News
Bank of Canada severs mechanical link to external ratings
After several years of work, the Bank of Canada is now “well positioned” to end its mechanistic reliance on external credit ratings, and is helping others do the same, says Philippe Muller
People: IMF appoints new strategy head; ECB promotes directors
IMF promotes Lagarde’s chief of staff; Finland appoints research director
HKMA’s Exchange Fund posts record high investment income
Strong performance in equities and currency effects drove record investment result in the first half of 2017
IMF designs new instrument amid rise of regional financing
The “policy co-ordination instrument” is designed to allow the fund to offer technical support to countries looking to unlock funding from regional arrangements
FCA set to replace Libor by 2022
The interbank lending rate was manipulated by major banks during the financial crisis to give a healthier picture of their credit quality
People: French deputy takes on stock market oversight; Myanmar set for change
French deputy made chairman of stock market regulator; new board and three deputies appointed at Myanmar central bank; Svein Andresen to depart the FSB
Bank of England appoints new COO and deputy governor
Central bank announces replacement for Charlotte Hogg following her resignation in March; new deputy also set to take over from Minouche Shafik
Favourable inflation prompts 100bp cut in Brazilian interest rate
Central bank continues easing cycle as political uncertainty not feeding through to inflation; analysts expect another large cut this year
Bank of Russia removes licensing powers from regional offices
Observers differ over the effectiveness of the central bank’s efforts to clean up the banking system
Trump says Yellen still in the running for renewed term
US president says he would consider reappointing Janet Yellen, although Gary Cohn and “two or three others” are in contention
Jaime Caruana defends pre-crisis record as Bank of Spain governor
Former governor says ultimate responsibility was on the “deficient” management of the regional savings banks, which relaxed their lending standards
Belize launches next phase of payment overhaul
Cheque payments which would have taken up to a week will be processed within 24 hours under new system, with further plans to revamp the securities market infrastructure in the pipeline
Flexible working may shift Nairu, ECB’s Mersch warns
Technology may increase insecurity and weaken collective bargaining, says senior ECB figure
Task force calls on Fed to upgrade settlement system
Faster payments task force urges Fed to expand settlement service to all hours and open it to new participants; Fed may need to play an “operational role”
Fintech not an ‘immediate threat’ to monetary policy – paper
Research from the Bank of Canada explores the impact fintech could have on central banks’ responsibilities, deeming it “too early to judge” the effect on mandates
Uzbekistan to press ahead with forex reforms
Authorities plan to “frontload” efforts to unite black market and official exchange rates, allowing the central bank to focus on stabilising prices
China-led Asian Financial Cooperation Association launches
AFCA aims to strengthen regional financial co-operation and participate in global financial governance
Major issues on Greek debt still need resolution, analysts say
Deal between European partners and IMF will still face many difficulties, even after German elections, observers warn
Belarus turns to blockchain for information sharing
Central bank uses technology for new information sharing network with plans to deploy the tech to other areas, including securities market
US regulators hand Volcker rule exemption to foreign firms
Agencies are conducting a review of how the Volcker rule is applied to foreign investment funds, as some appear to be captured unintentionally
People: Philippines appoints new deputy, Central Bank of Ireland promotes regulators
Philippines central bank appoints new deputy to replace Espenilla, Central Bank of Ireland makes senior appointments in regulation departments following reshuffle, and more
IMF gloom on US and UK balanced by brighter spots elsewhere
IMF raises projections for China, Japan and eurozone as the UK and US falter; maintains global growth forecasts at 3.5% in 2017
Russian prosecutor clashes with central bank
Bank of Russia must take commercial bank out of administration, prosecutor says
New coins to launch in Philippines in 2017, says deputy governor
Series will integrate new security features akin to those used in banknotes, but 10 cent will not be featured