On the global retreat of correspondent banks

Tara Rice, Goetz von Peter () and Codruta Boar

BIS Quarterly Review, 2020

Abstract: Correspondent banks have been paring back their cross-border banking relationships for the past decade. The retreat is broad-based, but affects some countries more than others. Jurisdictions with weaker governance and deficient controls to prevent illicit financing have lost more relationships, while trade and growth were supportive. Technological developments, as well as private and public sector initiatives, could help to reduce frictions in cross-border payments. Further monitoring and action are warranted to ensure that all countries enjoy access to safe, low-cost cross-border payment channels.

JEL-codes: F23 F24 F35 G21 G28 (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (14)

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