News
Thailand relaxes capital controls
Bank of Thailand announces measures to make it easier for residents to invest abroad and for foreigners to trade bahts
Bundesbank’s Dombret wants more ‘proportional’ supervisory teams
Executive board member says the joint supervisory teams in Europe should be proportionate to the size and significance of the banks they supervise
Australian dollar jumps despite RBA rate cut
Australian central bank cuts benchmark interest rate to 2%; governor Stevens says currency depreciation 'necessary' amid falling terms of trade
Early contenders emerge as Irish governor announces departure
Central Bank of Ireland governor announces intention to retire later this year, with a handful of names already surfacing as possible successors
Japan shows signs of inflation rebound
Inflation creeps back into positive territory after hitting zero in February, as research by the Bank of Japan suggests inflation may have moved to a new, higher trend
Argentina cabinet chief rejects analysis in IMF report
Argentina needs ‘tighter macroeconomic policies, a weaker exchange rate and less microeconomic distortion,’ argues IMF outlook; cabinet chief dismisses analysis
Fed’s Mester calls for more work on monetary policy and financial stability nexus
Loretta Mester sets out three priorities for research on the consumer credit markets in the United States at conference in Philadelphia
IMF encourages Tonga to adopt ‘reference rate’ for inflation
IMF recommends the National Reserve Bank of Tonga adopt a reference rate of 3.5%; central bank says it needs to analyse the appropriate level before making the jump
MAS designates seven domestic systemically important banks
The Monetary Authority of Singapore has identified seven systemically important domestic banks, which will have to locally incorporate their retail operations and meet higher capital requirements
Smaller China banks opt for internal credit risk modelling
Regulation and a rise in bad loans drive small and medium-sized banks to reassess their approach to credit risk management
Central Bank of Timor-Leste launches e-payments network
The ‘highly secure private interbank data network’ allows electronic payments to be made and received between any individuals or companies on the same day
BIS economists say investor behaviour key to understanding EM challenges
Hyun Song Shin and Philip Turner consider implications of shift in financial intermediation for emerging markets; part of wider Banque de France review on the subject
Bank of Japan cuts inflation forecast
BoJ retains asset purchases at current levels and says underlying inflation is rising steadily; expects to hit target in second half of 2016
Bank of Spain remodels in light of SSM
Executive commission approves a new structure for bank resolution and regulation, as well as changes to the central bank’s cash management functions
Norway’s oil fund boosted by market rally and weak krone
Fund returns 5.3% in the first quarter, a new record in krone terms, led by strong equity returns and weak currency; fund continues to use clout to encourage ethical decisions by firms
Bank of Mexico delivers $2 billion surplus to the government
The 12.4% depreciation of the peso against the dollar in 2014 had a positive impact on the Bank of Mexico reserves, allowing the central bank to deliver a $2 billion surplus to the government
Riksbank ramps up QE
Asset purchase programme doubled but unexpected rate hold sees krona move higher; Riksbank highlights both signs of recovery and rising financial stability risks in new monetary policy report
PBoC chief economist dismisses talk of QE
Ma Jun addresses rumours central bank is looking to acquire municipal bonds as collateral in an LTRO-like move to lower financial risk and increase liquidity
Azerbaijan to legislate central bank recapitalisation
Parliament prepares draft law to recapitalise Central Bank of Azerbaijan after foreign exchange losses leave balance sheet in the red
Greek municipalities’ union delays cash transfer to central bank
The Greek government will not be able to tap the municipalities’ funds to pay the IMF until their demands are approved in parliament
Norges Bank’s Olsen backs ‘leaning against the wind’
Øystein Olsen presents evidence in favour of using monetary policy to lean against financial imbalances, which he says smooths inflation and output in the long run
People: Malaysia appoints assistant governor; BoJ board member approved
Bank Negara Malaysia names Mohd Adhari Belal Din as assistant governor, while Marzunisham Omar takes office at the IMF; Japanese government approves Yutaka Harada as BoJ board member
Belgian central bank embraces responsive design with new website
National Bank of Belgium launches new website with cleaner design and upgrades its statistical database, while wider central banking community look to improve online presence
Emerging markets close in on Basel III completion
Latest Basel Committee progress report shows most jurisdictions have moved significantly closer to full Basel III implementation, with emerging markets making particularly rapid progress