News
Bank of Russia hikes interest rates to stem ruble sell-off
Central bank raises key rate by 150bp to highest level since 2009 as currency reaches record low against dollar; spent $3bn propping up ruble on October 29
Split BoJ shocks markets with extra stimulus
Divided board narrowly votes in favour of a substantial boost to asset purchases; analysts note uncanny timing with government pension fund’s plan to add risk
Sarb’s Marais hails 'smooth rollout' of onshore renminbi programme
South African Reserve Bank trading government bonds, T-bills and bank bonds; deputy head of reserves hails support from PBoC on operational aspects of trading
Bulgaria hits back at EBA deposit insurance demands
Bulgarian National Bank says Bulgarian law does not give it the power to comply with EBA demands to release deposits at failed backs; EBA chair criticises apparent deceleration in process
ECB enlists asset managers to carry out ABS programme
Deutsche Bank and State Street among private sector actors that will help spur credit creation in eurozone following ‘competitive' tender procedure; no fees disclosed
FSB spotlight catches assets moving into the shadows
Shadow bank monitoring exercise shows assets stable inside the traditional banking sector but growing outside, as FSB publishes breakdown of data by jurisdiction for the first time
Central Bank of Brazil hikes rates following knife-edge election
Split MPC raises Selic rate to 11.25% in surprise decision amid ‘less favourable' inflation outlook; ‘sign inflation may be given greater priority' by re-elected government, analyst says
Uganda eyes short-term foreign liabilities as reserves measure
Deputy governor Louis Kasekende says Bank of Uganda has begun to track reserves levels against short-term foreign liabilities such as portfolio outflows; details how QE has hit reserves income
Trinidad and Tobago SWF set to gain corporate status
Incorporation will enable Heritage and Stabilisation Fund to hire staff and build capacity, says chairman Ralph Henry; ‘decent’ returns this year, he says
Fed wraps up asset purchase programme
US central bank brings era-defining policy to an end in unceremonious manner; Minneapolis Fed's Kocherlakota votes against decision
Ex-HKMA chief: China may punish Hong Kong for protests
Joseph Yam warns Hong Kong might be sidelined as a financial centre if protests continue, as Occupy Central movement enters its second month on the streets of Hong Kong
Argentinian MP tries to block new central bank governor
Leader of Argentinian opposition party files request to stop appointment of new central bank governor, saying he is ill-suited for the role and will be a ‘tool’ of the government
FSB warns of spillovers from new bank structures
Regulators in other jurisdictions fear potential knock-on impact from Liikanen, Vickers and Volcker reforms to bank structure
Norway SWF suffers weakest quarter in two years
Government Pension Fund Global returns 0.1% in third quarter following losses on European stocks; acquired several properties in EU and US
European Commission approves Portuguese institution designed to finance SMEs
New development bank to finance SMEs until 2020, at which point the Commission will assess how the market has evolved; will have starting capital of €100 million
Ingves mulls asset purchases as Riksbank cuts repo rate to zero
Asset purchases could be on the cards if historic cut fails to boost inflation, says governor; rates expected to stay at zero until mid-2016
Bank of England seeks global consensus on ‘fair and effective’ markets
Review aims to fix outstanding issues with market structure and conduct; Minouche Shafik says the central bank is working with others globally to build a consensus
Banque de France and HKMA ink renminbi deal
Central banks seek closer ties to help develop renminbi business in Hong Kong and Paris; Christian Noyer hails the two cities as ‘among the most important’ for offshore renminbi trade
Serbian central bank dismisses losses as ‘accounting measure’
National Bank of Serbia loses $462 million in 2013; attributes it to range of factors including falling gold prices and a new ‘corporate profit tax’ on non-profit organisations
People: Poland names new vice-president; Riksbank general council appoints new chair
Anna Trzecińska returns to National Bank of Poland as vice-president; Riksbank general council elects Susanne Eberstein as chairman; and more
Sarb launches investigation into forex traders
Central bank joins growing list of regulators concerned by potential for misconduct among foreign exchange market practitioners
Buba’s Dombret leads calls to focus on bank profitability
Andreas Dombret says German banks may be resilient, but they are not competitive; commentators at leading accountancies stress the need to focus on profitability
Monte dei Paschi’s shares plummet in wake of ECB results
Shares in Italy’s third-largest bank drop by 20% as the market reacts to stress-test results; MPS claims it was ‘penalised’ by methodology
Bank Indonesia sets out reform agenda for next 10 years
Improving control over inflation and support for financial system stability are the main goals of the ’transformation program’