Kuwait central bank

SHANGHAI: China's central bank (pic) said on Saturday it had signed an agreement with the Bank for International Settlements to establish a Renminbi Liquidity Arrangement (RMBLA) that will provide support to participating central banks in times of market fluctuations. The People's Bank of China (PBOC) said the arrangement's first participants, in addition to the PBOC, would include the Central Bank of Malaysia (Bank Negara), Bank Indonesia, the Hong Kong Monetary Authority, the Monetary Authority of Singapore and the Central Bank of Chile. Each participant will contribute a minimum of 15 billion yuan ($2.2 billion) or the U.S. dollar equivalent, it said. The BIS said in a separate statement that the funds could be contributed either in yuan or U.S. dollars, and that they would be placed with the BIS, creating a reserve pool. ($1 = 6.6878 Chinese yuan renminbi) - Reuters … [Read more...] about China’s central bank renminbi liquidity arrangement includes Malaysia

File image of the People's Bank of China China's central bank said on Saturday it had signed an agreement with the Bank for International Settlements to establish a Renminbi Liquidity Arrangement (RMBLA) that will provide support to participating central banks in times of market fluctuations. The People's Bank of China (PBOC) said the arrangement's first participants, in addition to the PBOC, would include Bank Indonesia, the Central Bank of Malaysia, the Hong Kong Monetary Authority, the Monetary Authority of Singapore and the Central Bank of Chile. Each participant will contribute a minimum of 15 billion yuan ($2.2 billion) or the U.S. dollar equivalent, it said. The BIS said in a separate statement that the funds could be contributed either in yuan or U.S. dollars, and that they would be placed with the BIS, creating a reserve pool. … [Read more...] about China’s central bank, BIS set up renminbi liquidity arrangement

The Reserve Bank of India (RBI) is in talks with pre-paid instrument (PPI) issuers in the wake of last week’s clarification , with the central bank not keen on encouraging innovation that is fuelled by regulatory arbitrage, according to a person aware of the deliberations. “The RBI has only clarified what was already there. The idea is that innovation should not exclusively base itself on regulatory arbitrage,” the aforementioned person told Moneycontrol on condition of anonymity. “If one entity requires a licence to do a certain activity, the RBI cannot let some other entity, in the name of innovation, do the same thing without a licence. So, there is nothing against innovation itself,” the person added. On June 20, the RBI issued a clarification that current rules did not permit non-banks to allow loading of PPIs such as wallets and prepaid cards using credit lines. The clarification from the central bank, which is yet to be made public on its website, further said … [Read more...] about RBI, PPI companies in talks; central bank not in favour of innovation based on regulatory arbitrage

- A + A SHANGHAI (June 27): China's central bank made the biggest daily cash injection into the banking system via open market operations in nearly three months on Monday, to ease pressure from rising cash demand towards the end of the first half of the year. The People's Bank of China (PBOC) injected 100 billion yuan ($14.95 billion) worth of seven-day reverse repos, the biggest daily injection via the liquidity tool since March 31. The central bank said the operation was to keep "half year-end liquidity stable," according to an online statement. The PBOC started pumping more cash into the financial system last Friday. Demand usually surges towards the end of the quarter, when commercial banks also have to shore up cash positions for an administrative quarterly health check by the central bank. With 10 billion yuan worth of such reverse repos due on Monday, the PBOC net injected 90 billion yuan on the day. ($1 = 6.6886 Chinese yuan) … [Read more...] about China’s central bank makes biggest daily cash injection in three months

- A + A (June 23): Pakistan’s Central Bank asked its employees to work from home two days a week as the country looks to conserve fuel and ensure it doesn’t run out of dollars. In a Twitter message Thursday, State Bank of Pakistan told its staff to opt for virtual meetings, car pooling and cutting down on air conditioning. It also suspended purchases of furniture and restricted travel. “These measures are intended to help with the energy bill while not compromising work,” the authority said. “We encourage the banking industry and other stakeholders to save energy as much as possible.” Pakistan’s government has already ordered shopping malls and factories to shut early in various cities including Karachi, Lahore, Islamabad and Rawalpindi, and cut the working week by a day. Prime Minister Shehbaz Sharif’s administration has increased pump prices by as much as 83% in less than a month as he tries to curb subsidies and win a bailout from the International Monetary … [Read more...] about Work from home to save fuel, Pakistan’s Central Bank tells staff

BANGKOK, June 25 (Reuters): Thailand's inflation will remain elevated this year but should fall back into the central bank's target range of 1-3% in the second quarter of next year, a bank official had announced, South-East Asia's second-largest economy is expected to return to its pre-pandemic level late this year or early next year, Sakkapop Panyanukul, a senior director at the Bank of Thailand, told a trade seminar. The BOT predicts headline inflation of 6.2% this year and 2.5% next year. Thailand's economy is expected to grow by 3% this year and 3.7% next year, driven by exports, increased domestic demand and a recovery in tourism, the state planning agency had said earlier. Exports, a key driver of growth, still had momentum despite the impact of Russia's invasion of Ukraine on the global economy, Danucha Pichayanan, head of the National Economic and Social Development Council, told a business seminar. "The Russia-Ukraine issue is a risk but it's also an opportunity, … [Read more...] about Thai inflation seen back to target in Q2 2023, says central bank; economy expected to grow by 3% in 2022

- A + A SHANGHAI (June 24): Chinese stocks closed up at their highest level since early March on Friday (June 24), gaining for a fourth straight week, as the country stepped up effort to stimulate a Covid-19-hit economy with the infusion of fresh capital into the banking system to keep liquidity stable. The blue-chip CSI 300 Index rose 1.2% to 4,394.77, while the Shanghai Composite Index gained 0.9% to 3,349.75 points. The Hang Seng Index rose 2.1% to 21,719.06, while the China Enterprises Index gained 2.2% to 7,629.06 points. For the week, the CSI 300 Index rose nearly 2%, while the Hang Seng Index added 3.1%. The People's Bank of China injected 60 billion yuan (US$8.96 billion or about RM39.45 billion) worth of seven-day reverse repos as demand for cash for the end of the first half of the year started to pick up. Global equity markets rose as commodities including copper and oil dropped, offering a salve for inflation fears. Refinitiv data showed strong … [Read more...] about China stocks log fourth weekly gain after central bank injected cash

Share to Twitter Share to Linkedin Bitcoin bank Custodia today sued the Federal Reserve Board of Governors and the Federal Reserve Bank of Kansas City charging they have “unlawfully” delayed for 19 months acting on its application for a master account with the Federal Reserve. The bank, chartered in Wyoming under a crypto-friendly statute passed in 2019 allowing for “special purpose depository institutions,’’ says the master account would reduce its costs and is “vital” to its core mission of providing a bridge between digital assets and the U.S. dollar system. According to the suit, the Federal Reserve has a legal obligation to act within a year and states on its own paperwork that it ordinarily takes just five to seven days to act on a master account application. Custodia’s suit alleges the Kansas City Fed’s processing of its application was moving along until the Spring of 2021, when the main Federal Reserve got involved. The suit seeks to force the … [Read more...] about Bitcoin Bank Custodia Sues Federal Reserve, Demanding Decision On Master Account

The Reserve Bank of India (RBI) appointed Yogesh K Dayal, its chief general manager, as an additional director on the board of private lender RBL Bank for a period of two years. The appointment came into effect on December 24, 2021. RBL Bank, in a regulatory filing on December 25, said its board has welcomed the central bank's decision. "The bank shall benefit from this addition considering his rich experience with the highly respected regulator," it said. His tenure would last "for a period of two years w.e.f December 24, 2021 till December 23, 2023 or till further orders, whichever is earlier", RBL Bank said. The appointment has been made by the RBI under Banking Regulation Act, 1949. The lender noted that Dayal is not related to any of the directors or other key managerial personnel of the bank, and is also not debarred from holding the office of director by virtue of any SEBI order or any other regulatory or statutory authority. Notably, Dayal is a career central banker … [Read more...] about RBI appoints Yogesh Dayal as additional director on RBL Bank board for two years

Financial Supervisory Service Governor Lee Bok-hyun speaks at a meeting with bank chiefs in central Seoul on Monday. [NEWS1] Financial Supervisory Service (FSS) Governor Lee Bok-hyun continued to warn banks not to get greedy as interest rates rise. “Banks are financial institutions that are in charge of making profit for shareholders but also carry out a public function,” Lee told reporters on Thursday. “The Banking Act clearly states the banks’ public function.” On Monday, Lee met with bank chiefs and encouraged them to lower interest rates on loans to financially vulnerable people in order to help the economy reach a soft landing. Lee noted that rises in inflation and interest rates will add pressure on individual and corporate borrowers and may lead to insolvencies. In response, banks extended promotions that offer lower interest rates. KB Kookmin Bank extended a promotion that offers a 0.45 percentage point discount on mortgages that began in April. It did not specify an … [Read more...] about FSS chief warns banks not to get greedy