Central Banks
Inclusion survey identifies ‘significant gaps’ in data collection
Report published by Irving Fisher Committee on Central Bank Statistics highlights issues around how data is collected, including lack of integration with national statistical frameworks
ECB researchers add financial sectors to eurozone general equilibrium model
Modifications to general equilibrium model of eurozone allows proper modelling of domestic and cross-country effects of financial shocks, ECB researchers argue
Malta’s deputy governor denies corruption allegations
Deputy governor of Malta’s central bank strongly denies allegations of bribe-taking and issues defamation writs; no official announcement on next governor, due to be appointed on July 1
Rajan says India should not change course, as he steps back from RBI
Governor announces his intention to return to academia after three eventful years at the helm of India's central bank, and urges policy-makers to stay strict on inflation
Kuroda says policy rules deserve further research
BoJ governor says work on policy rules and “incomplete contract theory” could help central bankers set policy more predictably
Steps still needed for renminbi to become reserve currency – BIS head of banking
BIS’s Zöllner considers whether renminbi will become reserve currency; continued modernisation of market infrastructure needed, he says
Electronic payment system standards will be a 2016 priority, EBA says
Developing technical standards for European electronic payment systems will be a priority for 2016, the EBA says; authority will continue to work closely with ECB
IMF staff warn BoJ against unconventional monetary policies
Fund staff tell Japan to launch even more fiscal and monetary stimulus, but caution against monetisation of the government's debt
Bank of Canada experimenting with distributed ledger technology
Wilkins tells audience the Bank of Canada has “rolled up its sleeves” with regard to fintech; central bank testing “CAD-coin” in conjunction with private sector
Nigerian central bank announces forex liberalisation
Nigeria’s central bank unveiled plans to make up to $2.5 billion available to the country’s non-oil exporters; currency will float from June 20
South African rand and Chinese renminbi now tradable on CFETS
Bilateral trading between rand and renminbi will cut costs, Sarb's head of financial markets says, as China makes latest move towards renminbi internationalisation
Basel Committee approves G-Sib frameworks
All five jurisdictions home to globally systemic banks have established frameworks in line with the Basel accord, first cross-jurisdictional study finds
Central Bank of Ireland to form analytical teams to improve ‘data architecture’
Governor Philip Lane encourages regulators to “embrace” technological advances, while stressing the balance between innovation and consumer protection
Reserve Bank of Zimbabwe cuts electronic payment charges to tackle cash shortage
Central Bank introduces latest measure to combat cash shortage by encouraging use of electronic payments; mobile payments on the rise but card use still low
ECB bulletin article criticises EU fiscal arrangements
The eurozone's fiscal arrangements are "vague", article in the ECB’s latest economic bulletin says; criticises Commission's proposed fiscal metrics and calls for single eurozone treasury
Stronger Spanish banks still vulnerable to global risks – report
Spanish banks increase solvency over course of 2015, Bank of Spain report says, although decline continues in lending; main risk comes from global instability
Colombia to treat new credit line as ‘insurance’ against extreme shocks
IMF expands agreement with Colombia to $11.5 billion; deputy technical governor highlights role it has to play as economy goes through period of adjustment
Yellen offers helicopter money cautious support
Fed chair says central banks could "legitimately consider" stimulus by financing government spending but only in "extreme" circumstances and with an eye on the many cases where it has gone wrong
RBA’s Kent considers risks around Chinese debt
Australian assistant governor says high debt increases China’s vulnerability to shocks, but because much of it is domestic, and funded by household sector, authorities have some leeway
BoE seen facing tough task in event of Brexit
Economists see Bank of England faced with task of stabilising financial markets while currency plummets and economy slows, making policy decisions tough; Carney hits back at critics
Research explores impact of Italian product market reforms on productivity
Authors find positive association between firm performance and deregulation of sector; correlation stronger in areas with 'more efficient’ public services
Flug sets out ‘change in philosophy’ on new banks
Bank of Israel governor sets out measures adopted by banking supervision department to make it easier to start a bank from scratch; part of broader competition drive in the country
Argentina releases first inflation data following statistics overhaul
Prices for transportation, food and housing drive up inflation, which rose 4.2% in May; IMF reviews progress next month
Yellen says July hike ‘not impossible’ as Fed holds
Fed keeps policy unchanged as widely anticipated; expected path of interest rate hikes becomes more gradual while the long-run level is revised down again