News
Bank of Canada wants national citizen to succeed Carney
Legislation dictates governor must be a Canadian citizen; advert for new governor released publicly on central bank website
Krugman adds lustre to $1 trillion coin plan
Proposal to mint a $1 trillion coin to avoid 'fiscal cliff' in US wins Krugman backing and Republican opposition
Filipino deputy gears up for legal battle
Central Bank of the Philippines deputy governor clashes with local businessman over accusations of money laundering
Bank of Portugal suspends staff holiday pay
Board of directors voluntarily waives own holiday pay and cancels that of its staff; board members also agree to take a pay cut for the fourth consecutive year
Fed’s Bullard blasts ‘fiscalisation’ of ECB
James Bullard defends central bank independence while criticising the European Central Bank for mixing monetary and fiscal policy in its outright monetary transactions
Basel eases final LCR rules but struggles with NSFR
Group of Governors and Heads of Supervision endorses relaxed phase-in rules for final liquidity coverage ratio but the proposed net stable funding ratio looks set to present further problems
Sarb hires head of new international relations department
Legal professor Daniel Bradlow will lead a new department at South African Reserve Bank designed to co-ordinate and direct its participation in international forums
OCC denies swaps push-out protection to non-US banks
Foreign banks have until July to push out derivatives activities after OCC guidance repeats Dodd-Frank drafting mistake
Nishimura wants change in macro-prudential focus
BoJ deputy governor says financial regulation should work counter-cyclically against demographic expansion to avoid fuelling property bubbles
Central Bank of Iceland suspends its foreign currency purchases
Iceland's central bank seeks to mitigate an ‘undesirably large’ depreciation of the Icelandic króna
Fed could stop asset purchases ‘well before end of 2013’
FOMC members express concerns over costs of quantitative easing as the Fed’s balance sheet expands; most members see purchases ending within a year
Bank of Lithuania axes quarter of staff
Lithuanian central bank completes process of streamlining main operations under four branches; cuts 195 employees during the course of a year
IMF tightens rules on money laundering surveillance
New IMF policy document introduces mandatory reporting on money laundering where it represents a risk to financial stability; Vatican sanctioned over failures in money laundering safeguards
Stiglitz slams ‘unconscionable’ central bank independence
Economist Joseph Stiglitz attacks central bank independence, saying conflicts of interest and recent interventions amounting to fiscal policy are unjustifiable for a non-elected body
RBI report condemns ‘excessive’ gold demand
Reserve Bank of India working group recommends gold imports are reduced to protect the country’s balance of payments and currency reserves
US thrashes out partial solution to fiscal cliff
US government reaches agreement that postpones and reduces fiscal cliff; measures unlikely to have significant impact on Fed policy, some observers say
Central Bank of Egypt grapples with falling currency
Egyptian pound continues fall after currency auctions by central bank; follows rating downgrade as concerns raised over impact of political turmoil and weakening economy
Central Bank of Bosnia and Herzegovina names new vice-governor
Ernadina Bajrović will serve a four-year term and will be responsible for administrative and financial operations
IMF figures show fall in euro’s share of foreign exchange holdings
Euro-denominated foreign exchange reserve currency claims fell by $8.19 billion in the third quarter of 2012 as developing nations diversify their holdings
Eurozone periphery begins latest bank repairs
Spain injects a total of €37 billion into four weakest banks; Greece estimates backstop facility requirements at €50 billion of public funds
Restrictions on Sri Lankan banks relaxed
Foreign exchange trading limits on Sri Lanka’s commercial banks relaxed by central bank as country pursues ‘second wave’ of growth
RBI shakes up management roles as deputy departs
Duties of Reserve Bank of India governing board reshuffled as deputy governor Subir Gokarn’s term expires; new executive director appointed
Central Bank of Ecuador governor resigns
Pedro Delgado resigns after admitting he does not hold a degree in economics, according to local media reports
Central banks downsize in 2012
Number of central bankers falls by 1,500 to 471,000 in 2012; continues five-year trend of shrinking staff