News
BoJ working to earthquake-proof its headquarters
Historic building has survived major disasters in the past, but the BoJ now wants to put the 75,000 ton building on “seismic isolation bearings”
People: FSB appoints Kganyago and Chan to committees; Bank of Spain picks new directors-general
Financial Stability Board replaces Menon and Tarullo with South African and HKMA governors; Bank of Spain makes appointments in financial stability and supervision; and more
‘Substantial’ accommodation must continue – Draghi
ECB president says underlying eurozone inflation remains “subdued”, despite rise in headline rate; he sounds the alarm over the possibility of a “competitive devaluation” by advanced economies
Chinese bitcoin exchanges continue prohibiting withdrawals
Bitcoin exchanges suspend withdrawals indefinitely following statement from PBoC official; central bank does see benefits to the technology
Somalian central bank to print first notes since 1991
New 1,000 shilling looks set to enter circulation in 2017 with extensive assistance being provided by the IMF; central bank has struggled to operate amid civil war
Ghana issues banknote with QR code
New ¢5 note with 2D barcode to help educate the public on the numerous security features; bank to celebrate sixtieth birthday in August
MAS unveils new DLT plans for securities and cross-border payments
Success of initial project leads authority to launch two 'spin-off' projects, including a possible cross-border application of central bank-issued digital currency
Hungarian deputy governor loses responsibility for macro-prudential policy
Nagy replaced as head of Budapest stock exchange two days earlier
RBNZ to rethink capital requirements
Review will reassess country’s approach to Basel III implementation, after Australia decides to bolster its banks’ capital to be “unquestionably strong”
Scrap micro-foundations to repair macroeconomics – Steve Keen
Professor says economy should be viewed as a dynamic system with credit playing a crucial role, arguing we should ditch models such as DSGE
Tanzanian central bank slashes discount rate
Central bank cuts discount rate for the first time since 2013, from 16% to 12%; increase in NPLs has discouraged commercial banks from lending
Central Bank of Uzbekistan issues new highest-denomination banknote
New 10,000 som denomination to feature similar security features to notes already in circulation; inflation has eroded value of existing notes
Hogg admits to breaching BoE’s code of conduct
New deputy governor says she failed to declare her brother’s role with Barclays; BoE Court officials say it is a “very serious breach” but not a “hanging offence”
NGO calls for changes to ESM’s governance
Klaus Regling welcomes some of Transparency International’s conclusions
The winners of the 2017 Central Banking Awards
Bank of England wins Central Bank of the Year, while Carlos Fernández Valdovinos picks up Governor of the Year; Donald Kohn receives Lifetime Achievement Award; 15 more awards unveiled
Cyprus central bank calls for continuing efforts on NPLs
CBC calls for European law on insurance company resolution
Federal Reserve publishes its first fan chart
Fed unveils new communication method as Janet Yellen makes clearest statement yet that a March hike is on the table
Bank of Russia proposes major resolution reforms
New law would considerably extend the central bank’s powers
Fed’s Powell warns of central bank digital currency impact on private sector
Powell says digital currencies issued by central banks could “stifle” private sector payment innovation, though he is confident DLT will have benefits for faster payments
Politics now driving markets more than central banks – BIS review
“Precipitous decline” in correlations implies markets no longer in thrall to central bank policy; US dollar credit still on the rise despite MMF reform; tensions in Chinese markets
Don Kohn: ‘Rancorous’ political climate enhances need for ‘non-partisan expertise’
The Fed veteran and Central Banking Lifetime achievement award-winner says central banks will find it “even more difficult” to improve their performance and public regard, given the current political backdrop
Sri Lankan central bank rejects finance minister’s accusation
Bank says it followed existing law in issuing and re-issuing bonds
Danish central bank conducts $670 million FX intervention
Danish central bank conducts largest intervention in FX market since June 2016; analysts say demand for krone will continue, but interest rate hike is unlikely
CBRT under pressure as inflation breaches 10%
Consumer prices rising at their fastest rate since 2012, leaving the central bank in a difficult position