Interbank Market News Scan: Kenya wants to export labor to increase remittances; Mexico sees remittances growth

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Interbank. The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China’s interbank market, decreased 18.8 basis points to 1.852 percent Thursday. http://www.china.org.cn/china/Off_the_Wire/2021-06/03/content_77545826.htm

RemittancesBnext, the first Spanish neobank, that challenges the traditional banking system has joined forces with Algorand, to revolutionize the remittances market in Europe and Latam.  https://ibsintelligence.com/bnext-and-algorand-partner-to-launch-international-remittance-service-across-spain-and-latin-america/

Remittances. Kenya plans to boost labor exports in order to enhance remittances from the diaspora, a senior government official said on Wednesday. http://www.xinhuanet.com/english/africa/2021-06/03/c_139985689.htm

Remittances. Remittances to Mexico jumped almost 40% in April, posting the sharpest increase in nearly two decades after taking a hit at the outset of the coronavirus pandemic last year, Mexican central bank data showed on Tuesday. https://www.reuters.com/world/americas/mexicos-remittances-rise-nearly-40-405-bln-april-2021-06-01/

Banks. Ally Bank, a division of Ally Financial Inc., announced Wednesday that it will no longer charge overdraft fees on any accounts. There are no requirements or restrictions, the announcement said. https://www.foxbusiness.com/lifestyle/ally-bank-ends-overdraft-fees

Banks. Florida Bankers Association CEO Alex Sanchez claimed Biden and climate envoy John Kerry are giving small banks the “kiss of death” by requiring them to produce expensive reports of their clients’ climate impact. https://www.foxbusiness.com/energy/biden-climate-policy-will-be-kiss-of-death-for-small-banks-ceo-says

Foreign exchange rates of interest, 30-day trading range; 3 May 2021 to 3 June 2021

Currency PairsRates as of 10:45 am AST 3 June 2021Rates as of 3 May 2021Percentage Change
XCD/EUR0.30340.3081-1.5%
XCD/GBP0.26160.2679-2.4%
XCD/USD0.37040.3704flat
XCD/CAD0.44660.4551-1.9%
TTD/EUR0.11890.1203-1.2%
TTD/GBP0.10250.1046-2.0%
TTD/USD0.14510.1446+.34%
TTD/CAD0.17500.1777-1.5%
GYD/EUR0.00380.0038flat
GYD/GBP0.00330.0033flat
GYD/USD0.00460.0046flat
GYD/CAD0.00560.0056flat
Source: OANDA

For the period 3 May 2021 to 3 June 2021, the Eastern Caribbean saw a continued fall in exchange rates between the European Union (-1.5%); Great Britain (-2.4%); and Canada (-1.9%).  The XCD is pegged to the U.S. dollar and for that reason remained flat.

With the exception of a .34% increase in the US dollar price for the Trinidad and Tobago dollar, the TTD price also fell in terms of the euro (-1.2%); the pound (-2.0%); and the Canadian dollar (-1.5%).

The euro, dollar, pound, and loonie rate of the Guyanese dollar remained flat during the 3 May 2021-3 June 2021 period.

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