Central Banks
BoE alert to second-round effects from low inflation, minutes show
BoE enters eighth year with rate at 0.5%; committee will continue to watch for second-round effects of inflation on wages
Guy Debelle reviews forex code progress ahead of first-phase release in May
Global code to be implemented as principles rather than rules; regulators may implement with element of variation depending on market participants, Debelle notes
Norges Bank willing to consider move into negative territory
Central bank cuts rates to 0.5% and signals further action likely to follow; executive board concerned by side-effects of negative rates, but willing to use them if necessary
Fed officials lower expectations of rate increases
Fed officials forecast rate increase of 50bp this year, compared with 100bp in December; Yellen “wary” of recent increase in headline inflation
Tests find New Zealand banks ‘robust’ to dairy stress
Stress tests conducted by the Reserve Bank of New Zealand in late 2015 find five largest lenders to dairy sector can withstand further drops in payout and land values
Bank capital matters for risk-taking channel of monetary policy, Norges Bank paper finds
Less capitalised Norwegian banks are more likely to extend credit to risky firms in response to a cut in the policy rate, author finds
Bank of Japan ramps up efforts to prepare infrastructure for disaster
Central bank calls for examinations of business continuity plans, learning from the 2011 earthquake, in rare report on payments landscape; BOJ-NET extends operating time
Riksbank flags concerns over pace of development in payments
Tech development proceeding ‘too rapidly’, says central bank; evolution of payments could jeopardise access
Banks start to clean up balance sheets after RBI asset quality review
Efforts will enable flow of credit in the long term, deputy says; improving capital buffers and governance structures also beneficial
Equities support Danish central bank's profits in 2015
Move into riskier assets contributes to profits in 2015, in addition to significant returns from defending the krone; costs are also on the rise following major IT project
San Marino’s new central bank chief faces NPL challenge
Staff at IMF stress need for “comprehensive strategy” to clean up balance sheets in the banking sector; Wafik Grais takes office as chairman of the central bank after prolonged vacancy
Slovenia report simulates effects of structural reforms
Report by local institute, in co-operation with the central bank and OECD, argues the time is “ripe” for structural reform in Slovenia; suggests long-term benefits outweigh short-term costs
PBoC and MAS extend $46bn swap line
Renewal of currency arrangement follows deepening of cross-border integration measures introduced last year
IMF paper examines effect of ‘winning the oil lottery’
Research into the impact of oil discovery in certain municipalities in Brazil shows GDP per capita and urbanisation on the rise
Romanian government policies may put financial stability at risk, IMF and EC staff say
European Commission and IMF staff raise concerns over some measures, including draft laws on loans and debt clearance; IMF staff suggest the central bank adopts a “tightening bias”
Bangladesh governor resigns over theft
Atiur Rahman has resigned after $101 million was stolen from the central bank’s account at the New York Fed; finance minister announces Fazle Kabir as successor
Zimbabwe central bank calls for flexibility on SME credit
Number of areas still at risk from financial exclusion; only 14% of MSME owners were banked, and only 1% of the adult population used capital market services in 2014