News
Zambia hikes by 300bp as inflation almost doubles
Bank of Zambia increases policy rate to 15.5% in an effort to keep inflation expectations anchored in single digits; annual inflation jumps to 14.3% in October as kwacha slides
PBoC monetary policy reform could be 'trial and error', economists warn
The Chinese central bank wrapped up a two-decade long interest rate liberalisation process last month – now the hard job begins
ECB assessment finds capital shortfall at four largest Greek banks
European Central Bank banking supervision uncovered ‘adverse case’ capital shortfalls of €14.4 billion at Greece’s four largest banks; recapitalisation plans needed by November 6
CLS sets go-live date for Hungarian forint
CLS and Hungary's central bank launched the forint project in February 2014
Kazakhstan governor replaced with former deputy
President removes Kairat Kelimbetov from office citing lack of confidence in central bank and falling currency; names former deputy Daniyar Akishev as succesor
ECB to log bank loans to firms above €25,000 from 2018
New system will log all loans by eurozone commercial banks to firms above a value of €25,000 starting in March 2018; ‘AnaCredit’ likely to expand coverage to natural persons
Eurozone banking sector less reliant on central bank funding, ECB report says
Commercial banks relied less on central bank financing in 2014 and only achieved ‘moderate’ extension of credit; shadow banking sector becomes increasingly important
Mandate change proposal would be unconstitutional, Polish governor says
Bank governor says giving the central bank a growth mandate would not be permissible under EU law; senior figures in governing party call for monetary easing programme
BoE’s Brazier defends new stress testing framework
Executive director says the Bank of England already has much of the forecasting infrastructure it needs, but will not overestimate its ability to spot the UK’s position in the financial cycle
Economists challenge foundations of monetary economics
‘Neo-Fisherian’ approaches use standard New-Keynesian models to show that cutting interest rates will produce lower, not higher, inflation – and the result is surprisingly difficult to overturn
Central Bank of Barbados continues digital drive
Central bank publishes its economic review in video format as part of an ongoing digital drive; governor DeLisle Worrell is driving force behind digitisation
BoJ holds QQE fire but pushes back inflation forecast
Bank of Japan leaves asset purchase programme unchanged despite downward revision of outlook; central bank now predicts inflation target will be reached in second half of fiscal 2016
European banks ‘lagging behind’ in re-thinking strategies, Bundesbank board member says
European commercial banks have been too slow in adapting to a changed regulatory environment and low interest rates, says Andreas Dombret of the Bundesbank
Central Bank of Iceland approves failed bank plans
Central Bank of Iceland approves ‘composition agreements’ by failed banks, offering them the opportunity to duck a heavy stability tax
Riksbank attacks government's amortisation proposals
Sweden’s central bank strongly criticises aspects of government proposals to cool the housing market; says measures threaten the independence of Swedish macroprudential regulator
Fed rate rise given the ‘amber light’
Federal Reserve holds rates but hints there could be action at the December meeting; analysts still seeing mixed signals
Bernanke offers insight into Fed’s political balancing act
Former Fed chair tells of navigating both political and economic pitfalls in crisis response, and says the US central bank’s independence is still under threat
NBIM records Q3 loss amid stock market volatility
Norges Bank Investment Management posts uncomfortable loss in third quarter, driven by sharp drop in its equity investments, but fund’s chief executive stresses long-term focus
Turkish central bank may act as inflation forecasts rise
Declining exchange rates and rising food prices have pushed inflation expectations upwards, monetary policy committee says; governor says he will raise interest rates if necessary
Riksbank unleashes further easing
Central bank hopes extended asset purchase programme and commitment to keep rates lower for even longer will help reinforce a gradual upward trend in growth and inflation
RBA sees no ‘financial stability case’ for repo CCP
Central bank decides not to actively encourage the (re)creation of a repo-focused central counterparty, but says it will work with the industry if it wants to take the project further
Central Banking award winners to be revealed in January
Awards include Central Bank of the Year and Governor of the Year, and the prestigious Lifetime Achievement award
Vocalink to deliver ‘new generation’ real-time payments in US
CEO David Yates tells Central Banking there will be unique challenges to delivering real-time payments in the US, as Vocalink is chosen to provide software behind faster payments project
Venezuelan central bank sues US data website
Central bank accuses black market data website of artificially raising the rate of inflation in the country