Central Banks
Bank of Tanzania revokes FBME Bank’s licence after US ruling
The bank was deemed a money-laundering risk in 2014, after a US report highlighted concerns; the Bank of Tanzania revokes its licence following the commercial bank’s removal from the US financial system
Riksbank urges government to amend profit allocation plans
General Council welcomes clarity in proposal but says it must have the power to request recapitalisation
BoE opts out of distributed ledger tech for new RTGS system
New central infrastructure needed for RTGS revival; wider range of settlement models could be integrated by adopting a broader group of participants
Increasing female participation in workforce will help US growth – Yellen
Fed chair examines barriers women still face when entering the workforce; increasing participation rate could help increase US output by 5%
The BoJ’s risky yield curve control experiment
The Bank of Japan’s experiment with yield curve control could work if appropriate targets and communication strategies were applied. But its current policy objectives are muddled
Fischer attacks ‘mechanical’ use of policy rules
Fed vice-chair says policy committees have strengths that rule-following lacks
People: US assembles bank regulation team; Mrva reappointed
US administration begins assembling banking regulation team with OCC appointment; Slovakian board member appointed for fourth term; and more
Mersch warns banks not to turn away from cash
Central bankers witness “frequent lobbying” to abolish cash, ECB board member says
Israel’s Flug: action needed on productivity
Bank of Israel governor warns Israel remains a laggard when it comes to growing output per person
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