Central Banks
Philippines central bank joins financial stability council
Central Bank of the Philippines will join department of finance and three domestic regulators on a joint body designed to ‘identify, manage and mitigate’ build-up of systemic risks
Risk discrimination 'essential', argues Bank of Spain deputy
Fernando Restoy rebuffs 'excessively simplistic approaches that prevent capital requirements being adapted to each bank's business model'
Central Bank of Peru revises annual growth and inflation rates downwards
Bank expects inflation, at 3% annualised in November, to converge to 2% target in 2014; IMF projects 2.5%, citing 'well-anchored expectations'
RBI rate hike is first step on ‘glide path’
Raghuram Rajan says the Urjit Patel committee has outlined an ‘appropriate’ path for reducing inflation, but insists today’s rate hike does not signal the adoption of a formal inflation target
Nigerian deputy says investment, not aid, will lead Africa to prosperity
Kingsley Moghalu, head of financial stability at the Central Bank of Nigeria, calls for ‘nationally defined' growth strategy and the ‘political will' to realise it
Bangladesh Bank: inflation target ‘may prove challenging’
High food inflation and a pick-up in consumer demand could make it difficult for the Bangladesh Bank to restrain inflation to 7% for the 2014 fiscal year
Russia says Bitcoin users will be suspected of money laundering
Central Bank of Russia joins roster of monetary authorities warning citizens off virtual currencies - but goes one step further in saying its use is against the law
Simple indicators better for regulators, BoE economist argues
The experience of the 2008 crisis shows leverage ratios are better warning signs than more complex measures like capital ratios
PBoC commits to more market reform
The People’s Bank of China reiterates the importance of handing markets a ‘decisive role’ in resource allocation in the quest for sustainable economic growth; looks forward to 2014
Former Fed economists call on FOMC to dump Fed funds rate as main monetary policy tool
Joseph Gagnon and Brian Sack want the Fed to adopt the interest rate on its overnight reverse repo facility as its main policy tool and keep interest rate paid on bank reserves at same level
Draghi spells out QE possibilities
Mario Draghi says the European Central Bank could purchase banks' loans if they are packed in the ‘proper’ way, in contrast with market calls for GDP-weighted sovereign debt purchases
Central Bank of Turkey calls emergency meeting
Monetary policy committee will announce decision at midnight local time tomorrow night; expectations of rate hike see lira bounce back from record lows, but analysts remain cautious
ECB demands ‘fast adoption’ of Sepa legislation
European Commission proposal to extend the deadline for Sepa migration by six months has caused ‘confusion’ in the markets, according to the ECB
IMF research maps US shadow banks
Research uses IMF-developed global flow of funds (GFF) conceptual framework to analyse the shadow banking system in the US
Tombini says Brazil is ready for ‘welcome' exit from UMP
The end of unconventional monetary policy in advanced economies is a good sign for the world economy, says Central Bank of Brazil governor Alexandre Tombini
BoJ mulls ‘more thorough’ communication
Minutes from December meeting reveal policy board members’ concern over market scepticism towards the BoJ’s path back to 2% inflation; suggest clarifying reaction function
Argentina lifts capital controls as peso's slide continues
Argentina lifts capital controls a day after central bank quits trying to prop up the currency
Bank of England will recalibrate forward guidance next month
Governor Mark Carney tells an audience in Davos he would prefer the next stage of forward guidance not to focus solely on unemployment, but on ‘overall conditions' in the economy
Major central banks phase out dollar liquidity operations
ECB, BoE, BoJ and SNB will start scaling back the amount of dollar liquidity they offer to market participants in April in response to waning demand
Banks with more interbank relationships meet liquidity needs ‘more efficiently’, finds Bundesbank paper
Discussion paper examines the link between interbank relationships and liquidity needs, using data from German banks’ use of ECB main refinancing operations
Downside risks to Canadian inflation put central bank in a quandary
Uncertainty over inflation's next move leaves Bank of Canada waiting for more information before it decides to move rates
Colombian paper examines women in the workplace
Researchers say the large increase in the number of urban women participating in the workforce is predominantly a result of married women with low education levels getting jobs
Central Bank of Venezuela sees third president in nine months
Nelson Merentes, currently finance minister, will return to the bank, which he led for four years before leaving in April; meanwhile, the finance and ‘banking system' ministries are being merged