Banking

  Bloomberg Ghana’s currency took the title of the world’s best performer against the dollar this week amid optimism the debt-distressed country is moving closer to unlocking an International Monetary Fund bailout. The cedi has rallied 10% in the past five days, the biggest advance among about 150 currencies tracked by Bloomberg. That’s a turnaround for an exchange rate that ...

  Bloomberg Peru’s new President Dina Boluarte named a US-educated economist who has spent most of his career at the central bank as economy minister, potentially soothing investor nerves after last week’s political chaos. The new finance chief, Alex Contreras, served as deputy economy minister under former President Pedro Castillo. Contreras worked at the central bank between 2007 and 2019, ...

  Bloomberg China should pursue any transition to green economic activity in an orderly manner and avoid any “campaign-style” carbon reductions at its financial institutions, a deputy central bank governor said. Financial institutions must resist exit from high-carbon assets by enhancing their ability to identify green and low-carbon economic activities and coping with financial risks linked to climate change, the ...

  Bloomberg Venezuela President Nicolas Maduro ordered his economic team to take measures to defend the bolivar following a sharp fall against the dollar this month. In a tweet, Maduro said that facing an attack from the “criminal dollar,” his government would move to protect the official exchange rate ahead of the holidays. He blamed criminal groups in Miami for ...

Bloomberg The House Financial Services Committee confirmed that former FTX Chief Executive Officer Sam Bankman-Fried will testify at a hearing next week on the disintegration of his crypto empire. He is now listed as a witness alongside current FTX CEO John J Ray III, according to a media advisory the committee. The hearing will be split into two parts, each ...

Bloomberg Canada’s banking regulator increased a key capital requirement for large banks — and raised the potential range of the measure — giving it more power to protect the country’s financial system from elevated risks. The Office of the Superintendent of Financial Institutions (OSFI) said that it’s lifting the domestic stability buffer to 3% by February 1, up from its ...

Bloomberg Euro-area banks are returning another €447.5 billion ($472 billion) in cheap loans to the European Central Bank after officials toughened the terms of the program to help fight double-digit inflation. The repayment will shrink the outstanding amount of so-called TLTRO loans, which were used during the pandemic to keep credit flowing to households and businesses, by about 25%. The ...

  Bloomberg Xiamen International Bank Co, set up almost four decades ago with both local and foreign investors, is considering a Hong Kong initial public offering that could raise about HK$10 billion ($1.3 billion), according to people familiar with the matter. The Chinese lender is working with advisers for preparation of the share sale, which could take place as soon ...

Bloomberg The UK government will bring forward a consultation on the case for a central bank digital currency “in the coming weeks,” Chancellor of the Exchequer Jeremy Hunt said. The Bank of England will also release a paper setting out technology considerations informing the potential build of a digital pound, Hunt said in a written statement to Parliament. Hunt announced ...

  Bloomberg Indonesia is one step closer to requiring the central bank to come to the government’s aid through crisis bond-buying, while dropping earlier proposals to expand the monetary authority’s role. A parliament commission has approved a draft of the financial sector omnibus law that retained a provision calling on Bank Indonesia (BI) to undertake debt monetisation in times of ...