Mexico’s central bank is set to announce Monday that it will lend money to local banks that can’t find U.S. financial institutions to take their stashes of bulk cash in dollars, according to a draft of a statement seen by Bloomberg News.
Senators voted 48-47 to put Christopher Waller on the Federal Reserve Board, concluding a confirmation process that had been dragged out for months because of controversy surrounding a separate nomination for Judy Shelton.
The events of 2020 have only helped to intensify a range of potentially disruptive developments in the payment industry. As the central bank's digital currencies advance, how will the government and the private sector work together to bring projects to an effective conclusion?
Digital money will have to coexist with cash and other forms of tender, according to a report by the Bank of International Settlements, the Federal Reserve and other institutions.
The three-month extension for the central bank's lending programs is one of several recent steps by policymakers to stabilize the economy as the coronavirus pandemic stretches through the summer.
The expansion of the dollar swap lines allows foreign central banks to meet the needs of companies and financial institutions rushing for dollars as the global payments system undergoes severe strain due to the coronavirus.
The body will include the Bank of England, Bank of Canada, the Bank of Japan and the European Central Bank, but not the Federal Reserve or the People's Bank of China.
Muneera Carr, Comerica's CFO since 2017, will leave in October and James Herzog, who had been the bank's treasurer, will serve as interim CFO until a successor is named.
