News
Norway’s sovereign fund acquires its first Asian real estate
Norges Bank recommended in November the fund should abandon equity investments in oil and natural gas
Brazilian policy rate at lowest level in 30 years
Copom expects inflation to fall to 2.9% this year
Italian central bank launches fintech initiative
New communication channel will allow firms to directly engage with the central bank
Eurozone must improve management of national cash cycles, paper argues
Researchers find wide variations between cash quality in eurozone countries
European Commission proposes creating a European Monetary Fund
The new EU institution would replace the European Stability Mechanism in 2019
BoE seeks to enhance stress-test model oversight
Prudential Regulatory Authority to enforce new stress-test model principles in 2018; smaller banks asked to tailor them to their operations
Greek governor attacks ‘politically motivated' accusations
Parliamentary audit cleared Stournaras of failing to disclose assets, Bank of Greece says
People: Fiji appoints deputy; Commission proposes new SRB chair term
Esala Masitabua will become deputy governor in Fiji on January 1, 2018; European Commission proposes extending Elke König’s mandate as chair of the SRB; and more
Change in fees could lead to ATM ‘deserts’ – MP Nicky Morgan
Chair of UK Treasury committee concerned that changes to ATM networks could threaten financial inclusion as cash continues to be important to 2.7 million people
Portuguese finance minister named new head of Eurogroup
ESM manager praises Mário Centeno as a “passionate economist”
Diversified export markets may offset Mexican Nafta showdown
Bank of Mexico sees a failure to renegotiate the trade deal as the biggest risk to the economy
More easing next year if inflation does not pick up – RBNZ
Global supply chains, the rise of China and the digital economy led to a low traded-goods inflation
Venezuela to launch cryptocurrency as cash crisis continues
New cryptocurrency will be backed by Venezuela’s oil reserves and other raw materials; new ‘blockchain observatory’ has responsibility for oversight
BIS top body poised to approve Basel III
The GHOS meets on December 7, and all signs indicate it will finally give Basel III the green light
Richmond Fed appoints McKinsey executive its next president
Tom Barkin will serve as a full FOMC member as of 2018
Russian central bank closes two more banks for malpractice
Smaller banks will be able to operate with “basic licences” from 2018, Nabiullina says
Asian banks vulnerable to fintech disruption, report finds
Banks reliant on transaction fees will struggle to compete with fintech firms who will offer cheaper alternatives; banks in HK, Korea and Singapore all at risk
Fed hikes have created ‘paradoxical’ easing – BIS
Review draws parallels between current episode and “Greenspan conundrum” of mid-2000s
Doubts cast on Europe’s IFRS 9 transition period
Dynamic transition viewed as too complicated for banks to use or investors to understand
Malaysian inquiry calls for investigation of former PM – local media
Some local media attack inquiry as politically motivated after criticism of current leader
FSB consults on bail-ins and funding during resolution
Consultations seek to unpick the operational complexities of implementing resolution regimes
Digital currencies may foster competitiveness in retail payments, research finds
But central banks should be cautious and implement non-anonymous models to preserve security
Income convergence in eurozone faltered before euro, research finds
Strong financial cycle concealed lack of productivity growth since 1990s in Spain and Italy, implying euro may not be to blame
Bank Indonesia expands reserves averaging mechanism
Bank Indonesia to extend the scope of its reserve requirement averaging mechanism to include foreign currency and Islamic banks