News
US delivers strong jobs growth to end 2015
Report shows nonfarm payrolls expanded by 292,000 in in December, while figures for both October and November revised up; unemployment rate unchanged at 5% for the third consecutive month
Denmark hikes deposit rate after record drop in reserves
Central bank lifts deposit rates and reduces banks’ current account limits; capital outflows accelerated in December following ECB actions
BoJ board reveals miscommunication fears
New ‘summary of opinions’ reveals some on board concerned about giving impression stimulus is at its limit, while some see dangers to taking further action
Mauritius looks to set up asset management company
Central bank launches public consultation on creation of bad bank, which would help ‘clean up clogged balance sheets’ of country’s banks
Room for monetary policy stimulus has ‘narrowed’ in many EMs, World Bank report warns
Little room left to use monetary or fiscal stimulus in event of growth shock in some countries, report says, pointing to role for structural reform
Some FOMC members still see ‘considerable’ risks to inflation forecasts
The Federal Reserve’s decision to increase the federal funds rate target was a ‘close call’ in the view of ‘some’ FOMC members; mixed views among governors and presidents on inflation outlook
Economists say Rajan has good chance of staying as RBI governor – if he wants to
Raghuram Rajan is popular enough to be reappointed when his first term ends later this year, but he may have other appealing options, according to observers
Central Bank of Bolivia issues counterfeit warning ahead of festival
Any reproduction of the bolivar must be either double or half the size to avoid confusion with legal tender under counterfeiting rules, the bank says, ahead of Alasita in La Paz
PBoC cut in renminbi fix prompts market volatility
Central bank cuts fix by 0.51%, triggering second equities slump in a week and further divergence in onshore and offshore exchange rates
Bean says statistics agencies struggling to keep pace with the modern economy
Former BoE deputy warns of a widening gulf between the structure of the economy and how ageing statistical techniques represent it; urges UK statistics office to be more ‘agile’
Lagarde calls for ‘fundamental change’ in Nigerian policy
IMF managing director tells leaders to shore up the banking system, strengthen the external position and exercise ‘restraint’, during visit to Nigeria
ECB should become lender of last resort to individual eurozone banks, academics argue
The ECB should take over the role of lender of last resort to troubled individual banks in the eurozone, two leading academic lawyers argue; move would ‘not require’ changes to treaties
SSM sets out supervisory priorities for 2016
The SSM set out its supervisory priorities for 2016, with a wide-ranging list of ‘thematic reviews’ to be carried out; key areas include business model risk and high levels of non-performing loans
Real impact of credit booms demands policy rethink, say BIS economists
Financial booms and busts feed through to the real economy via labour reallocations, harming productivity growth; results call for wide-ranging rethink of models and policy, authors say
Jean Baden Dubois named Bank of Haiti governor
The former director-general takes on the leadership of the Bank of Haiti; currency depreciation remains an issue for the central bank
Irish central bank may help fund ‘comprehensive’ database of commercial real estate
Central Bank of Ireland may help fund the creation of a commercial property statistical system, which would be maintained by Central Statistics Office
Venezuelan president cuts congress out of key central bank matters
President ‘shields’ central bank from opposition interference, according to one observer, with changes effective on eve of national assembly meeting
PBoC injects liquidity following market rout
Central bank intervenes with $20bn reverse repo operation as markets slump, restoring a semblance of calm
Governor Craigg ends 37 years of service at the Central Bank of the Bahamas
Former finance secretary John Rolle succeeds Wendy Craigg, who takes up the role of adviser to the prime minister
Philippines central bank empowers micro-banking offices
Micro-banking offices can open deposit accounts under new measure; central bank reflects on measures taken to boost financial inclusion in 2015 and challenges ahead
Riksbank prepared to ‘instantly intervene’ in krona
Executive board hands governor and first deputy the power to determine interventions to hold down the value of the krona, at unscheduled monetary policy meeting
Honohan pressed on Irish staff and salary reforms in final days of office
A senior minister in the Irish government and the outgoing governor of the country’s central bank exchange letters on proposed changes and existing retention pay
Trinidad and Tobago central bank governor sacked and replaced by deputy
Alvin Hilaire replaces Jwala Rambarran as governor of the Trinidad and Tobago central bank; Rambarran reportedly found out about decision through media
RBI sheds new light on debt management strategy
Central bank unveils more detailed approach to communicating debt management plans, laying out a medium-term strategy that will be updated each year