Central Banks
Bank of Israel cuts 2017 budget as building and banknote projects wind down
Central bank continues process of budgetary restraint as it unveils work plan for 2017; spending on renovation and new technology and emergency centre falls
Bank of Ghana improves communications strategy
A new 24-hour contact centre will allow queries from members of the public to be answered at all hours; the central bank encourages feedback on its communications
Sri Lankan government to restructure central bank
Central bank is to be restructured with amendments to the Banking Act, but disagreements remain between the finance minister and governor; inflation-targeting framework appears to be on track
Spanish deputy governor hints at need for European banking mergers
Restoy says supervisors should not promote specific integrations
Ukraine acts to cover ‘major shortfall’ in nationalised bank
NBU also tightens bond auction anonymity and announces restriction on use of cash to settle payments
Hans Tietmeyer and his ‘mission’ for euro stability
Otmar Issing on how the former Bundesbank president helped to drive Germany’s social market economy and was instrumental in the stable introduction of the euro
UK competition authority raises concern on VocaLink sale
Sale of payments infrastructure provider to MasterCard could harm competition on ATMs, but unlikely to be a problem for wider payment systems, CMA finds
People: vice-governor appointed at PBoC; Bank of Canada creates new comms role
China’s State Council appoints Harvard graduate to replace Guo Qingping; Jill Vardy becomes adviser to Stephen Poloz; and more
US card fraud higher than in countries with chip technology – Fed study
Study finds card transactions are on the rise but cheques still important; limited adoption of chip technology seems to be contributing to fraud
Hans Tietmeyer, 1931-2016
Former Bundesbank president played key roles in German reunification, European single currency and reform of international financial regulation
Senior ECB regulator calls for progress on deposit insurance
Unified deposit insurance plays “key role” in achieving “stable cross-border banking across the euro area”, Julie Dickson says
Dwight Venner, 1946-2016
The long-serving central bank governor has died aged 70, having spent 26 years at the head of the Eastern Caribbean Central Bank
Bank of Italy sets up joint cyber security organisation
New organisation in collaboration with Italian banking association; will provide “cyber emergency operating centre”
News cycle can give estimate of business cycle – Norges Bank paper
Index derived from business newspaper is both more timely and more accurate than traditional business cycle indicators, author says
People: RBI’s new deputy gains BIS scholarship; Mozambique names deputy
Reserve Bank of India appoints BIS scholarship winner to deputy post; Victor Gomes takes role at Bank of Mozambique; and more
Basel III completion date pushed back
Governors and heads of supervision to delay meeting that would have given final approval to Basel III, as disagreement continues on output floors
Palestine Monetary Authority forecasts slowdown amid ‘political impasse’
Authority sees likelihood of “slackening trend” of growth in coming years as Gaza Strip “siege” continues and restrictions affect the West Bank
2016: The year in review
The past year was characterised by dramatic political events, and central banks did not always manage to stay above the fray; we look back at some of the biggest stories
Lars Rohde on negative rates, pegs, productivity and resolution
The National Bank of Denmark governor speaks to Christopher Jeffery about the productivity paradox, defending currency pegs, unexpected limits for negative rates and addressing too-big-to-fail
Paper examines “puzzles” in monetary policy transmission
HKIMR paper highlights differences in monetary policy transmission between advanced and emerging markets; “puzzles” are more severe for emerging markets
Riksbank extends QE, despite dissent
Additional Skr30 billion of purchases takes Swedish QE programme to mid-2017; central bank cites continued risks to the outlook, but three members challenge decision
Central Bank of Brazil sets out agenda for 2017
Improved governance and financial inclusion at the top of the list for the central bank; aims have been published on an innovative interactive webpage
Chile notes health of domestic economy has declined
Latest financial stability report highlights the lack of profitability in the banking sector; institutions’ ability to cope with adverse external scenarios has “diminished”