urges countries to use fiscal firepower against Covid-19
“Do whatever it takes, but make sure to keep the receipts,” says IMF fiscal chief
Regulators must enforce stronger payment data protection – CPMI
Payment oversight needs to be updated to accommodate fintech firms and protect consumers
FSB co-ordinating Covid-19 response – Quarles
Board is focused on protecting financial stability both during and after the pandemic, chair says
Fed takes first step to unwind repo support
Repo market is showing signs of “more stable” conditions, New York Fed says
Financial resilience may be tested further by Covid-19 – IMF
“Sudden stop” in credit markets could feed back to real economy, and requires a “forceful response”
IMF takes new steps to support weaker countries
Fund approves immediate debt relief for 25 countries; offers Ghana $1 billion to fight Covid-19
IMF projects deepest recession since Great Depression
Global growth could contract by between -3% and -6% this year, a combined loss of output of $9 trillion for 2020 and 2021
FSB outlines 10-point plan for tackling global stablecoin risks
Some powers already exist but stablecoins may cut across regulatory boundaries, report says
MAS promotes e-payments amid pandemic
Central bank launches campaign for PayNow and universal QR code
Sarb cuts rates to historic low
Unanimous decision comes as growth outlook and inflation forecasts revised; South Africa’s risk profile has increased
US must overhaul statistics to fight coronavirus – Minneapolis Fed paper
New methods, laws and cross-sector agreements are necessary to support real-time data analysis, research says
The IFF China Report 2020: China’s opening-up
Extending from east to west, China’s Belt and Road Initiative now encompasses as much as 65% of the world’s countries and a significant portion of global GDP. When first announced, investment was primarily targeted at transport infrastructure – but this…
Transfer season
Trade frictions with the US have caused a mass industrial transfer to China’s neighbours. Zhou Chengjun, IFF Academic Committee member and inspector of the Macro‑prudential Policy Bureau of the People’s Bank of China, says that shouldn’t stop China…
Crises enliven ‘totalitarian temptations’
The coronavirus pandemic will embolden governments and bodies such as the International Monetary Fund to grasp for more power, writes Steve Hanke
Indonesia gains ‘second line of defence’ from $60 billion Fed repo
Bank Indonesia secures repo with NY Fed to boost dollar liquidity and shore up rupiah
New fintech innovation hub goes live in South Africa
Hub will accommodate regulatory advice unit as well as sandbox and accelerator facilities
Fed unveils $2.3 trillion package for ‘Main Street’
Package launched as 6.6 million more people claim for unemployment insurance
IMF doubles emergency lending capacity
Fund considering other options including SDR issuance, says Kristalina Georgieva
ECB minutes reveal resistance to lifting self-imposed limits on PEPP
Some governing council members did not deem new programme necessary, proposing to use APP or OMT
World Bank says sub-Saharan Africa destined for first recession in 25 years
Growth could fall as low as -5.1% as largest economies struggle with Covid-19 repercussions
National Bank of Poland cuts rates to record low of 0.5%
Central bank includes state-guaranteed bonds in its asset purchase programme
Apra suspends bank licence issuance
Prudential regulator will continue to review applications while six-month suspension is in place
Bank of England to lend directly to government
Central bank agrees temporary expansion of “Ways and Means” facility