Central Banks
People: Turkey gains a deputy as Brazil loses one
Kilimci promoted to deputy governor at Turkish central bank; Hamilton set to leave Brazilian central bank for role in new finance ministry; and more
Dissent affects size but not clarity of minutes – paper
Study looks at BoE, BoJ, Fed and Riksbank; when dissent in monetary policy meetings increases, so does the size and content of the minutes, but readability is preserved
Bank of Namibia conducts ‘sting operation’ on bribery concerns
Governor says two Chinese nationals attempted to bribe senior officials in an attempt to retrieve funds blocked under exchange control regulations
ECB looks to add eight more O&Ds to guide
European Central Bank proposes guidance on the application of another eight options and discretions in banking supervision; public consultation will run until June 21
BIS’s Tissot says micro data can plug macro gaps
Data is abundant in many areas, but making micro data work with macro is still proving tricky for statisticians, says BIS head of statistics
Bank of Zambia expects ‘sharp decline’ in inflation
Monetary policy stance having “desired” results, according the MPC, minutes from latest meeting show; bank leaves rate on hold at 15.5%
IMF staff encourage central Asian economies to overcome ‘fear of floating’
Even in economies with supposedly free-floating currencies, central banks have a hard time resisting the urge to intervene, IMF report says
Central Bank of Barbados govt financing up 25% last fiscal year
Central bank continues to finance government deficit, despite IMF warnings; expects to still buy government debt, but at "lower levels"
Antti Heinonen says cash is still relevant in modern society
Former ECB head of banknotes says cash is still evolving to keep pace with new payments technology, and banknote designs are staying ahead of counterfeiters
Central bankers may talk too much, economist warns
The public's limited attention span might distort the intended message, publication warns; central bankers might consider talking less and delivering a more succinct message when they do
Paper models impact of ECB’s collateral policy
A working paper offers a model of the impact of the ECB’s collateral policy on the eurozone between 2009 and 2011; effects smoothed transmission of monetary policy, researchers argue
Iran must contain liquidity growth to safeguard inflation success, IMF’s Lipton says
Speaking at the Iranian central bank, David Lipton discusses how inflation can be anchored in single digits, after steadily declining in past year
Czech president names two central bank board members
Czech president Milos Zeman appoints two new members to the central bank’s board; both are former colleagues of rumoured next governor Jiří Rusnok
Annual Target2 volumes fall, ECB announces
Transactions on the eurozone’s real-time gross settlement system fell to their lowest-ever level in 2015; ECB concerned this could threaten cost recovery
Ilan Goldfajn chosen to succeed Tombini as Brazilian governor
Former deputy picked to succeed Tombini at a time of economic contraction and high inflation; Fraga, a former governor, believes he is an “excellent” choice
RBA minutes reveal discussion around rate cut
No real change in economic activity or unemployment rate, minutes show; committee 'persuaded' monetary easing would improve prospects for inflation and growth
Bank of Canada review explores inflation target renewal
Four articles consider various elements of the central bank’s inflation targeting framework; one charts growing influence of nominal wage rigidity on average wage growth
Mexican deputy Sánchez takes stock of easy policy in advanced economies
Manuel Sánchez explains how extraordinary monetary accommodation may be generating costs; tells audience in Mexico central bank policy co-ordination is a challenge
To play the counterfeiter
The Reproduction Research Centre in Copenhagen helps central banks to counterfeit colour-shifting technology and machine-readable codes on banknotes in a bid to reduce fraud
Banks’ debt maturity needs extension – but not too much, paper argues
Eurozone banks’ debt securities need slightly longer maturity periods, but extensions envisaged under Basel III may be excessive, a Bank of Italy paper argues
Czech central bank anticipates near-zero inflation in coming months
Czech central bank says monetary policy should have been easier; anticipates inflation falling towards zero in coming months but rising by end of 2016
BoE’s Weale: t-distribution may outperform normal
Representing monetary policy committee’s judgements using the t-distribution implies GDP outcomes are skewed to the downside and inflation to the upside
RBI moves to curb concentrated credit risk
Central bank hopes new prudential measures will reduce banks’ “very high” exposures to large corporations and encourage firms to turn to capital markets for funding
Philippines announces new rate corridor
Central bank will introduce new lending and deposit facilities in June, with interest rates set either side of a lower policy rate