Bank for International Settlements – BIS

We are pleased to announce some new appointments to the Bank for International Settlements (BIS) Board of Directors and key central bank groups: Fabio Panetta, Governor of the Banca d'Italia - Eurosistema, was elected as the new Chair of the BIS Board. Mr Panetta will serve a three-year term, starting 3 June. The Board is responsible for determining the strategic and policy direction of the BIS, supervising its Management and fulfilling the specific tasks given to it by the Bank’s Statutes. Gabriel Galípolo, Governor of the Banco Central do Brasil, was appointed Chair of the meeting of Governors of major emerging market economies (EMEs), a venue for the exchange of views on macroeconomic and financial developments and risks and on other relevant matters in EMEs. Mr Galípolo will replace Eddie Yue, Chief Executive of the Hong Kong Monetary Authority. Michele Bullock, Governor of the Reserve Bank of Australia, was appointed Chair of the Asian Consultative Council, a vehicle for communication and coordination between BIS members in the Asia-Pacific and the BIS on matters of interest and concern to the Asian central banking community. Ms Bullock replaces Nguyen Thi Hong, former Governor of the State Bank of Vietnam. Kazuo Ueda, Governor of the Bank of Japan, was appointed Chair of the Committee on the Global Financial System, a central bank forum for monitoring financial sector developments and analysing their implications for financial stability and central bank policy. He replaces Chang Yong Rhee, former Governor of the Bank of Korea. Governors expressed their gratitude to Mr Villeroy de Galhau, Mr Yue, Ms Hong, and Mr Rhee for their leadership and wished Mr Panetta, Mr Galípolo, Ms Bullock, and Mr Ueda every success in their new roles. https://bit.ly/4dBjG9s

How are non-bank financial institutions reshaping global banking? Discover more in our recent research: https://lnkd.in/eFEQMy43 #BISDataStories #BISStatistics #DataStories

BIS Committee on Payments and Market Infrastructures Chair Fabio Panetta spoke about “Cross-Border Payments at a Turning Point” during an event organised by the Embassy of Italy in London, in collaboration with Banca d'Italia, the Institute of International Finance and the CPMI.

The exchange rate is a key channel for monetary policy transmission, yet its response to policy changes often appears erratic. In this BIS Bulletin, Ryan Banerjee, Lena Boneva, Gabor Pinter and Vladyslav Sushko quantify the impact of leveraged currency speculation on the exchange rate reaction to monetary policy news. They find that significant short positions of carry traders in funding currencies amplify the impact of policy tightening. This amplification arises from the unwinding of leveraged carry trade positions, leading to state-dependence in monetary policy transmission to the exchange rate. Read more here: https://bit.ly/3QOdHoU #BISBulletin

Stablecoins have grown rapidly and could reshape monetary and financial systems – especially in emerging market and developing economies (EMDEs). A new BIS paper by Iñaki Aldasoro, Jon Frost and Hiro Ito examines how these instruments may affect global currency hierarchies and monetary sovereignty. Today’s market largely reinforces the US dollar’s (USD’s) role, with around 98% of stablecoin value pegged to the USD. The most immediate impacts are likely on private sector uses of money – as a store of value and a means of payment – and particularly in economies facing high inflation and exchange rate volatility. The paper outlines three potential paths. In a “niche adoption” scenario, activity remains mostly within crypto markets. In a “digital dollarisation” scenario, rapid uptake of USD stablecoins risks eroding monetary sovereignty in EMDEs. And in a “domestic stablecoin integration” scenario, regulated local currency stablecoins could enhance payment efficiency while preserving policy autonomy. Across all cases, policy choices and international coordination will be decisive, including how stablecoins interact with other forms of money and existing payment rails. Read more Link: https://bit.ly/3OUYRw5 #BIS #Stablecoins #DigitalMoney #CrossBorderPayments #EMDEs #InternationalFinance #CapitalFlows #MonetaryPolicy #FinancialStability

What level of supervisory risk is acceptable – and how can authorities act effectively under uncertainty? In an increasingly complex and resource-constrained environment, supervisory authorities face difficult trade-offs in fulfilling their safety and soundness mandate. Without a clear framework to manage supervisory risk, actions can become inconsistent, unclear or ineffective – undermining prudential objectives. In the latest FSI Insight, Monica Balan, FRM and Raihan Zamil introduce the concept of supervisory risk and explain its key determinants. They develop a supervisory risk appetite framework to define, operationalise and govern tolerance for supervisory risk. They argue that such frameworks can help authorities to strengthen their governance and culture and can lead to more timely, proportionate, consistent and credible supervisory interventions. https://lnkd.in/d3AdR2yH #bankingsupervision #governance #financialstability #riskmanagement

Digital innovation is enhancing households’ access to financial services. In this way, technology can help individuals to better manage day-to-day finances, build resilience to shocks and have greater confidence in their future. However, it also presents new vulnerabilities: a global surge in digital scams and fraud, increased risks of over-indebtedness for some borrowers, and the use of ill-suited financial and investment products. However, it also presents new vulnerabilities: a global surge in digital scams and fraud, greater over-indebtedness of some borrowers and use of ill-suited investment products. In the latest FSI Brief, Jon Frost, Jermy Prenio, Vatsala Shreeti and David Symington explore both the opportunities and risks of digital innovation for financial health. Important progress is being made to measure financial health outcomes. Aggregate trends in financial health measures are mixed; in some countries, indices are even deteriorating, despite greater uptake of digital technologies. While access to payments and savings products is generally positive, the impact of digital lending on financial health is more ambiguous. The authors highlight the crucial role of financial authorities in strengthening regulatory and supervisory frameworks to mitigate the risks, investing in public infrastructures and services and enabling responsible innovation that supports financial health outcomes for households and individuals. https://bit.ly/4eOgk3O #FinancialStabilityInstitute #unsgsa #financialhealth United Nations Secretary-General's Special Advocate for Financial Health (UNSGSA)

Join us at the 2026 External Statistics Conference in Kraków! Following our earlier announcement, we are pleased to confirm that registration is now open. 📅 Conference dates: 28–29 May 2026 📍 Location: Kraków, Poland 🗓️ Registration deadline: 15 May 2026 🔗 Programme and registration: https://lnkd.in/dXQrwRs4 The third edition of the External Statistics Conference, “External statistics in the age of geoeconomics: challenges and opportunities in a changing global landscape”, is jointly organised by the European Central Bank, the Bank for International Settlements – BIS (Irving Fisher Committee on Central Bank Statistics) and Narodowy Bank Polski (NBP). We look forward to welcoming researchers, statisticians, policy-makers, students and practitioners to discuss the latest developments in external statistics. #ECB #ECBData #BIS #NBP #IFC #ExternalStatistics

New technologies, payment system enhancements and evolving user expectations are changing the way people pay. The use of cashless payments continues to increase globally. Even so, it is impossible to imagine a world without cash, as it still plays a prominent role in people’s lives. This latest CPMI Brief highlights retail payment trends as observed in the 2024 Red Book statistics. These figures were collected in the second half of 2025 from member jurisdictions of the BIS’ Committee on Payments and Market Infrastructures and are publicly available via the BIS Data Portal. Credit transfers are the fastest growing cashless payment method in emerging market and developing economies (EMDEs), while the growth in cashless payments in advanced economies (AEs) is mainly driven by growth in card payments. Fast payments are gaining ground and are a key driver behind the growth of credit transfers in EMDEs. Fast payments are increasingly used for small-value payments in both EMDEs and AEs. Cash withdrawals are declining. However, cash in circulation has largely stabilised, underscoring the enduring relevance of cash in economies. Read the full CPMI Brief here: https://bit.ly/4d8s0gA #CPMI #Payments #Cash

On 21–22 April 2026, the BIS hosted the 7th Annual BIS Cybersecurity Seminar. Over 150 senior cyber security practitioners and technology leaders gathered in Basel for two days focused on cyber risk as a systemic challenge and a pillar of digital trust across the global financial system. The seminar had three focus areas: • Artificial intelligence (AI) and cyber security: how to defend against AI-enabled threats, govern and secure AI responsibly, and establish safeguards before advancing AI use cases to production, plus recent developments in frontier AI and the need to reinforce core cyber hygiene. • Post-quantum cryptography: shifting from awareness to standards-driven action with a governance-first approach. • Cyber risk quantification: expressing cyber exposure in monetary terms through scenarios, simulations and control performance evidence to identify major financial risks, prioritise investments and align with risk appetite and budgets. Key conclusions highlighted the need for central banks to convene communities of practice and, together with industry, build stronger collective resilience by uplifting capabilities across the whole financial ecosystem. Another key outcome was a shared commitment to targeted capacity-building, enhanced coordination mechanisms and technology projects tailored to address these risks. The seminar also underscored the BIS’s support to the central bank community in this area through its Cyber Resilience Coordination Centre, Innovation Hub and Financial Stability Institute. These efforts will help to support a more secure, resilient and future ready financial system.