Governance
Central banks reveal top staffing constraints
Career progression limits, skills gaps and red tape identified as challenges
Most high income central banks lack formal recapitalisation agreements
Seven respondents report launching recapitalisation in past year
New Zimbabwe governor introduces ‘gold-backed’ currency
Adoption of sixth new currency in 18 years is “chaotic”, media reports
Central banks’ profit distribution widely agreed with governments
Few institutions have arrangements with other parties or private shareholders
Two-thirds of central banks report profit in last fiscal year
Few institutions seek recapitalisation and technological advancement for operational goals
Few central banks have recapitalisation deals – BoE paper
Survey of 70 jurisdictions argues institutions need “robust framework” to repair capital shortfalls
Cypriot president appoints adviser as central bank governor
New governor was acquitted in 2020 trial over 2013 bank collapse
Nigerian prosecutors bring new charges against Emefiele
Authorities allege that ex-governor illegally allocated $2.1 billion in FX
Board non-execs more likely to be appointed by governments
Middle income central banks tend to have more government officials on board
People: January to March 2024
A round-up of central bankers in the news and on the move during the past three months
Central bank independence usually safeguarded by law
But one in 10 respondents see their autonomy threatened
Polish MPC splits over legal process against governor
Three MPC members call for Glapiński to account for prediction of large NBP surplus
Most central banks have policy independence
But some respondents provide details of pressure they have faced to change policy
Middle income central banks lag on diversity and green policies
But code of ethics and whistleblower schemes remain common standards
Riksbank asks government for recapitalisation
Governor called for stronger self-financing capacity in January
Governors’ salaries tend to rise with country income
Low income developing countries less likely to disclose data
PBoC chief urges Asian nations to push for IMF quota reform
Pan Gongsheng says a redistribution of quotas at the IMF is long overdue
African central banks most likely to manage sovereign wealth fund
FX reserve management, currency supply remain leading functions in most jurisdictions
Polish MPs move to bring Glapiński before tribunal
Government continues efforts to oust NBP governor despite major legal hurdles
Governors rarely removed by central bank boards
Ultimate responsibility broadly vested in heads of state, other government entities
Governors’ terms average just over five years
Central bank chiefs are typically allowed two consecutive terms in office
People: Sveriges Riksbank appoints new deputy governor
BIS replaces general counsel, SNB announces new head of communications
Around half of governments consult central banks on mandate reviews
Practice less likely to be found in Asia-Pacific and the Americas