News
Carney faces grilling from parliament in wake of tenure decision
Regardless of Brexit timetable, BoE governor will leave on June 30, 2019; he warns firms could trigger plans to leave London in late 2017 if Brexit deal proves unsatisfactory
EU places sanctions on new Syrian central bank governor
Duraid Durgham placed under asset freeze and travel ban due to “support for Syrian regime”; Syrian currency under severe pressure from war and sanctions
Negative oil shocks outweigh positive ones, says Irish paper
Researcher uses TVAR model to examine eurozone data; concludes size of oil price and economic shock also affects impact on inflation
Kenya’s Imperial Bank saga continues with fresh court ruling
Sniping ensues as high court rules on Imperial Bank; central bank says it has acted within the law, while shareholders challenge its interpretation of the ruling
RBI forms task force as cash crisis continues
Authorities find ATMs must be recalibrated to accept new notes, hampering efforts to respond to cash shortages
Reserve Bank of Malawi issues new highest denomination banknote
Central bank issues new denomination as inflation and depreciation continue; 2,000 kwacha note will enter circulation next month
Western ambassadors support independence of Ukrainian central bank as dispute continues
Diplomats line up behind Gontareva as the president’s attitude remains unclear
Rohde expects US fiscal expansion but fears for global trade
National Bank of Denmark governor says US rates expectations have risen due to President-elect Donald Trump pledge to overhaul the nation’s infrastructure; trade policies could hit global growth
Haldane turns to other disciplines to solve big economic questions
BoE chief economist calls for an interdisciplinary approach to tackling the problems economics faces in understanding complex systems; warns of shortcomings in micro-founded models
EBA raises concerns over banks’ implementation of IFRS 9
Profit and loss volatility likely to rise due to new credit risk guidelines, banks say
IMF praises Argentinian central bank for proposed changes to monetary policy framework
IMF encouraged by Argentina’s progress but says more effort required to strengthen monetary policy framework, including granting central bank operational independence
First BIS survey data on central clearing shows gaps remain
OTC derivatives surveys capture central clearing for first time; data reveals marked differences between classes of derivatives and advanced vs emerging economies
Egypt announces $2 billion deal to bolster reserves as Lagarde set to recommend IMF aid
IMF chief asks the board for $12 billion loan over three years to support “ambitious” reforms
IMF lifts censure on Argentinian inflation
Inflation and GDP figures now in line with international standards, fund acknowledges; Lagarde praises Argentinian authority’s efforts to reform statistical agency
How does Janet Yellen fit into Trump’s new order?
Academics and former Fed officials think Yellen is safe for now, though the gap she could leave when her term comes to an end has some worried
RBNZ delivers rate cut as exchange rate strength persists
Board reaffirmed move in light of Trump victory, but cut has been in the offing for some time as NZ dollar strength holds down inflation
Visco hits out at lack of ‘cohesion’ among Europe’s political leaders
ECB governing council member calls for targeted structural reforms in the euro area; says a euro area finance minister must have fiscal capability and not be “another referee”
Praet calls for further consolidation of eurozone banking
The ECB's chief economist says falling bank profits are not a concern for monetary policy and sector must improve business models while the central bank gives “regulatory clarity”
EBA suggests new model for prudential regulation of investment firms
Capital model should be based on firms’ risks to markets and to customers, EBA says
India scraps two banknotes overnight
The joint initiative by the central bank and government will replace two highest denominations with a new Rs500 and Rs2000, entering circulation tomorrow after an unscheduled bank holiday
People: BIS replaces Debelle as chair of markets committee; UK advertises for Shafik replacement
MAS’s Jacqueline Loh will chair the markets committee at the Bank for International Settlements; Bank of England advertises for deputy governor role
Central banks respond as markets roiled by Trump victory
Mexico hit by large capital outflows, while Swiss and Japanese central banks face large inflows; Federal Reserve likely to come under pressure
Trump attacks Yellen in campaign ad as US votes for president
Candidate has repeatedly attacked Fed chair for “political” actions
People: Sarb reappoints deputy for second term; Central Bank of Kenya looking to replace board
South African Reserve Bank appoints Francois Groepe to serve another term; parliament has approved five new members to the Central Bank of Kenya board, but formal process not yet complete; and more