Central Banks
FCA threatens further action against firms “misleading” customers
UK regulator says some banks are still incorrectly using currency transfer services, despite warnings last year; customers are “not fully aware” of being misled until registration has taken place
Sarb takes action amid ‘extremely weak’ demand
Central bank revises down its forecasts as economic situation deteriorates; governor warns of possible cliff effect if there are further rating downgrades
Non-banks drive rebound in cross-border banking – BIS
First-quarter statistics show non-banks helped drive a turnaround of cross-border banking flows, which had been in retreat
Bank of Japan cuts inflation forecast as policy remains on hold
The BoJ cuts its forecast for prices as it struggles to hit its inflation target; keeps policy steady
Russian central bank reorganises senior personnel
First deputy governor will resign on September 1; responsibilities to be split among other board members
Verbs matter in forward guidance – Italian paper
Researchers look at verbs used in ECB statements from 2002 to 2015
Debate over Kenya’s growth potential continues – Njoroge
Private sector sees macroeconomic stability and infrastructure funding aiding growth in the long term, while banks are concerned about elections and a decrease in credit growth
Fed fines BNP Paribas over forex manipulation
French bank is to pay $246 million to settle an investigation of misconduct
IMF praises Madagascar’s approach to monetary framework change
Madagascan central bank to introduce overnight deposit facility to form basis of an interest rate corridor; fund notes effects of vanilla bean shock still being felt by banks
BoE opens RTGS to non-bank payment service providers
Non-banks gain direct access to settlement accounts at the Bank of England for the first time, though they will not be able to participate in monetary operations
IMF official says Mexico’s outlook seems bright
First deputy director Lipton says sound macroeconomic management has put the country in a strong position, despite a sharp rise in inflation and uncertainty surrounding trade relations
Bank of England unveils Jane Austen £10
New banknote will be the first to include tactile features for the visually impaired; Carney says timeline for the new £20 remains on track despite polymer controversy
Austrian banks should invest for the future – OeNB
Commercial banks are boosting profits by cutting risk provisioning, says central bank
China's president hands PBoC stronger role in tackling financial risks
China will set up a financial stability and development committee to co-ordinate financial supervision, and the central bank will play a stronger role in financial regulation, Xi Jinping said at a national financial work conference.
People: Malta finds replacement for Mifsud; DNB appoints new board member
People: Malta appoints new deputy governor; Netherlands picks Else Bos as new board member for prudential supervision; and more
The BoJ’s exit policy and balance sheet risks
The Bank of Japan will need to follow a meticulous sequencing of events as its ‘normalises’ monetary policy, making current concerns about negative equity appear premature