News
Sarb hires head of new international relations department
Legal professor Daniel Bradlow will lead a new department at South African Reserve Bank designed to co-ordinate and direct its participation in international forums
OCC denies swaps push-out protection to non-US banks
Foreign banks have until July to push out derivatives activities after OCC guidance repeats Dodd-Frank drafting mistake
Nishimura wants change in macro-prudential focus
BoJ deputy governor says financial regulation should work counter-cyclically against demographic expansion to avoid fuelling property bubbles
Central Bank of Iceland suspends its foreign currency purchases
Iceland's central bank seeks to mitigate an ‘undesirably large’ depreciation of the Icelandic króna
Fed could stop asset purchases ‘well before end of 2013’
FOMC members express concerns over costs of quantitative easing as the Fed’s balance sheet expands; most members see purchases ending within a year
Bank of Lithuania axes quarter of staff
Lithuanian central bank completes process of streamlining main operations under four branches; cuts 195 employees during the course of a year
IMF tightens rules on money laundering surveillance
New IMF policy document introduces mandatory reporting on money laundering where it represents a risk to financial stability; Vatican sanctioned over failures in money laundering safeguards
Stiglitz slams ‘unconscionable’ central bank independence
Economist Joseph Stiglitz attacks central bank independence, saying conflicts of interest and recent interventions amounting to fiscal policy are unjustifiable for a non-elected body
RBI report condemns ‘excessive’ gold demand
Reserve Bank of India working group recommends gold imports are reduced to protect the country’s balance of payments and currency reserves
US thrashes out partial solution to fiscal cliff
US government reaches agreement that postpones and reduces fiscal cliff; measures unlikely to have significant impact on Fed policy, some observers say
Central Bank of Egypt grapples with falling currency
Egyptian pound continues fall after currency auctions by central bank; follows rating downgrade as concerns raised over impact of political turmoil and weakening economy
Central Bank of Bosnia and Herzegovina names new vice-governor
Ernadina Bajrović will serve a four-year term and will be responsible for administrative and financial operations
IMF figures show fall in euro’s share of foreign exchange holdings
Euro-denominated foreign exchange reserve currency claims fell by $8.19 billion in the third quarter of 2012 as developing nations diversify their holdings
Eurozone periphery begins latest bank repairs
Spain injects a total of €37 billion into four weakest banks; Greece estimates backstop facility requirements at €50 billion of public funds
Restrictions on Sri Lankan banks relaxed
Foreign exchange trading limits on Sri Lanka’s commercial banks relaxed by central bank as country pursues ‘second wave’ of growth
RBI shakes up management roles as deputy departs
Duties of Reserve Bank of India governing board reshuffled as deputy governor Subir Gokarn’s term expires; new executive director appointed
Central Bank of Ecuador governor resigns
Pedro Delgado resigns after admitting he does not hold a degree in economics, according to local media reports
Central banks downsize in 2012
Number of central bankers falls by 1,500 to 471,000 in 2012; continues five-year trend of shrinking staff
PMA gains new authority over payments systems
Decree law gives Palestine Monetary Authority green light to promote ‘modern e-banking services’; Jihad Alwazir says new systems will increase efficiency while reducing risks
BoJ boosts easing amid mounting political pressure
Policy board votes to increase asset purchases by ¥10 trillion ($119 billion); close proximity to election raises questions of political influence in decision
IMF fears Ireland could still lose access to markets
Eighth review of extended fund facility says Ireland’s newly regained market access is ‘fragile’ and could be lost if European commitments to ESM funding and OMTs are not followed through
Central Bank of Nigeria denies Sanusi arrest warrant rumours
Central bank says no arrest warrant for Sanusi Lamido Sanusi issued – contrary to local media reports – but admits governor has defied parliamentary summons
Carney salary doubles to $1m with BoE move
Mark Carney will receive total remuneration worth over $1 million a year when he joins the Bank of England next year, making him one of the highest paid central bankers in the world
BBA delays phase-out of some Libor rates after complaints
Less-used rates will be produced until May 2013