News
Survey data offers chance to assess eurozone macro-prudential policies, paper argues
Data from the eurozone’s Bank Lending Survey can be used to analyse the effectiveness of different macro-prudential policies, an IMF working paper argues; subject is little known, researchers say
RBI, BIS gain access to China interbank foreign exchange market
Second batch of official investors receive permission to trade FX spot and derivatives onshore; MAS and BoK also among the seven institutions
Senate blocks proposal to conduct ‘full audit’ of the Fed
‘Audit the Fed’ bill fails to secure support needed to proceed to Senate floor; Bernanke joins ranks of current and former Fed officials warning of potential threat to independence
New bank business models could undermine stability, panellists warn
Panel including Mark Carney and Agustín Carstens raises concerns over the way regulation and low rates are forcing banks to adapt in unpredictable ways
Villeroy de Galhau and Fischer express caution over inflation target change
There could be costs to changing inflation targets in response to persistent low inflation, say François Villeroy de Galhau, Christian Noyer and Stanley Fischer
Hungarian central bank eases by scrapping deposit facility
The central bank announces the closure of its two-week deposit facility in April, in a move it hopes will lead banks to buy government bonds and lower long-term yields
Financial market risk being pushed into ETFs, Noyer warns
Central bankers must develop oversight of ETFs and similar securities, Noyer tells farewell seminar; must also convince markets and public of opposition to low inflation and deflation
PBoC looks to expand lending programme for SMEs
Central bank to 'steadily advance' refinancing scheme as economy expected to slow further; Ma Jun clarifies PBoC's position on exchange rate fluctuations
People: Patel reappointed RBI deputy; Kocherlakota moves to University of Rochester
RBI deputy Urjit Patel gets second three-year term; Narayana Kocherlakota takes up economics chair at University of Rochester; Canadian governor to head BIS’s consultative council for the Americas
Brazil will adopt ‘necessary measures’ to control inflation, says Tombini
Tombini tells finance minister he expects inflation to return to midpoint of target range by the end of 2017; Brazil inflation breaches 10% for 2015
IMF supports tighter monetary policy in Mozambique
Rate rises are necessary to counter the inflationary pressures of currency depreciation, Fund says
Venner’s successor: Grenada official named first new Eastern Caribbean governor since 1989
Grenada secretary to the ministry of finance named governor of the Eastern Caribbean Central Bank after seven-month search; takes office on February 1
US delivers strong jobs growth to end 2015
Report shows nonfarm payrolls expanded by 292,000 in in December, while figures for both October and November revised up; unemployment rate unchanged at 5% for the third consecutive month
Denmark hikes deposit rate after record drop in reserves
Central bank lifts deposit rates and reduces banks’ current account limits; capital outflows accelerated in December following ECB actions
BoJ board reveals miscommunication fears
New ‘summary of opinions’ reveals some on board concerned about giving impression stimulus is at its limit, while some see dangers to taking further action
Mauritius looks to set up asset management company
Central bank launches public consultation on creation of bad bank, which would help ‘clean up clogged balance sheets’ of country’s banks
Room for monetary policy stimulus has ‘narrowed’ in many EMs, World Bank report warns
Little room left to use monetary or fiscal stimulus in event of growth shock in some countries, report says, pointing to role for structural reform
Some FOMC members still see ‘considerable’ risks to inflation forecasts
The Federal Reserve’s decision to increase the federal funds rate target was a ‘close call’ in the view of ‘some’ FOMC members; mixed views among governors and presidents on inflation outlook
Economists say Rajan has good chance of staying as RBI governor – if he wants to
Raghuram Rajan is popular enough to be reappointed when his first term ends later this year, but he may have other appealing options, according to observers
Central Bank of Bolivia issues counterfeit warning ahead of festival
Any reproduction of the bolivar must be either double or half the size to avoid confusion with legal tender under counterfeiting rules, the bank says, ahead of Alasita in La Paz
PBoC cut in renminbi fix prompts market volatility
Central bank cuts fix by 0.51%, triggering second equities slump in a week and further divergence in onshore and offshore exchange rates
Bean says statistics agencies struggling to keep pace with the modern economy
Former BoE deputy warns of a widening gulf between the structure of the economy and how ageing statistical techniques represent it; urges UK statistics office to be more ‘agile’
Lagarde calls for ‘fundamental change’ in Nigerian policy
IMF managing director tells leaders to shore up the banking system, strengthen the external position and exercise ‘restraint’, during visit to Nigeria
ECB should become lender of last resort to individual eurozone banks, academics argue
The ECB should take over the role of lender of last resort to troubled individual banks in the eurozone, two leading academic lawyers argue; move would ‘not require’ changes to treaties