News
Asia CCPs unlikely to fully comply with Iosco before end-of-2012 deadline
New levels of complexity and ongoing regulatory framework discussions mean full compliance with Iosco’s new principles is unlikely before the January 1, 2013 deadline
Bank of Namibia ‘inundated’ with scam complaints
Central bank worried by reports of a number of suspicious business offers; cautions members of the public to avoid any schemes that appear to be in contravention of the Banking Institutions Act
Ukrainians encouraged to hold savings in national currency
Director of National Bank of Ukraine’s Monetary Policy Department promotes hryvnia for savings purposes; tells public currency is sound and highlights uncertainty surrounding other currencies
IMF calls for further action to repair Spanish economy
Article IV report praises ‘major policy actions’ by Spanish government, but says further efforts must be made; Fund also encourages progression of European measures
Kosovan central bank launches sting operation on unlicensed financial institutions
Two locations investigated for conducting unlicensed financial activity; materials and equipment seized after fast-moving process
Bank of Japan nominates new stand-in chairman
Ryuzo Miyao designated to take on role of chairman if governor and both deputies are ‘prevented from attending to their duties’; replaces Seiji Nakamura, who left the central bank in April
Laos central bank ignores IMF advice
IMF delegation again recommends increase of reserve requirements for banks; Bank of the Lao PDR says it will not make the change yet
Portrait of Eva Peron to appear on Argentine banknote
Argentine president decides Evita Peron will be first female to feature on Argentine banknote; commemorative issuance at first with plans for image to appear on all 100 peso notes
Questions raised over new Central Bank of Tunisia governor
Chedly Ayari replaces Mustapha Kamel Nabli as central bank governor; fears surface over his suitability for the role due to age and connections to former government
BoJ’s Shirakawa urges cautious acceptance of financial innovation
Masaaki Shirakawa says innovative use of futures trading could create benefits for the wider economy; says this must be carefully controlled by implementation of Basel III rules
ECB reports decline in card fraud
First oversight report of card payment schemes in Sepa shows decline in fraud since 2007; lauds technological advances including chip and pin use for increasing the security of transactions
Bank of Italy ends twinning programme with Bank of Albania
Guidance project between Italian, French and Albanian central banks comes to an end; final results due in October 2012
Malawian governor unapologetic for reform pain
Charles Chuka says ‘when you mess up you pay the price’ and vows to plough on with economic reforms; blames past overvalued exchange rate for country’s problems
Basel Committee releases interim rules for CCP capital requirements
Interim rules update Basel II capital requirements framework for banks exposed to central counterparties; rules may still be adjusted as other elements of Basel III are finalised
Bank Indonesia prepares payment systems for Eid
Indonesian central bank mounts campaign to get enough cash into the system prior to Eid celebrations; confident payment demands will be met
Central banks hold rates amid continued uncertain outlook
Central banks in Hungary, Israel, Mexico, Nigeria and Thailand maintain benchmark interest rates, citing fragile global economy; domestic growth prospects vary
ECB lambasts Hungarian financial transaction tax
European Central Bank accuses government of hindering National Bank of Hungary's independence by imposing transaction tax; also blasts failure to properly consult on the plans
Dubai authorities warn of scam using UAE central bank’s name
Fraudsters using official headed paper to send letters asking for money; correspondence claims to represent the Central Bank of the United Arab Emirates
UK FSA chairman slams past regulatory mistakes
Adair Turner highlights ‘dangerous institutional underlap’ prior to financial crisis; sets out steps to improve regulation, but says bank management must also change
Tunisian government under fire for sacking central bank governor
Rating agency declares decision to remove Mustapha Kamel Nabli from post ‘credit negative’; loss of well-respected central bank chief threatens institution’s independence, says Moody’s
Vietnam unveils leadership board for new FSAP
State Bank of Vietnam reveals people selected to lead the country’s first Financial Sector Assessment Programme; in-depth analysis will be used by the IMF in surveillance work
RBA’s Stevens confident Australian growth will continue
Reserve Bank of Australia governor discusses factors behind Australian growth outperforming other advanced economies; argues country’s economic position likely to remain strong
Indonesia enters China interbank bond market
Bank Indonesia and People's Bank of China reach agreement allowing Indonesian central bank access to China's interbank bond market; part of Chinese strategy towards internationalisation of the yuan
Sarb annual report notes ‘pedestrian’ growth days after rate cut
Annual economic report shows South African output ‘losing some momentum’ in 2012; follows 50bp rate cut by central bank