News
More ‘flexible’ Nigerian exchange rate regime met with cautious optimism
Central bank announces intention to move to more flexible regime, though exact parameters not yet announced; analysts seem hopeful about the move but lack of details is worrying
Bank of Mauritius spells out cost-cutting measures
Central bank defends finances after posting losses in successive years; points to range of measures taken to reduce expenses, including release of "unproductive but fatly remunerated" employees
Eurozone's Single Resolution Board sets out 2016 plans
Eurozone's Single Resolution Board sets out its plans for 2016; resolution manual to be published in summer and resolution plans to be approved by end of 2016, board member says
Regulators sanction Swiss bank over links to Malaysian government fund
Swiss regulators impose range of measures on bank for breaching anti-money-laundering regulations; MAS will withdraw bank’s licence to act as merchant bank in Singapore
Swift to roll out cyber security programme
CEO announces five-part initiative, with improved information sharing a key element; full details to follow this week
Carney and MPC members defend independence
Mark Carney warns vote to leave EU could result in technical recession, defends decisions to comment on referendum; Broadbent, Vlieghe and Weale assert independence
SBP catches markets off guard with cut
State Bank of Pakistan’s MPC votes for rate cut after being split 5-5 in April, confounding markets’ expectations; inflation on the rise
Exports decline ‘worrying’ as Bank of Israel holds
Monetary committee cites "intensifying decline" in exports as it holds the policy rate at 0.1%; inflation dips to –0.9%, as growth figures disappoint
Further tightening may be needed in Colombia, IMF says
Staff in Washington, DC, welcome “resolve” of central banking in latest tightening cycle; current account deficit and inflation expectations may call for further action
Same factors can have different effects on bank risk profiles, ECB staff say
Factors that increase default risk for large and complex eurozone banks can decrease it for smaller banks, ECB staff say; results are based on new model of bank risk
BoE economists map current account dangers across OECD
Treating the current account as equivalent to the balance of trade could blind economists to the risks posed by large deficits, say Kristin Forbes, Ida Hjortsoe and Tsvetelina Nenova
Kenyan central bank sets out Imperial Bank progress
Several court cases to be heard in coming weeks regarding central bank’s handling of receivership; one matter sees two depositors seeking 1 billion shillings
China appoints new deputy governor
Former IMF official Zhang Tao appointed to deputy governor role at People's Bank of China; local media speculates he may return to the IMF as deputy managing director
Norges Bank reveals methods used to monitor banknote quality
Central bank to conduct ‘fitness surveys’ twice annually, analysing a host of variables to define which banknotes are suitable for circulation
Bank of Italy creates secondary market for trading in its own shares
Italy’s central bank has created a secondary market for dealings in its own shares as part of a plan to limit individual firms’ holdings to 3% of total shares
Denmark outsources coin minting to Finland
Mint of Finland wins tender to produce krone coins, as National Bank of Denmark seeks to cut costs by closing down its coin and banknote operations
ECB governing council welcomes markets' increased risk appetite
Governing council members happy with increased risk appetite in eurozone and global markets, minutes show; worried by slow pace of structural reform and no clear trend of rising inflation
June hike an option but Fed officials split on prospect
Minutes from FOMC meeting in April show “most” participants happy to hike next month if incoming data continues to improve, but some suspect gains may not come fast enough
Sarb ‘pauses’ hiking cycle on improved inflation outlook
South African monetary policy committee votes five-to-one to leave rates on hold; governor stresses central bank is not reversing policy
HKMA prepares cyber security ‘fortification’
Monetary authority seeks to build a framework for assessing cyber risks as well as providing training and building infrastructure for sharing “threat intelligence”
Riksbank’s Skingsley sees potential in helicopter money
Small, open economies will have limited room for manoeuvre if global real rates stay low, so central bankers should be willing to consider more radical options, deputy says
People: Turkey gains a deputy as Brazil loses one
Kilimci promoted to deputy governor at Turkish central bank; Hamilton set to leave Brazilian central bank for role in new finance ministry; and more
Bank of Namibia conducts ‘sting operation’ on bribery concerns
Governor says two Chinese nationals attempted to bribe senior officials in an attempt to retrieve funds blocked under exchange control regulations
ECB looks to add eight more O&Ds to guide
European Central Bank proposes guidance on the application of another eight options and discretions in banking supervision; public consultation will run until June 21