Central Banks
Widening exchange rate band is not a top priority – PBoC’s Zhou
Zhou makes first public confirmation he is set to retire soon; warns the country’s excessive optimism could lead to a “Minsky moment”
Cambodia launches first phase of payment inclusion network
New network will allow customers greater access to financial services through ATMs and POS to make interbank transactions
RBA needs representative for the poor – religious group
The proposed new board member would help the central bank understand the effect monetary policy has on the poor, says group
Kenya’s digital transformation
The use of innovative digital financial services has transformed financial inclusion in Kenya, writes the chairman of the Central Bank of Kenya
CBN orders banks to form central customer watchlist
Nigerian central bank ramps up payment system risk management with core customer database, which will put bank customers on a ‘watchlist’ in instances of misconduct
Treasury committee to investigate BoE’s lack of diversity
Nicky Morgan asks for data on BoE applicants to be published in review of recruitment process; Carney agrees more needs to be done to encourage diversity
Investors should not be concerned about revote – Kenya’s Njoroge
Central Bank of Kenya governor is confident whoever wins presidential revote will pursue market-based policies
Fiscal policy shocks amplified by accommodative monetary policy – paper
IMF research analyses impact of government spending spillovers, noting effects are amplified in countries with interest rates near the lower bound
Fed’s Powell: banks still have important role in payments
Fintech is disrupting the sector, but banks still form a major part of payments infrastructure, so they must be included in work on faster payments, says governor
FSI paper offers lessons from Asia for IFRS 9 transition
Jurisdictions may wish to draw on Asian approach to provisioning when moving to IFRS 9
Xi sees renminbi taking greater role in global monetary system
President Xi Jinping calls for quality and equality of growth rather than speed; flags plans to promote renminbi as global reserve currency
Cross-border credit slips back into contraction
Latest BIS statistics show rebound of cross-border claims was temporary; China bucks trend with rapid growth of inward credit
Bank of Portugal sells majority share in ‘good bank’
EC permits recapitalisation deal with US investor after lengthy attempts at sale
Canada’s Project Jasper to explore clearing of securities in third phase
Central bank teams up with new partner for phase three of DLT project, with results expected in May 2018
Kazakh central bank injects $1.2 billion into four banks
Institutions submitted plans to increase capital and reduce NPLs, says governor
SBP notes caveats to decade-high growth
Expansion of Pakistan’s economy continued in fiscal 2017, although the central bank is concerned about a widening current account deficit
Half of UK consumers ‘potentially vulnerable’ – FCA survey
First survey of ‘financial lives’ finds over 25 million people at greater risk of financial difficulties
New Russian banknote provokes anger in Ukraine
Ukrainian central bank prohibits institutions from handling new note, which depicts scenes from Crimea region; design was chosen by the public in 2016
Goldfajn stresses current target remains ‘credible’
Central bank pushed back against calls for the target to be raised during 2016 debate
Irish deputy governor warns hard Brexit is ‘entirely plausible’
Ed Sibley voices concerns over new costs and frictions in European markets; EBA warns against setting up “shell offices” as response to Brexit
Higher rates contributed to recovery in Latin America – IDB economist
Less hawkish policies can fail to generate growth but push up inflation, research finds
OECD urges UK to maintain ‘close ties’ with EU
Latest assessment of UK economy warns of damaging impact of Brexit vote; Ángel Gurría says close future relationship “absolutely key”
Inflation target supports price setting and wage formation – Ohlsson
Target contributed to economic recovery in Sweden, Riksbank deputy governor says
PBoC’s Zhou warns China’s leverage is ‘relatively high’
Governor says corporate sector debt has ballooned partly due to local government financing vehicles