BoE Supports Central Banks in Africa and Asia to Manage COVID Shock
BoE published a statement outlining its contributions toward helping central banks in Africa and Asia in their response to COVID-19 by providing practical expertise on managing the economic impact of the pandemic. Through a scheme funded by the UK government, BoE staff is sharing UK expertise on forecasting, managing, and mitigating the economic and financial shock caused by the pandemic. Seventeen developing market central banks from Africa and Asia have participated in its webinar series and BoE is continuing its bilateral work with 10 central banks, including from Indonesia, Ghana, Morocco, and South Africa.
BoE has tailored its approach to the specific challenges faced by individual countries. For example, work with the South African Reserve Bank and the 15 central banks in the South African Development Community has focused on developing a crisis management framework to respond to commercial banks at risk from adverse economic impacts. BoE experts have supported other central banks, including in Sierra Leone and Ghana, on internal risk management, assessing risks to the banking sector and developing foreign currency markets. This activity is part of an ongoing partnership between the Department for International Development (DFID) and BoE to provide technical assistance on the monetary, economic, and financial policy issues faced by central banks. BoE has increased the number of central banks it supports due to the impact of COVID-19 and the existing program will run until 2022.
Related Link: Press Release
Keywords: Europe, UK, Banking, COVID-19, Crisis Management Framework, Asia, Africa, Central Banks, SARB, BoE
Previous Article
BNM Extends Moratoria in Response to COVID-19 CrisisRelated Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.