News
Nigerian deputy says investment, not aid, will lead Africa to prosperity
Kingsley Moghalu, head of financial stability at the Central Bank of Nigeria, calls for ‘nationally defined' growth strategy and the ‘political will' to realise it
Bangladesh Bank: inflation target ‘may prove challenging’
High food inflation and a pick-up in consumer demand could make it difficult for the Bangladesh Bank to restrain inflation to 7% for the 2014 fiscal year
Russia says Bitcoin users will be suspected of money laundering
Central Bank of Russia joins roster of monetary authorities warning citizens off virtual currencies - but goes one step further in saying its use is against the law
Simple indicators better for regulators, BoE economist argues
The experience of the 2008 crisis shows leverage ratios are better warning signs than more complex measures like capital ratios
PBoC commits to more market reform
The People’s Bank of China reiterates the importance of handing markets a ‘decisive role’ in resource allocation in the quest for sustainable economic growth; looks forward to 2014
Former Fed economists call on FOMC to dump Fed funds rate as main monetary policy tool
Joseph Gagnon and Brian Sack want the Fed to adopt the interest rate on its overnight reverse repo facility as its main policy tool and keep interest rate paid on bank reserves at same level
Draghi spells out QE possibilities
Mario Draghi says the European Central Bank could purchase banks' loans if they are packed in the ‘proper’ way, in contrast with market calls for GDP-weighted sovereign debt purchases
Central Bank of Turkey calls emergency meeting
Monetary policy committee will announce decision at midnight local time tomorrow night; expectations of rate hike see lira bounce back from record lows, but analysts remain cautious
ECB demands ‘fast adoption’ of Sepa legislation
European Commission proposal to extend the deadline for Sepa migration by six months has caused ‘confusion’ in the markets, according to the ECB
Tombini says Brazil is ready for ‘welcome' exit from UMP
The end of unconventional monetary policy in advanced economies is a good sign for the world economy, says Central Bank of Brazil governor Alexandre Tombini
Argentina lifts capital controls as peso's slide continues
Argentina lifts capital controls a day after central bank quits trying to prop up the currency
Bank of England will recalibrate forward guidance next month
Governor Mark Carney tells an audience in Davos he would prefer the next stage of forward guidance not to focus solely on unemployment, but on ‘overall conditions' in the economy
Research shows CEE firms bribe bankers to get credit
Paper finds correlation between the prevalence of bribery in an economy and firms' bank debt ratios - suggesting firms bribe bank officials in order to secure loans
IMF board laments US-induced impasse on quota reform
Executive board asks the IMF board of governors to adopt resolution calling for ratification of reform package that would double quotas and overhaul fund's governance ‘without further delay'
Major central banks phase out dollar liquidity operations
ECB, BoE, BoJ and SNB will start scaling back the amount of dollar liquidity they offer to market participants in April in response to waning demand
Central Bank of Venezuela sees third president in nine months
Nelson Merentes, currently finance minister, will return to the bank, which he led for four years before leaving in April; meanwhile, the finance and ‘banking system' ministries are being merged
Solomon Islands wins IMF support for ‘contractionary’ monetary policy
Central Bank of Solomon Islands maintains tight monetary policy in face of excess liquidity; IMF welcomes stance but tells authorities to implement a wider exchange rate band
Swiss National Bank tightens controls on mortgage lending
Switzerland’s Federal Council approves central bank proposal to double the size of the counter-cyclical capital buffer and cool the housing market
Central Bank of Turkey sells $2.5bn in attempt to halt lira freefall
Central bank buys local currency for an estimated $2.5 billion in one day, upping stakes on strategy that has seen it spend one-third of net reserves since June
BoE prudential regulator wrestles with early warning indicators calibration
Calibration for general insurers and with-profits funds frustrates regulator's progress
Lautenschläger nominated as SSM vice-chair
The European Central Bank has nominated Sabine Lautenschläger as the vice-chair of the supervisory board; if appointed she will join Danièle Nouy at the top of the SSM
Cœuré wants to fast-track resolution fund
Benoît Cœuré calls for single resolution fund to be established within five years; Axel Weber predicts that some of the eurozone banks will fail the ECB’s asset-quality review
Head of the Central Bank of Nicaragua removed by decree
Alberto Guevara was transferred to a different, as yet unknown, position within the government last week; the general manager is standing in and the bank is expected to comment publicly on Friday
RBI report recommends inflation target under new monetary policy framework
Committee set up by Raghuram Rajan in September calls for formal nominal inflation target of 4% to be phased in over two years; also recommends sweeping changes to bank's organisational structure