News
People: Sarb gets new comms head; Bulgaria and Portugal welcome new board members
Jabulani Sikhakhane joins South African Reserve Bank; Bank of Bulgaria gets new board member, while Bank of Portugal gets two
Mario Vella ‘expected’ to be new Maltese governor
Economist ‘expected’ to be in post on July 1, as it is considered ‘unlikely’ president will object to prime minister’s choice; opposition party is not happy with choice, however
CPMI-Iosco launch plan for two-hour cyber attack recovery
First internationally agreed guidelines for cyber resilience tell FMIs to plan for resumption of services within two hours of an attack; firms will have 12 months to prepare
Russian public to vote on new banknote designs
The 200 and 2,000 ruble notes will bear symbols of Russian cities voted on by public; winning designs announced in October 2016, notes to enter circulation in 2017
Fed’s Powell sees potential for ‘new headwinds’ in Brexit
Governor says global risks to US outlook have increased in the wake of the UK’s vote to leave the EU
Draghi: Central bankers must align policies
ECB president calls for greater alignment and better communication of economic policy across national borders; calls for globally co-ordinated fiscal expansion on lines of 2008-09
Reserve Bank of Malawi to improve monetary policy architecture
Bank moves towards fully fledged inflation targeting, embracing interest rate-based framework; IMF staff note importance of maintaining tight monetary policy
Ukraine unveils new asset disposal system in bid to reduce corruption
Anti-corruption campaigner joins central bank governor and other officials in announcing move towards unified online system for selling assets of insolvent banks
BoE injects £3.1bn liquidity into UK banks
First post-referendum liquidity auction sees banks draw £3.1 billion in long-term repos, mostly against the weakest eligible collateral class
Danish central bank urges Basel to rethink parameter floors
Lars Rohde warns parameter floors in IRB approaches could create an incentive for greater risk-taking in some markets, in response to Basel Committee consultation
Brexit wrong-foots some reserve managers
The sharp sell-off of UK assets following its decision to leave the European Union will create buying opportunities for others
Sri Lankan governor will not seek reappointment until inquiry passes
Arjuna Mahendran says he will not apply for reappointment until the parliamentary committee publishes the findings of a probe into bond issuance; his first term expires on June 30
Dombrovskis replaces Hill in leading work on Capital Markets Union
Britain’s European finance commissioner resigns following referendum to be replaced by former Latvian PM; political timetable likely to delay further integration moves, analyst says
BIS: Central banks playing for 'high stakes' as financial cycles turn
Central banks need to lean against financial cycles but fiscal policy should come to their aid, BIS says; cycles may be turning in opposite directions in advanced and emerging economies
Analysts see intervention challenge for central banks
Following the fallout of EU referendum result, central banks step in to stabilise currency movements; analysts expect volatility to continue, but see challenges to intervention
BoE seen shifting into easing mode
Many economists view Bank of England as likely to shift towards an easing bias, but the central bank may find itself with limited room for manoeuvre
Europe’s regulatory challenges seen increasing in wake of ‘Brexit’
The UK’s possible departure from the European Union could intensify regulatory problems in region, one analyst says; Mifid and European Banking Authority may be key areas of concern
EU exit vote throws up financial stability risks
UK plunged into uncertainty and markets hit hard, with bank stocks some of the worst affected, but more serious problems seem to have been avoided for now
Central banks offer reassurance as UK votes to leave EU
Mark Carney stresses UK authorities are “well prepared” for the outcome, as central banks across globe pledge liquidity if needed; narrow vote to leave sees David Cameron announce resignation
ECB restores ‘waiver’ to let Greek banks access cheaper finance
ECB restores waiver to Greek government bonds, lowering the cost of finance for Greece's central bank; demands further adherence to conditionality, but holds out possibility of buying government bonds
Succession in doubt at Malta's central bank as deputy withdraws from consideration
Maltese deputy governor formally asks not to be considered as next governor following corruption allegations; prime minister’s office says current governor will step down by July 1
SSM challenges eurozone banks to improve governance
Supervisor warns most significant banks in eurozone fall short of international best practices; presents lessons from assessment of management bodies and risk appetite frameworks
National Reserve Bank of Tonga considering short-term policy rate, IMF says
Fund staff encourage Tonga to reform its monetary policy framework; suggest introducing new policy rate and inflation target range more appropriate to historic and current levels
Rajan urges completion of bank cleanup
Outgoing governor argues actions taken to address public sector bank balance sheets must be taken to their “logical conclusion”; encourages government to provide capital injection