Data
A new climate of change
Central banks are warming up to address climate risks just as US interest cools
Most central banks have policy independence
But some respondents provide details of pressure they have faced to change policy
MAS launches AML data-sharing platform
Banks can share data on suspicious activities by customers, Singapore’s central bank says
Middle income central banks lag on diversity and green policies
But code of ethics and whistleblower schemes remain common standards
BoE plans upgrades to data collection process
Overhaul includes work on validation, communications with firms and common data standards
Governors’ salaries tend to rise with country income
Low income developing countries less likely to disclose data
African central banks most likely to manage sovereign wealth fund
FX reserve management, currency supply remain leading functions in most jurisdictions
Governors rarely removed by central bank boards
Ultimate responsibility broadly vested in heads of state, other government entities
Governors’ terms average just over five years
Central bank chiefs are typically allowed two consecutive terms in office
Around half of governments consult central banks on mandate reviews
Practice less likely to be found in Asia-Pacific and the Americas
BIS and central banks develop AI tool to mine climate data
Hallucinations “do not seem” to impact results of initiative with Bank of Spain, ECB and Bundesbank
Fintech Benchmarks 2024 – model banks analysis
Data reveals how advanced and emerging economy central banks structure their fintech functions
Central Banking Awards 2024: second group of winners unveiled
Ukraine’s Andriy Pyshnyy named Governor of the year
New study finds uneven impact of changing energy costs
Energy prices more likely to affect product prices than wage increases
Fintech Benchmarks 2024 report – the promise and threat of AI
Benchmark data reveals how central banks are developing CBDC, tapping into AI tools and using cloud services to boost their work
Book notes: Number go up: inside crypto’s wild rise and staggering fall, by Zeke Faux
The book would be a great, comic obituary of crypto, if only crypto were dead
Most central banks’ cloud services are software-focused
Operational environment is largely hybrid and public, while access to server is often domestic
Fintech employees trained in AI in just over one-third of central banks
Senior management staff are least trained across jurisdictions
AI being adopted in over half of central banks
Supervision, document automation, data analysis and research are primary areas of use
Regtech strategy still lacking in majority of central banks
Stress testing, AML/CFT risk and reporting are top areas of application
Suptech strategy adoption remains below 50%
Resource constraints and data quality issues are still barriers
Nearly all central banks see CBDC as environmentally friendly
Few jurisdictions see initiative as comparable to banknotes’ lifecycle
Central banks fear CBDC will heighten cyber threats
European jurisdictions less likely to be deterred by security concerns
Improving domestic payments efficiency drives retail CBDC research
Barriers to adoption include concerns around privacy, disintermediation and operational risk