News
Bank of Canada hikes for first time in seven years
Bank of Canada becomes the latest advanced economy central bank to hike as the economy proves robust and inflation moves towards target
Bank of Russia takes over major commercial bank
Deputy governor says there is evidence of “misleading” reporting from Bank Jugra; depositors will be able to access their money from July 24
Zimbabwe’s bond notes are ‘exacerbating’ economic fragility, IMF says
Fund urges Zim authorities to restore credibility to currency regime as financial crisis shows no sign of abating
BoE leads foray into non-bank stress simulations
Paper sets out agent-based approach to modelling feedback loop that could create sharp price moves, even where funds and dealers are individually safe
Vietnamese central bank cuts rates, despite IMF credit warning
Decision contradicts IMF advice to keep monetary policy on hold to contain rapid credit growth, but growth and inflation have disappointed
BoE distributed ledger project delivers cross-border payments success
Bank of England completes transactions across two RTGS networks using Ripple’s DLT solution; issues remain on how tech could be adapted for wholesale payments
Randal Quarles nominated to Fed’s top supervision role
Donald Trump’s pick for vice-chair of supervision viewed as a moderate figure, but critical of Dodd-Frank Act
Public protector backs down over Sarb mandate challenge
Mkhwebane admits she lacks power to suggest parliament make changes to the constitution, though she stands by her call for a review of the Sarb’s mandate
It is too early to disregard cash – Croatia’s Vujčić
European governors wary of what the future of fintech will hold for both digital and hard cash
Bank of Uganda officials to head new deposit insurance fund
Team from the Bank of Uganda to lead the fund in the interim as it relaunches following its separation from the central bank
Bullard raises concerns about east coast dominance of the Fed
St Louis Fed president is not worried about the major shake-up of the board of governors; points to reducing the influence of the New York Fed on the FOMC
ECB wants ESAs to focus on ‘European dimension’
The central bank says supervisors should be reshaped to better promote European interests; it recommends greater powers and a governance shake-up
Mersch criticises Commission over securitisation regulation
Some ‘STS’ provisions reduce transparency and increase complexity, ECB board member says
FSB says ‘significant work’ still needed on cross-border resolution
Work is progressing but major obstacles remain; FSB’s Elke König urges regulators not to lose “reform momentum”
People: Fed appoints general counsel; new department heads at Riksbank
Fed appoints former supervision and regulation head to general counsel; new heads of monetary policy and financial stability for Riksbank; and more
Pakistani government picks new governor after SBP spat
Tariq Bajwa takes over from acting governor Riaz Riazuddin; appointment of finance ministry official follows clash over exchange rate movements
Bank of Thailand raises growth forecast amid weak inflation
Thai central bank says it is waiting for economic growth to become more broad-based, as inflation continues to disappoint
Any London forex trading move would be ‘gradual’ – ECB
City’s place in global submarine cable network is likely to be key, researcher says
Inflation data causes rift in FOMC
Fed officials discuss whether incoming low inflation data is “transitory” or is a sign of worrying things to come; minutes outline balance sheet unwinding but date remains unknown
Change in ownership would not impact mandate, Sarb reassures
South African central bank responds to ruling party discussion on nationalisation; draft resolution could be approved in December, forcing over 660 people to sell their shares
Wholesale funding ‘dry-ups’ driven by bank quality, ESRB paper argues
Researchers use data on certificate of deposit market between 2008 and 2014
SBP clashes with government on exchange rate drop
Pakistan’s finance minister expresses “deep concern” over sudden drop in currency, but central bank says it is now “broadly aligned” with fundamentals
European Commission approves Monte dei Paschi recapitalisation
Move to reimburse investors should remove key political obstacle
PRA urges insurers to act on ‘silent cyber’ risks
Watchdog urges underwriters to embrace cross-policy stress-testing to identify exposure to claims from non-specified risks