Governance
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
How are central banks governed? Benchmarking data offers insights on appointments, legal structures, powers, decision-making bodies, 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
Governance Benchmark 2021 data shows 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
Mexican president says he will not renew governor’s mandate
President questioned why central bank could not transfer executive 2020 operational profits
Governor salaries 12 times higher than GNI per capita
Salaries ranged between $33,101 and $723,551
Diversity is key for policy-making and institutional culture
Anita Bezhoska, governor of the National Bank of the Republic of North Macedonia, talks about the benefits of diversity for central bank policy-making, and why more needs to be done to improve the number of women within the financial sector as a whole
RBI pays out second-largest dividend
Indian central bank orders $13.6 billion payment to government
Few central banks have diversity or sustainability policies
Eight in 10 have a whistleblower policy