#centralbank

[theradicalscholar]

🔑💰 The end of the gold standard in 1971 transformed the global financial system, giving rise to fiat money and central bank influence.

🌍💱 The shift sparked debates on the effects, from increased flexibility and financial innovations to rising income inequality.

📈💸 Understanding this pivotal moment is essential to navigating today's financial landscape.

[paylogic]

GIMAC and PayLogic: Fostering Central Africa’s Digital Payments Revolution

[tradermade]

Yen rebounds vs USD after hotter #inflation data. Explore our latest #BreakingNews: https://markets.tradermade.com/breaking/yen-rallies-dollar-maintains-ground. Gains capped by BoJ policy uncertainty. Will the Dollar keep its grip?

[bank-zone-staffing-solutions]

🎉🏦 Congratulations to our stellar student from Bank Zone, Salem!

🌟 After completing our intensive 30-day Private Bank Job Course, they've secured a coveted position at Equitas Bank!

For more details - https://bankzonejobs.com/

🚀💼 We're thrilled to witness their success and wish them all the best as they embark on this exciting journey in the banking sector. 🌟📈

[indianchamber]

CBDC in India : Current Stage

Central Bank Digital Currency (CBDC) is a digital form of currency note issued by Central Banks of different countries . It is a form of digital bank money that can be distinguished from reserves or settlement balances held by commercial banks with  RBI. It is a RBI liability, denominated in an existing unit of account, which serves both as a medium of exchange and  a store of value. Like cryptocurrencies, a CBDC exists only in a digital form such as file or a token, but unlike them, it is backed, controlled and maintained by the authority of RBI. Digital currency offers significant advantages, in the areas of financial inclusion and cross border payments, in addition to benefits such as smoother transactions and reduced costs compared to cost of managing physical cash. The RBI started its e-rupee pilot in December 2022 but transactions averaged only 25,000 a day by the end of October 2023, even though its use case was significantly broadened by linking it to the popular United Payments Interface (UPI),  However, from December 2023,  some large private and state-run banks  started increasing the use of CBDC, particularly for employee benefit schemes.  As a result transactions topped 1 million per day. Also, the user base has been steadily growing to about 4 million users currently, up from 3 million, 2 months ago .

Programmability is the most powerful feature of CBDC. This capability can be used to ensure that digital cash is issued as a targeted subsidy (say for fertilisers) and remain fixed for that purpose. The Reserve Bank of India prefers a centrally-controlled, conventional database infrastructures for CBDC  instead of DLT (distributed ledger technology)-based infrastructure due to the latter’s limitations. While both conventional and DLT-based infrastructures store data multiple times and in separate physical locations, the key difference is in how data is updated. In conventional databases, data is stored over multiple physical nodes, controlled by one authoritative central entity, which ensures better control . On the other hand, in DLT-based systems, the ledger is usually managed jointly by multiple entities in a decentralised manner and each update needs to be harmonised amongst the nodes of all entities. This consensus mechanism requires additional overhead owing to which DLTs enable lower volumes of transactions. Given the fact CBDC is yet to scale up and sustain the bigger scale, centralised databases make sense as of date. It may also be possible that some layers of the CBDC technology stack be on the centralised system and remaining be on distributed networks. The choice of technology architecture for CBDC will need to consider the resource intensiveness, energy efficiency, cyber security, technical stability and resilience, business continuity planning, and good  technical governance.

So, where do you think we are now, as far as CBDC is concerned? Do write to us.

[inde-60]

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[aktieportfoljen]

Min aktievecka 6, fokus på rapporterna och att inte “släppa på garden” när alla är giriga

Den här veckan är det tunt på makrofronten så det blir mer fokus på rapporterna. Den urstarka jobbrapporten i USA bekräftade att ekonomin är går bättre i USA än i Europa. Det kom in 353000 nya jobb i januari jämfört med 180000 som var förväntat. Den amerikanska centralbanken Fed kan verkligen har mer “is i magen” än kollegorna i Europa när det gäller räntesänkningar. Den europeiska ekonomin har…

[fintechpoliciestemplates]

RFP Template for the Supply and Implementation of a National Payment Switch Platform https://fintechrfps.com/product/rfp-template-for-the-supply-and-implementation-of-a-national-payment-switch-platform/?utm_source=tumblr&utm_medium=social&utm_campaign=fintech+policies+templates

[paylogic]

PayWay PayLogic Platform to Support Lesotho National Payment Switch, Empowering Seamless Financial Transactions

[investguruhub]

Unraveling the Enigmatic Path of Inflation: A Complex Journey for Central Banks

The recent trajectory of inflation has sparked a divergence in perspectives between central banks and investors, fostering an intricate narrative woven with uncertainties and complexities. Despite a slowdown in inflation across advanced economies, central bankers remain cautious, refraining from declaring victory, while investors anticipate imminent rate cuts. Navigating the Inflation Landscape Factors Behind Persistent Inflation Complexities and Future Challenges

Navigating the Inflation Landscape Central banks globally tread cautiously amidst contrasting market sentiments. Bundesbank President Joachim Nagel hints at an unpredictable path, foreseeing fluctuations in inflation. Investors, however, are anticipating rate cuts by mid-2024, contrasting with central bankers’ indications of sustained high rates. Anticipated Eurozone data suggests a downward trend in inflation, yet ECB President Christine Lagarde and her peers caution against premature optimism, forecasting potential resurgences. The impending challenge in steering inflation is likened to the final phase of a marathon—a complex endeavor requiring vigilance and strategy. Factors Behind Persistent Inflation Inflation's deceleration comprises multifaceted elements. The normalization of energy prices following geopolitical tensions, notably in the aftermath of Russia’s actions in Ukraine, has played a pivotal role. However, this impact might wane as energy inflation stabilizes. Simultaneously, the decline in food price inflation contributes to the overall trajectory. Yet, central banks remain wary of wage growth’s influence, particularly in labor-intensive sectors, hinting at potential underlying inflationary pressures. The withdrawal of pandemic support measures and changes in subsidies and tax policies further shape the inflationary landscape. Complexities and Future Challenges While headline inflation rates show a declining trend, the journey toward achieving central banks’ targets is far from straightforward. Factors such as energy fluctuations, wage dynamics, and policy changes create an intricate tapestry of uncertainties.

Central banks face the daunting task of maneuvering through this landscape, navigating with caution to strike a balance between stability and the evolving economic environment. The story of inflation's trajectory continues to unfold with a complex blend of factors, underscoring the challenging terrain central banks must traverse. As they navigate this multifaceted journey, the balancing act between economic stability and the nuanced realities of inflation remains pivotal for the future trajectory of global economies. Read the full article

[ezzybrownmedia]

"Nigerians Invest $340.84 Million in Education Over Six Months, Says CBN"

A recent report shows that Nigerians who want to study abroad spent $340.84 million on their university applications from January to June 2023. This information comes from the Central Bank of Nigeria's data on money spent on foreign education. In April 2023, people spent $40.54 million on foreign education, and in May 2023, it was $48.81 million. However, in June 2023, the spending decreased to $32.61 million. Compared to the first quarter of 2023, this is a drop of $96.92 million, or 44.28%. ALSO READ: Interesting stories If we look at the figures from the second quarter of 2022, the situation is worse, with a 50.5% decrease of $124.42 million. The experts believe that the Central Bank's inability to meet the demand for foreign exchange meant that students had to get dollars from Bureau De Change operators because banks were slow in processing their Form A applications. LEARN MORE: Read blogs and articles here!!! Recent data from the UK's Home Office shows a big increase in the number of study visas given to Nigerians. As of June 2022, 65,929 study visas were issued, compared to 20,427 during the same period in 2021. The Central Bank has a backlog of forex demand on the official market, which forces people and businesses to turn to the black market for dollars. This problem is because Nigeria's income from exports has been decreasing due to less investment and lower oil exports. Dr. Anderson Ezeibe, the National President of the Academic Staff Union of Polytechnics, explained that the government's lack of investment in the education sector has had a negative impact. He said that schools in Nigeria need better facilities and equipment to produce well-trained graduates. To solve this, the government should invest more in education so that there's no need for people to study abroad. ALSO CHECK: Affordable products Read the full article

[ladookhotnikov]

US CBDC is discussed

Michael Barr, Vice President of the Federal Reserve said that the Federal Reserve continues to assess the positive and negative aspects of the digital dollar.

Central bank digital currency, or CBDC - a product that causes debate in the crypto community and in power.

On the one hand, it is of course good that FRS is thinking about digital technology. Even better, that the basis of a potential CBDC will be a blockchain. This will boost technological development.

it is good.

However, it is not as joyful as it may seem.

First, bankers are not happy with the potential implementation of the digital dollar. In fact, blockchains do not need banks as account holders. This automatically means terrible losses to the banking sector, though, the same amount of money will be saved by banks' customers. The lobbying power of banks makes it possible to counter what they consider harmful innovations.

Second, CBDC loses one of the main benefits of blockchain, namely decentralization. It is naive to expect the Central Bank to share its authority to manage the issue.

What’s left then?

There remains the possibility of total control over the movement of each dollar, each purchase.

For users, this is a dubious advantage.

In addition, the process of approving the CBDC release is complicated, so it is not worth waiting for its early arrivalт.

[economygalaxy02]

What Are The Bank Of England's Main Responsibilities?

The Bank of England is the central bank of the United Kingdom. It is responsible for maintaining monetary and financial stability, promoting sustainable economic growth, issuing banknotes, and providing banking services.

The Bank of England plays a vital role in the UK economy, and its responsibilities have a significant impact on the lives of all Britons.

The Bank of England is the central bank of the United Kingdom. It was established in 1694 and is one of the oldest central banks in the world. The Bank of England has a wide range of responsibilities, including:

Maintaining Monetary And Financial Stability

The Bank Of England's Primary Responsibility Is To Maintain Monetary And Financial Stability. This Means Keeping Inflation Low And Stable, And Ensuring That The Financial System Is Sound And Resilient. The Bank Of England Uses A Range Of Tools To Achieve These Objectives, Including Setting Interest Rates, Conducting Open Market Operations, And Supervising Financial Institutions.

Promoting Sustainable Economic Growth

The Bank of England also plays a role in promoting sustainable economic growth. This means supporting the growth of the economy without causing inflation to rise too high. The Bank of England does this by working with the government and other stakeholders to develop and implement economic policy.

Issuing Banknotes And Providing Banking Services

The Bank of England is the sole issuer of banknotes in the United Kingdom. It also provides banking services to the government and other financial institutions. This includes providing loans, processing payments, and managing the government's debt.

Promoting Financial Inclusion

The Bank of England is committed to promoting financial inclusion. This means ensuring that everyone has access to affordable and appropriate financial services. The Bank of England works with other stakeholders to develop and implement policies that promote financial inclusion, such as by supporting the development of new financial products and services.

How Does The Bank Of England Maintain Monetary And Financial Stability?

The Bank of England uses a range of tools to maintain monetary and financial stability, including:

Setting interest rates: The Bank of England's Monetary Policy Committee (MPC) sets the base interest rate in the UK. This is the rate at which the Bank of England lends money to commercial banks. The MPC sets interest rates in order to achieve the Bank of England's inflation target of 2%.  

Conducting open market operations: The Bank of England conducts open market operations by buying and selling government bonds. This can be used to influence the supply of money in the economy and the level of interest rates.  

Supervising financial institutions: The Bank of England supervises banks, insurers, and other financial institutions. This involves assessing the risks to these institutions and taking action to ensure that they are well-managed and able to withstand shocks.

How Does The Bank Of England Promote Sustainable Economic Growth?

The Bank Of England Promotes Sustainable Economic Growth By Working With The Government And Other Stakeholders To Develop And Implement Economic Policy. This Includes Measures To Boost Productivity, Investment, And Exports. The Bank Of England Also Plays A Role In Supporting The Development Of The Financial System, Which Is Essential For Economic Growth.

The Bank of England's responsibilities are vital to the UK economy. By maintaining monetary and financial stability, promoting sustainable economic growth, and issuing banknotes and providing banking services, the Bank of England helps to ensure that the UK economy is strong and prosperous.

Conclusion

The Bank of England is an essential institution in the UK economy. Its responsibilities are wide-ranging and complex, but its ultimate goal is to promote the good of the people of the United Kingdom. By maintaining monetary and financial stability, promoting sustainable economic growth, and issuing banknotes and providing banking services, the Bank of England helps to ensure that the UK economy is strong and prosperous.

[fintechpoliciestemplates]

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[paylogic]

AMA – Paylogic’s Advanced Payments Infrastructure for Mobile Interoperability