News
HKMA rolls out initiatives to promote ‘smart banking’
Hong Kong authority plans upgrade of supervisory sandbox and modified virtual banking guidelines; real-time retail payment system will be one of first to offer immediate settlement
Senior figures disagree over future of central bank mandates
Independence for central banks has been a success and is vital for carrying out mandate; Otmar Issing says ECB should not act as a substitute for politics
Debelle calls for more thought on financial stability independence
RBA deputy says financial stability needs its own intellectual framework; panellists warn independence likely to face tougher challenges ahead
BIS report sheds light on innovative big data use
Central banks across the globe are turning to big data to solve statistical issues, improve banking supervision, and analyse communications
Fitch warns Philippines on prudential standards
Real estate sector appears stable but risks could “crystallise” if left unchecked; closer central bank scrutiny may prove inadequate
Malaysian opposition: bank must act against 1MDB officials
Bank Negara Malaysia says it will continue to work with international agencies over alleged fraud
Bank Indonesia under pressure from falling inflation
Bank Indonesia cuts rate for the second consecutive month; policymakers in Indonesia have been struggling to hit ambitious growth targets
Jamaica’s central bank implements next step in forex overhaul
Conducting auctions at new rate will improve transparency and efficiency of forex market, central bank says, hoping it will stem speculation and volatility
Eichengreen supports calls for FOMC to hold more press conferences
Governance expert says Fed is one of the most transparent central banks in the world but improved consistency of format around FOMC meetings “makes sense”
Fed’s Williams floats co-ordinated shift from 2% targets
San Francisco Fed president is concerned that extraordinary, ‘beggar-thy-neighbour’ monetary policies will be more frequent in a lower-growth world
Italian finance sector must change, deputy governor says
Banks too exposed to cyclical conditions and firms too dependent on loans, Rossi says
Capital rules may be too risk-sensitive, Basel fears
Complexity is slowing the roll-out of standards, says Basel Committee deputy
Portuguese governor clashes with government
Treasury intends to transfer banking resolution competencies out of the central bank
Bank of Ghana pauses policy easing on inflation worries
Central bank holds interest rates at 21% to see if external pressures will prove persistent; improvement in export prices will provide country with buffer against shocks
Good data management key to extracting value from big data – panellists
Big data proves most useful when backed by a well-designed production chain – but it comes at a cost, central bank data experts say
Non-bank stress tests must be improved – Constâncio
ECB vice-president says stress tests for non-banks are still in a “fledgling state”
People: New Kyrgyz governor; six promotions in Sri Lanka
Kubanychbek Kulmatov takes over at NBKR after former governor departs early; six employees made assistant governors in Sri Lanka; and more
Nigerian state uses central bank as ‘piggy bank’ – MPC member
Central bank policies are crowding out private investment, economist argues
Uruguay’s digital currency pilot ‘close to launch’, says governor
Central bank’s initiative will allow the public to access digital currency via mobile wallets; Ecuador’s prototype proves a flop
Kuroda deflects criticism of 2% target
BoJ governor pushes back at those calling for a reduction in the target, as inflation in Japan remains off course
European Commission announces supervisory agency reforms
Proposals would see Esma’s powers significantly increased while all ESAs would gain executive boards
Sarb concerned with KPMG audits in South Africa
Auditor reshuffles local leadership and carries out investigation, but may lose major clients
Central banks may be thinking wrongly about inflation – Borio
BIS economist says inflation may not always and everywhere be a monetary phenomenon, which could help explain why the natural rate is so low
Bank of Russia will be able to handle fallout from failing banks, analysts say
Central bank puts two more banks into administration; observers disagree over effectiveness of Nabiullina’s reform efforts