News from January 2024

Federal Reserve Board’s Bank Term Funding Program winds down

The Bank Term Funding Program (BTFP), an initiative established by the Federal Reserve Board to fortify the banking system following the collapse of Silicon Valley Bank, will cease accepting new loans in March. However, it will continue to provide new loans until that time.

Hong Kong Monetary Authority and People's Bank of China agree to six policy measures

In a bid to bolster financial cooperation between Hong Kong and Mainland China, the Hong Kong Monetary Authority (HKMA) and the People’s Bank of China (PBoC) have reached an agreement to implement six policy measures. Both parties have expressed their willingness to explore further collaborative opportunities in the future.

European Central Bank holds three key interest rates steady

The Governing Council of the European Central Bank (ECB) has decided to maintain its three key interest rates, citing information that supports its prior evaluation of the medium-term inflation outlook.

European Central Bank releases January euro area bank lending survey results

The European Central Bank (ECB) has published the findings of the Eurosystem's January 2024 euro area bank lending survey. Conducted quarterly, the most recent survey indicated a moderate tightening in credit standards and a decrease in demand for both business and consumer lending.

Federal Reserve Board installs five new Community Advisory Council members

The Federal Reserve Board has announced the appointment of five new members to its Community Advisory Council (CAC), replacing five whose terms concluded in December 2023.

The New York Fed releases report on credit and housing for low-income Americans

The Federal Reserve Bank of New York has released a report titled, "The State of Low-Income America: Credit Access & Housing." This third installment in a series delves into the financial circumstances of low-income households, with a particular focus on their ability to access and maintain credit, the burden of rent, and mortgage refinancing.

Armenia's central bank rejoins World Bank's RAMP

The Central Bank of the Republic of Armenia (CBA) has reinstated its membership in the World Bank Treasury’s Reserve Advisory & Management Partnership program (RAMP), after having withdrawn in 2014.

Federal Reserve Board appoints new members for its Community Depository Institutions Advisory Council

The Federal Reserve Board has announced the appointment of four new members to its Community Depository Institutions Advisory Council (CDIAC). The Board also disclosed the names of the council president and vice president for 2024.

European Central Bank releases data on household wealth distribution

The European Central Bank (ECB) has announced the release of experimental statistics on Distributional Wealth Accounts (DWA). These statistics provide quarterly household distributional information in alignment with national accounts.

Interim injunction prevents Central Bank of Belize from enforcing new bank fee scheme

Belize Bank Limited has been granted an interim injunction against the enforcement of Practice Direction No. 7 – Regulation of Fees and Charges (PD No. 7) by the Central Bank of Belize. This injunction temporarily suspends the implementation of PD No. 7 until a court ruling is made on its applicability.

Federal Reserve Board designates chairs and deputy chairs of the 12 Federal Reserve Banks

The Federal Reserve Board has unveiled the appointment of chairs and deputy chairs for the 12 Federal Reserve Banks for 2024, along with updates to the board’s website.

Central Bank of Solomon Islands adds security stripe to $100 and $50 banknotes

The Central Bank of Solomon Islands (CBSI) has announced an update to the Solomon Islands’ $100 and $50 banknotes, incorporating a new security feature in the form of a stripe. This enhancement is aimed at combating the increasing instances of counterfeiting and will be integrated into the latest reprints of these banknotes.

European Central Bank to conduct cyberattack stress test in 2024

The European Central Bank (ECB) has revealed plans to carry out a cyber resilience stress test on 109 directly supervised banks in 2024. The primary objective of this test is to assess the banks' capacity to respond and recover from a potential cyberattack.

Crypto Council for Innovation survey finds crypto offers alternative to underbanked communities

The Crypto Council for Innovation (CCI), a global organization advocating for digital assets through research and education, released the results of a national survey among crypto voters. The findings suggest that cryptocurrency can serve as an alternative to individuals who have limited access to traditional financial services. The survey was conducted in December 2023, with its results being released on January 3.