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FRT Episode 79: Sandboxes: Innovating for Inclusion

Ivo Jenik of the World Bank’s Consultative Group to Assist the Poor (CGAP) discusses the opportunities and critical dependencies for digitalization to support greater financial inclusion, and key learnings for the application of regulatory sandboxes.

GMV: Large Devaluations in EM

Many emerging market currencies have fallen sharply this year, … after trend-depreciating in real terms for many years prior to 2020. We sc...

Macro Notes: Tourism-Related BoP Adjustments in 2020-21

The outlook for tourism remains challenging as COVID-19 infections are rising again. Together with capital flows dynamics, this could require significant BoP adjustments. Import compression should contribute but reserves will likely remain under pressure. Tourism will likely not fully recover in 2021 and external stress on some EMs persist.

MENA: Capital Flows Remain Elevated 

Sovereigns are increasingly tapping capital markets to finance fiscal deficits. Private inflows to the MENA region continue to be dominated by Saudi Arabia, the UAE and Qatar. Resident outflows are declining but still exceed inflows. FDI remains subdued and concentrated in the energy sector. 

Briefing Note: G20 Digital Finance Update 

With the G20 Finance Ministers and Central Bank Governors meeting in October, a series of official sector reports were released on various digital finance topics.

Economic Views: EM Government Bond Portfolios

We expand our database of flows to local-currency govies, … into positioning indicators and detailed valuation effects. Outflows and especi...

Market Snapshot: All Eyes on Africa's External Financing Needs

DSSI-eligible SSA countries have not tapped capital markets during the pandemic. However, roughly half of these countries have continued to attract net banking inflows. Large revenue losses have brought the government debt-to-revenue ratio to a staggering 480% in 2020.

Frontier LatAm: Fragile Growth Recovery 

We project a real GDP contraction of 7.5% in 2020 and a modest rebound in 2021. Tourism remains depressed, but remittances have surpassed pre-COVID-19 levels. SLV, JAM, and PAN are set to endure the steepest recessions, while GTM should contract the least due to its stable macroeconomic framework. 

IIF Capital Flows Tracker: Flows Supported by External Issuance

Portfolio flows to EM stood at $17.9 bn in October. Equity and debt inflows were $6.3bn and $11.7 bn. China equities posted $4.7 bn in inflows. ...

CEEMEA Views: South Africa - Debt Rises Amid SOE Bailout

In the October MTBPS, the government increased deficit targets again. This will result in a steeper rise and higher peak of government debt. We see substantial risks to both revenue and expenditure projections. Additional budgetary support to troubled SOEs also looks likely in ‘21.

 

 

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