News
Swiss RTGS update goes live
SNB hails successful launch of completely overhauled real-time gross settlement system; design has been made more flexible, incorporating ISO 20022 messaging standard
IMF director calls for fiscal expansion in eurozone
Greek attempts to consolidate fiscal position by increasing top tax rates ‘simply not working’, director says
People: ECB names HR director-general; BoE gets new MPC member
ECB appoints new head of human resources; Citigroup economist joins Bank of England’s Monetary Policy Committee; New York Fed’s chief lawyer to step down after twenty-one years in the role
RBNZ signs up SIA to deliver RTGS replacement
Its subsidiary, Perago, will deliver payments infrastructure for New Zealand via “off-the-shelf” system used by Riksbank and Norges Bank
IMF will consider macro-prudential policies in capital flow ‘stock-take’
Lagarde sheds light on stocktaking exercise that will use Article IVs over past three years to assess how IMF’s guidance on “capital flow management” has worked in practice
New Tunisian central bank law boosts independence and expands mandate
Law governing the Tunisian central bank is amended, with the aim of increasing independence and giving the bank a financial stability role; law drafted by the central bank with IMF assistance
Norway’s NBIM drops first batch of coal investments
Fund excludes 52 coal-related companies from portfolio in first “tranche”, with more planned; measuring exactly which firms fall within boundary proves tricky
Fed’s Brainard highlights potential in distributed ledgers
Policy-makers cannot afford to ignore the possibilities new technology could offer clearing and settlement systems, Lael Brainard says
Asylum seekers at risk of financial exclusion, EBA warns
European countries must ensure asylum seekers are not excluded from financial services by anti-money laundering rules, EBA says; calls on some authorities to take action
Riksbank lays out ideas for macro-prudential overhaul
Executive board accepts many – but not all – recommendations of King and Goodfriend review, and offers some radical ideas of its own
Namibia in process of scrapping assistant governor position for second deputy
Bank of Namibia board to review proposal for legislative changes this month, before submitting it to parliament; assistant governor role vacant for over two years
Embargoed lock-ups scrapped after RBNZ confirms leak
Report says a journalist leaked the March 10 cut to colleagues; Reserve Bank of New Zealand ends practice of allowing media and analysts advance access to rate decisions and major reports
Poloz: CCA central banks ‘challenged’ in meeting their core objectives
New BIS Americas head believes financial stability should be built into regional policy decision-making even when not specifically stated as a core mandate; macro-pru "in sight" for many in region
John Taylor offers way out of downward interest rate spiral
Stanford University professor says a return to more “rule-like” policy-making could help bring easing cycle to an end, with the Fed playing a key role
People: Turkey nominates new governor; McDermott to step down from FCA
Turkish government picks deputy to replace Erdem Başçı, but he must still be confirmed by the president; UK’s interim FCA chief says she will leave when her successor takes office; and more
Canada holds rate but raises growth forecast in light of fiscal boost
Stephen Poloz highlights “more favourable policy mix” in press conference; central bank notes emergence of “positive forces” in decision
BoE assumes control of interest rate benchmark
Central bank to take responsibility for overnight benchmark, planning to broaden the transactions underpinning its calculation; WMBA to retain role in calculating and publishing figures
Viñals supports negative interest rates in current climate
Financial counsellor believes negative rates are helpful, but there are limits regarding how low they can go and how long they can stay there
Angolan authorities request help from IMF
IMF to start talks with authorities regarding an economic programme, which one analyst believes exceeds loan received after financial crisis
Data dependence catching on, says San Fran Fed president
Market participants have become more responsive to economic news since 2015 in both the US and UK, research by Benjamin Pyle and John Williams finds
Russian first deputy governor warns of dollarisation risks
Russian banks and non-financial companies are creating risk for the economy by demanding foreign currency-denominated loans and deposits, a senior Bank of Russia executive warns
IMF urges action to prevent global economy ‘stalling’ and ease central bank burden
Maurice Obstfeld highlights risk of “widespread secular stagnation” as IMF publishes latest WEO; details fiscal and structural support needed to ease burden on monetary policy
Bank of Mexico to send government 239 billion pesos on back of reserve gains
Some 70% of surplus to be used to pay off outstanding government debt or reduce new issuance, while the remaining money will be used to support stabilisation fund
Central Bank of Cyprus activates deposit-guarantee scheme for failed bank
Central Bank of Cyprus activates deposit-guarantee scheme for creditors of a bank under administration; FBME's banking licence was revoked following US allegations of money-laundering