News
Kim succeeds Shirakawa as chairman of BIS Asia council
Bank of Korea governor Choongsoo Kim named chairman of the BIS Asian Consultative Council
State Bank of Vietnam forms payments advice board
New board will advise central bank governor on payments issues; will conduct research and make proposals for ways to improve Vietnamese systems among other duties
BoE’s Dale says further easing carries ‘potential risks’
Spencer Dale recognises role monetary policy steps have played in stabilising UK economy, but warns further quantitative easing could come with drawbacks
Central banks launch joint investigation into Libor scandal
Economic Consultative Committee announces examination of reference rates used in financial markets; market will be consulted
Bank of Lithuania approves guidelines on financial services advertising
New guidelines aim to improve the quality and information content of financial advertising; central bank warns against ‘aggressive and non-informative’ adverts
Irish governor says senior creditors must take share of losses
Patrick Honohan wants the losses of failing banks to be shared with senior creditors; says governments’ rescue options are limited when debt is socialised
Hungary rejects leaked conditions for IMF programme
Viktor Orbán says Hungary will not comply with requirements for IMF-EU programme; leaked list includes elimination of controversial transaction tax applied to National Bank of Hungary
Swiss franc expected to retrace its fall as ECB news sinks in
The euro rallied against the Swiss franc for the first time in six months after yesterday’s announcement of new measures from the ECB, but FX strategists expect it to fall back towards 1.20
New Zealand’s Bollard reveals next move
Outgoing governor of the Reserve Bank of New Zealand announces his next job; leaves central bank after 10 years as chief
Bundesbank starts foreign reserve operations in Tokyo
German central bank upgrades Tokyo representative office on 25th anniversary to full trading office; starts trading in Asian timezone to lower costs and gain information edge
ECB unveils details of bond purchase plans
Mario Draghi sets out plans for European Central Bank to buy debt of ailing eurozone economies; questions remain over impact
BoE keeps monetary policy steady
Bank of England holds interest rate and leaves QE programme at previous level; asset purchases expected to be complete in two months’ time
Sarb reveals details of new banknotes
South African Reserve Bank initiates national campaign about introduction of new banknotes; currency bearing image of Nelson Mandela will be in circulation by end of year
Norway releases coin to mark anniversary of suffrage
Norges Bank issues special edition coin on 100th anniversary of introduction of voting rights for women; competition winner designed reverse of coin
Tributes to the governor that never was (Andrew Crockett, 1943-2012)
Bank of England, BIS and IMF heads pay respects to policymaker Andrew Crockett, who died this week. Crockett described as the governor ‘that never was’ and the ‘midwife’ to the HKMA
Kenya central bank slashes rates as others hold ahead of ECB decision
Positive developments in economy lead Kenyan central bank to make large rate cut as central banks in Australia, Canada, Israel, Thailand and Poland all keep rates on hold ahead of ECB decision
HKMA moves to improve retail payments system
Hong Kong unveils a three-pronged approach to improve payments system; targets transfers denominated in renminbi as well as the Hong Kong dollar
Central banks are major driver of gold prices, says GFMS
Latest Thomson Reuters GFMS gold survey finds central banks are supporting gold prices via large purchases; adverse economic climate and quantitative easing also contributing to price increase
Central Bank of Nigeria rebuts ‘false rumours’ on currency plans
Statement by Nigeria’s central bank attempts to correct ‘dangerous misrepresentations’ about currency restructuring; denies accusations new 5,000 naira banknote will be costly and cause inflation
Central Bank of Myanmar embraces radical overhaul
Central bank close to securing operational independence and staffing needed to manage monetary policy and foreign exchange; aggressive banking, payments and capital markets reform on its agenda
Moody’s changes EU credit rating outlook to negative
Credit rating agency says move reflects alterations to rating outlooks for core eurozone countries; all eyes on ECB for rate decision later this week
Sarb chief economist announces early retirement
Monde Mnyande leaves South African Reserve Bank after 17 years of service; served on MPC and Financial Stability Committee
Spain’s Frob reveals first tranche of funding for Bankia
Fund for Orderly Bank Restructuring agrees on initial bailout funds for BFA-Bankia; concerns raised over whether speed of recapitalisation will be sufficient to restore confidence
RBA holds rate as global growth softens
Stable inflation, close to target domestic growth and 'subdued' international economic picture lead Reserve Bank of Australia board to leave benchmark rate at 3.5%