Monetary reform

IMF: Central Bank Digital Currencies could Replace Cash

Central bank digital currencies (CBDCs) have the potential to replace cash, but adoption may take time, said Kristalina Georgieva, managing director of the International Monetary Fund.

"CBDCs can replace money that is expensive to circulate in island economies," she said Wednesday at the Singapore FinTech Festival event, CNBC reported.

Fed set for further steep rate hike as recession fears loom

The U.S. Federal Reserve is pegged to make a fourth straight steep hike in the key interest rate this week as it battles surging costs, with its aggressive stance fueling expectations of a recession.

American households have been squeezed by soaring consumer prices, propelling economic issues to the top spot among voter concerns in upcoming midterm elections.

International Monetary Fund: 'Bulgaria Needs Further Banking Supervision Strengthening'

Owing to reforms, capital and liquidity buffers the Bulgarian banking system has stabilized in the wake of the closure of Corporate Commercial Bank in 2014. This is the finding of the International Monetary Fund following its evaluation of the stability of Bulgaria's financial system, BNR reported.

IMF recommends further strengthening of banking supervision.

Bulgaria C-Bank Should Improve Transparency, Prof Hanke Says

The Bulgarian National Bank has to change the way it publishes information about the banking system in Bulgaria, renowned economist Prof Steve Hanke has said.

He has warned the BNB of putting out "very aggregate statistics", with information about bigger and smaller banks all "lumped together" a practice from which data suffers, preventing a thorough analysis of the system.

Bulgaria C-Bank Governor 'Promised He Will Resign This Week'

Bulgarian National Bank (BNB) Governor Ivan Iskrov has voiced his commitment to resigning as early as this week, Finance Minister Vladislav Goranov has said.

Speaking to reporters, Goranov has explained that "whether it will be today [Monday] or tomorrow, this is of course a personal decision of the acting Governor of the BNB."

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