News
Central Bank of UAE enhances security features in banknotes
Fifty dirham note reprinted to include new colour-shifting thread; rest of design to remain the same
Fault found in new Namibian banknotes
Bank of Namibia investigating ‘cracking’ in new banknotes; asks public to handle currency with 'care and pride' and use wallets to limit damage to notes
ADB economist moots idea of common currency in Asia
Principal economist at Asian Development Bank says common currency possible in ‘long run’; panellists outline possibilities for greater Asian economic integration
Asian central bank reserves surpass optimal levels, says IMF’s Zavadjil
Reserves held by Asian central banks are rising past optimal levels even if cover for longer-term foreign fund and FDI ouflows are added to import and short-term debt coverage metrics, says IMF expert
World Gold Council says disinflation may support gold demand
Statistical commentary argues gold price may increase due to disinflation; says current economic environment ‘supportive’ of gold demand
Central bankers discuss cooperation in times of crisis
Fed’s Duke and ECB’s Cœuré offer thoughts on pros and cons of central banks working together during periods of economic turmoil; both take the chance to defend their institution’s actions
UK Treasury proposes payments regulation overhaul
Government sets out options for changes to payments regulation in UK; favours creation of new ‘Payments Strategy Board’ to monitor industry and make recommendations
ECB governing council approves T2S board members
Board includes members from several eurozone central banks; chairman of temporary board in place during development phase reappointed to take the project forward
People’s Bank of China promotes assistant governor
People’s Bank of China bulks up senior management team; adding second new deputy governor in as many months
IMF urges UK to take further measures to promote growth
Staff report on UK Article IV Consultation urges policy-makers to act in order to boost ‘flat’ economy; says fiscal tightening may need to be eased next year
Central Bank of Barbados challenges rating downgrade
S&P lowers Barbados’s sovereign credit rating triggering angry response from central bank; says it is ‘manifestly’ not the case that debt risk has increased
Mersch gets green light from ECB to join executive board
European Central Bank’s governing council delivers opinion on appointment of Luxembourg candidate to top board; process of Yves Mersch’s selection still far from complete
RBI shuns foreign investors and derivatives in favour of structural ALM, says former deputy governor
Shyamala Gopinath believes market structure and regulation can be used to create ‘natural’ asset and liability management; approach is superior to managing risks with financial hedges
New Zealand selects new central bank board member
Finance minister appoints academic as board member at the Reserve Bank of New Zealand; brings group to maximum capacity
Ecuadorian governor injured during bullfight
Pedro Delgado suffers severe ankle injury at a bullfight; was immediately hospitalised following the incident at a ranch near Machachi
Former Bank of England MPC member blasts QE dissenters
David Blanchflower says Spencer Dale and Ben Broadbent were 'on another planet' when they voted against an increase to the asset purchase programme; minutes of July MPC meeting show 7:2 split
Spanish governor admits central bank’s failings
Luis Linde addresses past errors made by the Bank of Spain with regard to supervision of the financial system; says hindsight would mean a different approach to counter-cyclical provisioning
National Bank of Serbia governor refuses to resign
Dejan Šoškić’s governorship allegedly under threat from new Serbian government; defends position saying 'there is no reason for me to resign'
Eurozone crisis at 'critical' stage, says IMF
International Monetary Fund stresses need for completion of monetary union and sets out three vital common elements to create banking union; ECB’s Asmussen echoes thoughts on vital need for union
Bank of Canada holds rates steady
Governing council decides to keep benchmark rate at 1%; says modest tightening of monetary policy may be justified if recovery continues
Bernanke blames Europe and fiscal cliff for stalling recovery
Chairman of the Federal Reserve says two main risks to economic improvement in the US are eurozone woes and looming fiscal cliff; urges lawmakers to act promptly
Bank of Israel unveils proposals to increase banking competition
Interim report sets out numerous measures to increase competition in Israel’s banking sector; says banking suffers from high concentration and low efficiency
NY Fed failed to share Libor low-balling fears with BoE, says King
Governor of the Bank of England says NY Fed did not pass on anecdotal evidence of Barclays’ manipulation of Libor submissions; says recommendations for reform were not a warning of trouble
Luxembourg nominates new central bank chief
Replacement must be found for Yves Mersch before he moves to European Central Bank; new director-general nominated from finance ministry