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Central banks urged to study digital currencies

DIGITAL CURRENCIES are a revolutionary tool that central banks should consider, but they remain far too risky to be used as legal tender any time soon, according to the Bank for International Settlements (BIS). The BIS — the club of the world’s largest central banks — said in a report on Monday that the new […] The post Central banks urged to study digital currencies appeared first on BusinessWorld......»»

Category: newsSource: bworldonline bworldonlineMar 13th, 2018

Philippine banking industry explores blockchain use

THE BANGKO SENTRAL ng Pilipinas (BSP) and commercial banks are exploring ways to use blockchain technology to fast-track payment and remittance services. BSP Governor Nestor A. Espenilla, Jr. said the central bank has been studying how to tap the platform used by bitcoin and other digital currencies — called the distributed ledger technology (DLT) —… link: Philippine banking industry explores blockchain use.....»»

Category: newsSource:  manilainformerRelated NewsJul 13th, 2018

Turkey tries to contain crisis but currency keeps falling

ANKARA, Turkey --- Turkey's central bank took action Monday to free up cash for banks as the country grapples with a currency crisis sparked by concerns over President Recep Tayyip Erdogan's economic policies and a trade and diplomatic dispute with the United States. The Turkish lira has nosedived over the past week and tumbled another 7 percent on Monday as the central bank's measures failed to restore investor confidence. The uncertainty pushed down world stock markets and briefly caused a sharp drop in the currencies of other emerging economies, like South Africa and India, amid concerns that the financial trouble could spread. The lira hit a record low of 7.23 per dollar...Keep on reading: Turkey tries to contain crisis but currency keeps falling.....»»

Category: newsSource:  inquirerRelated NewsAug 13th, 2018

Many Asian currencies weaken as investors dig in ahead of central banks meetings

MOST ASIAN CURRENCIES weakened on Monday as investors braced ahead of a busy week lined with central bank meetings, corporate results and updates on US inflation and payrolls......»»

Category: financeSource:  bworldonlineRelated NewsJul 30th, 2018

Correspondent banks urged to use blockchain

Correspondent banks should capitalize on blockchain technology amid stiff competition, the chief of the Bangko Sentral ng Pilipinas (BSP) said. Central bank Governor Nestor Espenilla Jr. said this in a keynote address during the recent annual meeting of the Association of Philippine Correspondent Bank (APCB) Officers. “One recent development with significant impact to correspondent banking [...] The post Correspondent banks urged to use blockchain appeared first on The Manila Times Online......»»

Category: newsSource:  manilatimes_netRelated NewsJul 12th, 2018

Banking system can withstand mass movement of retail deposits, says BSP

The central bank's drive to promote financial inclusion by encouraging banks to accept small deposits from retail clients will not necessarily result in financial instability, a recent study found. In a statement, the Bangko Sentral ng Pilipinas said the pursuit of financial inclusion is not likely to add to financial instability, according to a paper co-written by Dante Canlas, Eli Remolona, and Johnny Noe Ravalo. Entitled "Do small bank deposits run more than large ones? Three event studies of contagion and financial inclusion," the study was published by the Bank of International Settlements (BIS). Using a technique referred to as difference-in-difference regression, the auth...Keep on reading: Banking system can withstand mass movement of retail deposits, says BSP.....»»

Category: newsSource:  inquirerRelated NewsJun 6th, 2018

BSP studying more regulation for cryptocurrencies

THE Bangko Sentral ng Pilipinas (BSP) said it may require cryptocurrency firms to register as electronic money issuers on top of securing a license as a virtual currency (VC) exchange operator. Initial studies made by the central bank point to the possible need for enhanced oversight over financial firms issuing digital currencies, BSP Deputy Governor […] The post BSP studying more regulation for cryptocurrencies appeared first on BusinessWorld......»»

Category: financeSource:  bworldonlineRelated NewsApr 10th, 2018

Asia bites tongue on soft dollar as Washington rattles its saber on trade

SEOUL/TOKYO — A year after US President Donald Trump took office, heightened rhetoric out of Washington about unfair trade has kept Asian policy makers reluctant to openly talk down their currencies despite the dollar’s slump to multi-year lows. Instead, central banks are looking at subtler ways to rein in their currencies as sustained weakness in […] The post Asia bites tongue on soft dollar as Washington rattles its saber on trade appeared first on BusinessWorld......»»

Category: newsSource:  bworldonlineRelated NewsFeb 7th, 2018

Consumer lending to be banks’ new battleground

By Melissa Luz T. Lopez, Senior Reporter CONSUMER LENDING will serve as the main battleground for banks in the Philippines over the next few years, a central bank official said, depending on how fast and efficient players can adopt digital channels to enhance financial services. “I think the battle would really be on the retail […] The post Consumer lending to be banks’ new battleground appeared first on BusinessWorld......»»

Category: financeSource:  bworldonlineRelated NewsJan 2nd, 2018

Indonesia, Malaysia and Thailand seek to boost local currency settlement, cut reliance on dollar

JAKARTA — The central banks of Indonesia, Malaysia and Thailand launched a framework on Monday aimed at increasing direct settlement of transactions in their local currencies to reduce the current dependence on the US dollar. The regulatory framework is “part of the continuous effort to promote a wider use of local currencies to facilitate and […] The post Indonesia, Malaysia and Thailand seek to boost local currency settlement, cut reliance on dollar appeared first on BusinessWorld......»»

Category: newsSource:  bworldonlineRelated NewsDec 11th, 2017

Bitcoin bonanza draws warning from Europe central bank

PARIS, France --- The vice-president of the European Central Bank on Wednesday expressed concern about the relentless rise in value of the virtual currency Bitcoin and the potential risk accompanying the trend. "It's a very particular asset, it's a speculative asset by definition looking to the developments in its price. Investors are taking that risk of buying at such high prices," Constancio told CNBC television. Bitcoin smashed through the $10,000 barrier this week -- compared with less than $1,000 this time last year. The rise has taken the overall market capitalization of hundreds of so-called cryptocurrencies beyond $300 billion as demand for digital currencies soars. ...Keep on reading: Bitcoin bonanza draws warning from Europe central bank.....»»

Category: newsSource:  inquirerRelated NewsNov 30th, 2017

BSP, MAS sign agreement on fintech collaboration

THE CENTRAL BANKS of the Philippines and Singapore have signed an agreement to collaborate on financial technology (fintech), amid an industry-wide push towards digital payments. In a joint statement, the Bangko Sentral ng Pilipinas (BSP) and the Monetary Authority of Singapore (MAS) announced the signing of a FinTech Cooperation Agreement (CA) yesterday in the city-state, […] The post BSP, MAS sign agreement on fintech collaboration appeared first on BusinessWorld......»»

Category: financeSource:  bworldonlineRelated NewsNov 17th, 2017

Asia under water: How 137 million people’s lives are being put at risk – CNN News

Khorsheeda Khatun had been left with nothing &'8212; then that too was washed away. The 28-year-old fled her home country of Myanmar in January with her two daughters, escaping the latest outbreak of violence, and was living in the Kutupalang Makeshift Settlement in Bangladesh when cyclone Mora arrived five months later and displaced up to 500,000 people. &'8220;My house was shattered. It broke the wooden planks supporting my hut and blew away the polythene rooftop. The wind and water destroyed whatever little possessions we had,&'8221; she told UNICEF workers in June. Several weeks later, across the Himalayas in South China, over 12 million people were forced to flee their homes as flood waters rose for yet another year. In China's southeastern Jiangxi province alone, flooding this year has so far caused $430 million in damages and economic losses. In neighboring Hunan province, 53,000 homes have been destroyed &'8212; and the flooding has yet to fully recede. Increasingly severe weather, triggered by climate change, is putting hundreds of millions of people at risk across the rapidly developing countries of southern Asia. &'8220;In the next 30 years, it is projected that heavy rainfall events will be increasing &' in Asia, by about 20% for sure,&'8221; climate scientist Dewi Kirono at Australia's Commonwealth Scientific and Industrial Research Organisation (CSIRO) told CNN. Southern Asia is already the wettest area on the continent and one of the wettest regions in the world,receiving an average of at least 1000mm of rainfall a year. As the rains fall harder, more than 137 million people in India, Bangladesh and China will be put at risk of coastal or inland flooding, more people than in the rest of the Asia-Pacific combined, a study in 2012 found. Aggravating flooding through poor drainage and short-sighted planning is the sprawling, rapid urban growth across South Asia, built to accommodate the millions of rural residents moving to cities. &'8220;You still have to have proper draining. It was a green field and now it's an urban area. Quite often, if you don't do that, (because) you've concreted everything the flood run-off is so much higher and the deaths are much worse,&'8221; Oxford University visiting fellow and WWF advisor Paul Sayers told CNN. The majority of flood-related deaths and injuries worldwide since 1950 have been in three countries: China, India and Bangladesh. According to statistics from Belgium's Universite Catholique de Louvain's Emergency Events Database, since 1950, more than 2.2 million people in these countries have been killed by flooding. That includes the estimated two million people who died during the disastrous 1959 floods in China. The world's leading authority of climate change, the Intergovernmental Panel on Climate Change (IPCC), wrote in its latest report the Asia region was already suffering &'8220;huge economic losses&'8221; from weather and climate disasters, with one quarter of the entire world's economic losses from disasters in Asia alone. As flood swept through central China in July 2017, leaving devastation in its wake and almost 90 people dead or missing, locals took to Weibo to express their horror. &'8220;The road is blocked, the electricity is downed, water is polluted, no phone signal is detected, elderly (people) and children are waiting for food,&'8221; said one user living in Shilong Village in Hunan province. Photos accompanying the post showed cracked walls, piles of trash and mud everywhere. &'8220;The major district has turned to a dead city,&'8221; another user said. Almost every year in the past decade, more than 1,000 people have died in China, India and Bangladesh from flooding, according to the Database, and millions of dollars in damage has been done. The problem centers around three of the great Himalayan rivers of South and East Asia: The Ganges, Brahmaputra and Yangtze. About 500 million people, or 50% of the population in India and Bangladesh, and about 300 million people, or about 25% of the population of China, live within the flood basins of these three rivers. Taken together, the three waterways support an estimated 14% of the world's total population. In China alone, the enormous Yangtze flood plain, full of fertile soil and easy river access, is responsible forabout 40% of China's GDP. &'8220;Many Asian cities, and especially some megacities, have been built in the deltas of major rivers where ports could link the cities to the global economy,&'8221; a report by the Asian Development Bank in 2012 said. When the heavy rains higher up in the flood plains flow into these rivers, water levels rise dramatically &'8212; and floodwaters pour into the surrounding cities and towns. For example, this year, torrential rains caused a Yangtze tributary in Hunan to rise a record 3.2 meters above the warning level, bursting its banks and swamping crops and houses. Still, these factors have been here for years. Why is the danger growing now? Flooding in urban environments is more costly in terms of lives and loss of property because without a natural way to disperse the floodwaters they can cause damage &'8220;beyond the scope of the actual (flood),&'8221; experts say. &'8220;A lot of the urbanization &' has happened in a largely unplanned matter. For instance they don't have risks adequately taken into account, they don't invest enough in sustainable drainage,&'8221; Abhas Jha, the World Bank sector manager for Transport, Urban and Disaster Risk Management for East Asia and the Pacific, said. Of course the huge rush of rural residents to China and India's cities hasn't helped, as cities expand deeper into floodplains and build hurriedly to accommodate their citizens. [&'].....»»

Category: newsSource:  mindanaoexaminerRelated NewsJul 25th, 2017

Finance: Rise of digital currencies to affect policy

THE CENTRAL BANK will need to introduce new policies to capture digital currencies under its watch at a time of increasing use of electronic payments to make sure that new technology will move in sync with monetary policy tools while promoting financial inclusion, a senior official said......»»

Category: financeSource:  bworldonlineRelated NewsApr 30th, 2017

Now at a bank near you: one-day check clearing

CHECK PROCESSING can now be done in just one working day -- instead of three to five banking days previously -- giving consumers faster access to funds as banks roll out today the Philippine Clearing House Corp.'s (PCHC) digital clearing system roughly four months after the central bank approved the system......»»

Category: newsSource:  bworldonlineRelated NewsJan 19th, 2017

Philippine dollar reserves rise in November aided by strong peso |

The countrys dollar reserves rose slightly in November as the relative strength of the peso in the weeks following the central banks aggressive string of rate hikes pushed many dollar holders to liqui.....»»

Category: newsSource:  philippinetimesRelated NewsDec 8th, 2018

Asian central banks are in for a quieter year in 2019 — analyst

SINGAPORE -- For most of Asia’s central banks, things should be a whole lot less exciting next year -- and that’s a good thing......»»

Category: newsSource:  bworldonlineRelated NewsDec 4th, 2018

Banks pay P6 B penalties for failure to meet agri-agra thresholds

Banks have paid about P6 billion in penalties over the last two years for falling short of the mandated lending thresholds for agriculture and agrarian reform, a member of the central bank’s Monetary Board said......»»

Category: financeSource:  philstarRelated NewsDec 3rd, 2018

Microsoft will soon let you know how much you use your phone

  As smartphones are further being integrated into nearly every aspect of our daily lives, it's no wonder they've become a third arm to most of us, and it's also no wonder some users are trying to get their phone dependency in check. The new Microsoft Launcher that the company is currently testing, as reported on by Windows Central, will appeal specifically to those who are brave enough to track their daily phone activity. This new element, which testers are referring to as a "Digital Health" feature, tracks how you use your phone including the number of unlocks, length of activity sessions and total time spent on the phone, most used and most opened apps, and at what t...Keep on reading: Microsoft will soon let you know how much you use your phone.....»»

Category: newsSource:  inquirerRelated NewsNov 25th, 2018

U.S. embassy in DR Congo warns of possible terrorist threat

KINSHASA, DR Congo – The US embassy in Kinshasa said it has received information about a "possible terrorist threat" against its facilities in the Democratic Republic of Congo. With 4 weeks to go until a crucial election in the crisis-gripped central African nation, the American authorities urged its citizens to "keep ........»»

Category: newsSource:  rapplerRelated NewsNov 25th, 2018

Underfunded agri sector gets policy boost from BSP, industry stakeholders

        Friday's forum, co-hosted with the Philippine Chamber of Agriculture and Food, Inc. (PCAFI), aims to showcase financing opportunities for banks and facilitate meaningful interaction between agri enterprises and senior bank executives toward improved agricultural financing.   The agriculture sector only has access to a small fraction of the Philippine banking system resources despite accounting for almost a tenth of the local economy and employing a tenth of the Filipino population, the central bank said on Friday.   Because of this, the Bangko Sentral ng Pilipinas (BSP) wants financial institutions and agricultural firms t...Keep on reading: Underfunded agri sector gets policy boost from BSP, industry stakeholders.....»»

Category: newsSource:  inquirerRelated NewsNov 23rd, 2018