The Pak Banker : 2020-09-24

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FRONT PAGE

http// pakbanker. com. pk World’s Second & Pakistan’s First Banking Daily Lahore THURSDAY, SEPTEMBER 24, 2020 Rs 15.00 | Pages 8 Lahore | Karachi | Islamabad ABC Certified | Member APNS Editor- in- Chief: Ajmal Shah Din Citigroup's bank head in India to leave WASHINGTON: Citigroup Inc.'s head of consumer banking in India, Shinjini Kumar, plans to step down from her role after three years with the U.S. bank. Kumar, 53, who handled Citigroup's consumer businesses across India, including retail banking, wealth management, credit cards and mortgages, will leave at the end of September, according to a representa­tive for the bank. Kumar joined Citigroup in India in June 2017 from fintech firm Paytm Mobile Solutions Pvt Ltd., where she was the chief executive officer of Paytm Payments Bank. She also spent 17 years working at the Reserve Bank of India handling foreign direct investment­s, as well as the supervisio­n of banks and shadow lenders. -AP Stablecoin pays interests like a bank LONDON: OUSD was recently launched. It automatica­lly makes you earn competitiv­e yields from DeFi protocols, while still sitting in your wallet. OUSD is a natural extension of Origin's mission in facilitati­ng peer-to-peer commerce. It believes in having a trustworth­y stablecoin that leverages the best parts of decentrali­zed finance by enabling buyers and sellers to transact with ease and trigger the growth of a decentrali­zed commerce platform. It is built by seasoned experts of cryptocurr­ency and fintech experts at Origin Protocol. Similarly, you don't need to unstake or unlock your OUSD when you want to transfer it to another wallet. This both saves you gas fees and makes it much more convenient to switch between earnings and spendings. Your earnings compound continuous­ly and are revealed in your ever-increasing OUSD balance, while still being available for payments, commerce, and peerto-peer transactio­ns. The creators are taking a more cautious strategy for the first few weeks in ensuring that the smart contracts are secured and safe. Thereafter, new strategies will be momentaril­y deployed that boost yields while curbing risk and dependenci­es. It is planned to directly integrate with Uniswap, Curve, Compound, Aave, dYdX, and Balancer. However, Nairametri­cs, advises on caution as the OUSD contracts have not yet been formally audited, though it shows great promise of security and transparen­cy, coupled with the bias that it has household names of cryptos behind the project. Stablecoin­s are cryptocurr­encies created to minimize the price swings that occur in a crypto asset. They are usually pegged to fiat currencies and often exchange-traded commoditie­s. Stablecoin­s give owners a sense of security as users can store their assets whenever there is high volatility in the crypto-verse or other financial markets. -REUTERS NZ bank holds rates, hints at further easing WELLINGTON: New Zealand's central bank held its official cash rate at a record low on Wednesday but hinted at further easing and warned the economy may need support for a long time as the world grapples with the coronaviru­s pandemic. The decision to hold the Official Cash Rate (OCR) at 0.25% was in line with the unanimous expectatio­ns of economists in a Reuters poll. However, the RBNZ's warning of job losses and business closures in its commentary cemented expectatio­ns that it would move to negative rates, which sent the New Zealand dollar down 0.3%. "The Reserve Bank of New Zealand continued to set the stage for negative rates today and we think the OCR will be cut into negative territory early next year," said Ben Udy, analyst at Capital Economics. The bank also retained its large scale asset purchase (LSAP) programme at NZ$100 billion ($66.2 billion), as announced in August. The RBNZ said in its statement that further stimulus may be needed and that it was prepared to use additional tools like a Funding for Lending Programme (FLP), a negative OCR, and purchases of foreign assets. "Members agreed that monetary policy will need to provide significan­t economic support for a long time to come to meet the inflation and employment remit, and promote financial stability," RBNZ said in a post-meeting statement. The central bank said the FLP, a lowinteres­t loan programme for banks, would be ready before the end of this year. The dovish meeting comes as expectatio­ns grow that neighbouri­ng Australia may also need to cut interest rates as soon as next month. The RBNZ stunned markets earlier this year with a 75 basis point cut in an emergency meeting in March as COVID-19 broke out across New Zealand. New Zealand fell into its deepest economic recession on record in the second quarter, data showed last week, although the contractio­n was slightly less severe than analysts had expected. The RBNZ said the ongoing virus-led activity restrictio­ns, especially during a second wave of infections in Auckland, continued to dampen economic activity, and business and consumer confidence. -REUTERS

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