Tuesday☕️

May 16, 2023 • 4 min read

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Markets/Economies:

Argentina's Inflation:

The Central Bank of Argentina has raised interest rates by 600 basis points to 97%. This intervention comes against the backdrop of the Argentinian consumer price index (inflation) soaring to 108.8% in April, a level unseen since 1991.
The Central Bank of Argentina, known as the Banco Central de la República Argentina (BCRA) in Spanish, is the country's monetary authority.
Founded in 1935, its primary responsibility is to preserve the value of the Argentine peso and maintain stability in the country's financial system. The BCRA regulates money supply, manages exchange rates, oversees the nation's banking institutions, and formulates and implements monetary policy.

TSA Facial Recognition:

The Transportation Security Administration (TSA) is currently piloting facial recognition technology across 16 U.S. airports as a method to verify travelers' identities. The procedure involves travelers' scanning their IDs, then posing for a camera which captures their image.
The technology then compares the image with the ID photo. While participation in this program is presently voluntary, the TSA has clarified that the data captured is not stored, except for purposes of enhancing the system's training.
Despite these advancements, some policymakers have called for a halt on the technology's deployment. In response, a TSA official has suggested in a recent statement that the use of this facial recognition technology could eventually become mandatory for all travelers'.

South Korean CBDC:

The Bank of Korea has teamed up with Samsung to explore Central Bank Digital Currency (CBDC) capabilities for offline payments. The primary objective is to enable users to execute payments via Samsung Galaxy smartphones and Galaxy Watch, even during network disruptions.
The CBDC technology developed by Samsung enables transactions between mobile devices using near-field communication, independent of online connections. Samsung's embedded Secure Element, a high-security chip, is a critical component of this technology.
The Bank of Korea (BOK) is the central bank of South Korea and was established in 1950. Its primary purpose is to pursue price stability and to maintain the stability of the financial system within the country.
It carries out monetary policy, issues and manages the national currency (the South Korean Won), and oversees the country's foreign exchange reserves.

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