News
PBoC to accelerate reform process in 2015
Chinese central bank signals more financial reforms and a faster opening of financial markets in 2015; focus on ‘prudent’ monetary policy but more stimulus a possibility
Sri Lanka governor tenders resignation after new president sworn in
Ajith Nivard Cabraal announces wish to step down midway through term following ‘shock' elections; deputy says reason is to avoid 'conflicts' with finance ministry
Reserve managers shun the euro, IMF data shows
International Monetary Fund data from the third quarter of 2014 shows a significant hit to euro reserves following negative interest rates
SNB expects profit of $39 billion for 2014
Foreign currency positions responsible for most of the profit for Swiss National Bank, which increased its forex reserves by 7% in December following exchange rate pressure
Central Bank of Venezuela grants exchange rate boost to state oil company
Venezuela's state-owned oil company can now sell its dollars from certain export contracts at the highest exchange rate in the country; president hints at exchange rate reform
Riksbank ready to launch new measures ‘at short notice'
Swedish central bank prepared to launch unconventional measures in February, minutes reveal; board member says currency interventions inappropriate as other countries struggle
Uruguay central bank president replaced with predecessor after one year in job
Mario Bergara handed second term as central bank president; he first held the post between 2008 and 2013 and replaces Graña after just a year in the job
BoE wartime minutes show sharp contrast between Court of then and now
Minutes from 1914-1946 show an evolving Court of Directors, but one radically different from today; the latest release covers both World Wars and the Great Depression
Fed signals rate hike despite drop in inflation
Minutes suggest Fed will tighten policy despite expecting inflation to remain below target for 'some time'; rate hike unlikely for 'at least the next couple of meetings'
Bank of Jamaica set for new powers in 2015
Central bank on track to assume responsibility for financial stability; will start conducting annual reviews to track ‘readiness’ for full-fledged inflation targeting
Eurozone inflation goes negative with QE looming
Annual HICP inflation falls to -0.2% in December due largely to plummeting oil prices; expectations rising for ECB to expand asset purchases on January 22
IMF paper suggests looser monetary policy to offset eurozone macro-pru policies
Staff paper examining housing markets in Denmark, Ireland, Spain and the Netherlands also proposes restricting banks' ability to pay dividends in order to absorb losses
Obama to nominate community banker to Fed board of governors
Move follows bipartisan criticism against the prevalence of academics in the US central bank's top ranks; Fed announces new head of monetary affairs
BoE’s crisis Court minutes reveal fractious relationships inside and out
Minutes of 2007-2009 meetings reveal efforts by Bank of England executives to circumvent the Court, as well as ‘strained’ relationship with other regulators
State Bank of Vietnam devalues dong as dollar rises
Vietnam’s central bank devalues the dong by 1% against the dollar, in a move to create ‘sustainable stability’ in the forex market
PBoC names clearing banks in Thailand and Malaysia
Industrial and Commercial Bank of China will clear renminbi in Bangkok and Bank of China in Kuala Lumpur, the central bank announces
Banks are being herded into using similar risk methods by regulation, experts warn
Regulation is encouraging banks to manage risk using similar methods, which presents a threat to financial stability, witnesses tell a UK parliamentary committee
FSB definition of shadow banking paints 'incomplete picture', warns IMF paper
US and eurozone sectors similar in size according to working paper, which says other measures fail to account for ‘non-traditional banking activities carried out by the banks themselves'
Sri Lanka reduces inflation target range by 200bp
The Central Bank of Sri Lanka will aim to keep inflation between 2% and 4% in 2015, after a fall in prices and in some key commodities. From 2016 on, the bank will aim for 3% to 5%
Peru adopts measures to reduce credit dollarisation
Peru’s central bank lowers the reserve requirement for local currency loans to 9% as part of a suite of measures aimed at boosting financial stability
Basel Committee revamps approach to credit risk models
Separate consultations set out improvements to standardised credit risk modelling approaches and make proposals for a capital floor; seek to reduce use of external ratings
Mauritius reappoints former governor
Rameswurlall Basant Roi returns after eight years following the reported ousting of Rundheersing Bheenick in December; new deputy also appointed
Central Bank of Brazil extends swap auctions
Brazil’s central bank will continue to hold daily foreign-exchange swap auctions until March, but has reduced the amount on offer from $200 million to $100 million a day
Sejko lined up as next Bank of Albania governor
Albanian prime minister says parliament ‘will not reject’ the president’s nomination; former bank inspector Gent Sejko set to return to the central bank after a decade away