Governance
Peru holds policy rate amid election battle
Likely winner of presidential election says he “respects autonomy” of central bank
People: MAS’s Menon reappointed until 2023
Norges Bank appoints deputy to supervise SWF; Bahrain’s leader makes son deputy governor; and more
Mexican president names finance minister to head central bank
López Obrador nominates long-term ally after frequent clashes with current governor
Riksbank proposes framework to improve parliamentary scrutiny
One possibility is to create a permanent body to brief the parliamentary finance committee
A chemical engineer walks into a bank
Bank of Portugal’s Mónica Fernandes explains why it is just as important for central banks to employ scientists as to employ economists
French prosecutors investigating Lebanese governor – reports
Riad Salameh has repeatedly denied allegations of money laundering and corruption
Governance Benchmarks 2021 report – the frameworks that rule central banks
Benchmarking data offers insights on appointments, legal structures, powers, independence and more
El Salvador extends executive control over central bank
Changes exclude employers’ association from nominations and expand grounds for dismissal
Central Bank of Chile approves new transparency policy
New initiative based on standards of the IMF’s transparency code
Central banks face legal risk over climate – ECB’s Elderson
NGOs could sue central banks for failure to take suitable action over climate change, says NGFS chair
DRC promises central bank reforms
Kinshasa makes pledges to IMF in return for $1.5 billion three-year loan
Many central banks have formal safeguards over firing governors
Benchmark respondents give details of how governors are appointed and dismissed
Ingves renews attacks on ‘artificial division’ in proposed Riksbank act
Proposal limits policy flexibility and is “wrong way to go”, governor says
Iran dismisses central bank governor
Hemmati is a presidential candidate and was told this was incompatible with governorship
Boards or committees tend to set monetary policy
Some central banks set the same monetary policies as part of supra-national institutions
People: Sarah Breeden becomes BoE’s executive director for financial stability
Senior official who has played key role in BoE’S climate initiatives will replace Alex Brazier
Former Bank of Israel governor Klein dies
Governor oversaw transition to inflation target and sometimes clashed with government
Governments often play role in appointing boards
Boards often mix government members, central bank officials and non-execs
Formal strategy committees remain relatively rare
Boards of directors are widely used but specialist oversight committees are less common
Central bank mandates differ between advanced and emerging economies
Emerging economy central banks more likely to have financial stability mandate
People: Erdoğan fires deputy governor
South Korea appoints new sovereign wealth fund chief; Fed lawyer moves to OCC; and more
Leading Republican alleges Fed overreach on race
Toomey writes to regional Feds about “recent, intense interest in ‘racial justice’ activism”
Central banks take different routes to financial stability
Some give ultimate authority to governors but others use committees
Bahrain accuses Iranian central bank of money laundering
Prosecutors allege Iranian officials were involved in laundering around $1.3 billion to dodge sanctions