Central Banks
Kohn encourages Chinese efforts on financial stability
Don Kohn, an external member of the Bank of England's FPC, welcomes Chinese work on a framework for macro-prudential regulation, and offers his insight on counterparts in the UK and US
Pursuing stable rates may create instability, Norges Bank paper finds
Preference among central bankers to keep rates at “normal” levels may prove time-inconsistent, researchers warn
Bank of Jamaica lowers inflation target
Jamaica's central bank continues move towards inflation-targeting regime; bank forecasts inflation to fall within new target band by the end of the fiscal year
Olsen wins second term at Norges Bank
Øystein Olsen reappointed for second and final term as Norges Bank governor, seeing off competition from six other applicants, including a former governor of the Central Bank of Iceland
EBA reveals guidelines for first stress tests on deposit guarantee schemes
European deposit guarantee schemes must carry out stress tests including checks on member banks’ customer data, response to stressed conditions and cross-border co-operation
Iran’s Seif details banking sector clean-up operation
Iranian central bank is working to improve the transmission of its monetary policy, stabilise the banking system and bring itself in line with international standards, governor says
Bank of Thailand eases loan restrictions for investment in GMS
Bank of Thailand aims to liberalise banking activities by broadening cross-border banking networks, governor says; central bank relaxing regulations as part of effort
Central bankers hail first phase of global forex code
Central banks say they will adhere to new global code and hold their counterparties to a similar standard, as BIS working group unveils first part of project
Further key decisions loom in Greek negotiations
Major decisions remain in negotiations over bail-out; IMF staff insist on cuts to primary surplus target that have met with opposition; ECB may restore eligibility of Greek bonds as collateral
Philippines central bank reveals counterfeiting arrests
Central bank says it was behind four successful anti-counterfeiting operations in Q1; has the legal authority to make arrests and seize property
RBA caps interchange fees and surcharges
Reserve Bank of Australia completes two-year card review, implementing reform around surcharges and interchange fees; regulation now applies to ‘companion cards’
Iceland prepares for offshore króna auction
Date set for major step towards lifting capital controls, as holders of offshore króna are offered chance to swap currency, albeit at punitive rates
Malaysian governor warns of banks ‘falling short’ on basic services
Muhammad bin Ibrahim voices concerns about communications from some frontline staff; instructs banks to remove “prohibitive conditions” attached to basic accounts
FSB warns more work needed on shadow banking assessments
Peer review finds implementation of the oversight framework remains at an "early stage"; urges authorities to make a host of improvements, including around data collection
Turkish central bank continues monetary ‘simplification’ process
Upper band of interest rate corridor cut to 9.5%; inflation will be the main indicator for future decisions, bank says
Riksbank survey flags concerns on market functioning
Market participants fear effect of low interest rates and high debt could create largest impact, although they view geopolitical and emerging market issues as the most likely to be realised
Board member appointed as next Czech governor
Rusnok has been on the board since 2014 and is a former interim prime minister; he will serve a term of “at least five years”, from July 1
Greek deal unlocks funds but delays debt relief
Deal allows possibility of future debt relief but drops IMF’s stronger demands; pushes most difficult decisions back
More ‘flexible’ Nigerian exchange rate regime met with cautious optimism
Central bank announces intention to move to more flexible regime, though exact parameters not yet announced; analysts seem hopeful about the move but lack of details is worrying
Lipton: co-ordinated approach to capital flows ought to be considered
IMF first deputy managing director says it is time for ‘new generation of reforms’; capital flow reversibility has costs as well as benefits
Bank of Mauritius spells out cost-cutting measures
Central bank defends finances after posting losses in successive years; points to range of measures taken to reduce expenses, including release of "unproductive but fatly remunerated" employees
Eurozone's Single Resolution Board sets out 2016 plans
Eurozone's Single Resolution Board sets out its plans for 2016; resolution manual to be published in summer and resolution plans to be approved by end of 2016, board member says
Regulators sanction Swiss bank over links to Malaysian government fund
Swiss regulators impose range of measures on bank for breaching anti-money-laundering regulations; MAS will withdraw bank’s licence to act as merchant bank in Singapore