News
African central banks have cut euro exposures, says Uganda’s Kavuma
Combination of negative interest rates and falling reserves hit euro holdings but most central banks still avoid investments within Africa
Lagarde guilty of negligence, court rules
IMF chief found guilty of negligence but is not punished; verdict may call into question her future at the fund
People: Slovenia gets new deputy; ECB appoints new member to financial stability council
Slovenian parliament appoints new deputy to central bank; ECB chooses Finnish deputy governor to sit on financial stability council
SNB ups allocation to currency reserves
New rule allows for higher allocations to reserves provision even in periods of low nominal growth; foreign exchange intervention now a key monetary tool
US and EU outline final rules on loss-absorbency
Fed adopts final rule on loss-absorbency, while EBA makes final recommendations to European Commission; US rules include grandfathering and exceptions for foreign firms
2016 sees major change among central bank governors
Double the number of new governors were appointed in 2016 compared with 2015, latest Central Bank Directory shows; global staff numbers plateaued in 2015 and reversed this year
Sarb fines two major commercial banks for AML breaches
“Administrative sanctions” placed on Societe Generale Johannesburg branch and Absa Bank after staff found “weaknesses” in AML and terrorist-financing control measures
Czech Republic closer to euro adoption but still not ready – CNB
Economy is converging with Europe but costly accession to single supervisory mechanism means country is not ready to begin formal process, CNB says
Macedonian notes: world’s first security thread in long window
New designs entering circulation feature De La Rue’s Kinetic StarChrome; central bank also begins withdrawal of the D5,000 note
IMF delay forces National Bank of Ukraine to keep forex controls
Central bank to leave foreign exchange controls in place until political instability subsides and reforms are under way; IMF acknowledges progress, but says more is needed before the third review
BoJ and ECB collaborate on distributed ledger tech
The project will examine the possibility of running central bank infrastructure platforms in a DL environment; research will focus on payments and securities settlement
Greek negotiations turn acrimonious amid debt relief freeze
ESM freezes debt relief measures for Greece, accusing government of breaking spending promises; European Commission’s Moscovici hits back at IMF criticism
People: Fed appoints head of financial stability; Russian deputy to gain new adviser
Lehnert gains financial stability role after proving influential in the department’s creation; former head of financial stability appointed to advisory role at Bank of Russia
FOMC signals hawkish outlook as it hikes
Dot plot shifts upward and projection implies members expect further hikes in 2017; Janet Yellen says fiscal stimulus “not obviously needed”
BoE’s Woods: firms favour ‘transitional’ Brexit period
Prudential Regulation Authority chief quizzed on best course of action for financial firms during Brexit process; “preferential” market access is not necessary, but seems sensible, he says
Task force launches climate disclosure recommendations
Mark Carney says better information will allow investors to “back their convictions with their capital”; Mary Schapiro says businesses will take the lead, even if politicians will not
Sama unveils new banknote designs with updated features
Six denominations to feature new security thread and improved features for the visually impaired; new coin design also launched by Saudi central bank
US agencies reject Wells Fargo resolution plan
Bank faces further curbs on its activities if it cannot present the Fed and FDIC with a sufficiently improved plan by early 2017
Central banks working to overhaul data-sharing
IFC report finds many central banks are seeking ways to better share micro data, both internally and externally
FCA urges progress on equivalency for derivatives trading
US and EU regulators should base recognition decisions on outcomes, not technical details
Venezuela removes largest banknote amid contraband concerns
Government authorises removal of 100 bolivar bill to combat “mafias”; nation also closes border with Colombia amid “economic war”
IMF officials say they want less austerity for Greece, not more
Fund and European creditors still disagree on design of Greek programme, as IMF says fiscal targets must be realistic
Uribe leaves Central Bank of Colombia after 12 years of governorship
Juan José Echavarría, appointed as Uribe’s successor, will return to the central bank where he served as a member of the bank's board for a period of 10 years
ECB backs EC plan to consolidate macro-prudential policy
Central bank says it should be handed new and clearer powers, while toolkit should go “beyond banking”