News
Credibility essential to Central Bank of Brazil success, says IMF
Further changes to the central bank’s inflation target could limit future policy space, fund advises, praising improved transparency of communications
EBA study quantifies impact of IFRS 9
Report finds smaller banks are likely to see a heavier capital impact from new accounting rules; Basel Committee paper says a mix of forward- and backward-looking rules may work best
Da Silva argues for ‘second-best solution’ to climate change
Financial sector must play a “pivotal” role in tackling climate change, but central banks should not be overstretched in the process, the BIS deputy general manager says
Trust key to interbank lending, study finds
'Social collateral' collapsed during 2008 crisis, finds Swiss National Bank paper
Yellen warns of debt impact on productivity
Fed chair states in “strongest possible terms” that the current spending by the US government is unsustainable and could harm productivity
Armenia dropping high-denomination note in new hybrid series
The central bank says the note worth $200 will not be included in the new series; submissions for design proposals for the new series are now being accepted
UK elects first woman to chair Treasury Select Committee
Nicky Morgan to take over from influential chair Andrew Tyrie, who stepped down this year; former secretary to treasury seen as supporter of “soft” Brexit
Bank of Canada hikes for first time in seven years
Bank of Canada becomes the latest advanced economy central bank to hike as the economy proves robust and inflation moves towards target
Bank of Russia takes over major commercial bank
Deputy governor says there is evidence of “misleading” reporting from Bank Jugra; depositors will be able to access their money from July 24
Zimbabwe’s bond notes are ‘exacerbating’ economic fragility, IMF says
Fund urges Zim authorities to restore credibility to currency regime as financial crisis shows no sign of abating
BoE leads foray into non-bank stress simulations
Paper sets out agent-based approach to modelling feedback loop that could create sharp price moves, even where funds and dealers are individually safe
Vietnamese central bank cuts rates, despite IMF credit warning
Decision contradicts IMF advice to keep monetary policy on hold to contain rapid credit growth, but growth and inflation have disappointed
BoE distributed ledger project delivers cross-border payments success
Bank of England completes transactions across two RTGS networks using Ripple’s DLT solution; issues remain on how tech could be adapted for wholesale payments
Randal Quarles nominated to Fed’s top supervision role
Donald Trump’s pick for vice-chair of supervision viewed as a moderate figure, but critical of Dodd-Frank Act
Public protector backs down over Sarb mandate challenge
Mkhwebane admits she lacks power to suggest parliament make changes to the constitution, though she stands by her call for a review of the Sarb’s mandate
It is too early to disregard cash – Croatia’s Vujčić
European governors wary of what the future of fintech will hold for both digital and hard cash
Bank of Uganda officials to head new deposit insurance fund
Team from the Bank of Uganda to lead the fund in the interim as it relaunches following its separation from the central bank
Bullard raises concerns about east coast dominance of the Fed
St Louis Fed president is not worried about the major shake-up of the board of governors; points to reducing the influence of the New York Fed on the FOMC
ECB wants ESAs to focus on ‘European dimension’
The central bank says supervisors should be reshaped to better promote European interests; it recommends greater powers and a governance shake-up
Mersch criticises Commission over securitisation regulation
Some ‘STS’ provisions reduce transparency and increase complexity, ECB board member says
FSB says ‘significant work’ still needed on cross-border resolution
Work is progressing but major obstacles remain; FSB’s Elke König urges regulators not to lose “reform momentum”
People: Fed appoints general counsel; new department heads at Riksbank
Fed appoints former supervision and regulation head to general counsel; new heads of monetary policy and financial stability for Riksbank; and more
Pakistani government picks new governor after SBP spat
Tariq Bajwa takes over from acting governor Riaz Riazuddin; appointment of finance ministry official follows clash over exchange rate movements
Bank of Thailand raises growth forecast amid weak inflation
Thai central bank says it is waiting for economic growth to become more broad-based, as inflation continues to disappoint