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On Monday, July 18th, the IMF’s Managing Director, Christine Lagarde, delivered a speech on correspondent banking relationships at the Federal Reserve Bank of New York.
Madame Lagarde discussed new research by the IMF on the causes, consequences, and potential policy responses to the withdrawal of correspondent banking relationships following the global financial crisis. Correspondent banking is important especially for cross-border payments, including trade finance and remittances. The loss of such relationships may undermine financial stability, inclusion, growth, and development. Further context on this new research is available here.
Remarks.