News
Carney says BoE can stay independent in face of globalisation
BoE governor says global factors ‘influence but do not dictate’ policy in speech at Jackson Hole; other economists argue central banks should do more to set policy with global dynamics in mind
Fischer upbeat on US inflation outlook at Jackson Hole
Fed vice-chair Stanley Fischer says there is ‘good reason’ to believe inflation will move higher as impact of rise in dollar and fall in oil prices dissipates
Argentine reserves spared as US court overturns ruling
Central bank will not have to pay creditors out of its reserves, US appeals court rules, although the decision is not meant to allow Argentina to ‘continue shirking’ its debts
Case for higher inflation targets takes a knock at Jackson Hole
Thomas Jordan warns higher inflation ‘likely to be associated with considerable costs’ in longer run; academics see little benefit in the Federal Reserve targeting 4%
New Zealand's colour-changing banknote feature hailed as world's first
A colour-shifting bird within a holographic window is main new security feature of the country's first banknote series in 16 years
EAC officials highlight exchange rate pass-through concerns
Both central banks wary of potential for domestic inflation to increase in face of depreciating currencies; concerns over impact of external environment raised in EAC member statement
Fischer watched for rate views as Jackson Hole concludes
Symposium at Kansas City Fed closes with panel discussion featuring Carney, Constâncio, Fischer and Rajan on Saturday; one early session considers ‘international price system’
Ukraine central bank awaits wider regulatory powers
Ukraine’s central bank has achieved significant reforms of the banking sector, but needs a draft law to pass to gain the power necessary to regulate the non-bank sector, World Bank analyst says
Indian central bank targets stronger rate transmission
Reserve Bank of India sees improvements in transmission of policy to money markets, but looks to strengthen credit channel as it transitions to inflation targeting framework
RBNZ cuts number of interest rate decisions
Starting next July the Reserve Bank of New Zealand will take three-month summer break from monetary policy announcements; ‘clear rule' to replace ‘long-running pattern' for release dates
Irish central bank restructures monetary policy department
Central Bank of Ireland will appoint two new senior members of staff in the process; one analyst suggests the changes will help sustain contributions on European stage
SNB launches interactive ‘data portal’
Central bank plans to release larger volumes and more detailed data in future, after launching an online database to help users find and manipulate the information
Ukraine strikes debt restructuring deal with main creditors
Agreement would see creditors accept 20% nominal haircut on $18bn worth of debt; finance minister and IMF head hail agreement and stress need for support among bondholders
National Bank of Denmark calls end to crisis measures
Central bank has moved from buying to selling foreign exchange in recent months, opening up room to return deposit limits to more normal levels and re-start government bond issuance
People: Chicago appoints first vice-president, Ukraine adds deputy to deposit fund
Chicago Fed announces Ellen Bromagen as first vice-president and COO; changes at Ukraine’s deposit guarantee fund result in appointment of new deputy managing director; and more
PBoC sets daily RMB fix at four-year low
Central bank move comes two days after China premier said currency was at ‘equilibrium'; one analyst expects ‘more depreciation down the road'
Hungary aims to implement LCR ahead of schedule
Announced timetable is quicker than the minimum outlined in Basel III and the accelerated timetable agreed under the capital requirements directive
China's premier says renminbi at ‘equilibrium’
Li Keqiang plays down the risk of further renminbi depreciation, suggesting it will be ‘kept basically stable' at the prevailing rate in a move that may offer relief to hard-hit emerging market currencies
Turkish central bank eyes return to normality
Central bank plans to return to a simpler, more conventional monetary policy framework, but politics may yet get in the way
RBI looks to ‘disruptive innovation’ to boost inclusion
Granting licences to 11 payment banks is the next step in a ‘payments revolution’ in India that should increase financial inclusion, deputy governor says, although not all technologies are benign
Jin Liqun aims for ‘strong culture’ at AIIB as he is named president-elect
Asian Infrastructure Investment Bank set to be launched before the end of 2015; head of interim secretariat Jin Liqun selected as ‘president-designate’ at meeting in Tbilisi, Georgia
South African central bank open to currency intervention
Chinese devaluation stokes fears of further currency falls in economy vulnerable to exchange rate shifts
Kazakh central bank moves to stabilise banking sector
Central bank launches plan to compensate depositors hit by collapse in value of tenge, as banks reliant on external funding run into problems
Lockhart still expects rate hike this year
Atlanta Fed president still expects Fed to start tightening ‘sometime’ this year but market expectations of a September hike have fallen