Central Banks
Singapore’s growth as a financial sector can no longer rely on luck – Menon
Resilience, dynamism and transparency needed for a prosperous financial sector, Menon says; Singapore can no longer rely on its previous good fortune to foster growth
Brazilian policy-makers concerned about inflation outlook
Monetary policy committee left rates on hold, concerned with the results of various surveys which showed inflation above the target for 2017
Carney deflects criticism of Brexit response
MPs question BoE officials on whether broad package of monetary easing was an overreaction; Forbes explains four factors behind dissenting vote
Swedish inflation starting to look stronger, as Riksbank holds
Outlook is “fraught with uncertainty”, central bank says, though the domestic economy seems to be returning to more normal levels
Flug urges Israeli parliament to make haste in setting up financial stability committee
Bank of Israel governor says changes to banking competition increase the need for the new supervisory body, warning risks may be on the rise
Volatility in virtual currencies will not deter usage – new research
Model implies exchange rate will become less volatile as virtual currency becomes more established, questioning idea that volatility will impede use
‘Iconic’ Irish central bank property put on market
No asking price for Dame Street site – sale is by best bid; more than 1,500 central bank staff to move to new site in North Wall Quay
HKMA researchers dig into persistent covered interest parity deviation
Authors posit forex swap dealers filter out counterparty risk from money market rates when setting swap prices; risk adjustment continues even in non-stressed periods
Stevens highlights housing market improvement at final monetary policy meeting
Reserve Bank of Australia leaves rates on hold at Steven’s last monetary policy meeting; board assesses the current policy stance as appropriate to foster growth and achieve inflation target
Norges Bank to publish minutes for first time
Central bank plans to release details of all aspects of executive board meetings except for monetary policy deliberations, citing growing interest and requests for disclosure
ECB's Mersch cautions against ‘extreme’ policy measures
Central bank cannot fulfil mandate with “mathematical equations”, says Mersch, warning currency can be undermined by “extreme measures”
German economist wins central bank prize
Klaus Adam wins award jointly sponsored by SNB, Bundesbank and National Bank of Austria for “innovative work” on asset prices and monetary policy
BoE exhibition to juxtapose new fiver with historical banknotes
BoE to open currency gallery a week before the launch of the new £5 note; museum to feature banknotes from eras throughout history
University of Buckingham to launch first central banking master’s degree
Monetary economics to form core of the year-long course; university hopes programme will enrol around 12-15 students in the first year
The Chinese G20 presidency may mark a turning point
Mark Uzan defends the oft-criticised G20 communiqué, arguing the Chinese presidency of the global group has created genuine progress
Kuroda says BoJ will not reduce easing, but helicopter money is not on its way
Governor offers clues on the central bank’s “comprehensive assessment” of its monetary policy, saying there are no limits to the scale of easing, but some policies are off the table
RBNZ tweaks LVR rules following consultation
New rules to apply to investors nationwide, placing 5% “speed limit” for lending above LVRs of 60%; proposed new measures to come into force in October due to banks’ deadline concerns
More than AML fears driving correspondent banks away from Arab economies – report
AMF-IMF-World Bank survey of banks in Arab nations finds a broader de-risking to be behind pull-back of correspondent banking, though trend is uneven
Co-ordinated effort needed to raise growth – Lagarde
IMF chief says all policy levers must be used to halt low growth; G20 also promised reforms to provide “growth impulse”
Rajan debunks central banking myths in final address
Outgoing governor completes valedictory tour with a cross-examination of the contradictory demands on the RBI, restating the value of central bank independence
Nepalese central bank governors banned from retiring to financial sector
“Cooling-off” period adjusted for central bank employees under new legislation; former governors prohibited from working in the financial sector
Time for private sector to take up economic reform baton – Jamaica’s Wynter
Fiscal and monetary authorities have played their part, and economic growth cannot be driven by the government, says Wynter
Malawi launches newsletter on financial inclusion and consumer protection
Latest financial inclusion initiative to inform members of the public about new developments in the market as well as improve financial literacy; newsletter forms part of larger national initiative