News
Industry praises expansion of South Korea’s currency swap arrangements
Senior executives of large enterprises praise Bank of Korea for expanding currency swaplines with Japan and China; industry concerned about slowdown caused by eurozone crisis
Greek reversion to drachma easier than euro conversion, say analysts
If Greece were to leave the eurozone it would have to establish a new currency in record time; analysts explain how the process would be simpler today due to technological advances
Emerging market central banks lead gold rush
World Gold Council Global Demand Trends report shows central banks were net buyers of gold in third quarter of 2011, led by Russia, Bolivia and Thailand
US senator renews call for ‘crippling’ sanctions on Central Bank of Iran
Senator Mark Kirk wants foreign financial institutions conducting transactions through the Central Bank of Iran to see access to US financial system cut off, and their US-based assets blocked
Central bank intervention in credit markets threatens independence, says Fed's Lacker
Richmond Federal Reserve president Jeffrey Lacker says intervention in credit markets diminishes central bank autonomy; CentralBanking.com poll suggests otherwise
Blanchflower blasts BoE’s forecasting record
Former Bank of England Monetary Policy Committee member David Blanchflower says central bank will continue to miss projections until outdated models are replaced
IMF’s European director Antonio Borges quits
Director of European department, Antonio Borges, steps down for personal reasons; succeeded by strategy director Reza Moghadam in shake-up at Fund
Turkey and Nigeria in talks with China about currency swaplines
Governors of relevant central banks confirm Republic of Turkey and Nigeria are both in negotiations with the People’s Bank of China regarding currency swaplines
Organisation of Islamic Cooperation agrees to strengthen collaboration efforts
Central bank and monetary authority representatives gather in Kuala Lumpur to discuss place of Islamic finance in changing global financial system; reaffirm commitment to strengthening collaboration
Sanusi reveals ‘strategic’ decision to hold renminbi reserves
Governor of the Central Bank of Nigeria explains why he made the decision to convert some of the country’s reserves into renminbi; says Nigeria left it “too late” to buy gold
Barnier leads crackdown on credit rating agencies
European Commissioner publishes proposals that will enable credit rating agencies to be sued by investors if they break EU rules "intentionally or with gross negligence"
Australian regulator releases Basel III liquidity proposals
Australia's prudential regulator publishes discussion paper for liquidity reforms under Basel III; Reserve Bank of Australia announces further details for its committed liquidity facility
Bank of Canada launches first polymer banknote
Bank of Canada issues first new polymer C$100 banknote into circulation; governor Mark Carney says new bills are at the frontier of banknote technology
IMF calls on China to overhaul its financial system
Fund review says China’s real estate sector faces a steady build-up in vulnerabilities; believes reforms to the country’s financial system are crucial to stability in the region
Financial inclusion to figure strongly in new ten-year plan, says Zeti
Bank Negara Malaysia governor Zeti Akhtar Aziz reveals the country’s next 10-year master plan will be unveiled in December; stresses new measures that will focus on enhancing financial inclusion
King sees sharper decline in inflation ahead for UK
Inflation in the UK falls to 5% in October, but Bank of England governor Mervyn King says inflation could drop more “sharply” in the next six months
Central Bank of Egypt denies involvement in illicit money transfer
Central Bank of Egypt says it did not participate in the transfer of funds abroad pertaining to former leader Hosni Mubarak
Lender of last resort not an option for ECB, say analysts
A financial backstop is needed to address the eurozone crisis, analysts say, but full lender of last resort status for the European Central Bank remains politically unpalatable
BoJ's Shirakawa urges greater caution over financial innovation
Bank of Japan governor Masaaki Shirakawa says a better understanding of banks' incentive structures can minimise risks associated with financial innovation
Video: New York Fed’s Marc Saidenberg denies US go-slow on Basel II implementation
New York Fed senior vice-president Marc Saidenberg says US is introducing Basel II at a similar pace to international peers and is also committed to timely implementation of Basel III
ECCB disposes stake in former Stanford bank
Eastern Caribbean Central Bank sells assets from seized Bank of Antigua to Eastern Caribbean Amalgamated Bank
IMF evaluates reform options for SDR basket eligibility criteria
Executive directors meet to discuss staff paper on criteria for broadening the SDR currency basket; “freely usable” criterion set to stay
Sweden will go beyond Basel III capital rules, says Ingves
Riksbank governor Stefan Ingves says Sweden will follow Switzerland and UK in implementing higher capital adequacy requirements than Basel III for largest banks; details to be released soon
German banks face new set of risks as contagion spreads across Europe
Bundesbank 2011 Financial Stability Review says Germany’s banking system will face new burdens as sovereign debt crisis in Europe intensifies