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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

Peso to drop ahead of Fed, BSP

THE PESO will likely weaken anew this week due to escalated geopolitical tensions overseas and in anticipation of the possible policy tightening of the local and US central banks. The post Peso to drop ahead of Fed, BSP appeared first on BusinessWorld......»»

Category: financeSource:  bworldonlineRelated News22 hr. 0 min. ago

Rural banks, microfinance go digital for expansion

SMALL banks and microfinance organizations in the Philippines are slowly moving into digital technology as they pursue operational efficiencies while seeking to offer more services to the unbanked and underserved portion of the country’s over 100 million population. The post Rural banks, microfinance go digital for expansion appeared first on BusinessWorld......»»

Category: financeSource:  bworldonlineRelated NewsSep 20th, 2018

Banks shun BSP s inflation control facility amid tight liquidity

The central bank reduced the volume of their weekly term deposit facility (TDF) auction, but financial institutions remained cautious toward parking their funds in the instruments meant to siphon o.....»»

Category: newsSource:  philippinetimesRelated NewsSep 20th, 2018

PH external debt ‘manageable,’ says BSP

The Philippines' outstanding external debt declined slightly at the end of the second quarter as the strong US dollar reduced the value of the country's obligations to other foreign creditors, the central bank said on Friday. In a press statement, the Bangko Sentral ng Pilipinas (BSP) said the country's total foreign debt stood at $72.2 billion as of end-June 2018, down by $997 million, or 1.4 percent from the end-March 2018 level of $73.2 billion. "The reduction in the debt stock during the second quarter was mainly driven by negative foreign exchange revaluation adjustments ($720 million) as the dollar strengthened against third currencies, particularly the Japanese yen ($454 mil...Keep on reading: PH external debt ‘manageable,’ says BSP.....»»

Category: newsSource:  inquirerRelated NewsSep 15th, 2018

Banks bid up short-term yields amid rate hike threats

Local banks continued to demand higher yields in return for parking their idle cash in the central bank's vaults amid expectations authorities would hike rates later this month in response to.....»»

Category: newsSource:  philippinetimesRelated NewsSep 14th, 2018

Banks bid up short-term yields amid expectations of another BSP rate hike

Local banks continued to demand higher yields in return for parking their idle cash in the central bank's vaults amid expectations that authorities will hike rates later this month in response.....»»

Category: newsSource:  philippinetimesRelated NewsSep 13th, 2018