News
IMF remains gloomy on Brexit as UK heads for snap election
Maurice Obstfeld admits IMF was overly pessimistic on consumer response to Brexit, but says supply shock could still bite; global outlook more positive
No ‘taper tantrum’ this time around – Fischer
Fed vice-chair says US central bank has learned from mistakes made in 2013; markets unlikely to face same disruptions as Fed unwinds balance sheet, says Fischer
Reserve managers see politics shaping currency allocations
European political uncertainty weakens confidence in euro, with sterling pressured by Brexit; dollar’s popularity resurgent, despite Trump’s economic policies
Belarus gives central bank price stability mandate
Presidential decree follows overture to IMF and protests over economy
Brazil central bank steps up pace of rate cuts
Inflation outlook “favourable” with target likely to be achieved by 2018; government pursuing tough fiscal reform
Swift rolls out new cyber defences for central banks
System uses machine learning to spot patterns and anomalies, so central banks and other institutions can act early on suspicious transactions
China forex reserves inch higher in March
PBoC figures show increase of $3.96 billion, resulting in second consecutive monthly reading above $3 trillion
Central Bank of Iceland picks SIA for payments overhaul
RTGS revamp will see a single system handle both high- and low-value payments; Italy-headquartered SIA wins contract
Monetary policy has inevitable fiscal effects – Willem Buiter
Former Bank of England official rails against fiscal theory of the price level in speech to RBI, but says monetary policy still cannot escape its fiscal dimension
New Zealand government reviews monetary policy process
Opposition pledges it will make major changes to central bank mandate if elected
Argentina’s central bank reverses course on interest rates
Central bank hikes rate on its 35-day Lebac bonds to 26.25% on the back of higher-than-expected inflation figures
Central banks could intervene on repo market function – BIS study
Markets still in a “state of transition” but some central banks might want to take action to mitigate adverse effects, CGFS report says
Carney: financial infrastructure is now ‘fit for purpose’ for fintech
Bank of England governor announces RTGS will be opened to a broader range of participants, with new blueprint expected in May
People: Interim deputy for Ireland; Turkish MPC member quits
Ireland shuffles top positions as Cyril Roux departs; Turkey’s Aysan is returning to academia; Esma appoints new board members
‘Our independence is under threat’ – Yellen
Fed chair cites two legislative bills that could significantly harm the central bank’s ability to make independent monetary policy decisions; US economy is being allowed to “coast”
Technology driving inequality in advanced economies – IMF
Technology plays “dominant role” in explaining falling labour share of income in advanced economies, study finds; globalisation more important for emerging markets
UK competition authority approves VocaLink sale
Decision clears way for MasterCard to acquire the provider of UK payments infrastructure, after the firms offer concessions
HKMA investing in digital currency prototype
HKMA continues to build on its DLT research through digital currency venture with commercial banks; previous projects show potential to improve efficiency and transparency
Central banks eye gold amid global uncertainty
Rising inflation and the unclear impact of Trump administration policies may lead reserve managers to view gold – and inflation-linked bonds – more favourably
Congress urged to curb Fed’s regulatory powers
House hearing revives the debate on consolidating US regulatory agencies
BBC claims ‘secret recording’ implicates BoE in Libor scandal
Phone conversation transcript suggests government and Bank of England put pressure on Barclays to lower its Libor submission
PRA and FCA to investigate Barclays’ chief executive
Jes Staley comes under fire for undermining whistleblowing regime after he sought to identify a whistleblower; board to impose “very significant” cut to bonus
Ukraine’s Gontareva to step down
NBU governor says her mission is complete, resigning three years into a seven-year term amid intense pressure
Esma calls for greater powers over national supervisors
Supervisor also wants the authority to pause the application of some rules