Central Banks
People: Georgian central bank nears new governor, RBI appoints executive director
Georgian parliament approves president’s nominee for governorship, now central bank board must do the same; Kanungo becomes newest executive director of the RBI; and more
Zeti plays down Chinese problems at 2016 Central Banking Awards
Lifetime achievement recipient discusses monetary policy ‘over-reliance' and gender in fireside chat with editor-in-chief Christopher Jeffery
Poland nominates Belka as EBRD president
Poland’s government proposes central bank governor Marek Belka as president of the EBRD and appoints his nominee to the central bank’s board
Central bank models need to adjust to nature of exchange rate pass-through, paper says
Exchange rate pass-through shown to be incomplete, endogenous, nonlinear and asymmetric; working paper seeks to quantify effect over time
External conditions move Bank of Mexico to lower growth forecasts
Central bank cuts growth forecasts for 2016/2017 by half a percentage point; global slowdown starting to have larger impact
‘Substantial drawbacks’ remain in European supervisory colleges’ work, EBA says
European supervisory colleges still have ‘substantial’ drawbacks in key aspects of their work, despite making improvements in 2015, the European Banking Authority says
Turkey’s Kenç sheds light on central bank ‘roadmap’
Deputy governor tells Central Banking conference that a 'roadmap' of policy changes helps improve confidence in the economy; says the central bank has gained market trust despite independence fears
Moldovan parliament nominates central bank governor
Moldovan parliamentary committee names a former senior manager with BNP Paribas to replace the embattled central bank head
Networks did not spread 2008 shocks in eurozone money market, paper argues
Banking networks in the eurozone did not play a major role in spreading shocks in the financial crisis, ECB working paper argues; eurozone banks are ‘not network dependent’
Singer outlines evolution of Czech reserves
Miroslav Singer tells London audience the Czech National Bank reserve allocation remains 'conservative', despite expanding into equities and new currencies in recent years
US monetary policy contraction means drop in global output – paper
Raising interest rates in the US leads to lower global output and inflation in the short term; most 'pronounced' responses evident in the mid-1990s to mid-2000s
PBoC confirms Russian swap transactions
Chinese and Russian central banks disclose 'several currency swap trades' since October, but do not disclose further details
BoJ’s Nakaso insists deposit rates are not going negative
Deputy says a 'wide range' of interest rates will fall due to the BoJ’s negative rate policy, but experience in Europe implies depositors will not suffer
Sarb and Bundesbank expand co-operation
Annex to existing MoU will see Bundesbank representative based in the country; two central banks will work together on financial stability, among other issues
Cunliffe: UK housing risks back on the rise
BoE deputy governor says household balance sheets are “stretched” and some risks are growing; suggests dominance of debt as housing finance is undesirable, but unlikely to change
Lautenschläger says some leveraged finance practices need watching
ECB’s head of supervision notes increase in ‘covenant-lite’ deals
Dutch pension funds show signs of herding, paper says
Regulatory price of risk for different asset classes 'should be balanced', warns Dutch working paper, in light of herding behaviour
Turkish MPC eyes volatility as it prepares move to standardised framework
Decline in volatility will be key factor in move to a narrower interest rate corridor, minutes say; central bank expects disinflation in February after headline figure hit 9.6% in January
Economists mull how to improve Fed communications
Paper presented at US Monetary Policy Forum encourages Fed to move away from ‘time-based’ forward guidance; considers what kind of new information would be useful to markets
Australian central bank adds S Korean won to reserve portfolio
Australian central bank slashes euro holdings by 20% as diversification into alternative currencies continues
Debt deal struck but ‘heated’ discussions await Argentine president in congress
Vulture funds satisfied but Argentine president faces an ‘uphill’ battle getting deal through congress; analysts ultimately expect it to be approved, but see other challenges on the horizon