Alton Drew

Tag: foreign exchange

Interbank Market News Scan: Eastern Caribbean, foreign exchange …

Posted by on in Caribbean, Eastern Caribbean, foreign exchange, interbank marketLeave a comment

24 June 2021

Eastern Caribbean Central Bank-interest rates

ECCB Fixed Deposit Rate-1 month0%
ECCB Fixed Deposit Rate-2 months0%
ECCB Fixed Deposit Rate-3 months0%
ECCU (1) Minimum Savings Deposit Rate2%
ECCB Discount Rate2%
Source: Eastern Caribbean Central Bank
  • (1) Eastern Caribbean Currency Union

Foreign exchange rates of interest

Where base currency is XCDRates as of 1:15 am AST 24 June 2021Where term currency is XCDRates as of 1:30 am AST 24 June 2021
XCD/EUR0.3103EUR/XCD3.2222
XCD/GBP0.2653GBP/XCD3.7689
XCD/USD0.3704USD/XCD2.7000
XCD/CAD0.4556CAD/XCD2.1946
XCD/NGN151.8860NGN/XCD0.0066
XCD/CNY2.3986CNY/XCD0.4168
XCD/PLN1.4026PLN/XCD0.7122
XCD/PEN1.4509PEN/XCD0.6771
Source: OANDA

Foreign exchange. On 26 May 2021, the Cabinet of Ministers of Ukraine adopted the Resolution adopted a Resolution setting out the procedure the tax authority should use to fine legal entities for violating currency legislation. https://www.lexology.com/library/detail.aspx?g=b6a6e9df-ddaa-49c7-821a-355d5b0cf097

Foreign exchange. The U.S. dollar vacillated below an 11-week high versus major peers on Thursday as traders attempted to navigate conflicting signals from Federal Reserve officials on the timing of a withdrawal of monetary stimulus. https://www.cnbc.com/2021/06/24/forex-markets-dollar-us-federal-reserve.html

Interbank. Flour millers in Nigeria are turning to the street market for dollars to buy wheat after the central bank restricted the use of the U.S. currency to buy grain imports, according to the country’s third-largest operator. https://www.bloomberg.com/news/articles/2021-06-23/nigeria-flour-millers-squeezed-by-central-bank-ban-on-imports?sref=oriheOus

Interbank. The overnight Shanghai Interbank Offered Rate (Shibor), which measures the borrowing cost of China‘s interbank market, decreased 9.3 basis points to 2.208 percent Wednesday. http://www.china.org.cn/china/Off_the_Wire/2021-06/23/content_77581796.htm Interbank. China’s central bank boosted its short-term cash injection for the first time since March as it sought to cater to a growing demand for liquidity while keeping leverage in check. https://www.bloomberg.com/news/articles/2021-06-24/china-lifts-short-term-cash-injection-for-first-time-since-march?sref=oriheOus

Interbank Market News Scan: Eastern Caribbean, foreign exchange, banks …

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Links to follow …

Banks. The stock market has been volatile, but it’s been a very solid year on -— and for — Wall Street. https://www.cnn.com/2021/06/21/investing/bank-stocks-economy/index.html

Banks.  Bitcoin has fallen below $30,000 for the first time in more than five months, hit by China’s crackdown on the world’s most popular cryptocurrency. https://news.yahoo.com/china-tells-banks-stop-supporting-044021987.html

Eastern Caribbean Central Bank-interest rates

ECCB Fixed Deposit Rate-1 month0%
ECCB Fixed Deposit Rate-2 months0%
ECCB Fixed Deposit Rate-3 months0%
ECCU (1) Minimum Savings Deposit Rate2%
ECCB Discount Rate2%
Source: Eastern Caribbean Central Bank
  • (1) Eastern Caribbean Currency Union

Eastern Caribbean Securities Exchange

Bank share prices as of 22 June 2021

The Bank of Nevis Ltd.$3.75
Bank of St. Vincent and the Grenadines$6.70
East Caribbean Financial Holding Company Ltd$4.00
Grenada Co-operative Bank Ltd.$8.88
Republic Bank (Grenada) Ltd.$45.00
St. Kitts Nevis Anguilla National Bank Ltd.$2.80
Source: Eastern Caribbean Securities Exchange

Foreign exchange rates of interest

Currency PairsRates as of 1:15 am AST 23 June 2021
XCD/EUR0.3109
XCD/GBP0.2662
XCD/USD0.3704
XCD/CAD0.4577
XCD/NGN152.0730
XCD/CNY2.3974
XCD/PLN1.4063
XCD/PEN1.4522
Source: OANDA

Interbank Market News Scan: Eastern Caribbean

Posted by on in Caribbean, Eastern Caribbean, foreign exchangeLeave a comment

Links to follow …

Banks. When the European Union launched the euro two decades ago, economists wondered if this novel currency might pull off a feat none other had managed in the post-war period: to challenge the mighty American dollar. https://www.economist.com/finance-and-economics/2021/06/21/the-international-role-of-the-euro

Banks.  Online-only assets like Bitcoin and Ethereum have become a lucrative opportunity for millions of savvy amateur investors, but now Russia’s central bank is warning people to steer clear of what could end up being a very risky buy. https://www.rt.com/russia/527147-crypto-central-bank-warning/

Banks. London Offered Interbank Rates (LIBOR). https://www.brecorder.com/news/40101846/libor-interbank-offered-rates

Banks. Wall Street regulators delivered a uniform message to President Joe Biden Monday: the huge capital buffers that banks built up over the pandemic are protecting the financial system from looming threats. https://www.bloomberg.com/news/articles/2021-06-21/banks-robust-capital-mitigates-risks-regulators-tell-biden?srnd=premium&sref=oriheOus

Banks. Banks looking to expand into the wild world of crypto are getting a pointed reminder from regulators of the risks involved. https://www.bloomberg.com/news/articles/2021-06-21/banks-chart-cautious-crypto-policy-with-regulators-taking-aim?sref=oriheOus

Eastern Caribbean Securities Exchange

Bank share prices as of 21 June 2021

The Bank of Nevis Ltd.$3.75
Bank of St. Vincent and the Grenadines$6.70
East Caribbean Financial Holding Company Ltd$4.00
Grenada Co-operative Bank Ltd.$8.88
Republic Bank (Grenada) Ltd.$45.00
St. Kitts Nevis Anguilla National Bank Ltd.$2.80
Source: Eastern Caribbean Securities Exchange

Eastern Caribbean Central Bank-interest rates

ECCB Fixed Deposit Rate-1 month0%
ECCB Fixed Deposit Rate-2 months0%
ECCB Fixed Deposit Rate-3 months0%
ECCU (1) Minimum Savings Deposit Rate2%
ECCB Discount Rate2%
Source: Eastern Caribbean Central Bank
  • (1) Eastern Caribbean Currency Union

Foreign exchange rates of interest

Currency PairsRates as of 1:15 am AST 22 June 2021
XCD/EUR0.3114
XCD/GBP0.2670
XCD/USD0.3704
XCD/CAD0.4597
XCD/NGN151.9260
XCD/CNY2.3940
XCD/PLN1.4125
XCD/PEN1.4578
Source: OANDA

22 June 2021

Interbank Market News Scan: Eastern Caribbean; foreign exchange, Caribbean development …

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18 June 2021

Links to follow …

Eastern Caribbean Central Bank. The ECCB two-month and three-month fixed deposit rates remained at 0%.  The ECCB discount rate remained at 2%.

Eastern Caribbean Securities Exchange. No securities trades or bond issues to report.

Interbank. The pound’s popularity in cross-border payments tumbled to its lowest level in more than a decade as the U.K. navigates the post-Brexit landscape, while the euro edged out the dollar for the top spot last month. https://www.bloomberg.com/news/articles/2021-06-17/pound-falters-in-global-payments-while-euro-climbs-to-top-spot?sref=oriheOus

Banks. The European Central Bank said it will grant lenders about 70 billion euros ($83 billion) of capital relief by extending a measure designed to help them keep supplying credit to the pandemic-struck economy. https://www.bloomberg.com/news/articles/2021-06-18/ecb-to-extend-leverage-ratio-relief-for-banks-by-nine-months?sref=oriheOus

Banks. Most major banks will remain open Friday despite Juneteenth becoming a new federal holiday signed into law by President Joe Biden. Many remain open as they await direction and grapple with how to proceed after the law was quickly passed this week. https://www.usatoday.com/story/money/2021/06/18/juneteenth-2021-banks-open-federal-holiday/7740103002/

Foreign exchange. The pound dropped to the lowest level against the dollar in more than a month as a surge in coronavirus cases dented mounting confidence in the U.K.’s recovery. https://www.bloomberg.com/news/articles/2021-06-18/pound-tumbles-as-virus-resurgence-clouds-hope-for-u-k-recovery?sref=oriheOus

Caribbean development. The findings of the 2020 Annual Economic and Financial Review reveal that the economies of the ECCU countries suffered significant setback in 2020, mainly because of the impact of the COVID-19 pandemic. https://www.eccb-centralbank.org/news/view/2020-annual-economic-and-financial-review-highlights-setback-in-eccu-economies

Caribbean development. A new cooperation is emerging between the Organisation of Eastern Caribbean States (OECS) Diaspora and their home countries! https://pressroom.oecs.org/strengthening-ties-with-the-oecs-diaspora

Caribbean development.  Highlighting the importance of restructuring Caribbean economies, the Director of Economics at the Caribbean Development Bank (CDB), Ian Durant says increasing competitiveness has to be the top priority for inducing strong and inclusive growth and overcome the impact of the COVID-19 pandemic. https://www.caribank.org/newsroom/news-and-events/cdb-calls-improving-competitiveness-strong-inclusive-growth-after-covid-19

Foreign exchange rates of interest

Currency PairsRates as of 9:18 am AST 18 June 2021
XCD/EUR0.3100
XCD/GBP0.2654
XCD/USD0.3704
XCD/CAD0.4562
XCD/NGN151.6950
XCD/CNY2.3822
XCD/PLN1.4076
XCD/PEN1.4377
Source: OANDA

Interbank Market News Scan: Eastern Caribbean

Posted by on in Caribbean, Eastern Caribbean, foreign exchange, UncategorizedLeave a comment

16 June 2021

Links to follow ….

Interbank. China’s benchmark prices for spot interbank gold transactions were lower on Wednesday, according to the China Foreign Exchange Trade System.  http://www.china.org.cn/china/Off_the_Wire/2021-06/16/content_77571092.htm

Interbank. Many of the issues thrown up in the transition away from sterling Libor appear to have been addressed, Bank of England Governor Andrew Bailey said Monday, delivering a confident assessment of the U.K.’s exit from the discredited benchmark.  https://www.bloomberg.com/news/articles/2021-06-14/boe-s-bailey-says-sterling-libor-switch-is-pretty-much-there?sref=oriheOus

Interbank. Cuba, the island country located where the Caribbean Sea, Gulf of Mexico, and the Atlantic Ocean meet, said this week U.S. dollars will be suspended in the country. The mandate comes from the country’s central bank and foreign tourists have been told to leave U.S. dollars at home when visiting. https://news.bitcoin.com/cubas-central-bank-suspends-us-dollar-deposits-nationwide-officials-cite-embargo/

Interbank. The Cayman Islands, U.S. and Gibraltar are the top locations where crypto hedge funds are domiciled, according to a report by PwC and Elwood Asset Management. https://finance.yahoo.com/news/cayman-islands-u-gibraltar-top-123005084.html

Interbank. St Kitts and Nevis formalises diplomatic relations with Cameroon, deepening relations with the African continent.  https://www.prnewswire.com/news-releases/st-kitts-and-nevis-formalises-diplomatic-relations-with-cameroon-deepening-relations-with-african-continent-301313009.html

Foreign Exchange rates of interest ….

Currency PairsRates as of 10:32 am AST 16 June 2021
XCD/EUR0.3055
XCD/GBP0.2628
XCD/USD0.3704
XCD/CAD0.4507
XCD/NGN152.4750
XCD/CNY2.3707
XCD/PLN1.3822
XCD/PEN1.4302
Source: OANDA

Interbank Market News Scan: How will G7, NATO impact China-Caribbean trade relationship; foreign exchange …

Posted by on in banks, Caribbean, China, foreign exchangeLeave a comment

15 June 2021

News from the Eastern Caribbean Securities Exchange

On 28 June 2021, the Government of St. Lucia will auction a 180-day Treasury bill estimated to raise ECS$10 million.  The Bank of St. Lucia and First Citizens Investment Services are the broker firms.

Food for Thought: On China and the Caribbean

The NATO and G7 meetings held one thing in common other than the membership of a number of rich industrialized countries: China.  While the NATO meeting fell short of calling China an “adversary”, the consensus, especially among the leading industrialized nations, is that China, at a minimum, is a competitive economic threat.

One example of its economic threat is Huawei, a Chinese telecom equipment provider accused of ties to the Chinese military.  Huawei provided less expensive telecom equipment to Europe in direct competition with American telecom equipment providers.  The United States, which banned use of Huawei equipment from its telecom networks, chided its European allies for allowing a threat to privacy via Huawei equipment.  Turning a back on Huawei expectedly gives US companies a wider door to enter through into European markets.

It may be too early to determine the impact on the Caribbean a widening rift between China and the US may present.  By our estimate, using CIA data, at least 12 Caribbean countries have a trading relationship (import only, export only, or both) with China.  Whether the Caribbean will tack away from a relationship with China as a result of moves made by the G7 or NATO remains to be seen.

 Import-Export relationship between CARICOM nations and China

Source: CIA World Factbook

CountryImport from ChinaExport to China
St. LuciaNoNo
Trinidad and TobagoYes (USD366 million)Yes (USD595 million)
SurinameYes (USD168 million)No
St. Vincent and the GrenadinesYes (USD23.7 million)No
MontserratNoNo
GuyanaYes (USD8 million)No
GrenadaYes (USD16 million)No
DominicaYes (USD12 million)No
BelizeYes (USD11 million)No
BarbadosYes (USD136 million)No
Antigua and BarbudaYes (USD39 million)No
The BahamasNoYes (USD33 million)
Cayman IslandsNoNo
HaitiYes (USD795 million)No
St. Kitts and NevisNoNo
JamaicaYes (USD804 million)No
British Virgin IslandsNoNo
Turks and CaicosNoNo
BermudaNoNo
AnguillaNoNo

Foreign exchange rates of interest

Source: OANDA

Currency PairsRates as of 11:15 am AST 15 June 2021
XCD/EUR0.3057
XCD/GBP0.2625
XCD/USD0.3704
XCD/CAD0.4500
XCD/NGN152.3900
XCD/CNY2.3692
XCD/PLN1.3776
XCD/PEN1.43619

Links to follow ….

Caribbean Development. A high-level panel of government and business leaders will explore the impacts of the COVID-19 pandemic on the Caribbean in the opening seminar of the Caribbean Development Bank’s (CDB) 51st Annual Meeting. https://www.caribank.org/newsroom/news-and-events/cdb-annual-meeting-seminar-discuss-policies-economic-recovery-covid-19-and-more-resilient-caribbean

Interbank. China’s interbank treasury bond index in net price opened at 982.99 points Tuesday, lower than the previous close of 983.65 points, according to the China Foreign Exchange Trade System. http://www.china.org.cn/china/Off_the_Wire/2021-06/15/content_77568539.htm

Interbank. The Korea Interbank Offered Rates (KORIBOR) as posted by Yonhap Infomax, the financial news and information arm of Yonhap News Agency, at 11:00 a.m. https://en.yna.co.kr/view/AEN20210615004100320

Banks. Billionaire investor Mark Cuban is very bullish on the future of DeFi, or decentralized finance, and DAOs, or decentralized autonomous organizations. https://www.cnbc.com/2021/06/14/mark-cuban-banks-should-be-scared-of-defi.html

Interbank Market News Scan: Eastern Caribbean; Dominica issues 91-day T-bill …

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Eastern Caribbean Securities Exchange

Yesterday, on the Regional Government Securities Market, the Government of the Commonwealth of Dominica issued a 91-day Treasury bill raising $20 million.  The pricing methodology used in the issue resulted in a discount rate of 3.96050%.

Today, the Government of Antigua and Barbuda is expected to auction a 180-day Treasury bill at EC$10 million at a maximum rate of 4%.

There were no trades yesterday on the Eastern Caribbean Securities Exchange.

Links to follow …

Banks. “US macro policy and, indeed, the very role of government in the economy, is undergoing its biggest shift in direction in 40 years. In turn we are concerned that it will bring about uncomfortable levels of inflation.” — Deutsche Bank. https://thehill.com/opinion/finance/557743-deutsche-bank-issues-dire-economic-warning-for-america

Banks. Overdraft fees remain a money-making machine for banks and a devastating financial gotcha for poor families and communities of color. https://www.freep.com/story/money/personal-finance/susan-tompor/2021/06/11/ally-bank-pnc-huntington-launch-overdraft-ideas-industry-criticized/7581786002/

Banks. Today the Swiss National Bank announced it’s participating in a wholesale central bank digital currency (CBDC) trial with the Banque de France, and the BIS Innovation Hub. The solution aims to use the digital Swiss Franc and digital Euro to settle cross border trades for financial instruments such as stock or bonds on a blockchain. The central banks don’t want the tests to be interpreted as a decision to launch a CBDC. https://www.ledgerinsights.com/central-banks-of-switzerland-france-in-wholesale-cbdc-trial/

Currency PairsRates as of 11:30 am AST 11 June 2021Rates as of 11 June 2020Change in rates
XCD/EUR0.30430.3259(6.6%)
XCD/GBP0.26200.2904(9.8%)
XCD/USD0.37040.3704flat
XCD/CAD0.44830.4961(9.6%)
XCD/NGN152.3700142.94006.6%
XCD/CNY2.36572.6164(9.6%)
XCD/PLN1.36081.4502(6.2%)
XCD/PEN1.429131.262313.2%

Source: OANDA

Interbank Market News Scan: Eastern Caribbean, foreign exchange …

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10 June 2021

Eastern Caribbean Securities Exchange

Today, the Eastern Caribbean Securities Exchange reported that the following securities were exchanged on 9 June 2021:

800 East Caribbean Financial Holding Company Ltd shares traded at $4.00 per share, falling $.48, or 10.71%, from its previous price;

3,500 S.L. Horsford & Company Ltd shares traded at $2.00 per share with no change from yesterday’s price;

1,298 TDC shares traded at $1.25 per share, down 3.85% from its previous price; and

80 shares of Cable & Wireless St.Kitts & Nevis Ltd traded odd lot at $3.65 per share.

 On the Regional Government Securities Market, the Government of Antigua and Barbuda’s 365-day Treasury bill auction raised $10 million with a discount rate of 4.30622%.

Scheduled for today, the Government of the Commonwealth of Dominica is expected to auction 91-day Treasury bills at EC$20 million at a maximum rate of 5%.

Source: Eastern Caribbean Securities Exchange

Eastern Caribbean Central Bank

The Eastern Caribbean Central Bank recently announced that DCash, the digital version of the Eastern Caribbean dollar (EC), is set to go live in Saint Vincent and the Grenadines by the end of June.  According to the ECCB:

“The immediate objective of launching DCash in Saint Vincent and the Grenadines is to allow for the exchange of DCash for physical cash via the DCash Merchant-Teller network. These authorised entities will facilitate DCash to physical cash exchanges, thereby allowing faster, safer and cheaper cross-border person-to-person remittances. Emphasis will also be placed on establishing the DCash merchant network with focus on getting essential service providers DCash-ready. In addition, other DCash users will be able to send funds directly to users in SVG.”

Since 31 March 2021, the countries of St.Kitts-Nevis, St. Lucia, Antigua and Barbuda, and Grenada, have been using DCash.

Source: Eastern Caribbean Central Bank

European Central Bank

Today, the European Central Bank reported no change in its accommodative approach to stimulating the European economy.  The ECB will maintain the rates for its main refinancing operations at 0%; its marginal lending facility at .25%; and its deposit facility at -.50%. 

The ECB indicated in its statement that there will be acceleration of asset purchases under the Pandemic Emergency Purchase Programme (PEPP) at a total of EUR1,850 billion through March 2022.  The ECB hopes to balance purchase of assets and reinvestment of proceeds from the assets in such a way as to move as close to a two percent inflation point without exceeding that level.  Net monthly purchases under PEPP are expected to be maintained at EUR 20 billion through 2022.   

Source: European Central Bank

Foreign exchange rates of interest…. 

Source: OANDA

Currency PairsRates as of 11:30 am AST 10 June 2021Rates as of 10 June 2020Change in rates
XCD/EUR0.30400.3275(7.2%)
XCD/GBP0.26180.2915(10.2%)
XCD/USD0.37040.3704flat
XCD/CAD0.44810.4970(9.8%)
XCD/NGN152.4650143.05106.6%
XCD/CNY2.36632.6215(9.7%)
XCD/PLN1.35671.4530(6.6%)
XCD/PEN1.44281.257714.7%

Interbank Market News Scan: Eastern Caribbean, foreign exchange, remittances …

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9 June 2021

Links you should follow …

Eastern Caribbean Securities Exchange.  No trades were made by the end of the trading day, 8 June 2021. https://www.ecseonline.com/wp-content/uploads/2021/06/ECSE-DAILY-TRADE-REPORT-8Jun21.pdf

Eastern Caribbean Securities Exchange. S.L. Horsford & Company Limited to hold 30th annual general meeting. https://www.ecseonline.com/wp-content/uploads/2021/05/SLH_NoticeofAGM_2021.pdf

Banks.  The St.Kitts-Nevis-Anguilla National Bank Limited to hold its 50th annual general meeting. https://www.ecseonline.com/wp-content/uploads/2021/06/3-6-21_SKNANB_Notice-of-Meeting.pdf

Remittances. Dominicans living abroad have not only sent more remittances to the country between January and April of this year when compared to the same period in 2020, with a growth of 64.8%, but they have also increased the amount by transactions. https://dominicantoday.com/dr/uncategorized/2021/06/08/dominican-republic-remittances-jump-64-8-to-april/

Foreign exchange. UK businesses which make regular overseas payments are losing out on hundreds of pounds per transaction thanks to inferior foreign exchange rates charged by Britain’s biggest banks.  https://www.thisismoney.co.uk/money/smallbusiness/article-9625805/Is-bank-ripping-business-costly-foreign-exchange-mark-ups.html

Interbank. LIBOR offered interbank rates. https://www.brecorder.com/news/40098690/libor-interbank-offered-rates

Eastern Caribbean Central Bank. DCash, the digital version of the EC dollar, is set to go live in Saint Vincent and The Grenadines by the end of June. https://www.eccb-centralbank.org/news/view/eccb-to-launch-dcash-in-saint-vincent-and-the-grenadines-in-june

Foreign exchange rates of interest…. 

Source: OANDA

Currency PairsRates as of 11:30 am AST 9 June 2021Rates as of 9 June 2020Change in rates
XCD/EUR0.30410.3279(7.3%)
XCD/GBP0.26170.2916(10.3%)
XCD/USD0.37040.3704flat
XCD/CAD0.44790.4962(9.7%)
XCD/NGN152.3500143.11806.4%
XCD/CNY2.36872.6201(9.6%)
XCD/PLN1.35781.4524(6.5%)
XCD/PEN1.44431.261714.4%

Interbank Market News Scan: Payments, remittances; Banks increasing hiring in Hong Kong

Posted by on in banks, China, Eastern Caribbean, foreign exchange, payment systemLeave a comment

Links you should follow ….

Interbank. China Development Bank has issued US$2bn of domestic US dollar bonds in China’s interbank market, its first such issuance in six years, according to a statement on its website. https://www.nasdaq.com/articles/cdb-prints-first-domestic-usd-bonds-in-six-years-2021-06-04

Interbank. The People’s Bank of China, the central bank, has urged commercial banks to abandon the London Interbank Offered Rate for dollar-denominated loans having a floating-rate benchmark. http://global.chinadaily.com.cn/a/202106/03/WS60b82ddca31024ad0bac34a6.html Remittances. Moroccans residing abroad (MREs) have sent back nearly $3.3 billion (MAD 28.8 billion) in remittances in the first four months of the year.  https://www.moroccoworldnews.com/2021/06/342716/morocco-sees-45-3-increase-in-remittances-in-first-quarter-of-2021

Banks. The pace of interest rate hikes by emerging market central banks slowed in May as policy makers in developing nations face uneven economic recoveries from the COVID-19 pandemic.  https://www.reuters.com/article/emerging-rates/graphic-grinding-higher-emerging-market-central-banks-raise-rates-in-may-idUSL5N2NM29S

Banks. If you’ve looked at your savings account statement recently, you may have noticed a lower interest rate than you were expecting. Perhaps as low as 0.06%. This is not a typo. https://www.forbes.com/sites/forbesfinancecouncil/2021/06/04/why-digital-banks-offer-higher-interest-rates-on-savings-accounts/?sh=325769ed6ccc

Banks. Some global banks, funds and other financial services providers say they are stepping up hiring in Hong Kong, in a sign the city’s unique position as a financial gateway to China is outweighing concerns about Beijing’s tightening grip over it. https://www.reuters.com/business/finance/banks-bulk-up-hong-kong-china-business-overshadows-politics-2021-06-03/

Payment systems. The United States’ restaurant delivery marketplace seems like a complex tangle of emerging and incumbent delivery services, technological platforms and payment methods, but it has nothing on Europe’s. https://www.pymnts.com/restaurant-innovation/2021/limonetik-on-how-payment-methods-can-make-or-break-food-marketplaces-international-expansion/

Payment systems. Russia’s central bank governor, Elvira Nabiullina, has said for CNBC that digital currencies will be the future of financial systems, as the economy moves online. https://thepaypers.com/payments-general/the-digital-rouble-could-help-russia-bypass-the-swift-banking-payment-system–1249437

Foreign exchange rates of interest, 30-day trading range; 5 May 2021 to 4 June 2021

Source: OANDA

Currency PairsRates as of 11:20 am AST 4 June 2021Rates as of 10:30 am AST 5 May 2021Percentage Change
XCD/EUR0.30340.3085-1.7%
XCD/GBP0.26190.2664-1.7%
XCD/USD0.37040.3704flat
XCD/CAD0.44730.4548-1.6%
TTD/EUR0.11910.1206-1.2%
TTD/GBP0.10230.1041-1.7%
TTD/USD0.14490.1448flat
TTD/CAD0.17500.1778-1.6%
GYD/EUR0.00380.0038flat
GYD/GBP0.00330.0033flat
GYD/USD0.00460.0046flat
GYD/CAD0.00560.0056flat

For the period 5 May 2021 to 4 June 2021, the Eastern Caribbean saw a continued fall in exchange rates between the European Union (-1.7%); Great Britain (-1.7%); and Canada (-1.6%).  The XCD is pegged to the U.S. dollar and for that reason remained flat.

The Trinidad and Tobago dollar saw its price fall over the same period in terms of the euro (-1.2%); the pound (-1.7%); and the Canadian dollar (-1.6%).  The U.S. dollar price for the TTD remained flat over that period.

The euro, dollar, pound, and loonie rate of the Guyanese dollar remained flat during the 5 May 2021-4 June 2021 period.