News
Bank of Russia to complete shift to inflation targeting regime by 2015
Geopolitical tensions, increased food costs and financial market turmoil will not deter central bank from pursuing 4% inflation target that is to be phased in next year
Prosecutors drop investigation into controversial comments by National Bank of Poland governor
Marek Belka did not break the law when calling for finance minister's removal in leaked recording
PBoC designates renminbi clearing banks for France and Luxembourg
Bank of China and Industrial and Commercial Bank of China to serve countries' offshore RMB markets
Palestine Monetary Authority launches new clearing system
Automated clearing system developed in Palestime with technical assistance from the World Bank and Bank of Italy; part of PMA’s wider plans to upgrade retail payment infrastructure
Shift towards 'commercial' and 'political' central bank communication set to continue
Central banks to continue mimicking commercial and political entities in their communications despite reputational costs; more resources will be dedicated to social media use, says Niels Bünemann
Bank of Portugal appoints new CEO to Novo Banco
Bank of Portugal appoints Lloyds director Eduardo Stock da Cunha as the new CEO of Novo Banco, the good bank that resulted from the intervention in BES
Central Bank of Libya governor reportedly deposed
Saddek Elkaber is replaced in 94–8 parliamentary 'vote' amid ‘controversy over financial transfers', reports state news agency; deputy Ali Elhebri assumes governorship on temporary basis
BIS warns of risks related to dollar-denominated corporate debt in EMs
Hyun Shin says cross-border bank lending has seen first ‘substantial increase for some time', while Claudio Borio cautions against ‘exceptionally low' volatility in financial markets
Bulgarian governor fires back over resolution of failed bank
Ivan Iskrov defends himself against accusations of hasty and contradictory statements in wake of CCB failure; highlights politicians’ failure to agree a resolution plan
ECB comprehensive assessment could stem ‘secular stagnation' in eurozone, bank staffers argue
Economists from the ECB and the Bank of Spain make the case in new book on ‘secular stagnation' that also includes contributions from Larry Summers and Paul Krugman
Argentinian authorities tighten access to US dollars
Companies and banks that buy more than $150,000 have to report the transaction to the central bank, and individuals that want to buy dollars need to earn at least $1,047 per month
Chile and Peru cut key rates by 25bp citing 'low dynamism'
Both central banks point to a lack of “dynamism” in their economies as they cut their key interest rates; Peruvian statement stresses the decision does not imply a sequence of rate cuts
Draghi sets out national reforms necessary to revive investment
ECB president says inflation will not fully recover until investment increases, which is dependent on national governments pursuing structural reforms
Negative Eonia rate causes CSA headaches
Eonia's move into the negative means parties posting variation margin must also pay interest to their counterparties, which has led to calls for clarity from dealers – especially for one-way CSAs
Key innovation behind Bitcoin could prompt ‘fundamental change' to payment systems
Article published by Bank of England says ‘distributed ledger' technology could have ‘much broader' impact beyond payment systems
ECB and BoE seek insights into yield curve behaviour
Frankfurt conference aims to improve understanding of the yield curve in the wake of the financial crisis, at a time when European and US yields are diverging
Hong Kong's first Islamic bond raises $1bn
Five-year sukuk sells at ‘tightest spread ever achieved’ over US Treasuries; strong demand from across the globe sees orders in excess of $4.7 billion
World's biggest banks $60bn closer to Basel III target
Internationally active banks $20bn short of Basel III target, compared with $80bn six months earlier, according to Basel Committee review
Carney: shortfall in reserves likely for independent Scotland
Division of UK reserves on GDP basis would leave Scots with 10% buffer, less than half what is generally considered sufficient ‘to ensure credit flows freely and effectively', according to BoE governor
Hélène Rey receives first Carl Menger Prize from German-language central banks
London Business School professor is recognised by Bundesbank, Swiss National Bank and National Bank of Austria for research informing ‘concrete work' of central banks
Portuguese central bank reshuffles board responsibilities
The appointment of two new board members sees vice-governor Pedro Duarte Neves lose responsibility for prudential supervision in the wake of the central bank’s intervention in BES
Dutch economists recommend using social media as confidence indicator
ECB paper finds social media sentiment and consumer confidence are ‘highly correlated’ and could be useful in policy-making
Angolan central bankers appointed to BESA board
Angola’s president has appointed two central bankers to oversee the implementation of a rescue programme to save the local subsidiary of Portugal’s Banco Espírito Santo
Carney says 'striking' labour market differences will prompt ‘less synchronised' monetary policy
The Bank of England governor addresses UK wage conundrum; argues US is in worse position as its headline unemployment rate is 'much better than the details'