The Office of the Superintendent of Financial Institutions (OSFI) has directed on how deposit-taking institutions (DTIs) should treat new capital they make available to small and medium-sized enterprises through recently
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COVID-19: Bank of Uganda issues credit relief measures to mitigate economic impacts
The Bank of Uganda has introduced credit relief measures to mitigate the adverse effects of the COVID-19 pandemic. The relief measures are also aimed at promoting financial and operational resilience -
British Columbia: Proposed changes to Financial Institutions Framework
The Government of British Columbia has proposed changes to the Financial Institutions Act (FIA) and the Credit Union Incorporation Act (CUIA). The changes are aimed at modernizing the legislative -
Kuwait: CBK amends corporate governance rules applicable to Kuwaiti banks
The Central Bank of Kuwait has amended corporate governance rules and regulations which apply to Kuwaiti banks. The amendments, as approved, require adding independent directors to the composition of -
United Arab Emirates: Guidance for banks on the application of IFRS 9 during COVID-19 Pandemic
The Central Bank, the Financial Services Regulatory Authority of Abu Dhabi Global Market and the Dubai Financial Services Authority have issued joint guidance for banks regarding the application of IFRS
February 8, 2021
The Bank of Mauritius consults on a guide for the issue of sustainable bonds
The Bank of Mauritius (Bank) has published a draft Guide for the issue of sustainable bonds (Guide). According to the regulator, the draft Guide constitutes the first step towards the establishment of a framework for sustainable bonds in Mauritius. In the 2020/2021 Budget, the country’s Minister of Finance, Africa
February 8, 2021
Europe agrees on common stance for green investments in non-monetary policy portfolios
The Eurosystem central banks – the 19 national central banks of the euro area countries and the European Central Bank – have defined a common stance for applying sustainable and responsible investment principles in the euro-denominated non-monetary policy portfolios that they each manage under their own responsibility. They indicate Europe
February 8, 2021
Central Bank of Nigeria reiterates its ban on cryptocurrencies
In a circular to banks and other regulated financial institutions, the Central Bank of Nigeria (CBN) has reiterated that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchanges remains prohibited in the country. According to the regulator, the use of cryptocurrencies in Nigeria goes against key mandates of the Africa
February 8, 2021
IMF concludes 2020 Article IV Consultation with Nigeria
The International Monetary Fund (IMF) has concluded its 2020 Article IV Consultation with Nigeria. In a press release following the exercise, the IMF notes the Nigerian economy is at a critical juncture. The multilateral lending institution indicates Nigeria is grappling with multiple shocks from the COVID-19 pandemic, including a Africa, Other
January 30, 2021
The Central Bank of Bahrain launches eKYC as part of digital transformation strategy
The Central Bank of Bahrain has announced the launch of eKYC by financial institutions in the Kingdom as part of its initiatives for digital transformation in the sector. Bahrain’s eKYC platform provides a national digital identity database for financial institutions to securely verify the identities of their customers, validate Asia & South America