News
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
Fed should prepare to communicate inflation overshoot – IMF
IMF urges Fed to continue on “very gradual” path in raising benchmark rate; central bank should tolerate inflation overshoot to stop expectations drifting down
FSB unveils proposals to curb asset management risks
Consultation tackles liquidity mismatch, leverage, op risk and securities lending, with the aim of heading off potential trouble from the recent growth of asset management
Jamaican authorities send mixed messages on adoption of inflation targeting
IMF tells central bank to focus on single mandate but Jamaican authorities say more time is needed to investigate whether path is suitable
Renminbi investments to be included in Singapore reserves
Monetary Authority of Singapore says its investments in the Chinese currency will be included in official reserves “from June 2016 onwards”, now it is easier to repatriate funds
Zhu Min will leave IMF in July
Lagarde praises deputy managing director for his “formidable intellect” and passion for economics; search begins for a successor
Eurozone investment still ‘unsatisfactory’, Draghi says
Mario Draghi calls for extension of European Investment plan and national reforms targeted at "bottlenecks"; eurozone investment still "unsatisfactory" despite recent gains, ECB president says
Gunman killed as shots fired within Central Bank of Venezuela
Two people injured as armed man raids Central Bank of Venezuela; woman held hostage before assailant was killed, governor says
Yellen pushing for diversity at Fed and beyond
Fed chair expresses concern at uneven distribution of job gains in US, with African-American unemployment much higher than average; initiatives under way to boost diversity at Fed
German Constitutional Court rules in favour of ECB programme
Germany’s Federal Constitutional Court rules ECB may undertake outright monetary transactions, but sets strict conditions to be monitored by the German government
Inclusion survey identifies ‘significant gaps’ in data collection
Report published by Irving Fisher Committee on Central Bank Statistics highlights issues around how data is collected, including lack of integration with national statistical frameworks
Malta’s deputy governor denies corruption allegations
Deputy governor of Malta’s central bank strongly denies allegations of bribe-taking and issues defamation writs; no official announcement on next governor, due to be appointed on July 1
Rajan says India should not change course, as he steps back from RBI
Governor announces his intention to return to academia after three eventful years at the helm of India's central bank, and urges policy-makers to stay strict on inflation
Electronic payment system standards will be a 2016 priority, EBA says
Developing technical standards for European electronic payment systems will be a priority for 2016, the EBA says; authority will continue to work closely with ECB
IMF staff warn BoJ against unconventional monetary policies
Fund staff tell Japan to launch even more fiscal and monetary stimulus, but caution against monetisation of the government's debt
Bank of Canada experimenting with distributed ledger technology
Wilkins tells audience the Bank of Canada has “rolled up its sleeves” with regard to fintech; central bank testing “CAD-coin” in conjunction with private sector
Nigerian central bank announces forex liberalisation
Nigeria’s central bank unveiled plans to make up to $2.5 billion available to the country’s non-oil exporters; currency will float from June 20
South African rand and Chinese renminbi now tradable on CFETS
Bilateral trading between rand and renminbi will cut costs, Sarb's head of financial markets says, as China makes latest move towards renminbi internationalisation
BoE launches fintech collaboration
Bank of England is working with fintech firms on innovations to support central banking, including its own distributed ledger; non-bank payment providers to gain direct access to RTGS system
Reserve Bank of Zimbabwe cuts electronic payment charges to tackle cash shortage
Central Bank introduces latest measure to combat cash shortage by encouraging use of electronic payments; mobile payments on the rise but card use still low
ECB bulletin article criticises EU fiscal arrangements
The eurozone's fiscal arrangements are "vague", article in the ECB’s latest economic bulletin says; criticises Commission's proposed fiscal metrics and calls for single eurozone treasury
Colombia to treat new credit line as ‘insurance’ against extreme shocks
IMF expands agreement with Colombia to $11.5 billion; deputy technical governor highlights role it has to play as economy goes through period of adjustment
Yellen offers helicopter money cautious support
Fed chair says central banks could "legitimately consider" stimulus by financing government spending but only in "extreme" circumstances and with an eye on the many cases where it has gone wrong
BoE seen facing tough task in event of Brexit
Economists see Bank of England faced with task of stabilising financial markets while currency plummets and economy slows, making policy decisions tough; Carney hits back at critics