Central Banks
ECB cuts rates and launches asset purchases
Central bank cuts refinance rate to 0.05% and deposit rate to -0.2%; Draghi unveils plans to buy asset-backed securities and covered bonds
People: Bundesbank names head of research centre; Kyrgyz sheds two advisers
Bundesbank poaches Emanuel Mönch from New York Fed; Kyrgyz central bank loses two advisers to chairman; HKMA executive director set to move to IMF
Chile’s central bank governor laments ‘weak performance’ of economy
The central bank lowered the projection for annual GDP growth this year to 1.75–2.25%, while it now expects inflation to hit 4.1%
RBI's Joshi: Direct benefit transfers a ‘game changer' but have ‘not progressed smoothly enough'
Indian financial inclusion initiative needs government streamlining and the help of commercial banks to work, says Deepali Pant Joshi
South Africa’s central bank opens investigation on African Bank business
The investigation will determine if ’any business of African Bank was conducted recklessly, negligently or with the intent to defraud depositors’, the central bank says
IMF deems Czech exchange rate floor appropriate ‘for now’
Latest staff report commends CNB’s decision to intervene in foreign exchange market; supports the floor but says it should be removed ‘as soon as conditions allow’
Olli Rehn: Scotland would need central bank to join EU
Independent Scotland would not be able to both keep the pound sterling and join the EU, former commissioner argues, referring to ‘core part' of union treaty
Bank of Portugal initiates administrative proceedings against 14 banks in first half of 2014
Throughout the period the Portuguese central bank also issued 357 recommendations 'to require the correction of irregularities and infringements detected'
Lautenschläger expects SSM to expand beyond eurozone
Supervisory board vice-chair ‘anticipates’ that more countries will join the SSM when it is up and running; ECB has not received any formal applications to date
Malaysia’s Zeti sees investment as next step for Islamic finance
Governor of Bank Negara Malaysia calls for new infrastructure to facilitate the development of Islamic investment intermediation
ECB paper finds the Fed ‘well-served’ by its stress index
Researchers from ECB and Fed examine whether the economy behaves differently during periods of high stress, and the implications this has for policy-makers' models
IMF calls on Nordics to keep housing markets in check
Article IV reports warn Norges Bank will eventually have to normalise policy rate above inflation target and call for Swedish macro-pru measures targeted at households
Sri Lankan central bank names four assistant governors
The appointees include the head of the central banks’ secretariat and the directors of the central bank’s international operations and centre for banking studies
China’s cooling property market ‘a challenge’ to growth objectives
RBA governor Glenn Stevens sees property market as a challenge to Chinese authorities’ growth objectives; Dallas Fed economists concerned about impact on shadow banking sector
Cœuré calls for greater integration in retail banking and capital markets
The financial crisis ‘undermined this process’ and pushed retail banking services within national borders, says executive board member of the ECB
Maltese banks see increase in non-performing loans
The domestic banks in Malta had to increase their provisioning levels further to respond to the credit risk, notes central bank
Europe doubles RMB transactions with Greater China in one year
European hubs fuel growth in renminbi usage with 10% share of global payments, after major financial hubs sign swap agreements with the People's Bank of China
Brazil registers primary deficit for third consecutive month
Public sector primary deficit reaches 4.7 billion real ($2.10 billion) in July, making it more difficult to achieve annual fiscal target, notes central bank
RBI economist proposes financial conditions index for India
Index aims to provide a snapshot of financial conditions in the country in a bid to provide an early warning of crises and overcome information asymmetry
CPSS renamed the Committee on Payments and Market Infrastructures
Renamed body, the CPMI, handed an updated mandate to reflect ‘actual activites’; will press on with core tasks, says chair Benoît Coeuré
Rwandan governor: East African Monetary Union progressing ‘as planned’
John Rwangombwa says there are ‘big gaps’ between the five member states of the East Africa Community, but he is ‘comfortable’ with the progress towards closing them