°

The G20 by October will prepare a plan for the accessibility of cross-border payments

Finance Ministers and Central Bank governors of the "group of 20" at the last Saturday meeting agreed in October to prepare a plan for improving the efficiency, speed and availability of cross-border payments, said the Bank of Russia.

"Another topic of the agenda, which is particularly relevant in the current environment, cross-border payments. It is expected that by the next meeting in October 2020, will be prepared an action plan for improving their efficiency, speed and accessibility," said in a commentary.

The participants of the meeting discussed the state of the global economy and financial system against the background of the coronavirus. "Epidemiological and economic situation differ considerably in member countries of the forum. In particular, the pandemic caused massive capital outflows from emerging markets, which has become one of the topics of discussion twenty", - stated in the Central Bank.

The Chairman of the Bank of Russia Elvira Nabiullina said that to increase resistance to sudden capital outflows to developing countries, in addition to good macroeconomic indicators, formed the necessary tools to mitigate the negative effects, in particular macroprudential policies.

The main issue currently, according to the participants of the meeting of the Council for financial stability, is timely and predictable exit from the extraordinary support measures to ensure economic recovery and preserve the stability of the financial sector.

Also at the meeting were discussed the issues of digitalization of economies, including the risks of using tablconv (crypto currencies that are tied to reserves of Fiat (traditional) currency or physical goods). In addition, members of the forum reaffirmed the earlier commitment of the transition before the end of 2021 from the use of LIBOR to alternative indicators.