Financial Stability
Commemorative euro coin launched
Eurozone countries issue new €2 coin to commemorate 10 years of the currency; few central banks announce the move
Hildebrand defiant over currency trade row
Swiss governor will not resign, expresses regret at political attack on the Swiss National Bank and reveals details of how information was leaked
Hungary's borrowing costs soar
Yield on Hungarian 10-year debt exceeds 10% amid investor concern that Budapest will not receive IMF assistance
Iceland receives final Nordic cash injection
Central Bank of Iceland receives last tranche of loans from Nordic countries as part of IMF deal to build foreign exchange reserves; agrees to delay loan from Poland
RBI paper highlights vulnerabilities of India's highly interconnected financial system
Reserve Bank of India study says policies to address excessive inter-institutional exposure in India should focus on financing channels of non-banking financial institutions
Philippines quarterly review brings mixed news
Central Bank of the Philippines reports lower than expected growth, but remains positive about economy’s outlook in latest Report on Economic and Financial Developments
RBI abolishes limit on mobile banking transactions
Reserve Bank of India allows unlimited mobile banking transactions; move follows large increase in use of mobile technology
Swiss governor faces questions over wife’s currency trades
Kashya Hildebrand bought US dollars shortly before Switzerland imposed limit on franc to euro value; Swiss National Bank denies dodgy dealing by governor
Netherlands Bank warns of Sepa information gap
Dutch central bank to launch communication campaign to aid consumers with limited knowledge about the European payments project
Counter-cyclical capital buffers rely on good central bank policy: BoC paper
Bank of Canada study finds central bank policy can strongly influence success of counter-cyclical capital measures
BIS paper examines sustainability of pension schemes
Bank for International Settlements study sheds light on effects of global economic downturn on the design of occupational pension schemes
RBI paper highlights shift in credit dynamics over business cycles
Reserve Bank of India study shows the behaviour of credit relative to growth in India changes over different phases of the business cycle
Lithuania overhauls banking supervision
New streamlined financial markets supervision body will save government $1.9 million a year; economist in charge of new Supervision Service
RBA paper quantifies risk of pricing distortions in markets
Reserve Bank of Australia study finds household and firm decisions are only marginally influenced by mispriced equity markets
Netherlands Bank paper discusses pricing policies in payments markets
Netherlands Bank study says policy on payments systems should be orientated towards improving competition rather than influencing price dynamics
Nigeria rolls out ‘cash-less’ Lagos project
Central Bank of Nigeria issues clarifications as cash-less society is introduced in Lagos; reassures public that cash transactions have not been eliminated altogether
ESRB urges swift implementation of emergency measures
European Systemic Risk Board sends strong message to European heads of state to fulfil terms of eurozone agreements; new appointments to board’s Advisory Scientific Committee
RBNZ vows to aid transition to new retail payments system
Reserve Bank of New Zealand to reduce cost of overnight borrowing for three months as banks shift to new settlement before interchange system
Malaysia launches new banknote series
Bank Negara Malaysia reveals designs and security features of five denominations in new currency series
Zeti reveals new strategy for financial system
Bank Negara Malaysia governor Zeti Akhtar Aziz says growth of financial sector in Malaysia will accelerate under new blueprint
Rise in terms of trade not always inflationary: RBA paper
Reserve Bank of Australia study says floating exchange rates act as an important buffer to external shocks that influence terms of trade
Capital controls are second-best policies: IMF paper
Fund study examines the new economics literature on prudential capital controls and finds the tools can help reduce financial instability
ECB receives strong demand for three-year liquidity
European Central Bank extends €489 billion in loans to banks in its first three-year liquidity operation. But analysts believe the measures will do little to ease funding pressures in the eurozone
Sepa migration deadline pencilled in for 2014
European Union says migration end-dates for credit transfers and direct debit to Single Euro Payments Area will be February 2014