Central Banks
Bank Indonesia prepares payment systems for Eid
Indonesian central bank mounts campaign to get enough cash into the system prior to Eid celebrations; confident payment demands will be met
Central banks hold rates amid continued uncertain outlook
Central banks in Hungary, Israel, Mexico, Nigeria and Thailand maintain benchmark interest rates, citing fragile global economy; domestic growth prospects vary
ECB lambasts Hungarian financial transaction tax
European Central Bank accuses government of hindering National Bank of Hungary's independence by imposing transaction tax; also blasts failure to properly consult on the plans
Dubai authorities warn of scam using UAE central bank’s name
Fraudsters using official headed paper to send letters asking for money; correspondence claims to represent the Central Bank of the United Arab Emirates
Curacao and Sint Maarten governor discusses central bank co-operation
Emsley Tromp says co-ordinated action by central banks is particularly important in emerging markets; outlines four areas where closer ties would be beneficial
BoE paper models risk of financial shock amplification
Working paper develops model of financial system linkages to illustrate shock transmission; finds spread of defaults is amplified by fire sales and curtailed lending
BoJ deputy governor says central bank ready to act
Hirohide Yamaguchi suggests possibility of further monetary easing if global economic outlook worsens; nevertheless gives positive assessment of economic conditions
IMF paper finds changing resilience of emerging markets to financial shocks
Working paper assesses net change in ability of emerging markets to absorb financial shocks; says improved economic fundamentals are offset by vulnerabilities due to inflexible exchange rates
Robert Pringle’s Viewpoint: The next governor of the Bank
British bank scandals have dramatically reduced the likelihood of a commercial banker taking over from Mervyn King as governor of the Bank of England. But there are still plenty of other candidates
UK FSA chairman slams past regulatory mistakes
Adair Turner highlights ‘dangerous institutional underlap’ prior to financial crisis; sets out steps to improve regulation, but says bank management must also change
Tunisian government under fire for sacking central bank governor
Rating agency declares decision to remove Mustapha Kamel Nabli from post ‘credit negative’; loss of well-respected central bank chief threatens institution’s independence, says Moody’s
Vietnam unveils leadership board for new FSAP
State Bank of Vietnam reveals people selected to lead the country’s first Financial Sector Assessment Programme; in-depth analysis will be used by the IMF in surveillance work
RBA’s Stevens confident Australian growth will continue
Reserve Bank of Australia governor discusses factors behind Australian growth outperforming other advanced economies; argues country’s economic position likely to remain strong
Nigeria’s Sanusi urges innovative infrastructure financing
Nigerian governor says country must find new ways of raising $10 billion each year for infrastructure investment; argues this requires both private and public funding
IMF paper finds stronger and more complex fiscal rules following crises
Working paper compiles dataset of national and supra-national fiscal rules; suggests rules were strengthened after crises in the 1990s and after the financial crisis
Fed governor explains dissenting vote on Volcker Rule implementation
Sarah Raskin justifies her vote against Volcker Rule implementation; argues rule’s provisions unlikely to have significant impact on liquidity
Central Bank of Colombia paper develops early warning model of credit booms
Working paper tests model of credit booms that includes macroeconomic indicators in addition to credit growth; finds the model performs well across a number of Latin American countries
Indonesia enters China interbank bond market
Bank Indonesia and People's Bank of China reach agreement allowing Indonesian central bank access to China's interbank bond market; part of Chinese strategy towards internationalisation of the yuan
Sarb annual report notes ‘pedestrian’ growth days after rate cut
Annual economic report shows South African output ‘losing some momentum’ in 2012; follows 50bp rate cut by central bank
Central Bank of UAE enhances security features in banknotes
Fifty dirham note reprinted to include new colour-shifting thread; rest of design to remain the same
Bank of Canada paper warns of shock transmission multipliers
Working paper finds financial integration between countries leads to multiplier effects in the transmission of shocks; suggests greater investment causes greater correlation of output