Central Banks
Research assesses South Africa’s vulnerability to Fed hike
Countries with large ratios of external financing needs to foreign exchange could be more vulnerable to Fed rate hikes, working paper finds
People: Finland names new head of statistics; RBI appoints executive director
Bank of Finland promotes head of macro-prudential analysis division to head of financial stability and statistics department; RBI gets new executive director; and more
Zambia hikes by 300bp as inflation almost doubles
Bank of Zambia increases policy rate to 15.5% in an effort to keep inflation expectations anchored in single digits; annual inflation jumps to 14.3% in October as kwacha slides
State Bank of Pakistan overhauling risk management, annual review says
Central bank is looking to improve its risk management approach, with work proceeding on an enterprise risk management system
BoE’s Bailey stresses need for true understanding on boards
Andrew Bailey says executive board members should be responsible for explaining complex matters in simple terms, rather than leaving non-executives to figure it out for themselves
PBoC monetary policy reform could be 'trial and error', economists warn
The Chinese central bank wrapped up a two-decade long interest rate liberalisation process last month – now the hard job begins
Constâncio: ECB working to overcome stress test limitations
Current ECB stress tests have multiple limitations including some macro-prudential considerations, ECB vice-president says
ECB assessment finds capital shortfall at four largest Greek banks
European Central Bank banking supervision uncovered ‘adverse case’ capital shortfalls of €14.4 billion at Greece’s four largest banks; recapitalisation plans needed by November 6
CLS sets go-live date for Hungarian forint
CLS and Hungary's central bank launched the forint project in February 2014
Paper explores whether governments prefer under-capitalised banks in crises
Governments may prefer banks to be weakly capitalised as this increases the likelihood they will act as buyers of last resort for domestic debt; paper considers impact on regulation
Kazakhstan governor replaced with former deputy
President removes Kairat Kelimbetov from office citing lack of confidence in central bank and falling currency; names former deputy Daniyar Akishev as succesor
ECB to log bank loans to firms above €25,000 from 2018
New system will log all loans by eurozone commercial banks to firms above a value of €25,000 starting in March 2018; ‘AnaCredit’ likely to expand coverage to natural persons
Eurozone banking sector less reliant on central bank funding, ECB report says
Commercial banks relied less on central bank financing in 2014 and only achieved ‘moderate’ extension of credit; shadow banking sector becomes increasingly important
Europe should adopt expansionary fiscal policy, Fed's Stanley Fischer says
The ECB must continue with its ‘courageous’ supervisory and monetary policies, but they would be stronger if backed by an expansionary fiscal policy, says Stanley Fischer
Mandate change proposal would be unconstitutional, Polish governor says
Bank governor says giving the central bank a growth mandate would not be permissible under EU law; senior figures in governing party call for monetary easing programme
Norges Bank paper tries to extract high-frequency forecasts from low-frequency data
Researchers find low-frequency information can be important in forecasting high-frequency variables, designing a model that outperforms a random walk benchmark