Central Banks
Basel Committee unveils framework for monitoring D-Sibs
Consultative document sets out loss-absorbency guidelines for domestic systemically important banks; principles allow greater flexibility than rules for global institutions
Euro group agrees on single banking supervisory mechanism
Umbrella supervision body 'run by ECB' to be established; exhausted EC president refuses to discuss details of plan to directly recapitalise European banks
Zambian governor calls for action on SME finance
Bank of Zambia governor says policy-makers should do more to encourage financial flows to small and medium scale enterprises; examines benefits and risks of extending funding to these firms
National Bank of Hungary predicts stagflation
Quarterly inflation report projects growth contraction in 2012; says inflation is likely to persist above target due to government tax increases
Bhutanese central bank warns of external imbalances
Royal Monetary Authority of Bhutan monetary policy statement outlines threats to currency peg; says long-run solution requires strengthening of macroeconomic fundamentals
RBI paper suggests alternative to Basel capital buffer
Working paper considers applicability of using debt-to-GDP ratio as guide to capital buffer; argues India requires a different method to assess capital requirements
Sarb launches Ponzi scheme awareness campaign
Central bank warns public of Ponzi scheme risks; says it investigates a number of illegal operations each year
‘Branchless’ banking increasing in Pakistan
So-called 'branchless banking' transactions grew 23% between January and March this year; accounts linked to mobile phones reached over 1 million during the period
Poland finalises Swiss currency swap agreement to protect banking sector
National Bank of Poland signs 'precautionary' currency swap deal with Swiss National Bank; in place to deal with liquidity pressures surrounding financing in Swiss francs
Sweden joins opposition to European banking union
Swedish government opposes European banking union proposals; Czech National Bank also expresses concerns
Reserve Bank of New Zealand examines bank funding
Quarterly bulletin article considers relationship between official cash rate and cost of bank funding; finds funding costs relative to the OCR changed following financial crisis
IMF paper studies emerging market debt restructuring
Policy paper reviews causes and consequences of emerging market sovereign debt restructurings; identifies certain elements that can make process less painful
RBI executive director weighs financial stability objective
Deepak Mohanty considers financial stability as part of a central bank’s mandate; emphasises importance but says price stability should not be subordinated
Malta quarterly review presents mixed outlook
Quarterly review reports weak but improving economic activity; calls for government action to reduce debt and pursue structural reforms
Libor manipulation lawsuits could cost banks ‘tens of billions’
Barclays' $450m settlement gives lawyers smoking gun evidence of attempts to tamper with benchmark rates
Outgoing World Bank president reveals next roles
Robert Zoellick says he will join Belfer Center for Science and International Affairs at Harvard University and the Peterson Institute for International Economics on leaving the World Bank
Latest amendments to Hungarian central bank law appease IMF
Hungarian government publishes letter from Christine Lagarde which gives controversial law the go ahead; says IMF is ready to begin talks about financial aid once law is passed
Governor of Central Bank of Tunisia fired: reports
Governor to be relieved of duties following economic policy dispute; Mustapha Kamel Nabli has been chief since the revolution in Tunisia
MAS agrees establishment of office in China
Monetary Authority of Singapore will open a representative office in Beijing after settling on a deal with the People’s Bank of China; third overseas office for MAS
Namibia offers reward to catch head of counterfeiter ring
Central bank announces reward for information leading to the arrest of “main culprit” responsible for counterfeit notes found recently; fake notes discovered just days after new currency launch