News
Seychelles central bank will chair new financial stability committee
Advisory body will comprise representatives from four different public bodies and meet on a quarterly basis; supported by new financial stability unit within central bank
Reserve Bank of India modifies liquidity framework
Rajan spells out plans to “progressively lower” the liquidity deficit in the banking system as part of a broader shift in focus; RBI cuts policy rate by 25bp with inflation on track
Bank of Thailand frets over zero lower bound
Minutes show latest policy decision influenced by worries over financial imbalances and perceived need to maintain “policy space” in event of economic hit
West African union must improve monetary transmission, IMF staff say
The West African Economic and Monetary Union must increase the effectiveness of monetary policy, IMF staff say; reforms should target bank refinancing and government securities markets
Dutch central bank starts retaining €500m yearly as risk provision
The Netherlands Bank plans to retain €3bn of profits in six annual instalments to cover against possible credit and interest rate risk
Norway’s Olsen plans to seek reappointment
Norges Bank governor says he plans to seek a second term, as government launches public application process for position
Chicago and Cleveland Fed presidents back gradual path for rate increases
Charles Evans is “comfortable” with tightening implied by latest round of dot plots; he and Loretta Mester spell out outlooks for growth and inflation and risks surrounding them
Europe set for new Greek clash as Lagarde hits back over leaks
IMF chief has sharp words for the Greek prime minister after staff phone conversation is posted online by Wikileaks; debt relief remains a major sticking point as July repayment looms
Tax system severely reduces Italian banks’ profits – paper
Disparities in eurozone countries’ effective tax rates for their banking sectors may threaten banks’ ability to strengthen their capital, a Bank of Italy paper argues
Basel Committee flags further issues with bank modelling
Second study of variation in credit risk modelling using internal ratings-based approach sheds further light on what is causing banks to calculate significantly different capital requirements
Central bank gold purchases near record levels
World Gold Council argues negative interest rates make gold a favourable asset, but Thomson Reuters team sees other factors at play
Redesigned digital currency could keep central banks in control
Researchers at UCL launch “RSCoin” idea, highlighting its superiority over bitcoin; new digital currency framework would be controlled by central banks
MAS and BoJ announce fintech push
Singaporean and Japanese central banks establish centres aimed at developing hyped sector; describe monetary authorities as ideal "catalysts" for technological development
Ghana governor steps down four months early
Bank of Ghana governor has stepped down over four months early; retirement date due to “long outstanding leave days”, central bank says
Hungarian constitutional court strikes down central bank law
Hungary’s two highest courts rule that a law limiting the disclosure of information on central bank assets is unlawful and unconstitutional
FRTB data standards seen as threat to emerging markets
Need for "real" prices will limit use of models, increasing capital burden
UK mint starts production of ‘ground-breaking’ pound coins
Elements from the emblems of all four UK nations will feature on reverse of the coin; details of certain counterfeiting features revealed
FSB intrigued by potential uses of distributed ledgers
Mark Carney says FSB members see ‘exciting opportunities’ in financial technology, including the potential for distributed ledgers to bring security and efficiency
People: Bank Negara reappoints deputy; State Bank of Pakistan revamps board
Sukudhew Singh will serve another three years as deputy; Pakistan appoints new board members
Chinese and Czech central bank enlarge MoU to include crisis management
Czech National Bank and China’s banking regulator have deepened their existing memorandum of understanding to include working together on crisis-hit banks, Czech governor says
Angolan central bank hikes again amid soaring inflation
Inflation breaches 20% in February prompting central bank to raise interest rates to 14%; new governor continues tightening cycle in attempt to curb prices
Fed picks McKinsey to scrutinise faster payment proposals
Consultancy firm will assess options for a real-time system across the US, as task force members are invited to submit proposals
Yellen: volatile global outlook calls for gradual hikes
Fed chair soothes market concerns over pace of rate rises, highlighting importance of low rates in offsetting troubles abroad and saying rates will rise more slowly than previously indicated
BoE moves to tighten buy-to-let standards as risks rise
Review of buy-to-let lending finds some firms may be relying on weaker underwriting standards than others; FPC warns UK financial stability outlook has worsened since last meeting