News
IMF stays tough on debt relief as it prepares to return to Greece
Maurice Obstfeld and other top officials stress the fund’s demands on debt sustainability; mission to return to Greece next week
Delayed banknotes arrive in Venezuela
Thirty billion bolivars of notes finally shipped from Sweden, says central bank director; further denominations expected by the end of the month
BoE acts to tackle disparity in capital requirements
PRA plans measures it believes will boost competition and address adverse incentives generated by the standardised approach to calculating risk weights
Ukrainian central bank crackdown on capital flows to Russia
Governor says coal blockade may force central bank to take emergency measures including re-imposing exchange controls
Worrell’s woes: Barbadian governor battling on two fronts
Further evidence emerges on governor’s clash with finance ministry and board; Worrell worried about level of reserves and fiscal spending, while senior management complains of being marginalised
Shafik calls for candidness on uncertainty in her final speech
Outgoing Bank of England deputy says central banks must do more than just increase transparency if they are to restore trust
Alan Greenspan says gold standard would have reined in debt
Former Fed chair says US would not be so indebted if it was on the gold standard; gold is the “primary global currency”, Greenspan says
Target2 robust enough to withstand liquidity shocks – ECB study
Research modelled the effects of “extreme collateral deteriorations” on Target2 participants
Plummeting inflation prompts Bank of Zambia action
Central bank cuts policy rate by 150bp, in addition to a cut to the overnight lending rate and reserve ratio; inflation falls from over 18% to 7% in a matter of months
Irish deputy governor says Brexit will have negative impact on Ireland
Donnery says regulators must not allow “fragmented” supervisory system to emerge
RBI’s Acharya says India ‘urgently’ needs asset management company
New deputy governor says stressed assets must not be allowed to “fester”, sketching two possible designs for an asset management company
Mexico steps in to stabilise forex market
New derivatives contracts will be available to all credit institutions, with the first auction scheduled for March 6; a total of up to $20 billion will be allocated, central bank says
Europe must strengthen money-laundering controls – EU agencies
Firms fail to properly implement AML/CFT policies, two-thirds of European national regulators say
Carstens agrees to stay at Bank of Mexico until December
Following a meeting with the Mexican president and finance minister, the governor will stay until end-November; BIS board approves the arrangement with general manager Caruana to stay until December
Sri Lankan governor appears before inquiry into alleged fraud
Critics allege malpractice involving firm owned by former governor’s son-in-law; local media report officials also worried by severe drought
BoE unlikely to predict next financial crisis, says MPC member
BoE MPC members grilled by MPs in forecasting models and past errors; Vlieghe says current models are just not good enough
People: Riksbank’s Nessén takes on new advisory role; Albizu retains CMCA chair
Riksbank’s head of monetary policy takes on new board advisory role; Dominican governor reappointed by peers to serve as the CMCA’s chairman for another six years; and more
Nigeria’s central bank rolling back forex restrictions
Allocation rules are scrapped under the new regime, while all forex dealers must open outlets at airports to aid travellers; additional forex is to be made available for tuition and medical expenses
Banks fear fresh burden from new EU branch supervision plan
EBA insists enhanced supervision of largest branches will not bring additional requirements
IMF warns Bank of Mongolia against fiscal financing
Latest round of funding contingent on central bank making changes, mission chief says; support provided to help government deal with bond default, but fiscal changes must be made
Fed’s Mester says public should not hold policymakers to ‘unrealistic account’
Monetary policy cannot and should not be used to spur productivity growth, says FOMC member; unwinding of Fed’s mortgage portfolio may help guard it against calls to enter the realm of fiscal policy
Kuroda flags need for better network of emergency forex liquidity
Bank of Japan governor warns network of swap lines among major central banks may not be enough as systemic banks reach into a broader set of regions
Seychelles to demonetise old 100- and 500-rupee notes
Improved security features need to be “put to best use”, says the central bank; the general public have until June 29 to spend or exchange the old banknotes
Norway’s Olsen warns of dangers of dipping too deeply into oil fund
Norges Bank governor says risk of a sharp decline in the fund’s value becomes much greater if the government increases its oil revenue spending