Central Banks
Swiss National Bank bolsters security features of first banknote in new series
The new series printed on three-layered substrate boasts a range of new security features; Sfr50 enters circulation on April 12
Canadian banks could withstand shock from China, deputy governor suggests
Financial institutions have adequate capital liquidity to handle external pressures, Wilkins says; research suggests Canadian growth would decrease by 0.1% if Chinese growth fell by 1%
Book notes: Bretton Woods: the next 70 years
The Bretton Woods Committee has assembled a large number of distinguished authors for this volume, but ultimately the book ends up long on problems and short on solutions
Ghanaian deputy becomes new governor
One of two deputy governors of the Bank of Ghana takes over top role; Abdul-Nashiru Issahaku joined bank in July 2013 after working for several international agencies
Investors to sue Portuguese central bank over asset writedown
A group of bondholders in a failed bank are bringing a lawsuit against the Portuguese central bank over its writedown of their holdings in a failed commercial bank
Coen looks to wider issues affecting bank resilience
Secretary general of Basel Committee highlights importance of corporate governance and culture, IT systems and stress tests for resilience and profitability
Australian inflation likely to remain low for next two years, governor says
"Accommodative" monetary policy appropriate as GDP picks up, Glenn Steven says
People: Bank of Estonia reappoints deputies; Lagarde wants to reappoint IMF first deputy
Bank of Estonia hands new terms to Ülo Kaasik and Madis Müller; David Lipton in line for reappointment at IMF; Graeme Wheeler to head up BIS Asian Consultative Council; and more
Fiji central bank will launch second financial inclusion strategy ‘shortly’
Second financial inclusion strategy to place “special emphasis” on insurance; governor praises success of first scheme in meeting targets, but 27% of population remains unbanked
Seychelles central bank will chair new financial stability committee
Advisory body will comprise representatives from four different public bodies and meet on a quarterly basis; supported by new financial stability unit within central bank
Reserve Bank of India modifies liquidity framework
Rajan spells out plans to “progressively lower” the liquidity deficit in the banking system as part of a broader shift in focus; RBI cuts policy rate by 25bp with inflation on track
Bank of Thailand frets over zero lower bound
Minutes show latest policy decision influenced by worries over financial imbalances and perceived need to maintain “policy space” in event of economic hit
West African union must improve monetary transmission, IMF staff say
The West African Economic and Monetary Union must increase the effectiveness of monetary policy, IMF staff say; reforms should target bank refinancing and government securities markets
Dutch central bank starts retaining €500m yearly as risk provision
The Netherlands Bank plans to retain €3bn of profits in six annual instalments to cover against possible credit and interest rate risk
ECB had to act to forestall fall in inflation expectations, Praet says
The ECB had to expand its unconventional monetary policy to prevent a downward shift in long-term eurozone inflation expectations, Peter Praet says; inaction of others “no excuse”