Central Banks
Philippines deputy nominated as next governor
Duterte selects deputy governor to take over from Tetangco when his term ends in July; Espenilla’s background is in financial supervision and regulation
Tromp to face trial for tax fraud
Governor of the Central Bank of Curaçao and Sint Maarten owes $3.1 million in tax, investigators claim; central bank faces staffing problems as top managers head for retirement
John Williams backs move to price-level targeting
San Francisco Fed chief says inflation targeting is losing its effectiveness in the face of a very low natural rate
Illicit capital flows a problem for countries without capital controls – Mminele
Mminele explains how capital controls benefited cross-border flow monitoring; Sarb deputy calls for a “more consistent” approach to capital flow management
Stress tests uncovered new data on large banks – ECB paper
Market reactions differed in 2014 and 2016, researchers say
Macro-pru can offer ‘breathing space’ for Australian housing
Apra’s actions “will not address pressures”, but will provide “breathing space” as they should lessen the amplification of house prices, says RBA’s Lowe
Lautenschläger warns of ‘fragmented’ regulation in eurozone
Regulators should have powers over investment companies, ECB official says
Norges Bank board to meet more and publish minutes
Governor Øystein Olsen says the Norwegian central bank is looking to be more transparent around monetary policy; the executive board holds the key rate at 0.5%
New Zealand takes step towards new FMI framework
Reserve Bank of New Zealand and Financial Markets Authority in line for new regulatory powers under framework approved by cabinet; will be put to public before being introduced to parliament
Russian central bank working closely with finance ministry, governor says
Nabiullina says two agencies are collaborating on draft laws on regulation
Trade uncertainty is harming growth prospects – Poloz
Bank of Canada governor says uncertainty surrounding US trade policies is harming investment in both Canada and Mexico; Poloz is “not surprised” investors are reacting cautiously
Pakistan appoints deputy as interim governor
Governor Wathra not appointed for second three-year term despite reviving the banking sector; Riazuddin appointed for a provisional period of three months until replacement can be found
Cash holdings lessen chance of ‘forced sales’ by mutual funds, paper says
Researchers use data on Italian open-ended mutual funds
ECB paper looks at PSPP’s ‘flow effects’ on sovereign bond yields
“Flow effects” have limited but real impact, researchers find
BoJ should provide ‘more realistic’ projections – former policy board member
Claims constant overestimation of inflation expectations undermines credibility
UK report sets out steps to unify payment services operators
Move would help drive “innovation and competition”, working group chairman says
Esma calls for tougher regulation of credit ratings agencies
European laws mentioning credit ratings should be revised, regulator says
All aboard the blockchain
The underpinning architecture of bitcoin and other crypto-currencies – distributed ledger technology – has the potential to revolutionise digital payments, with some central banks working out how to harness ‘the blockchain’
Zimbabwe central bank actions like ‘putting lipstick on a frog’
Economic crisis is reminiscent of meltdown preceding dollarisation in 2008, but authorities have fewer options this time
Olsen highlights the importance of responsible investment
New ethics rules saw numerous companies excluded from the GPFG last year
UK’s Royal Mint challenges coin-note boundary
Director for circulating coin claims new feature will allow the new £1 coin to challenge low-denomination banknotes in terms of security