News
Korea and Indonesia agree $10 billion swap line
Kim Choong-soo and Agus Martowardojo sign an agreement that will allow their central banks to exchange up to $10 billion worth of local currencies
Ukraine wins EU rescue package as finance ministry threatens debt restructure
European institutions will come up with €11 billion over the next five years; European Commission proposes international donor co-ordination mechanism
East African Community secures €4.5 million EU loan
The deal is aimed at bolstering regional integration and forms part of bigger effort to bind African markets closer together
ESRB handbook calls on macro-prudential regulators to overcome ‘inaction bias'
Comprehensive guidance on macro-prudential tools was published yesterday by the European Systemic Risk Board
Serbian central bank sets up overdraft charge comparator
National Bank of Serbia extends comparison services to let consumers compare overdraft facility interest rates in bid to reduce bank charges across the board
Bank of England suspends staffer in FX manipulation probe
The Bank of England has suspended one member of staff and launched a fresh phase of its investigation into whether officers colluded in FX market manipulation
Russia boosts forex firepower as ruble weakness shifts inflation risks to upside
The Bank of Russia has quadrupled the amount it will spend to keep the ruble steady; inflation expected to stay low but central bank is alive to upside risks
Lithuania governor woos eurozone counterparts
Vitas Vasiliauskas meets central bank heads across eurozone to present Lithuania’s case for entry; Marek Belka calls for review of Poland’s euro prospects
BoE must balance ‘paradox' of more eurozone integration, says Cunliffe
Deputy governor for financial stability says cost of dysfunctional single currency favours ‘inconvenient' eurozone integration
Bundesbank board approves Claudia Buch for vice-president
Current president of the Halle Institute for Economic Research will replace Sabine Lautenschläger who quit the Bundesbank last month to join the ECB
Bank of Uganda warns loss of aid is ‘source of uncertainty’
Central bank says further exchange rate depreciation in the wake of the country's new anti-homosexuality law could create ‘stronger inflationary pressures'
Unorthodox monetary tools worked for Turkey, central bank research shows
The introduction of asymmetric interest rate corridor and ‘reserve option mechanism' has helped mitigate the impact of hot money flows, according to February papers
Russia hikes rates as Ukraine crisis brings financial volatility
The Bank of Russia raised rates by 150bp today in an emergency measure aimed at taming currency volatility; Ukraine brings in tighter forex controls
People: IMF hires Vitor Gaspar; Poland deputy reappointed
Former Bank of Portugal and ECB research head Vitor Gaspar will become director of fiscal affairs at the IMF; Piotr Wiesiołek handed second term at National Bank of Poland; and more
Former deputy nominated as Bank of Korea governor
South Korean president nominates Lee Ju-yeol as Kim Choong-soo’s successor; Lee spent 35 years at the central bank in his first stint including three years as a deputy
Norway oil fund sets sights on more real estate
The Government Pension Fund Global saw 16% return in 2013, driven by equities gaining 26.3% while fixed income didn't budge; real estate is a growth area
Fed transcripts reveal forecasting travails
Crisis year transcripts reveal extent to which the Federal Reserve struggled to predict the depth of recession and deflation, raising questions about the usefulness of underlying models
British hacker charged over Fed computer break-in
Man charged after allegedly hacking into Federal Reserve files, downloading sensitive information and posting it to the internet; charges carry prison term of up to 12 years
Yellen hits back at critics over 'discriminatory' treatment of foreign banks
Following EU complaints, Fed chair tells Senate panel that new regulations are essentially the same as those faced by US banks abroad; Bitcoin is outside Fed's remit
FX Invest Europe: Deutsche Bundesbank official praises Fed’s QE exit strategy
Christine Glockmann says other central bankers may copy Fed’s communication over QE tapering; says eurozone economic policy suffers from member states 'bickering'
Blanchard leads calls for more ‘democratic input’ in central bank decision-making
Viral Acharya, Olivier Blanchard, Richard Fisher, Otmar Issing and Klaas Knot debate new ‘paradigm’ of central banks with ever more responsibilities; Blanchard prescribes an injection of democracy
Markets see PBoC hand in RMB depreciation
The sharp fall in the RMB at the end of February is thought to have been a deliberate action by China’s central bank to engineer the development of a two-way market in the currency
Ukraine calls on IMF help as NBU focuses on financial stability
New government asks IMF and other international lenders for a bail-out; interim president tells central bank staff they must restore public confidence in the banking system
Iceland MPC fears debt relief package will boost inflation
Central Bank of Iceland frets over economic impact of government's plan to relieve 100,000 households of $1.32 billion in debt