Currency
Argentine central bank orders foreign exchange sales
BCRA also bans “payments in instalments” for overseas travel as currency weakens
Argentine central bank freezes banks’ FX purchases
BCRA order comes amid a falling peso, IMF talks and mid-term elections
Nigeria launches ‘digital naira’ pilot
Central bank issues $1.2 million in retail CBDC after clampdown on private crypto
The post-trade revolution: transforming the ability to manage liquidity and risk
Alex Knight, head of Europe, the Middle East and Africa at Baton Systems, explores the ongoing technological revolution in post-trade processing that consigns the problems of inefficient, costly and restrictive processes to the past
Nigerian central bank will test prototype CBDC
“eNaira” will be tested in four cities, reaching a combined population of nearly 15 million
Dealers back CLS plans for EM settlement system
12 banks announce support for project to extend PvP protection to certain CLS-ineligible currencies
Bitcoin becomes legal tender in El Salvador
Observers warn move could further destabilise the fragile Salvadoran economy
Stronger together: CLS’s chief risk officer on risk culture
Deborah Hrvatin discusses integrated risk management, mega-hacks and model risk
US mutual funds’ crypto holdings doubled to over $1bn in Q1
BlackRock and MSIM are among 16 US fund managers dipping their toes into crypto investing
CBDCs provide ‘clean slate’ for cross-border payments, says report
International bodies urge central banks to bolster CBDC co-operation
Sri Lanka central bank imposes capital controls
Measure restricts exports of foreign currency as government faces debt challenge
Carney warns CBDC delays play into hands of big tech
Delays risk entrenching the power of tech firms and encouraging less desirable forms of money, former BoE governor says
Ailing Suriname floats its currency
Defaulting country holds debt talks as inflation and corruption take toll
Dollar’s share of global reserves falls to 25-year low
Gradual decline may stem from currency diversification by emerging market central banks – IMF report
Flexi forwards see rise in corporate interest post-Covid
Treasurers seek flexibility in cashflow hedging as pandemic-related supply chain disruptions bite
BoE and Treasury launch CBDC task force
Central bank also forms new division to lead “internal exploration” of digital currency
IMF weighs up $650 billion SDR issuance
Figure would allow Biden administration to avoid a vote in Congress
Foreign corporates rally round new Thai baht hedge rules
Cheaper onshore pricing draws non-Thai corporates to Bank of Thailand’s new FX hedging scheme
US brands Switzerland a ‘currency manipulator’
Treasury also accuses Vietnam of manipulating exchange rate to gain “unfair competitive advantage”
Project Helvetia proves central banks can use tokenised assets – BIS
Benoît Cœuré says project marks “the beginning of the further evolution of central banking”
BoE needs ‘better handle’ on control of UK currency
Lawmakers highlight the UK’s disjointed cash management, which could put consumers at risk, they say
Asia’s FX markets step to the algorithm
Buy-side use of automated trading programs builds, albeit from a low base
Big moves, but no panic after tumultuous US election
Treasury market saw its largest post-election move since at least 2000 – but liquidity held up
FX headwinds cancel out HSBC’s Q3 RWAs cut
Portfolio reductions reaped $10.8 billion of RWA savings