News
Reserve Bank of Australia governor backs 2–3% target in final address
Reserve Bank of Australia governor supports inflation-targeting regime in last public address; moving the target could open the door to further changes down the line, warns Stevens
Swift CEO gives network top marks despite Bangladesh Bank theft
‘No room’ for complacency says Leibbrandt, noting it is now up to the banks to upscale their security infrastructure
UK watchdog looks to new technology to ‘transform’ bank competition
Use of “open APIs” can enable easy data-sharing, which regulator hopes will give consumers clarity on bank charges and boost competition – though some see flaws in the plan
Argentinian central bank removes $5m dollar conversion cap
New measures aim to make it easier for businesses to acquire dollars; bank removes cap on dollar conversion and reduces paperwork involved
Rajan hopes new MPC will make next RBI policy statement
Reserve Bank of India keeps rates on hold in Rajan’s last decision before stepping down; he hopes the monetary policy committee will be up and running by next decision in October
Payments revamp should cut costs in Thailand, governor says
In an interview with Central Banking journal, Veerathai Santiprabhob lifts the lid on payment system reforms aimed at strengthening infrastructure and promoting debit card usage
BoJ board split ahead of ‘comprehensive assessment’
Opinions from last meeting show members divided on how to hit 2% by fiscal 2017, and if it is even possible; “comprehensive assessment” may include measures to support squeezed banks
Nigeria tightens regulations on money transfer operators
Central bank's move will leave only three companies to deal with a remittance market worth more than $20bn annually, an analyst says
ESRB recommends EU states reciprocate Estonian capital buffer
European Systemic Risk Board’s recommendation is only second time it has suggested regulators should reciprocally adopt a new macro-prudential measure
Sarb mulling changes to cash distribution process
South African Reserve Bank review finds ‘inefficiencies’ in current framework; changes could include alterations to the bank’s ‘branch footprint’ and supply chain
Sarb fines five banks for weaknesses in ‘control measures’
Investec Bank fined largest amount at 20 million rand; local branch of Standard Chartered faces 10 million rand penalty a month after another branch was reprimanded by MAS
Regulation may be fuelling covered interest parity breakdown – BoJ economists
Authors link puzzling breakdown of CIP to regulations including liquidity constraints, as well as divergent monetary policies
Philippines central bank fines RCBC over Bangladesh heist
Rizal Commercial Banking Corporation ordered to pay one billion pesos, after stolen funds from Bangladesh bank were transferred to four accounts held at the institution
Sri Lanka releases trading stats as it seeks to develop market
First set of data shows 3.42 billion rupees traded, with transactions over 50 million rupees to be reported within 30-minute window
People: Philippines and Sri Lanka gain new monetary board members
Finance minister becomes member of Philippines’ monetary board; new joiner for Sri Lankan board; HKMA names executive director for financial infrastructure
IMF’s response to self-evaluation report ‘very positive’
Engagement with evaluation "very positive", says IEO official, after it offered broad support to recommendations, with some qualifications
ECB begins gathering data on daily money-market transactions
ECB announces daily collection of data from four money-market segments; scheme gathers 35,000 transaction records per day
BoE launches broad Brexit response
Central bank wields all its main tools and some new ones as the effects of Brexit begin to appear; aims to support transmission mechanism amid extraordinary measures
Kenyan governor outlines three pillars for ‘new normal’ in banking
2016 to be a year of “transition” for banking in Kenya, says Patrick Njoroge; calls for greater transparency, stronger governance and new models
Malaysia’s central bank toughens corporate governance standards
Boards must have a majority of independent members and promote ethical, prudent and professional behaviour, Bank Negara Malaysia says
EBA calls for binding 3% minimum leverage ratios
Central counterparties and central securities depositories should be exempted from leverage ratio, EBA says, as it recommends binding pillar 1 requirement
RBNZ stands by decision to end embargoed lock-ups
RBNZ commissions review into different options for providing key releases to journalists ahead of time; decides costs outweigh benefits, and reaffirms decision to scrap the practice
IMF urges Abenomics ‘reload’ as BoJ struggles
Fund tells Japanese authorities to be clearer and more systematic in setting policy, as government unveils new stimulus; working paper suggests alternative to helicopter money
Parliament keeps door open to monetary financing in Ghana
Parliament approves bill that removes government representative from central bank board, but government would still be able to borrow from central bank to finance deficit; IMF to discuss implications