Central Banks
Philippines advances with policy implementation revamp
The Central Bank of the Philippines is looking to cut its reliance on reserve requirements and move towards an interest rate corridor
Fed paper examines financial spillovers of US monetary policy
Authors find that conventional and unconventional policies create different spillover effects
US Treasury hones its bank resolution regulations
Treasury proposals look to overhaul Chapter 14 from the bankruptcy code to limit use of Orderly Liquidation Authority, while restricting FDIC powers
UK firm chosen for Fed cash management overhaul
CPS will take part in “competitive development” to replace high-speed cash-processing machines; firm’s software already used by Norges Bank
Fed anticipates higher growth and tighter policy
Policymakers consider the latest economic data warrants the continuation of gradual policy normalisation
Authorities need to deal with ‘limitations’ of global standards
The BIS’s Fernando Restoy says global standards do not cover all possible risks, and national supervisors need to fill in the gaps
MAS aims to move OTC derivatives trading to ‘organised market’
As much as 80% of interest rate swaps in Singapore would have to be executed on exchanges or other centralised trading facilities
ECB lacks power to investigate money laundering, Nouy says
Frankfurt ordered the shutdown of Latvia’s ABLV Bank after US Treasury accused it of illicit practices
Italian consumer lending more risk-priced post-2008 – paper
Institutions tightened lending to consumers based on household factors
UK lawmakers launch inquiry into DLT and cryptocurrency
Parliamentary committee is to investigate whether UK regulators have struck the right balance in regulating emerging technologies without stifling innovation
‘Tilting’ building forces Seychelles central bank tenants to relocate
Central bank annex shows signs of “tilting” due to construction work nearby; tenants asked to immediately relocate
Thailand set to approve banking agents amid inclusion push
Financial inclusion effort means people can take deposits, transfer money and pay bills at banking agents, such as small merchants and post offices
Philadelphia Fed’s Harker forecasts only two hikes in 2018
Despite stronger growth and lower unemployment, inflation remains too weak
Denmark selects Oberthur Fiduciaire as banknote supplier
The agreement will last four years, and the first notes printed by the firm are set to enter circulation in 2020
Polish central bank uses YouTube comedy to warn of digital currency dangers
Film runs up over 500,000 views, but some local media criticise lack of transparency
Central banks ‘walking a thin line’, BIS economists warn
Luiz Awazu Pereira da Silva and Jochen Schanz note central banks have little room to respond aggressively to surprises
Explicit wording sought to jolt market expectations, says Carney
Bank of England governor says committee was unusually explicit ahead of November hike to encourage markets to wake up to its signals
UK figures reveal 1.47 million people out of work
While the employment rate has continued to rise, the rate of unemployment has increased by the sharpest level in almost five years