News
Ballerina gives BoE a lesson in transformation
English National Ballet’s artistic director draws lessons from a controversial process of modernisation at her institution, in conversation with Andy Haldane
Reserve Bank of Tonga makes further tweaks to exchange controls
Reserve Bank continues to relax exchange controls, removing monthly limits and some identification requirements; IMF says central bank making progress
ECB gives green light to Italian recapitalisation law
ECB raises no objection to decree but other obstacles may remain
Charlotte Hogg to replace Shafik at BoE
BoE’s COO steps into new combined deputy governor and COO role; Minouche Shafik to move to post at the London School of Economics
Fed officials emphasise risks despite improving outlook
“Risk management” approach to policy needed despite improving outlook, say Evans and Kashkari; Bullard notes balance sheet adjustment also an option for tightening
PBoC issues second warning to bitcoin exchanges
Nine platforms told to enforce AML and forex regulation if they are to continue operating within China; bitcoin price holds firm against news
UK’s PRA fines Japanese banking group for withholding information
Two arms of banking giant MUFG fall “significantly short” of regulators’ expectations, resulting in fines totalling £26.8m
Esma sets out risks and benefits of DLT
Market participants should reach “clear decision” on use of technology, watchdog says
IMF gives thumbs up to Indonesia’s new monetary operating framework
Interest rate corridor and switch to new policy rate has improved monetary policy transmission, early data shows, but further reforms could strengthen framework further
RBI highlights bad debts as it holds rates
Surprise hold as committee sees “very sticky” core prices and global effects; central bank may create a ‘bad bank’ to tackle NPA problem
Bank of Russia sets up two new regulatory departments
Responsibilities include administration regimes, managers’ qualifications and external audit
Philippines central bank enforces virtual currency regulation
Exchanges will have to apply for certificate of registration and implement specific risk management framework; central bank imposes transaction limit
Ukrainian central bank protests over senior official's arrest
Move comes amid political attacks on NBU governor Gontareva
Fed paper flags risk of low rates misallocating capital
Where firms rely heavily on intangible capital, lower rates could harm firms’ investment and contribute to secular stagnation, economists warn
Future of Greek austerity divides IMF board
Some directors dissent from call to reduce mid-term primary surplus target
Graeme Wheeler to stand down this year
RBNZ governor will not seek a second term; deputy to take interim role as succession process complicated by elections
Angola disregards IMF advice on exchange rate overhaul
Angolan authorities disagree with IMF over suggested exchange rate framework changes but agree to a banking sector clean-up
Some credit unions don’t vet senior staff – Irish central bank
“Fitness and probity” requirements are not being followed by all unions, the report says
Draghi: eurozone ‘bad bank’ would not be ‘panacea’ for NPLs
ECB president also rejects criticisms made by the US president’s trade adviser
Fed unveils stress scenarios under revised testing approach
Tests now include model enhancements, new phase-in methods and lighter requirements for some banks; the severe scenario has been turned up a notch
National Bank of Poland to release new highest value banknote
500-zloty note will enter circulation on February 10 and be the last of the new series, which was first announced in 2014
Kazakhstan’s Akishev sets sights on lower inflation
Governor hails success with inflation targeting and says central bank now plans to push inflation even lower; NBK also working on new banking supervision framework
US congressman: Yellen must stop international negotiations
Fed must allow President Trump to appoint new officials, Republican lawmaker says; calls for “fundamental review” of Basel III and other recent accords
BoJ acts to thwart pressure on yields
Central bank commitment to yield curve control faces first serious test; BoJ launches unlimited purchases to hold yield down