News
Nigerian MPC calls for state to act on stagflation crisis
Committee members warn the central bank on its supervision of banking sector; say monetary policy has a limited effect in face of the current problems
Stiglitz urges central banks to focus on credit, not interest rates
Emphasis on interest rates ignores more important question of whether credit is getting where it is needed, Nobel economist argues
Malawi cuts interest rates on the back of lower inflation
Central bank cuts interest rates by three percentage points to contain inflation, though it also hopes to protect reserves
Central Bank of Brazil establishes data portal
Central bank creates hub for 454 data sets, combining data from government database and other sources; bank has plans to launch data promotion scheme in 2017
MAS charges two investors with orchestrating ‘massive fraud’
The two individuals are accused of largest market manipulation in Singapore’s history, as well as deceiving financial institutions into extending credit
Central Bank of Ireland eases burden on first-time buyers
Abolition of LTV caps means first-time buyers are now able to borrow up to 90% of the whole value of a property, the central bank says, while restrictions placed on banks’ loan book are squeezed tighter
Gulf central banks should act to boost liquidity – IMF report
Improved liquidity assistance frameworks, better forecasting and deeper Islamic liquidity markets would help ease conditions
Turkish central bank hikes as Trump election hits lira
Turkish lira has been targeted in emerging market currency sell-off; rate hike ignores the latest call for more cuts from Turkish president
People: RBA names two new assistant governors; Barbadian deputy governor retires
Luci Ellis and Lindsay Boulton appointed assistant governors at the Reserve Bank of Australia amid reshuffle; Harold Codrington departs Barbadian central bank after 37 years of service; and more
Eurozone banks vulnerable to global risk repricing, ECB warns
US elections have “aggravated” risk of global repricing, which could trigger contagion in eurozone financial system, Vítor Constâncio says
Central Bank of Argentina makes third cut in three weeks
Central bank cuts rate on its 35-day Lebac bonds to 25.25%, with analysts expecting further cuts to come as the institution begins transition to new monetary policy instrument
Australasia has avoided stagnation trend – RBNZ’s Bascand
Different household behaviour in Australia and New Zealand appears to have contributed to higher growth and investment
Hong Kong proposes safeguards for contracts during resolution
Rules seek to protect some critical financial contracts during resolution without overly constraining resolution authorities
Central Bank of Honduras legislation needs to be ‘fast tracked’, says IMF
Implementation of inflation targeting regime hinges on legislative change, IMF says in latest report; Honduran authorities to submit legislative reform on central bank mandate by March 2017
Demands on central banks have created critical juncture – El-Erian
Economist says burden placed on central banks has created economic and political instability across the globe, and something must soon give
Philippine president plans to amend law to hand Tetangco third term
Duterte plans to ask Amando Tetangco to stay for third term; finance minister confirms government intends to amend law specifying a two-term limit
Bailouts more likely in unequal democracies – research
Accountable governments face pressure to preserve banks
Fed toughens rules on officials moving to private sector
Tighter rules prevent a larger number of senior supervisors from taking jobs at the institutions they have recently been overseeing
Eurozone reform projects are not delivering, French governor says
“Investment crunch” is biggest problem, not savings glut, Villeroy de Galhau says
Norway unveils final banknote designs
Banknote designs eschew traditional inclusion of portraits, opting instead for geometric patterns and coastal images
Draft Irish law could compromise central bank independence, ECB says
Proposals would oblige central bank to promote competition in housing market
Bundesbank board member takes hard line on Basel negotiations
German central bank “not prepared to reach an agreement at any price”; calls for no universal output floors and abandonment of advanced approach for op risk
FSB updates systemic institutions list
Citigroup and HSBC swap places at the top of the rankings; ECB's “significant” banks list now at 127
BoE to adjust deposit protection limit again
Limits have seesawed in recent years, first due to the global financial crisis and more recently because of EU law