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Recent Trends in Correspondent Banking Relationships

2017-04-21 Business & Economics
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Release : 2017-04-21
Genre : Business & Economics
Kind : eBook
Book Rating : 901/5 ( reviews)

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Book Synopsis Recent Trends in Correspondent Banking Relationships by : International Monetary Fund. Strategy, Policy, & Review Department

Download or read book Recent Trends in Correspondent Banking Relationships written by International Monetary Fund. Strategy, Policy, & Review Department. This book was released on 2017-04-21. Available in PDF, EPUB and Kindle. Book excerpt: Correspondent banking relationships (CBRs), which facilitate global trade and economic activity, have been under pressure in several countries. So far, cross-border payments have remained stable and economic activity has been largely unaffected, despite a recent slight decrease in the number of CBRs. However, in a limited number of countries, financial fragilities have been accentuated as their cross-border flows are concentrated through fewer CBRs or maintained through alternative arrangements. These fragilities could undermine affected countries’ long-run growth and financial inclusion prospects by increasing costs of financial services and negatively affecting bank ratings.

Understanding Correspondent Banking Trends: A Monitoring Framework

2017-10-04 Business & Economics
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Release : 2017-10-04
Genre : Business & Economics
Kind : eBook
Book Rating : 34X/5 ( reviews)

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Book Synopsis Understanding Correspondent Banking Trends: A Monitoring Framework by : Dirk Jan Grolleman

Download or read book Understanding Correspondent Banking Trends: A Monitoring Framework written by Dirk Jan Grolleman. This book was released on 2017-10-04. Available in PDF, EPUB and Kindle. Book excerpt: The withdrawal of correspondent banking relationships (CBRs) remains a concern for the international community because, in affected jurisdictions, the decline could have potential adverse consequences on international trade, growth, financial inclusion, and the stability and integrity of the financial system. Building on existing initiatives and IMF technical assistance, this paper discusses a framework that can be readily used by central banks and supervisory authorities to effectively monitor the developments of CBRs in their jurisdiction. The working paper explains the monitoring framework and includes the necessary reporting templates and an analytical tool for the collection of data and analysis of CBRs.

Loss of Correspondent Banking Relationships in the Caribbean

2017-09-29 Business & Economics
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Release : 2017-09-29
Genre : Business & Economics
Kind : eBook
Book Rating : 912/5 ( reviews)

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Book Synopsis Loss of Correspondent Banking Relationships in the Caribbean by : Mr.Trevor Serge Coleridge Alleyne

Download or read book Loss of Correspondent Banking Relationships in the Caribbean written by Mr.Trevor Serge Coleridge Alleyne. This book was released on 2017-09-29. Available in PDF, EPUB and Kindle. Book excerpt: Banks across the Caribbean have lost important Correspondent Banking Relationships (CBRs). The macroeconomic impact has so far been limited, in part because banks either have multiple relationships or have been successful in replacing lost CBRs. However, the cost of services has increased substantially, some services have been cut back, and some sectors have experienced reduced access. Policy options to address multiple drivers, including lower profitability and risk aversion by global banks, require tailored actions by several stakeholders.

The Withdrawal of Correspondent Banking Relationships

2016-06-30 Business & Economics
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Release : 2016-06-30
Genre : Business & Economics
Kind : eBook
Book Rating : 531/5 ( reviews)

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Book Synopsis The Withdrawal of Correspondent Banking Relationships by : Mrs.Michaela Erbenova

Download or read book The Withdrawal of Correspondent Banking Relationships written by Mrs.Michaela Erbenova. This book was released on 2016-06-30. Available in PDF, EPUB and Kindle. Book excerpt: This paper focuses on the withdrawal of correspondent banking relationships (CBRs) in some jurisdictions post-global financial crisis. It describes existing evidence and consequences of the withdrawal of CBRs and explores drivers of this phenomenon drawing on recent surveys and select country information. While the withdrawal of CBRs has reached a critical level in some affected countries, which can have a systemic impact if unaddressed, macroeconomic consequences have not been identified so far at a global level. The paper presents responses from the international community to address this phenomenon, and explains the role that the IMF has been playing in this global effort, especially with regards to supporting member countries in the context of surveillance and technical assistance, facilitating dialogue among stakeholders, and encouraging data gathering efforts. The paper concludes by suggesting policy responses by public and private sector stakeholders needed to further mitigate potential negative impacts that could undermine financial stability, inclusion, growth and development goals.

Challenges in Correspondent Banking in the Small States of the Pacific

2017-04-13 Business & Economics
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Release : 2017-04-13
Genre : Business & Economics
Kind : eBook
Book Rating : 763/5 ( reviews)

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Book Synopsis Challenges in Correspondent Banking in the Small States of the Pacific by : Jihad Alwazir

Download or read book Challenges in Correspondent Banking in the Small States of the Pacific written by Jihad Alwazir. This book was released on 2017-04-13. Available in PDF, EPUB and Kindle. Book excerpt: Access to financial services in the small states of the Pacific is being eroded. Weaknesses in Anti-Money Laundering and Combating the Financing of Terrorism compliance in the context of high levels of remittances are contributing to banks’ decisions to withdraw corresponding banking relationships and close bank accounts of money transfer operators. In this paper, we gather evidence on these developments in the small states of the Pacific, discuss the main drivers, and the potentially negative impact on the financial sector and macroeconomy. We then identify the collective efforts needed to address the consequences of withdrawal of corresponding banking relationships and outline policy measures to help the affected countries mitigate the impact.

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