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Cross-border payments issues could be alleviated by central bank liquidity bridges, BIS says

( September 7, 2022, 09:49 GMT | Official Statement) -- MLex Summary: The costs faced by banks from holding liquidity and collateral in different currencies in multiple countries — which results in expensive and clunky cross-border payments — could be eased if central banks put in place liquidity bridges, the Bank for International Settlements said today. In a report, the BIS’s Committee on Payments and Market Infrastructures set out the potential benefits and risks of liquidity bridges between central banks, as work continues on improving cross-border payments: a priority for G20 countries. Potential benefits for banks include reduced funding and transaction costs, operational complexity, and increased flexibility in banks’ intraday liquidity management. It is up to central banks to decide whether to implement the liquidity bridges, the report says.Statement follows. Report attached....

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