Central Banks
Global crises raise need for digital financial inclusion – BIS’s Caruana
Refugee crisis, climate change, banking challenges and cyber crime all point to the need for better inclusion through the use of technology, says BIS chief
IMF amends SDR calculation method
Exchange rates used to calculate SDR to be obtained from a commercial provider by the Bank of England, in effort to make methodology more “robust”
Lagarde welcomes ‘major policy shift’ in Saudi Arabia
IMF managing director says efforts to reduce reliance on oil are “very welcome”, although Gulf countries more generally need to continue their fiscal adjustment
Commodity prices create ‘strong pressure’ to lower interest rates – paper
Policy response to commodity price fluctuations has been stronger in the US, paper finds; commodity price shocks follow two cycles, with the most recent having impacts on policy rates
RBS issues first polymer banknotes
Polymer note printed on De La Rue ‘Safeguard’ substrate is first in RBS's new series; Scottish novelist and poet Nan Shepherd features on the front of the note
Riksbank signals low rates will stay longer
Swedish central bank says rates likely to remain on hold for longer than planned, with chance of an inter-meeting asset-purchase extension
Sponsored forum: Evaluating big data capabilities in central banking
Central Banking convened a panel of experts to discuss the big questions about big data, how and where it can add value to central banking in the near term, and balancing the pros against the cons
EBA recommends tighter regulation of European banks’ ‘large exposures’
Report calls for stricter limits on bank exposure to single clients and cautions against premature application of “standardised approach” to large exposures
ECB issues latest macro-prudential bulletin
Papers look at second order effects of financial shock, de-risking and high-frequency trades
Bundesbank board member calls for ‘moderate’ consolidation of German banking sector
Dombret criticises German banks for low cost efficiency and outdated business models
Macro-prudential policy can guard against global volatility – BoE paper
Tighter macro-prudential policies appear to reduce the sensitivity of capital flows to global volatility, paper finds
RBNZ moves to publish policy rate forecasts
Central bank scraps forecasts of 90-day bank bill rate as relationship with policy rate has been affected by global regulatory changes
Chile’s Vergara to pass torch to Marcel
Mario Marcel is chosen to become the next central bank governor when Vergara’s term ends in December; Marcel has experience at the World Bank, OECD and IDB
Fed raising bar for BNY Mellon – Powell
Fed working with treasury to ensure “smooth transition” as BNY Mellon becomes sole provider of government securities; bank must remain “robust”, says Fed’s Powell
Andrew Bailey looks to reboot UK conduct regulator’s ‘mission’
New chief executive seeks to clarify approach after stumbles in past years, admitting global understanding of conduct regulation still at an early stage
Carney: I will stay ‘as long as I can’
Carney says the decision to stay or go will be “entirely personal”; Bank of England governor says central bank will not “slavishly rely” on QE
Bundesbank paper models spillover effects of risk shocks in financial crisis
Paper finds spillover effects of general risk are stronger than spillovers in response to bailouts
RBI’s Gandhi hails ‘silent revolution’ in payments
Incremental growth has revolutionised payments, deputy says, with more initiatives such as unified mobile payments interface set to deliver further change
ECB's bank watchdog warned on NPL clean-up drive
SSM may need clearer enforcement process to boost bad loan provisioning, says regulator
Canada opts to retain 2% inflation target
Bank of Canada will continue with current target in new five-year deal with government, though other aspects of the policy framework are changing
Macro-prudential rules must be reciprocated – Shafik
“Leakages” will reduce the effectiveness of macro-prudential policy if countries do not reciprocate changes in countercyclical buffers, BoE deputy warns
New high for reserves a sign of 'growing confidence' in Argentina – Sturzenegger
Reserves breach $40 billion mark after treasury bond sale and climbing export levels; contribution from overseas investment starting to be felt, government says
Blanchard and Acalin warn of FDI measurement problems
Measured foreign direct investment is not as long term as generally thought, often reflecting transient capital flows and responding to US monetary policy, economists find
People: IMF appoints new head of Independent Evaluation Office
Iceland names director of financial stability and Russia appoints head of banking regulation