Binance, the largest cryptocurrency exchange in the world, announced that it is airdropping funds to users affected by the floods in Libya. Extreme flooding in the eastern city of Derna has left at least 5,000 people dead, while thousands more are still missing.
On August 31, 2023, during a Community Conversations visit to rural western Virginia, Richmond Fed President Tom Barkin, Regional Executive Renee Haltom, and Community Development Manager Jarrod Elwell explored the economic potential of Alleghany County and Highland County, bordering the Allegheny Mountains. They discovered that these counties, with their natural beauty and resources, hold promise for attracting both residents and industry.
The Federal Reserve's 2023 CDFI Survey, conducted between April 24 and June 2, revealed that community development financial institutions have generally been successful in meeting increased demand for financial products over the past year. However, challenges vary among CDFIs, with loan funds citing rising lending capital costs and operational funding limitations, while credit unions face issues related to hiring, borrower qualifications, and technology.
The Reserve Bank of India (RBI) made an announcement on Aug. 14, unveiling the commencement of a Pilot Project for a Public Technology Platform designed to facilitate frictionless credit, according to a press release. This initiative began on Aug. 17.
An upcoming official data release is poised to uncover yet another deceleration in inflation, following a decline in energy prices during July, according to a report. This situation unfolds in the wake of a notable surge in wages, adding to the mounting pressure on the Bank of England.
In a press release issued on August 21, 2023, The Federal Reserve Bank of Kansas City announced its annual Economic Policy Symposium, scheduled to take place from August 24 to 26 in Jackson Hole, Wyoming. This year's 46th edition of the symposium will ce
The Quarterly Report on Household Debt and Credit has been released by the Center for Microeconomic Data at the Federal Reserve Bank of New York, according to a press release. This report highlights a slight elevation in overall household debt during the second quarter of 2023, showing an augmentation of $16 billion (0.1%) to reach a total of $17.06 trillion.
After experiencing a series of eleven interest rate hikes that commenced in early 2022, market participants remain vigilant in closely observing the actions of the Federal Reserve (Fed) for any indications of additional upticks in interest rates.
On August20, the Bangko Sentral ng Pilipinas (BSP) has indicated that it sees no immediate need to alter its monetary policy, maintaining interest rates at 6.25% as economic growth in the Philippines slowed for a third consecutive quarter. BSP governor Eli Remolona stated that the recent growth decline was unexpected but believes the economy will recover momentum.
The Reserve Bank of India's six-member monetary policy committee is in a three-day meeting to determine India's key interest rates, with RBI governor Shaktikanta Das set to announce the decision. The focus is on the repo rate, currently at 6.5%, which affects deposit and loan rates; the committee aims to manage inflation within 4% with a range of 2-6%.
Patrick T. Harker, president and CEO of the Federal Reserve Bank of Philadelphia, addressed the Philadelphia Business Journal’s State of the Economy forum on Aug. 8, indicating that in light of recent economic data and discussions with leaders across the Third District, he believes the time may have arrived to maintain steady interest rates and allow prior monetary policy measures to continue their impact with a focus on reducing inflation, according to a press release.
Texas factory activity declined in July, with the production index indicating a modest contraction in output, and the new orders index remaining negative for over a year, according to the Texas Manufacturing Outlook Survey.
The Consumer Financial Protection Bureau has sued the Utah-based lease-to-own finance company Snap Finance for allegedly deceiving consumers and making false threats, according to a release by CFPB. The Consumer Financial Protection Bureau (CFPB) claims that Snap Finance promoted and facilitated millions of "lease-purchase" and "rental-purchase" financing agreements in ways that have harmed customers in a lawsuit filed in federal district court.
The Federal Reserve has launched its instant payments system, the FedNow Service, which allows banks and credit unions to instantly transfer money for their customers at any time of the day, any day of the year. As of right now, 35 early adopting banks and credit unions, as well as the Bureau of the Fiscal Service of the U.S. Department of the Treasury, are prepared to accept instant payments through the FedNow Service.
The central bank of Australia determined on July 18, 2023, to maintain the current level of interest rates. The current course of action was obviously restrictive and there was a chance that a strain on household finances may trigger a severe downturn and rising unemployment.
On July 17, 2023, the Reserve Bank board announced it had kept official interest rates steady for a fortnight out of concern that further increases would result in an unanticipated rise in unemployment by year's end. The RBA board's July 4 meeting minutes reveal fears that raising interest rates will compel families to save more and probably have a detrimental impact on a labor market that has been thus far robust, according to a recent report by ABC Australia.
The Federal Reserve Bank of New York's Innovation Center of Monetary Policy recently conducted a proof of concept study in collaboration with the U.S. financial services sector. According to a report by the Federal Reserve Bank of New York, the center explored the feasibility of a theoretical payment system using a shared distributed ledger.
A summons has been issued to property owners in South Australia's Mid North for thousands of dollars in unpaid council rates, some of which date back nearly 17 years. The Northern Areas Council made a demand for these rates on June 12, 2023.
