News
Central Bank of Argentina promises to allow importers access to dollars
After three days of refusing all requests for dollars from domestic companies looking to finance imports, the Central Bank of Argentina promises to start gradually opening the tap
G-20 leaders plan to scrutinise reform efforts
Leaders reaffirm commitment to reforms designed to raise global growth two percentage points and agree ‘robust monitoring framework’; OECD says reform progress has been patchy
BoJ nominee Harada: monetary stimulus, fiscal discipline
A review of Yutaka Harada’s published papers and articles reveals the Bank of Japan Policy Board nominee is likely to favour more stimulus from the central bank and less from the government
Irish central bank targets consumer-first culture
New report from the central bank reveals focus on culture within the financial industry; head of consumer protection tells Central Banking about the institution’s plans
National Bank of Angola to ‘coerce’ banks into parting with their dollars
Angola’s central bank will intervene when banks deny dollars to their customers, in the face of a shortage of foreign currency due to plunging oil prices
BIS sees cross-border liquidity reverting to historical trend
Latest global liquidity indicators show low volatility combining with rapid cross-border credit growth; researchers challenge simple supply and demand theory of oil-price slump
FOMC forward guidance adds to 'market confusion', say leading US economists
The Fed lacks 'clearly formulated' normalisation strategy, paper to be published by Central Banking argues; calls for adherence to 'disciplined inflation targeting rule'
Dallas Fed report calls for better understanding of global finance
Globalisation annual report urges monetary policy-makers to take account of global financial flows and seeks a better understanding of interdependence
Greenspan: Eurozone could collapse without political union
Former Fed chair Alan Greenspan says it is ‘very difficult’ to imagine the eurozone remaining intact without political union, while it is ‘just a matter of time’ before Greece departs
Danish central bank prepared to cut rates further in defence of peg
‘We haven’t yet found any absolute lower bound' for the deposit rate, Danish governor tells Central Banking, but acknowledges potential for strain on payments system
Belarus eyes policy overhaul
National Bank of the Republic of Belarus says it will exercise ‘tight control’ over the money supply in an effort to shackle inflation; questions over where this leaves exchange rate peg
Good data vital for effective financial inclusion policies
With the World Bank soon to release the first update to its global financial inclusion database, Central Banking speaks to the Alliance for Financial Inclusion on the importance of good data
People: IMF names new deputy; Brazil in line for two as well
Christine Lagarde wants to appoint an adviser of the Japanese government as deputy managing director; Brazil’s central bank governor proposes two new deputies in a reshuffle; and more
Chan welcomes code of conduct for Hong Kong bankers
HKMA chief executive praises stricter code of conduct, which seeks to improve banking culture, promote competition and protect consumers
Denmark cuts deposit rate for fourth time in three weeks
Governor Lars Rohde says central bank will defend peg to euro ‘for as long as it takes', adding there is ‘no upper limit' to FX reserves as key rate is cut to -0.75%
Ukrainian hryvnia drops 30% after central bank action
Currency in freefall after National Bank of Ukraine scraps subsidised forex auctions and simultaneously increases its key discount rate by 550bp
ECB’s collateral move adds pressure to Greek negotiations
Decision to cease accepting some Greek debt as collateral two weeks earlier than necessary turns banks toward ELA and adds pressure to political negotiations
Pakistan targets automated cash management in five years
State Bank of Pakistan aims to automate cash management and urges commercial banks to follow suit; deputy governor says it will help ensure only clean and genuine notes circulate
Meltzer accuses Fed of three ‘major’ errors
Writing in the Central Banking Journal, Allan Meltzer argues the Fed continued QE for too long, while relying too heavily on ‘noisy’ data and too little on monetary and credit aggregates
IMF: Pan-African banks pose oversight challenges
Report highlights need to reconcile regional and national interests in currency unions in the continent to ensure effective regulation and supervision
Impact study postponed for Basel rate-risk project
An impact study for a Basel Committee proposal on the standardised regulation of banking book interest rate risk has been pushed back. Regulators blame the delay on banks' IT constraints
Bank of Estonia selling manor estate for €2m
Maardu Manor, which dates back to the fourteenth century, has been placed on the market after being deemed an unsuitable property for the central bank to own
PBoC takes action against tighter liquidity
Cut in reserve requirements seen as effort to ease liquidity due to lunar new year and capital outflows, but may do little more than offset a growing shortage
Prasarn dismisses threat of deflation as headline rate goes negative
Thai governor pens letter to finance minister after headline inflation falls to -0.4% in January; IMF sees ‘scope for further easing' as two MPC members dissent on rate hold