News
Nigerian central bank announces forex liberalisation
Nigeria’s central bank unveiled plans to make up to $2.5 billion available to the country’s non-oil exporters; currency will float from June 20
South African rand and Chinese renminbi now tradable on CFETS
Bilateral trading between rand and renminbi will cut costs, Sarb's head of financial markets says, as China makes latest move towards renminbi internationalisation
BoE launches fintech collaboration
Bank of England is working with fintech firms on innovations to support central banking, including its own distributed ledger; non-bank payment providers to gain direct access to RTGS system
Reserve Bank of Zimbabwe cuts electronic payment charges to tackle cash shortage
Central Bank introduces latest measure to combat cash shortage by encouraging use of electronic payments; mobile payments on the rise but card use still low
ECB bulletin article criticises EU fiscal arrangements
The eurozone's fiscal arrangements are "vague", article in the ECB’s latest economic bulletin says; criticises Commission's proposed fiscal metrics and calls for single eurozone treasury
Colombia to treat new credit line as ‘insurance’ against extreme shocks
IMF expands agreement with Colombia to $11.5 billion; deputy technical governor highlights role it has to play as economy goes through period of adjustment
Yellen offers helicopter money cautious support
Fed chair says central banks could "legitimately consider" stimulus by financing government spending but only in "extreme" circumstances and with an eye on the many cases where it has gone wrong
BoE seen facing tough task in event of Brexit
Economists see Bank of England faced with task of stabilising financial markets while currency plummets and economy slows, making policy decisions tough; Carney hits back at critics
Argentina releases first inflation data following statistics overhaul
Prices for transportation, food and housing drive up inflation, which rose 4.2% in May; IMF reviews progress next month
Yellen says July hike ‘not impossible’ as Fed holds
Fed keeps policy unchanged as widely anticipated; expected path of interest rate hikes becomes more gradual while the long-run level is revised down again
Negative rates fail to dent Danish bank profitability
National Bank of Denmark concerned banks may be pursuing return targets too aggressively, as profits hit highest level since 2008 crisis; banks reshaping business models to avoid low-rate impact
People: Turkey picks new deputy; Riksbank’s Jansson reappointed
Career banker takes over from Turalay Kenç at Turkish Central Bank; Riksbank deputy handed fresh five-year term; and more
Bank of Greece pushes for government reforms and debt relief
Monetary policy report urges government to pass reforms, but criticises creditor's focus on tax increases and 3.5% primary surplus; expects growth to pick up to –0.3% by year-end
Philippines creates financial inclusion steering committee
Central bank will chair the committee, which comprises 12 other government agencies; will follow up on their work creating a national strategy for financial inclusion
Irish banks prepared for Brexit but face material effects, deputy says
Effects on profitability and business models could be ‘material’ if UK votes to leave EU, Irish deputy warns, though central bank is satisfied with short-term contingency planning
Brazil's Goldfajn nominates four new deputies on first day in office
Three incumbents facing an exit as new Brazilian governor nominates four new deputy governors; interim president Michel Temer still to approve appointments
Ukraine announces further easing of cash and forex controls as inflation falls
Ukrainian central bank signals confidence by further easing currency and forex restrictions; headline and core inflation figures both falling faster than expected, bank says
RBI approves new method for restructuring stressed loans
Indian banks will be able to split some of their largest stressed loans in two; rules introduced as RBI looks to help banks achieve “clean and fully provisioned bank balance sheets” by March 2017
Sri Lanka targets new inflation framework under reform programme
Authorities will take steps towards inflation targeting over the coming years, while allowing greater exchange rate flexibility; IMF agrees to support reform programme
PBoC deputy Tao says China’s financial system is failing SMEs
China's financial system needs to improve if it is to support crucial supply-side reforms via a particular focus on SME funding; financial institutions must be allowed to fail, says PBoC deputy
Nouy renews calls for Pillar 2 'guidance'
European supervisors should employ "capital guidance", Danièle Nouy says; large eurozone banks currently disadvantaged compared with competitors, ECB's supervisory head argues
Oil price falls may have negative effects on global economy, ECB warns
Falling oil prices may negatively affect global GDP growth and could threaten financial stability across emerging markets, ECB bulletin says; demand not supply now main pressure on prices
PMA aims for better credit allocation with upgraded scoring system
Palestine Monetary Authority rolls out latest version of its credit scoring system; new categories and adjusted variables designed to improve credit allocation
Singapore central bank creates AML and enforcement departments
Monetary Authority of Singapore hopes to “enhance supervisory focus”; shake-up follows what Ravi Menon described as the worst case of control lapses in the financial sector