News
IMF staff want better co-ordination between Kyrgyz government and central bank
Reforms are needed to strengthen the legal basis of the central bank and improve monetary policy traction in the country, staff say; better co-ordination is needed on government deposits
Tanzania launches financial education plan
More than 27% of people remain excluded from financial services in Tanzania; improved financial numeracy and risk management among issues to be addressed
NY Fed’s Potter ‘extremely pleased’ with rate control
The Fed’s framework for controlling money market rates has proven ‘effective’ in the wake of December’s lift-off, according to executive vice-president Simon Potter
BoE officials grilled on weakening sterling
Members of the MPC ask whether the depreciation of the currency will cause the Bank of England to hike; Treasury Committee raises questions over EU referendum
Senate committee chair urged to clear backlog of nominees
Nominees to Federal Reserve board of governors among those waiting to learn fate; delay reportedly stems from disagreement over another key Fed post
Lagarde reappointed as IMF managing director
Christine Lagarde is formally reappointed to lead the International Monetary Fund; early tasks facing her include Greek debt agreement
National Bank of Angola no longer on FATF monitoring list
Angola makes “significant progress” in improving AML/CFT regime; one of three countries removed from monitoring list, alongside Algeria and Panama
Ukraine pushes for transparency on bank ownership
Ukraine’s central bank has closed one commercial bank and warned of potential for ‘enforcement measures’ against up to 29 others, as it pushes for transparency over ownership structures
Ten Fed presidents handed new terms
All presidents and first-vice presidents at the 12 reserve banks now have terms that run to end of February, 2021; Powell insists there was a ‘rigorous process’
Former PBoC deputy to head up embattled regulator
Central bank veteran Liu Shiyu replaces Xiao Gang as head of China Securities Regulatory Commission in highly publicised reshuffle
ECB costs and profits on the rise, annual accounts show
Net profit for the ECB rose in 2015 year on year due to higher gains from securities sales and more fees charged for supervisory activities; operating costs also rise due to staff increases
Paraguay’s Valdovinos: world has a lot to learn on macro-prudential tools
Paraguayan governor underscores importance of macro-prudential policy but says global economy still has a lot to learn; monetary policy is 'too blunt' to solve all problems
Liberian president’s son becomes acting governor
New acting central bank governor is Liberian president's son, source says; Charles Johnson Sirleaf has spent over 10 years at the central bank
End of sanctions offers chance to fix Iran’s banking sector
Iranian banks struggling with high levels of non-performing loans may see their situation improve, but deep reforms are needed and the political situation remains complex
Hungary central bank action ‘distorting’ swaps curve
The Central Bank of Hungary has offered up 1 trillion forint notional of cheap interest rate swaps, driving down bids for receiver swaps and government bond yields, say dealers
Argentina inches towards repaying debt
Montreux Partners LP and EM Ltd settle; four creditors yet to agree on removing injunction
Peso depreciation casts shadow over Mexico rate decision
Central bank adamant it is not in a hiking cycle after 50bp rise; government taking steps to enforce measures on Pemex
EBA publishes guidelines for co-operation agreements between deposit guarantee schemes
European Banking Authority lays out guidelines for agreements between EU deposit guarantee schemes; clear principles should lessen conflict and make mediation easier, authority says
Global growth has ‘flat-lined’, says OECD chief economist
Global economy expected to expand no faster than in 2015; current monetary policy stance ‘insufficient’ to spur growth
FOMC members agree uncertainty over US prospects has ‘greatly increased’
Global uncertainty and financial market volatility increases downside risk for US economy, FOMC members say; committee members express different views over use of fan charts in projections
People: Philadelphia Fed names first VP; five new vice presidents at AIIB
James Narron named vice-president and COO of Philadelphia Fed; five new vice-presidents join executive team at AIIB; and more
German constitutional court to rule on OMT ‘in a few months’
Germany’s constitutional court is reviewing the European Central Bank’s outright monetary transactions and their application under German law; decision expected 'in a few months'
BIS paper models self-generating financial crises
Authors set out DSGE model where financial crises can be triggered either by an external shock or the endogenous generation of credit booms and busts
Namibia hikes to ‘align’ rates in region
Bank of Namibia hikes by 25bp to 6.75%, following decision in South Africa in January after depreciation of rand hit inflation outlook