Reserve Bank of India (RBI)
RBI data casts doubt on value of demonetisation
Scheme receives fresh criticism after revelation that 99% of all notes have been returned; RBI emphasises long-term benefits
Indian central bank introduces 200 rupee banknote denomination
New denomination should “facilitate exchange” for smaller transactions, RBI says
RBI closes in on ‘endgame’ in bank clean-up
Governor Urjit Patel says the central bank’s new powers have allowed it to overcome “severe” moral hazard problems; state-owned banks will need recapitalisation, he says
RBI launches economics blog
“Mint Street Memos” comprise brief reports and analysis from RBI economists; first post studies beneficial effects of demonetisation for “financialisation” of savings
RBI makes first rate cut of 2017
Inflation is at a record low, and growth is forecast to rebound, although the RBI is still concerned about weak transmission of the policy rate
People: RBI deputy retires; Paraguay elects new board member
RBI reshuffles responsibilities as deputy retires; Paraguay elects new board member; FCA launches new role in Scotland
People: Fed appoints new CFO; Mishra returns to IMF after stint at RBI
Fed chooses Ricardo Aguilera as new CFO; Prachi Mishra returns to the IMF; Bank of Russia appoints new head of resolution department
RBI minutes: ‘abrupt’ retreat of inflation calls for caution
MPC members express surprise at swift retreat of food prices, though they warn against setting policy by looking in the “rearview mirror”
RBI looks to ease credit conditions as inflation projection falls
Rates on hold, but central bank is seeking to give banks more room to lend by easing capital and liquidity requirements; committee fends off possible government meddling
People: Menon given fourth term; Irish chief economist retires
Singaporean governor awarded fourth consecutive term; Ireland’s chief economist retires, while the registrar of credit unions heads to the IMF; India appoints a new executive director; and more
People: Maltese deputy resigns; India and Macedonia seek new deputies
Alfred Mifsud resigns from Central Bank of Malta following civil dispute with former partner; India and Macedonia advertise for senior officials; and more
RBI begins to wield new banking clean-up powers
Central bank puts pressure on banking sector to carry through plans to address non-performing assets; floats idea of supplying its own credit ratings to prevent “rating shopping”
People: Romanian deputy nominated; Belgium’s Dewatripont leaves central bank
Romania to soon have new deputy governor, pending parliamentary approval; National Bank of Belgium’s deputy Dewatripont leaves central bank; India creates CFO role; and more
Monetary policy has inevitable fiscal effects – Willem Buiter
Former Bank of England official rails against fiscal theory of the price level in speech to RBI, but says monetary policy still cannot escape its fiscal dimension
RBI makes fresh amendments to liquidity framework
Central bank continues reforms begun under Raghuram Rajan and asks government for new tools; markets still face “liquidity overhang” from demonetisation
RBI’s Patel gets pay rise but remains cheap by G20 standards
RBI governor sees his pay increase somewhat relative to his predecessor, but other G20 governors and even other RBI staff earn substantially more
People: Wilkins part of new IMF fintech team; Kanungo appointed as RBI deputy
Bank of Canada deputy joins IMF’s new fintech group; new deputy governor to take office at RBI; and more
New factors driving EM corporate leverage – RBI paper
Changed macroeconomic backdrop has taken over from firm-specific factors in driving the build-up of corporate leverage in emerging markets, RBI economist finds
RBI research: demonetisation hit growth but helped inclusion
Authors find scrapping high-value notes impacted Indian growth and inflation but pushed many people to open bank accounts and improved policy transmission
RBI’s Gandhi thinks blockchain’s capabilities are being ‘overstated’
Deputy governor says virtual currencies issues on a blockchain network pose a number of risks; fintech industry starting to wake up to blockchain’s “exaggerated” benefits
Basel III LCR affects RBI monetary operations – paper
Liquidity coverage ratio affects the central bank’s operational target via its impact on the unsecured overnight money market
RBI’s Acharya says India ‘urgently’ needs asset management company
New deputy governor says stressed assets must not be allowed to “fester”, sketching two possible designs for an asset management company
RBI highlights bad debts as it holds rates
Surprise hold as committee sees “very sticky” core prices and global effects; central bank may create a ‘bad bank’ to tackle NPA problem
RBI signals end to cash controls
Central bank prepares to lift restrictions on cash withdrawals but shift from “demonetisation” to “remonetisation” is only partially complete