Central Banks
Eight central bankers perish in Nigerian plane crash
Several employees of the Central Bank of Nigeria were killed in the June 3 plane crash in Lagos; among them was Canadian national Kim Norris, who was working as an adviser to the governor
India’s economic policy set to undermine RBI’s ‘good’ work
The Reserve Bank of India was one of few central banks around the world to have a ‘good crisis’ but its reputation is under threat from the country’s current economic policies
Reserve Bank of Australia cuts policy rate by 25bp
Australian central bank cuts interest rate by 25 basis points; board says weaker and more uncertain global environment allows for more ‘accommodative’ policy
ECB holds rates and offers no new stimulus
European Central Bank offers no substantive new policies to help tackle eurozone sovereign debt and banking crisis; puts pressure back on law-makers
IMF’s Lagarde praises ‘remarkable’ recovery in Latvia
Christine Lagarde highlights successful reform efforts in Latvia; Asmussen says struggling eurozone countries could learn lessons from Baltic experience
Bundesbank’s Braasch calls for creation of a ‘new financial architecture’
Senior Deutsche Bundesbank official calls for more debate on key characteristics needed for new global financial architecture; hits out at current knee-jerk policy approach
Shirakawa discusses BoJ monetary policy
Governor of Bank of Japan considers central bank’s monetary policy stance and explains the rationale behind recent policy decisions
Finland board member considers changing role of central banks
Member of the board of the Bank of Finland examines changes in the role of central banks after the financial crisis; highlights greatly expanded demands
ECB paper analyses impact of oil shocks on exchange rates
Working paper assesses impact of oil shocks on exchange rates between oil importers and exporters; finds no systematic appreciation pressure on oil exporters following a shock
Central Bank of Belize publishes annual report
Annual report published by Central Bank of Belize says central bank is “cautiously optimistic” regarding economic outlook
New Central Bank of Ireland headquarters revealed
Irish central bank to spend €7 million on new headquarters in Dublin; bank expects to relocate in three to four years when building work is complete
BoE paper assesses contingent capital risk
Financial Stability Paper examines contingent capital’s risk to stability when used to fulfil banks’ equity requirements; warns that such capital may cause wider problems
Israel’s Fischer advocates growth strategy in eurozone
Governor of Bank of Israel discusses eurozone crisis; says countries need not start fiscal consolidation immediately and should concentrate on growth
IMF paper examines financial intermediation costs in low-income countries
Working paper considers causes of high financial intermediation costs in low-income countries; finds that lack of competition and various bank-specific factors lead to high costs
Bank of Canada paper estimates settlement balance demand
Working paper estimates aggregate demand for settlement balances; suggests that the central bank’s supply of $3 billion is reasonable
ECB delivers blow to Hungarian central bank law
The European Central Bank says the amended draft central bank law still “fails to address” concerns over independence; continued uncertainty leaving central bank operations unstable
Andrew Bailey to join interim UK Financial Policy Committee
Bailey to join June meeting of interim Financial Policy Committee as a voting member; takes over as head of the Prudential Business Unit at the FSA in the same month
Brazil’s Tombini seeks appointment of new director
Governor of the Central Bank of Brazil nominates candidate to become director of special affairs; former governor Henrique Meirelles announced as chairman of Lazard Americas
Nalm Americas: Reserves panel split on euro
Some central banks in the Americas are reducing allocation to euro – but not necessarily as a result of the eurozone debt crisis
IMF’s Nehmat urges eurozone fiscal adjustment plan rethink
Deputy managing director of the IMF says some eurozone countries’ fiscal targets for 2013 may need to be altered given growth slowdown; also supports deeper European integration
Czech National Bank shifts reserves away from euro
Annual report shows decision was taken to hold Australian dollars as part of foreign currency reserves; swapped part of euro holdings for the Australian currency