Central Banks
Nigerian central bank announces forex liberalisation
Nigeria’s central bank unveiled plans to make up to $2.5 billion available to the country’s non-oil exporters; currency will float from June 20
South African rand and Chinese renminbi now tradable on CFETS
Bilateral trading between rand and renminbi will cut costs, Sarb's head of financial markets says, as China makes latest move towards renminbi internationalisation
Basel Committee approves G-Sib frameworks
All five jurisdictions home to globally systemic banks have established frameworks in line with the Basel accord, first cross-jurisdictional study finds
Central Bank of Ireland to form analytical teams to improve ‘data architecture’
Governor Philip Lane encourages regulators to “embrace” technological advances, while stressing the balance between innovation and consumer protection
Reserve Bank of Zimbabwe cuts electronic payment charges to tackle cash shortage
Central Bank introduces latest measure to combat cash shortage by encouraging use of electronic payments; mobile payments on the rise but card use still low
ECB bulletin article criticises EU fiscal arrangements
The eurozone's fiscal arrangements are "vague", article in the ECB’s latest economic bulletin says; criticises Commission's proposed fiscal metrics and calls for single eurozone treasury
Stronger Spanish banks still vulnerable to global risks – report
Spanish banks increase solvency over course of 2015, Bank of Spain report says, although decline continues in lending; main risk comes from global instability
Colombia to treat new credit line as ‘insurance’ against extreme shocks
IMF expands agreement with Colombia to $11.5 billion; deputy technical governor highlights role it has to play as economy goes through period of adjustment
Yellen offers helicopter money cautious support
Fed chair says central banks could "legitimately consider" stimulus by financing government spending but only in "extreme" circumstances and with an eye on the many cases where it has gone wrong
RBA’s Kent considers risks around Chinese debt
Australian assistant governor says high debt increases China’s vulnerability to shocks, but because much of it is domestic, and funded by household sector, authorities have some leeway
BoE seen facing tough task in event of Brexit
Economists see Bank of England faced with task of stabilising financial markets while currency plummets and economy slows, making policy decisions tough; Carney hits back at critics
Research explores impact of Italian product market reforms on productivity
Authors find positive association between firm performance and deregulation of sector; correlation stronger in areas with 'more efficient’ public services
Flug sets out ‘change in philosophy’ on new banks
Bank of Israel governor sets out measures adopted by banking supervision department to make it easier to start a bank from scratch; part of broader competition drive in the country
Argentina releases first inflation data following statistics overhaul
Prices for transportation, food and housing drive up inflation, which rose 4.2% in May; IMF reviews progress next month
Yellen says July hike ‘not impossible’ as Fed holds
Fed keeps policy unchanged as widely anticipated; expected path of interest rate hikes becomes more gradual while the long-run level is revised down again
BoJ economists shed light on quality-price dynamics
Study of large database of prices shows how firms take advantage of new product launches to raise prices partly due to higher quality and partly to maintain profits
Negative rates fail to dent Danish bank profitability
National Bank of Denmark concerned banks may be pursuing return targets too aggressively, as profits hit highest level since 2008 crisis; banks reshaping business models to avoid low-rate impact
People: Turkey picks new deputy; Riksbank’s Jansson reappointed
Career banker takes over from Turalay Kenç at Turkish Central Bank; Riksbank deputy handed fresh five-year term; and more
Dombret flags demographic concerns in Tokyo speech
Bundesbank board member draws parallel between Germany and Japan as he notes risks to potential growth rate; stresses need for “growth-enhancing measures”
Bank of Greece pushes for government reforms and debt relief
Monetary policy report urges government to pass reforms, but criticises creditor's focus on tax increases and 3.5% primary surplus; expects growth to pick up to –0.3% by year-end
LatAm policy-makers were possibly ‘excessively optimistic’ over economic potential, BIS paper says
Downplaying commodity super-cycle may have led to incorrect assessment of economic potential in Latin America, paper says; may have skewed monetary and fiscal policies
Philippines creates financial inclusion steering committee
Central bank will chair the committee, which comprises 12 other government agencies; will follow up on their work creating a national strategy for financial inclusion
Irish banks prepared for Brexit but face material effects, deputy says
Effects on profitability and business models could be ‘material’ if UK votes to leave EU, Irish deputy warns, though central bank is satisfied with short-term contingency planning