News
Kazakh central bank expects to hit inflation target if oil averages $50 or $60
National Bank of Kazakhstan publishes two forecasts with different assumptions about oil price; plans to limit market volatility by expanding monetary instruments
Hryvnia back from brink despite central bank U-turn
Central bank manages to stem Ukrainian currency’s free-fall despite adding to market chaos with volte-face on foreign exchange controls; two failed banks enter liquidation
BoE revamps market intelligence approach
New approach to include greater transparency and a new executive committee to oversee market intelligence, following concerns flagged by Grabiner Report
Greek governor calls for reform and coherent growth plan
Yannis Stournaras urges government to honour Greece’s commitments and reach a prompt agreement with its European partners, then focus on creating sustainable growth
IMF research looks to jumpstart market for Italian NPLs
Nadège Jassaud and Kenneth Kang discuss their strategy for fostering a market for non-performing loans with Central Banking, stressing the need for ‘decisive action’
Draghi defends Greek waiver decision in heated parliament session
ECB president defends bond-waiver decision and dismisses ‘popular mistakes’ over the disbursement of profits, having to raise his voice over heckling from MEPs
Climate change on BoE research agenda
Bank of England says research could examine how central banking can ‘play a role’ in addressing systemic environmental risks; conference panellists consider issue
BoE panellists: Central banks need better understanding of policy interactions
Policy-makers are already having to cope in practice with a ‘tripartite’ mandate while research struggles to catch up, raising the possibility of dangerous blind spots
BoE unveils wide-ranging research agenda
‘One Bank’ research agenda seeks to shake up the status quo and help theory catch up with the practice of new central bank mandates and looming challenges
Haldane wants to turn economic methodology on its head
BoE chief economist turns away from deductive methods and towards mining big data in search of correlations, but former ECB research director warns him to temper his enthusiasm
Yellen defends relationship with White House
Fed chair tells congressional committee she did not discuss monetary policy with Treasury secretary or executive branch of government, when quizzed on ‘near-weekly’ meetings
State Bank of Pakistan mulls new target rate
New proposals aim to establish a new ‘target rate’ within the existing interest rate corridor; advisory committee on monetary policy will decide whether to adopt them next month
Poloz calls for ‘reinvention’ of central banking
Bank of Canada researching changes to its inflation targeting regime; Poloz asks how best how to incorporate financial stability into framework and avoid ZLB episodes
Lagarde raises doubts over Greek reform package
Troika institutions give Greek bailout package the go-ahead, but IMF managing director says current reform framework ‘is not conveying clear assurances’ in many areas
Yellen sheds light on lift-off communication
Fed chair discusses how the Federal Reserve will communicate its thought process on policy normalisation; rejects FOMC reform and Audit the Fed bill in congressional hearing
Israel and Turkey cut rates, hinting at further easing
Bank of Israel eases with one eye on the appreciating shekel; Turkey stands by its ‘cautious’ stance on interest rate cuts with 25bp reduction
Carney defends eurozone comments
Parliamentary committee questions appropriateness of BoE governor calling for fiscal union in Europe; Carney admits authorities outside eurozone were keen for him to make the comments
Clearing houses face privacy law concerns
US reporting requirements could force CCPs to break national privacy laws
UK regulators flesh out proposed punishments for bankers
Consultation papers set out details of how presumption of responsibility will work in practice, including narrowed scope, and seek to extend greater protections to whistleblowers
Greek debt deal marks start of rough road
Negotiations on Friday ended in a compromise stacked in Germany’s favour; although disaster has been temporarily averted there are more battles to come, and Greece’s funding remains tight
Azerbaijan devalues currency by a third
Central bank follows up last week’s decision to abandon its peg in favour of a currency basket by devaluing the manat by 34% against the US dollar
IMF eyes stronger transmission mechanism in Paraguay
Latest staff report advises the Paraguayan authorities to promote a ‘well-functioning’ interbank market and create stronger incentives for ‘de-dollarisation’ in the economy
Islamic finance: Nigerian central bank reveals shape of advisory body
Central Bank of Nigeria publishes guidelines for the Financial Regulation Advisory Council of Experts, charged with offering ‘expert advice’ on the industry and approving new products
Canadian deputy reveals new indicator of inflation expectations
Bank of Canada launches new household survey; Agathe Côté says the 'power of our new tool will truly reveal itself’ after a couple of years, but early indications are ‘promising’