The Role of Autonomous Central Banks in Economic Research and Advice to the Governments in the Formulation of Economic Policy
Address by Dr. Manuel Ramos-Francia in the event "Dialogue on the Autonomy of the Central Bank ", organized by the Banco Central del Ecuador.
11th Annual Conference, Banco Central de Reserva del Perú and the Reinventing Bretton Woods Committee
Address by Dr. Manuel Ramos-Francia in the event coinciding with the 75th anniversary of the Bretton Woods meeting (which established the IMF and The World Bank), and inaugurated by the President of the BCRP, Julio Velarde. The seminar was attended by representatives of international organizations such as the International Monetary Fund, IADB, Center for Latin American Monetary Studies (CEMLA), and the Bank for International Settlements (BIS).
Dialogue: The Independence and Autonomy of the Central Banks
Address by Dr. Manuel Ramos-Francia in the event “Dialogue: The Independence and Autonomy of the Central Banks”. The event was attended by Verónica Artola, General Manager of the Banco Central del Ecuador; Ramon Espinel, Director of Centro de Investigaciones Rurales de la Espol; Manuel Ramos-Francia, Director of the Center for Latin American Monetary Studies; Alberto Dahik, Postgraduate Director of the Universidad de Especialidades Espiritu Santo; and Marco Elizalde, Professor at the Universidad Catolica de Santiago de Guayaquil.
Board of Governors 2019-2021
Last April 30, in Cartagena de Indias, Colombia, CEMLA´s Assembly elected the new Board of Governors for the period 2019 to 2021. This new Board is formed by Guido Sandleris, President, Banco Central de la República Argentina, John A. Rolle, Governor, The Central Bank of The Bahamas; Roberto Campos, Governor, Banco Central do Brasil; Irma Martínez, President, Banco Central de Cuba; Mr. Wilfredo Cerrato, President, Banco Central de Honduras; Alejandro Díaz de León Carrillo, Governor, Banco de México; and Juan José Echavarría, Governor, Banco de la República, of Colombia, who was elected to chair the Board by its members.
Cybersecurity, the Biggest Concern of Financers
Cybersecurity and the protection of personal data are the main concern of financial authorities regarding the risks derived from fintech, according to a survey prepared by the Center for Latin American Monetary Studies (CEMLA).
Forum of FINTECH Experts
CEMLA launched the Forum of FINTECH Experts, also known as the Fintech Forum. The goal of the Forum is to bring together the knowledge and experience of central banks of the region, international organizations and other relevant institutions to analyze the dimensions and potential impact of the FinTech phenomenon in central banking mandates
Manuel Ramos-Francia, appointed as CEMLA’s Director General for the period from 2019 to 2023
On 11 October, 2018, CEMLA’s Assembly designated Dr. Manuel Ramos-Francia as Director General of the Center for a period of five years (renewable) as of 1 January, 2019. Dr. Manuel Ramos-Francia has a B.A. in Economics from the Instituto Tecnológico Autónomo de México (ITAM) and holds a Ph.D. in Economics from Yale University. He has been Director of the Center for Analysis and Economic Research at ITAM in Mexico.
Intermediate Meetings: CEMLA Fintech Forum
The Center for Latin American Monetary Studies (CEMLA) launched the Fintech Forum in Buenos Aires, Argentina on March, 2018, with the aim to bring together the knowledge and experience of central banks of the region, international organizations and other relevant institutions, in order to contribute to the analysis and assessment of the interaction of new financial technologies with monetary and financial stability mandates.
IX Meeting of Open Market Operations
The IX edition of the CEMLA Meeting on Open Market Operations was hosted by the Banco Central de Chile, in Santiago from October 10 to 12, 2018. A total of 27 officials from 22 institutions, including central banks and international organizations from Latin America and the Caribbean, Europe and Asia. The Meeting was devoted to better understand the implications and responses of central banking emerging economies’ monetary operations frameworks stemming from the so-called “normalization” of monetary policy in advanced economies.
Successful completion of CEMLA’s Debt Program
After five years of successful implementation, the Public Debt Management Capacity Building Program (PDP) of the Center for Latin American Monetary Studies (CEMLA) and funded by the Swiss State Secretariat for Economic Affairs (SECO) has concluded with the evaluations performed in 2018.
LIII Meeting of Governors of Latin America, Spain and the Philippines at the IMF-World Bank
and CVI Meeting of Central Bank Governors of CEMLA
On October 11, were held the LIII Meeting of Governors of Latin America, Spain and the Philippines at the IMF-World Bank, and the CVI Meeting of Central Bank Governors of CEMLA, in Bali, Indonesia. CEMLA was represented by Fernando Tenjo Galarza, General Director, Dalmir Louzada, Deputy General Director, and Adriana Alverde, International Relations Adviser.
Winner of the Central Bank Award Rodrigo Gómez 2018
CEMLA’s Board of Governors decided to grant the 2018 Central Bank Award Rodrigo Gómez to Mariano Joaquín Palleja, for his study entitled “Conditional Exchange Rate Pass-through: A DSGE Model Approach”.
Compendium of Practices: Central Banking Market Operations Framework in Latin America and the Caribbean
CEMLA hosts a number of technical meetings on several technical areas of central banking. The technical meetings are aimed at exchanging ideas and experiences between members and guest institutions, providing a forum for discussion of issues of common interest. An important aspect that has been repeatedly highlighted by discussions in the CEMLA Meeting on Open Market Operations is that central banks' actions are shaped by the monetary policy frameworks in which they operate.
Workshop on Risk Management and Oversight of Payment Systems
The Workshop was attended by senior professionals from 16 institutions, comprising Latin American and Caribbean central banks and national and international financial authorities, that gathered to exchange their experience in the development and exercise of monitoring and policy-making payments and market infrastructures, that is to oversee financial market infrastructures.
Regional Conference: Digital Currencies and Central Banks’ Regulatory Response
CEMLA in joint with Caribbean Regional Technical Assistance Centre (CARTAC) of the International Monetary Fund and the Central Bank of Trinidad and Tobago organized the Regional Conference on Digital Currencies and Central Banks’ Regulatory Response in Port of Spain, on July 19 and 20, 2018. The Conference was aimed at promoting an active debate on digital currencies and related technologies as well as other innovations in financial sector that are challenging the current regulatory and policy framework in the Caribbean Community and internationally.
CV Meeting of Central Bank Governors of the CEMLA
On 4 and 5 June, the CV Meeting of the Central Bank Governors of CEMLA was held in Asunción, Paraguay. The meeting was sponsored by the Banco Central del Paraguay, represented by its President, Mr. Carlos Fernández. Once the meeting was formally opened, the sessions of analysis and debate began.
Presentation of the Rodrigo Gómez Central Banking Award 2017
Within the framework of the CV Meeting of the Central Bank Governors (in Asunción, Paraguay), Victoria Nuguer, the winner of the Central Bank Award Rodrigo Gómez 2017, presented her study entitled " Fed’s Interest Rate Normalization: Does it Matter Who Borrows from Abroad in EME?, for which she won the Award.
IV Meeting of the Financial Information Forum
The IV Meeting of the CEMLA Financial Information Forum was held in Madrid, Spain on May 28-30, 2018, under the auspices of the Bank of Spain.
Regional Payments Week 2017
The XVII edition of the Payments Week took place in Santo Domingo, Dominican Republic, from December 1st to 4th, under the coordination of the World Bank Group – Finance & Markets Global Practice, the Bank of International Settlements and the Center for Latin American Monetary Studies and the auspices of the Banco Central de la República Dominicana. The Regional Payments Week is the Western Hemisphere Payments and Securities Settlement Forum annual meeting that gathers development, regulation, operation and oversight mangers and experts of payment systems and market infrastructures in Latin America and the Caribbean
Magyar Nemzeti Bank, new Collaborating Member of CEMLA
On October 12, 2017, during its meeting held in Washington D. C., United States, the Board of Governors of CEMLA approved the request made by the Magyar Nemzeti Bank (The Central Bank of Hungary) for becoming part of the Center as collaborating member.
Meeting of Central Bank Governors
The CIV Meeting of Central Bank Governors of the Center for Latin American Monetary Studies was held in Washington D. C., United States of America, on 12 October, 2017.
Winner of Central Bank Award Rodrigo Gómez 2017
CEMLA’s Board of Governors decided to grant the 2017 Central Bank Award Rodrigo Gómez to Victoria Nuguer, research economist at Research Department, InterAmerican Development Bank, for her study entitled “Fed's Interest Rate Normalization: Does it Matter Who Borrows from Abroad in EME?”.
III Meeting of the Financial Information Forum
The III Meeting of the CEMLA Financial Information Forum was held in Santiago, Chile on October 4 and 5, 2017 under the auspices of the Banco Central de Chile. The Financial Information Forum gathers Latin American and Caribbean financial authorities and international experts in charge of regulating, managing and using financial information for the design of financial stability oriented policies. The III Meeting had the participation of over 45 delegates from central banks, banking supervisory authorities, international organizations that debated: 1) the role of Central Balance Sheet Offices; 2) the progress made about Data Sharing; and 3) the interplay of Financial Inclusion and the relevant data for its measurement.
Regarding the Earthquake in Mexico
Dear Associate and Collaborating Members, and friends of CEMLA, We appreciate your messages of support, solidarity and affection after the earthquake of last 19 September in Mexico City. Our headquarters are in Colonia Roma, one of the areas with greater damage; however, neither the staff of the Center, nor the participants in the Workshop on Advanced Macroeconomic Forecasting, were affected.
FinTech: key issues and challenges for central banks
In light of the impact that new technologies and innovation have had in the financial world, reflected in the emergence of new agents, business models, products and solutions that lead to a new landscape for financial markets and infrastructures, key central banking functions has been affected. These brief highlights key issues and challenges that merit the attention of the Latin American and Caribbean central banking community.
Remittances to Latin America and the Caribbean in 2016: A New Record
The Center for Latin American Monetary Studies (CEMLA) and the Multilateral Investment Fund (MIF) of the Inter-American Development Bank (IBD) group published the report “Remittances to Latin America and the Caribbean in 2016: A New Record” showing the evolution that year of remittance flows to the region and their estimates for 2017.
CIII Meeting of Central Bank Governors
Last 19 and 20 May, the CIII Meeting of Central Bank Governors of the Center for Latin American Monetary Studies, was held in San Carlos de Bariloche, Río Negro, Argentina. The Meeting began with the welcoming remarks given by Mr. Federico Sturzenegger, Governor of Banco Central de la República Argentina.
Board of Governors 2017-2019
Last Saturday, 20 May, in San Carlos de Bariloche, Rio Negro, Argentina, CEMLA´s Assembly elected the new Board of Governors for the period from 2017 to 2019.
Global Payments Week 2016
The Global Payments Week 2016 was held in Turin, Italy on September 20-23, 2016 under the coordination of the World Bank Group, CEMLA and the Bank for International Settlements, with the special collaboration of the Banca d ’Italia.
CI Meeting of Central Bank Governors of CEMLA
On May 10 and 11 the CI Meeting of Central Bank Governors of CEMLA was held in Lisbon, Portugal under the auspices of Banco de Portugal. The Meeting was inaugurated by Governor Carlos Da Silva Costa, Banco de Portugal.
Guiding Principles: Payment aspects of financial inclusion
Since April 2014, the Center for Latin American and Monetary Studies (CEMLA) participates in the Task Force on the Payment Aspects of Financial Inclusion (PAFI) chaired by the Committee on Payments and Market Infrastructures (CPMI) and the World Bank Group (WB). Today, the PAFI final report has been published seeking to tackle barriers to the adoption and usage of transaction accounts, which sit at the heart of retail payment services.
Statistics on Payment, Clearing and Settlement Systems in Latin American and the Caribbean Region
The Yellow Book Statistics comprise two series. Series “A” are statistics on payments and securities clearing and settlement for each country. Series “B” are more general statistics related to the financial sector. Series A is organized in two items, namely Country Tables and Comparative Tables. These documents present both Comparative Tables and Country Tables for a time span of 2009-2014.
Results of the 2015 Poster Contest on Economic Research for Economics Students
Members of the Economic Research Management, who acted as judges, are pleased to announce that the winner of the Poster Contest for Economic Research 2015 are Andrés David Pinchao Rosero and Juan Sebastián Holguín from the Universidad del Valle (Colombia), for their study "Bank Lending Channel: Evidence for Colombia". The authors attempt to identify theoretically and empirically the impact of monetary policy decisions through the credit channel in the Colombian economy for the period 2002-2013. They used a FAVAR methodology, allowing to obtain various types of observable and unobservable factors, including some of macroeconomic conditions, some market interest rates and other credit supply of commercial banks. The results indicate that the credit channel, operated effectively in the Colombian economy, for the period analyzed.
C Meeting of Central Bank Governors of the Center for Latin American Monetary Studies
Studies, was held in Lima, Perú. This meeting had two sessions. During the first one, Mr. Alejandro Vanoli, President of the Banco Central de la República Argentina presented the most relevant issues under the G20 agenda. During the second session, participants benefitted from the presence of Messrs. Thomas A. Connors, Deputy Director, Division of International Finance, Board of Governors of the Federal Reserve System; Luis M. Linde, Governor, Banco de España; Julio Velarde, President, Banco Central de Reserva del Perú; and E. Lesetja Kganyago, Governor, South African Reserve Bank as speakers. Their presentations focused on the international economic and financial perspectives. Both sessions were of great interest for participants, who contributed with valuable remarks.
2015 Rodrigo Gómez Central Bank Award
CEMLA’s Board of Governors decided to grant the 2015 Rodrigo Gómez Central Bank Award to Fernando José Pérez Forero, official from the Banco Central de Reserva del Perú, for his study entitled “Comparing the transmission of monetary policy shocks in Latin America: A Hierarchical Panel VAR”. In this paper, to be published by CEMLA in English and Spanish, the author assesses and compares the effects of monetary policy shocks across Latin American countries that put in practice the Inflation Targeting scheme (Brazil, Chile, Colombia, Mexico and Peru).
Medium-term Debt Management Strategy (MTDS) Workshop
The Medium-term Debt Management Strategy (MTDS) Workshop took place in Mexico City at CEMLA headquarters from September 21-25. The event was jointly organized by CEMLA, World Bank (WB) and International Monetary Fund (IMF).
Payment aspects of financial inclusion Public Consultation of the Report
CPMI and World Bank Group have issued the consultative report “Payment aspects of financial inclusion”. This report provides an analysis of the payment aspects of financial inclusion, on the basis of which it sets out guiding principles designed to assist countries that seek to advance financial inclusion in their markets through payments.
The role of credit reporting in supporting financial sector regulation and supervision
Recently, the Committee drafted the report on “The role of credit reporting in supporting financial sector regulation and supervision” with the objective to in-depth analyze key issues for the implementation of the Principles worldwide. The Committee submits for public consultation this report.
Seminar on Recent Developments
in Payment and Settlement Systems
The Center for Latin American Monetary Studies (CEMLA) and the Deutsche Bundesbank held in the Seminar on Recent Developments in Payment and Settlement Systems, under the auspices of the Central Bank of Paraguay in Asuncion from July 21 to 23, 2015. The seminar was attended by 41 participants from 14 national central banks of Latin America and the Caribbean.
IFAD awards excellence in remittances for social and economic development
On June 18, 2015, the fifth Global Forum on Remittances and Development (GFRD) was held in Milan, Italy, organized by the United Nations International Fund for Agricultural Development (IFAD), where awarded a bank, an NGO, a CEO and a private company for their efforts to help remittance recipients leverage the funds they receive for greater social and development impact.
Financial Information Forum
I Meeting of the Financial Information Forum
The Center for Latin American Monetary Studies (CEMLA) held the first meeting of the Forum of Financial Information of Latin American and Caribbean Central Banks (FIF) on 8 and June 9, 2015 in Mexico City, Mexico. The meeting was attended by 39 representatives from 27 institutions, including central banks and international organizations.
XCIX Meeting of Central Bank Governors of the Center for Latin American Monetary Studies
On May 29 and 30, 2015, the XCIX Meeting of Central Bank Governors of the Center for Latin American Monetary Studies, was held in Cancún, Quintana Roo, Mexico. Once the opening remarks were given by Agustín Carstens, Governor, Banco de Mexico, host of the event, the sessions addressed the following topics: International economic and financial outlook; Strengths and macroeconomic challenges in Latin America and the Caribbean; Topics under discussion at the G20; Monetary policy challenges related to recent commodity prices trend; Strengthening of financial stability through a macroprudential approach - Implications for monetary policy; and International private banking view on economic and financial situation in Latin America and the Caribbean.
Election of CEMLA´s Board of Governors for the period 2015-2017
On May 30, 2015, the Assembly of the Center gathered in Cancun, Quintana Roo, Mexico, and according to CEMLA´S Statutes, the Associate members were to elect the Board of Governors for the period from May 2015 to May 2017. Once the election was held, the Board of Governors for the period 2015 – 2017 was conformed by the following Institutions, to wit: Central Bank of The Bahamas, Banco Central de Chile, Banco Central de Bolivia, Banco Central de Costa Rica, Banco de México, Banco Central de Paraguay, and Banco Central de Venezuela; as well as by Banco de España and the Board of Governors of the Federal Reserve System, as special consultants.
Mr. Rodrigo Vergara, president of the Banco Central de Chile, was appointed Chairman of the Board of Governors for the period 2015-2017, replacing Dr. Alexander A. Tombini, Governor of the Banco Central do Brasil, who held said position from 2013 to 2015.
CEMLA and FOMIN will promote the development of an enabling environment for the financial inclusion of remittance clients
The Multilateral Investment Fund (MIF), recently approved a technical cooperation grant of US$1.2 million to complement other US$1.2 million from the Center for Latin American Monetary Studies for the implementation of a regional project that seek to strengthen the legal and regulatory frameworks of the region's remittance market and to improve the information available on the sector in order to create an enabling environment that will allow central banks, supervisory agencies, and other relevant institutions to increase the number of financial products that meet the needs of people who send and receive remittances.
Capacity Development Session for the Oversight of the National Payments System of Jamaica
From April 21 to 24, 2015, in Kingston, Jamaica, the Bank of Jamaica, with technical assistance from CEMLA, organized a capacity development session for the oversight of the National Payments System (NPS). The purpose of this session was to develop the institutional capacity of the various stakeholders, financial institutions, financial market infrastructure providers and central bank staff, in order to establish the institutional framework for the data exchange and disclosure on the functioning of the payments and securities clearing and settlement systems.
How has the LAC prepaid market evolved and what can be learnt from innovative solutions?
Mr. Raul Morales, head of secretariat of the Payments Forum of CEMLA, presented "How has the LAC prepaid market evolved and what can be learnt from innovative solutions?" in the Prepaid Americas Workshop held in occasion of the Mobile Money & Digital Payments Americas 2015 organized by several stakeholders from the payments industry, in Mexico City on 23 March, 2015.
María José Roa, PhD., Senior researcher in economics at this center, gave a presentation on "Behavioral Economics and Personality Psychology: Financial Behaviors and Financial Education" during the 1st Regional Workshop of Financial Education in the Insurance Sector, entitled "A Multidimensional Tool for Inclusive Insurance Expansion into the Region" This workshop was organized by the Guatemalan Association of Insurance Institutions in Guatemala City, on March 20, 2015.
Global Payments Week 2014
The Global Payments Week 2014 took place from September 23th to 26th under the coordination of the Payment Systems Development Group of the World Bank and CEMLA, and with the collaboration of the Bank for International Settlements and the auspices of the Federal Reserve Bank of New York. The Global Payments Week is the most relevant meeting organized annually by the Western Hemisphere Payments and Securities Settlement Forum.
During the last meeting of the Board of Governors, October 9, 2014, based on the recommendation of the panel of judges, decided to declare the Award void. The Board also wants to thank Enrique Alberola, coordinador ejecutivo, from the Dirección General Adjunta de Relaciones Internacionales at Banco de España; Antón Saravia, research professor, at CIDE; Dr. Gabriel Pérez del Peral, director of Economics department at Universidad Panamericana; and Alberto Ortiz, gerente de Investigación Económica at CEMLA, for their help as jury in this edition of the award. Call for papers for the 2015 edition of the Rodrigo Gomez Award is open and we invite the researchers of the region to participate. Additional information is available at: http://www.cemla.org/callforpapers-cbaward.html.
National Workshop on Sustainable Funding Strategy
From July 21st to 28th, 2014, the Ministry of Finance of Honduras with the support of the Center for Latin American Monetary Studies (CEMLA), through its Public Debt Management Capacity Building Program (PDP), undertook the National Workshop on Sustainable Funding Strategy.
Contest of research posters for students in economics, 2014
Pursuing promotion of economic research in Latin America and the Caribbean, CEMLA's Research Management has organized the "Contest of research posters for students in economics". The contest consists in presenting a poster based on a research paper carried out by students in economics of academic institutions in Latin America and the Caribbean.
During the sessions of this meeting held in São Paulo, Brazil, central bank governors addressed the following topics: World Economic Outlook; Topics under Discussion and the Future of the G20; Five Years after Lehman's Collapse: Where are we going to?; Communication Strategies and Monetary Policy Effectiveness in an Exceptional Environment; and Challenges for Monetary Policy in Latin America and the Caribbean. These topics discussion was leaded by some of the governors presented as well as by some special guests. The winner paper of the Rodrigo Gómez Central Bank Award was presented in a special session.
During the CEMLA's Board of Governors Meeting participants discussed about some administrative issues of the Center and the General Direction presented the Activities Report of 2013 as well as the Strategic Plan for the 2014-2019 (first semester) period.
CEMLA and MIF/IDB launch online tool for senders of remittances to Haiti www.transfeayiti.org offers transparency, cost comparisons, and better informed decisions
The Center for Latin American Monetary Studies (CEMLA) and the Multilateral Investment Fund (MIF), a member of the Inter-American Development Bank (IDB) Group launched www.transfeayiti.org today. This free online tool allows users to compare the costs of sending remittances from the United States or the Dominican Republic to Haiti. In 2012, millions of Haitians living abroad sent a total of usd 1.9 billion in remittances to Haiti. In the United States alone there is estimated to be almost one million people of Haitian origin.
2013 Rodrigo Gómez Central Bank Award
CEMLA's Board of Governors decided to grant the 2013 Rodrigo Gómez Central Bank Award to Bruno Silva Martins and Ricardo Schechtman, officials from the Banco Central do Brasil, for their study entitled "Loan Pricing Following a Macroprudential within-Sector Capital Measure".
Relaunching of Monetaria
On November 21, 2012, during the XVII Annual Meeting of CEMLA´s Central Bank Researchers Network, a special event was organized to relaunch the Center´s economic journal Monetaria. Several of the papers included in the first issue of this new phase of Monetaria were presented at this event. The contents of this issue was prepared by invited authors who contributed with articles within the topic Lessons from the Financial Crisis for Latin America and the Caribbean. The call for papers for the following issues of Monetaria is now open. Papers can be submitted in Spanish, English or Portuguese, and the journal will be published in identical versions in English and Spanish. Starting with the second number of 2013, the contents of the journal will be selected on the basis of peer review refereeing (double blind).