This episode dives into the landscape of bigtech platforms, their market advantages in a data driven economy, and the regulatory response in China, UK, EU and the US with new privacy, data regulation and competition moves.
The Summer 2021 edition of the Insurance Update provides targeted updates on IIF insurance activities and events.
After holding joint sessions with the Insurance Working Group (IWG) and the Anti-Money Laundering and Anti-Terrorist Finance (AML-ATF) Working Group, the IIF responded to the Draft Revised Application Paper.
Upside inflation surprises prompted rate hikes in the Czech Republic and Hungary. If sustained, stable energy prices should help headline inflation to ease into 2022. FX stability should also limit imported inflation and pressure on consumer prices. However, tighter global liquidity conditions will likely prompt rate hikes in the CEE-4. We expect earlier action by the CNB and MNB, with the NBP and BNR waiting longer. Our forecast sees smaller and more gradual hikes than implied by market pricing.
The IIF has submitted comments to the Financial Action Task Force (FATF) on their consultation on Beneficial Ownership Transparency and Reporting through updates to FATF Recommendation 24.
The Zambian Kwacha appreciated sharply in July-August, by ~25%. High copper prices and larger non-resident flows are likely responsible. The IMF’s SDR allocation will provide substantial relief to FX reserves. While external pressure is lower, high inflation will weigh on the ZMW. If transitory factors do not dissipate, interest rate hikes may be needed. Our outlook turns more constructive as an IMF program appears likely.