News
IMF board split on quota reform options
Disagreement among IMF executive board members over whether more emphasis on emerging markets is needed, with ‘considerable support’ for increasing weight of GDP in quota formula
Fed holds rates and maintains asset purchases in first vote since membership shake-up
Esther George, president of the Federal Reserve Bank of Kansas City, votes against QE in her first meeting
Stanley Fischer hints at successor as candidates emerge
Fischer says Bank of Israel deputy governor Karnit Flug was chosen on the basis she would be able to ‘function as governor’ when necessary; other potential candidates speak to CentralBanking.com
Basel report proposes curbs on bank modelling choices
Basel Committee report finds ‘considerable variation’ in risk-weighted assets for bank trading books; says policy-makers should consider limiting modelling options and improving disclosure
The contenders to succeed Zhou as governor at PBoC
China is set to name the successor to Zhou Xiaochuan as governor of the country's central bank, according to a Central Banking Journal article that weighs up the chances of the leading candidates
Hungary defies IMF to cut rates again
Central bank cuts rates in six consecutive meetings, despite IMF warning that inflation is not well contained and looser policy will do little to boost the economy
UK parliamentary commission attacks regulators’ ability to hold bankers to account
FSA enforcement head defends authority’s integrity; BoE chief legal adviser confident the central bank’s new supervisory divisions are up to the job
ECB’s Praet warns against ‘hazardous’ policy experiments
Executive board member says he is ‘very sceptical’ of suggestions to raise the inflation target, but cautions against complacency over policy toolkits
National Bank of Georgia to overhaul communication strategy
Latest stage in transition to inflation-targeting regime; follows the implementation of new modelling infrastructure
Angola launches new notes and coins, cuts base rate
Notes incorporating new security features to be phased in during the first half of 2013; base rate cut to 10% as inflation hits ‘record low' of 9% per annum
‘Significant work remains’ to fix global finance, says FSB
Meeting of the Financial Stability Board identifies numerous areas that still require work; public comments on policy recommendations reveal concerns over regulatory arbitrage and overlap
RBI cuts rates and strikes dovish note for 2013
Reserve Bank of India cuts headline interest rate for first time in nine months; governor Duvvuri Subbarao hints more cuts may be on the way
Bank of Israel governor Fischer to step down
Stanley Fischer announces he will stand down in June this year; speculation begins as to his next move
‘Frontier Asia’ addresses challenge of growing sustainably
Thai governor and IMF official emphasise need to address the macroeconomic, financial and structural challenges that high growth rates can bring
Bank of Italy gives green light to €3.9bn MPS bailout
Executive board approves disbursement of bailout funds to Monte dei Paschi di Siena, although the bank insists the situation is ‘completely under control’
UAE bank economist warns LTV caps ‘detrimental to economy'
Chief economist of National Bank of Abu Dhabi warns cap on property loans will depress construction in the UAE
Majority support an inflation target, poll finds
Almost two-thirds of participants in poll say inflation-targeting central banks should stick with current policy; Mark Carney lauds the unconventional measures a flexible framework allows
People: New chair at Richmond Fed; Norwegian takes executive directorship at IMF
Richmond Fed appoints new chair and deputy; Norway takes rotating directorship at IMF; Egyptian governor ratified; and more
New studies tackle diverse inflation outcomes in eastern Europe
Papers by the IMF and National Bank of Slovakia assess factors behind incomplete interest rate pass through and divergent drivers of inflation in eastern Europe
LatAm countries play down talk of burgeoning currency war
Peruvian and Colombian central banks say dollar purchases are being made to build reserves and reduce volatility; Latin America faces wide range of currency challenges
Swedish deputy insists on stronger macro-prudential framework
Kerstin af Jochnick wants clearer macro-prudential mandate and decision-making structure; says recent committee proposals are not the answer
CIC chair tells Davos central banks must ‘mop up' excess liquidity
Former member of PBoC's MPC says central banks have a responsibility to assuage inflation fears as economies return to growth; Bank of Italy governor says economic recovery is not central bank's job
BoE and PBoC potential swap line met with optimism
Bank of England executive director announces willingness to create swap line with People’s Bank of China; currency strategists see little immediate impact but potential for growth
Banks rush to repay LTROs at first opportunity
Repayments of the European Central Bank’s long-term refinancing operations exceed many analysts’ expectations, as 278 banks choose to pay back nearly 30% of the total