News
Bernanke sheds light on new macroprudential approach
Federal Reserve chairman Ben Bernanke touches on benefits of new macroprudential approach in the United States under the Dodd-Frank Act
Jamaica top of the (volleyball) league
Bank of Jamaica triumphs in one day volleyball rally
China set to sign currency swap with Mongolia
Bank of Mongolia to sign currency swap agreement with People’s Bank of China; deal will mark Beijing’s tenth such deal in less than three years
Grameen Bank dodges Yunus departure by appointing Nobel Laureate as chairman
Bangladesh’s Supreme Court rejects appeal to dismissal of Nobel Laureate Muhammad Yunus from Grameen Bank; microlender appoints Yunus to chair its board instead
Israel acts to avoid housing crisis
Israel introduces rules limiting amount of mortgage that can be linked to variable rate
Estonia ousts deputy governors
Supervisory board rejects re-election of current deputy governors, new candidates already named
Trichet signals no change in June as ECB holds
Rates likely to remain on hold until third quarter
Bank of England keep rates at record low
Bank holds for fourteenth month in a row
Mexico buys 93 tonnes of gold
Bank of Mexico raises gold holdings by more than 93 tonnes in March; follows trend of other emerging market central banks
Greece will default, panellists say
Panellists at Fathom Consulting’s Monetary Policy Forum say Greece will default on debt; only a matter of by how much
Bailout package offers hope for Portugal
Lisbon accepts €78 billion bailout as part of deal to reduce deficit to 3% of GDP by 2013; analysts say preliminary terms of deal positive for sovereign
ADB discusses stability, inflation and the dollar at AGM
Annual general meeting of the Asian Development Bank touches on core issues for the region; stability, inflation and reforming the international monetary system
Russia finds a third of banks could not survive another crisis
Stress test results show 321 banks would fall below capital minimum in another financial crisis; licences would be revoked
UK must press ahead with fiscal cuts: panel
Panellists at Fathom Monetary Policy Forum present gloomy view on UK economy; former Bank deputy questions wisdom of cutbacks, but says it’s too late to turn back
Draghi calls for EU law to govern bail-in powers
Financial Stability Board chairman Mario Draghi says measures to enable bondholders to receive haircuts before the collapse of a financial institution should be placed in European Union legislation
Barney Frank in bid to revoke regional Fed presidents’ FOMC votes
Former chair of House Financial Services Committee says regional Fed presidents shouldn’t vote because they are appointed by business, not Congress
Wellink clarifies position on Greece restructuring
Media reports suggest Netherlands Bank president Nout Wellink is open to a debt restructuring for Greece; central bank spokesperson denies suggestions, says president’s views remain in line with European Central Bank
SNB turns profit in first quarter following steep loss in 2010
First quarter profits likely to come as relief after criticism that greeted $20.7 billion loss in 2010
Weidmann takes over as Bundesbank chief
Jens Weidmann takes over as head of the Deutsche Bundesbank; signals support for rate “normalisation”
Bulgaria ordered capital hikes, report released
Bulgarian National Bank publishes 2010 Annual Report; asked three banks to increase capital
IMF urges emerging markets to tighten monetary policy
IMF Regional Economic Outlook for Asia report says emerging market central banks must tighten monetary policy to stave off inflation; acknowledges limitations of monetary tools
Bank Negara Malaysia sets up shop in Beijing
Bank Negara Malaysia signs agreement with People’s Bank of China to open representative office in Beijing
SEC proposes amendments to remove references to credit ratings in rules
SEC makes latest changes to bring legislation into line with Dodd-Frank; proposes numerous changes to the Exchange Act
Central banks continue to purchase gold
World Gold Council releases first Gold Investment Digest of 2011; shows central banks are still net buyers of gold in Q1