Central Banks
Ghana issues banknote with QR code
New ¢5 note with 2D barcode to help educate the public on the numerous security features; bank to celebrate sixtieth birthday in August
BIS authors spot structural break in bank financing
Research identifies turning point in how banks fund themselves around 2008, with greater reliance on branches and subsidiaries
MAS unveils new DLT plans for securities and cross-border payments
Success of initial project leads authority to launch two 'spin-off' projects, including a possible cross-border application of central bank-issued digital currency
Hauser makes case for BoE’s second line of defence
Ballooning balance sheet and growing contingent liabilities raise need for central bank to bring its risk management in line with “best practice”, executive director says
EU stress tests should revise banking income assumptions, ECB paper argues
Fee and commission income likely to decrease more under “adverse” scenario, researchers say
RBNZ to rethink capital requirements
Review will reassess country’s approach to Basel III implementation, after Australia decides to bolster its banks’ capital to be “unquestionably strong”
Scrap micro-foundations to repair macroeconomics – Steve Keen
Professor says economy should be viewed as a dynamic system with credit playing a crucial role, arguing we should ditch models such as DSGE
Tanzanian central bank slashes discount rate
Central bank cuts discount rate for the first time since 2013, from 16% to 12%; increase in NPLs has discouraged commercial banks from lending
Central Bank of Uzbekistan issues new highest-denomination banknote
New 10,000 som denomination to feature similar security features to notes already in circulation; inflation has eroded value of existing notes
Current account imbalances need to be addressed, Furusawa says
IMF deputy says imbalances in current accounts could increase volatility in the global economy; development of a safety net could reduce the need to accumulate reserves
BoE paper isolates loan supply impact of credit crunch
“Rich, tailor-made data set” informs study of how pre-crisis bank lending characteristics may have impacted post-crisis credit supply
Hogg admits to breaching BoE’s code of conduct
New deputy governor says she failed to declare her brother’s role with Barclays; BoE Court officials say it is a “very serious breach” but not a “hanging offence”
Ending speculation on the Czech forex cap: quo vadis, CNB?
David Vavra suggests a method the Czech National Bank could use to free itself from the mounting pressure on its exchange rate peg, avoiding a “Swiss-style” exit
ECB paper models effects of bank guarantees
Guarantees improve welfare by increasing liquidity transformation, researchers find
MAS director calls for firms to promote good governance
As regulations shift towards strengthening culture at firms, there is only so much central banks can do, MAS’ Ngiap says; firms must put customers before profit
Cyprus central bank calls for continuing efforts on NPLs
CBC calls for European law on insurance company resolution
ECB announcements in QE era shifted inflation expectations, Austrian paper finds
Researchers use daily data on bond yields and inflation-linked swaps
Federal Reserve publishes its first fan chart
Fed unveils new communication method as Janet Yellen makes clearest statement yet that a March hike is on the table
Bank of Russia proposes major resolution reforms
New law would considerably extend the central bank’s powers
ECCB building named in honour of former governor
ECCB names central bank building after its longest-serving governor, Dwight Venner; current governor and former colleague pay tribute to late governor
Politics now driving markets more than central banks – BIS review
“Precipitous decline” in correlations implies markets no longer in thrall to central bank policy; US dollar credit still on the rise despite MMF reform; tensions in Chinese markets
Don Kohn: ‘Rancorous’ political climate enhances need for ‘non-partisan expertise’
The Fed veteran and Central Banking Lifetime achievement award-winner says central banks will find it “even more difficult” to improve their performance and public regard, given the current political backdrop
Lifetime achievement award: Donald Kohn
Donald Kohn’s objectivity, intelligence, humour, tireless energy and iron determination to get the job done epitomise the role of a dedicated public servant. He serves as an inspiration to others