News
Eurozone inflation ‘may well have’ reached turning point
ECB governing council members suspect underlying inflation reached a turning point earlier this year, but feel it is too soon to say for certain, accounts from July meeting show
BoK holds policy following RMB drop
Won bounces back from four-year low as Korean central bank keeps rates on hold following Chinese devaluation
Academic takes over at Bosnian central bank
The governing board of Bosnia’s central bank chose board member and economist Senad Softić to serve as the new governor
Greek memo reveals commitments necessary to access bailout funds
Leaked document shows string of ‘prior actions’ government must complete before it can access up to €86 billion of euro funds
Central Banking poll respondents back 'Grexit'
In a narrow majority 87 out of 155 readers say Greece should adopt a new national currency; asked about a variety of monetary systems, most backed a free-floating regime
IMF offers PBoC cautious approval as renminbi slide continues
Fund urges China to aim for free float in next few years; PBoC insists there is 'no basis' for prolonged slide in currency as yuan falls for a second day
Bank of Russia presses ahead with rating agency plans
Russian central bank governor Elvira Nabiullina says banking sector is ‘safe’ and economy will soon have its own financial ratings agency and electronic payment system
UK regulators spare Co-op Bank £120m fine
Bank of England and FCA ‘censure’ the troubled bank for multiple failures including not being open with regulators, but drop a £120 million fine on financial stability grounds
PBoC opens renminbi up to market forces
Latest move towards liberalisation appears to be aimed at meeting criteria for inclusion in SDR basket, but also provides stimulus to flagging economy
Change to broken benchmarks years away, say industry commentators
After the FCA produced a review criticising banks for not learning the lessons of Libor and forex, observers predict no major benchmark reform until efforts co-ordinated with industry
Lockhart says Fed liftoff is ‘close’
Atlanta Fed president highlights ‘cumulative evidence’ of economic recovery and says he is willing to sanction the first rate increase in the face of ‘mixed data’
CLS develops cleared FX settlement service with LCH.Clearnet
Designed specifically for central counterparties and cleared FX products, the service aims to minimise risk in the industry
Uganda raises rates again to tackle inflation risks
Bank of Uganda hikes its policy rate to head off inflationary pressures but analyst warns the move will be ineffective unless overnight rates on the interbank market respond
End of sanctions could be double-edged sword for Iranian banks
Iran central bank vice-governor warns domestic banks have work to do before they are opened up to international competition, but Iranian investors see end of sanctions as broadly positive
PBoC revamps 100 yuan note
New versions of China’s highest denomination note include improved security features to fight counterfeiting and improve machine-readability
Hungary leads host of new central bank websites
Central Bank of Hungary redesigns main site and launches separate Budapest RMB Initiative hub; Barbados, Qatar and Saudi Arabia institutions among others to update online presence
US rate hike still a possibility after ‘solid’ jobs data
Federal Reserve still on track to hike rates later this year, possibly as soon as September, after latest jobs data shows 215,000 increase in nonfarm payrolls
Greek deflation continues to bite
Official data shows prices falling by 1.3% in July while house prices continue a steep decline
BIS economists warn of emerging market policy dilemma
Emerging markets are increasingly exposed to monetary policy in developed economies, transmitted via lower long-run rates, and it is not clear what central banks can do about it
African central banks must heed changes to inflation drivers, study argues
IMF working paper argues policy-makers in sub-Saharan Africa may have to pay more attention to inflation now demand shocks exert greater influence on prices
Chile and IMF divided on potential growth
Latest staff report reveals difference in views on long-term growth of the Chilean economy, in line with earlier comments made by the central bank governor
Insurers call for clarity on US agency risk weightings
Capital treatment under Solvency II unclear, say securitisation specialists and insurers
Bank of England faces conundrum from contradictory data
Economy appears to be giving contradictory signals as slack shrinks and wages rise but employment disappoints and inflation stays low; MPC votes for hold
Nigeria bans foreign currency cash deposits
Central bank move comes as part of a clampdown on ‘illicit funds’ passing through banks; follows a series of measures aimed at stabilising exchange rate