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
Featured Experts
Victor Calanog, Ph.D.
Leading economist; commercial real estate; performance forecasting, econometric infrastructure; data modeling; credit risk modeling; portfolio assessment; custom commercial real estate analysis; thought leader.
Previous Article
BDE Updates Reporting Instructions for Banks in July 2020Related Articles
ESAs Issue Multiple Regulatory Updates for Financial Sector Entities
The three European Supervisory Authorities (ESAs) issued a letter to inform about delay in the Sustainable Finance Disclosure Regulation (SFDR) mandate, along with a Call for Evidence on greenwashing practices.
FSB and NGFS Publish Initial Findings from Climate Scenario Analyses
The Financial Stability Board (FSB) and the Network for Greening the Financial System (NGFS) published a joint report that outlines the initial findings from climate scenario analyses undertaken by financial authorities to assess climate-related financial risks.
FSB Issues Reports on NBFI and Liquidity in Government Bonds
The Financial Stability Board (FSB) published a letter intended for the G20 leaders, highlighting the work that it will undertake under the Indian G20 Presidency in 2023 to strengthen resilience of the financial system.
ISSB Makes Announcements at COP27; IASB to Propose IFRS 9 Amendments
The International Sustainability Standards Board (ISSB) of the IFRS Foundations made several announcements at COP27 and with respect to its work on the sustainability standards.
IOSCO Prioritizes Green Disclosures, Greenwashing, and Carbon Markets
The International Organization for Securities Commissions (IOSCO), at COP27, outlined the regulatory priorities for sustainability disclosures, mitigation of greenwashing, and promotion of integrity in carbon markets.
EBA Finalizes Methodology for Stress Tests, Issues Other Updates
The European Banking Authority (EBA) issued a statement in the context of COP27, clarified the operationalization of intermediate EU parent undertakings (IPUs) of third-country groups
EU Finalizes Rules Under Crowdfunding Service Providers Regulation
The European Union has finalized and published, in the Official Journal of the European Union, a set of 13 Delegated and Implementing Regulations applicable to the European crowdfunding service providers.
OSFI Sets Out Work Priorities and Reporting Updates for Banks
The Office of the Superintendent of Financial Institutions (OSFI) published an annual report on its activities, a report on forward-looking work.
APRA Finalizes Changes to Capital Framework, Issues Other Updates
The Australian Prudential Regulation Authority (APRA) finalized amendments to the capital framework, announced a review of the prudential framework for groups.
BIS Hub and Central Banks Conduct CBDC and DeFI Pilots
The Bank for International Settlements (BIS) Innovation Hubs and several central banks are working together on various central bank digital currency (CBDC) pilots.
