News
Central Bank of Venezuela sees third president in nine months
Nelson Merentes, currently finance minister, will return to the bank, which he led for four years before leaving in April; meanwhile, the finance and ‘banking system' ministries are being merged
Solomon Islands wins IMF support for ‘contractionary’ monetary policy
Central Bank of Solomon Islands maintains tight monetary policy in face of excess liquidity; IMF welcomes stance but tells authorities to implement a wider exchange rate band
Swiss National Bank tightens controls on mortgage lending
Switzerland’s Federal Council approves central bank proposal to double the size of the counter-cyclical capital buffer and cool the housing market
Central Bank of Turkey sells $2.5bn in attempt to halt lira freefall
Central bank buys local currency for an estimated $2.5 billion in one day, upping stakes on strategy that has seen it spend one-third of net reserves since June
BoE prudential regulator wrestles with early warning indicators calibration
Calibration for general insurers and with-profits funds frustrates regulator's progress
Lautenschläger nominated as SSM vice-chair
The European Central Bank has nominated Sabine Lautenschläger as the vice-chair of the supervisory board; if appointed she will join Danièle Nouy at the top of the SSM
Cœuré wants to fast-track resolution fund
Benoît Cœuré calls for single resolution fund to be established within five years; Axel Weber predicts that some of the eurozone banks will fail the ECB’s asset-quality review
Head of the Central Bank of Nicaragua removed by decree
Alberto Guevara was transferred to a different, as yet unknown, position within the government last week; the general manager is standing in and the bank is expected to comment publicly on Friday
RBI report recommends inflation target under new monetary policy framework
Committee set up by Raghuram Rajan in September calls for formal nominal inflation target of 4% to be phased in over two years; also recommends sweeping changes to bank's organisational structure
Vaguer guidance in vogue as unemployment continues to confound
As UK and US unemployment brushes the thresholds of monetary policy forward guidance, central banks' next moves are anything but straightforward
Central banks found research prize in honour of Carl Menger
Deutsche Bundesbank, National Bank of Austria and Swiss National Bank announce the creation of a new prize for economic research, named after Austrian economist Carl Menger
Bank of Israel staff get bump in wages
Recently struck deal raises salaries by 1.78% and also increases wages retroactively for 2012 and 2013; governor Flug recently recieved 50% pay increase after push by former governor Stanley Fischer
Turkish prime minister praises central bank rate hold as lira falls to record lows
PM's comments following bank's decision to keep rates at 7.75%, despite a sharp drop in the lira's value in the past month, raise questions about government's role in monetary policy decision-making
IMF says world economy menaced by US taper and eurozone deflation
Eurozone deflation should be combated by every means available to the ECB, IMF says; emerging market risks from US taper will be overshadowed by benefit from advanced economy growth
People: Zambian deputy retires; Lautenschläger appointed at ECB
Bank of Zambia and Bank of Nigeria lose deputy governors to the ministry of transport and retirement respectively; Sabine Lautenschläger will join the ECB executive board on January 27
PBoC delivers on cash injection promises
People’s Bank of China uses standing lending facility and reverse repos to inject in excess of $37 billion into interbank market; releases statement to prepare market participants ahead of time
BoE's Miles finds market context decisive for QE impact
Impact of QE working through a portfolio rebalancing channel is weak in an environment of 'functioning financial markets'; implications for purchases made in dysfunctional markets unclear
Sri Lanka overhauls banking sector
Central Bank of Sri Lanka reveals plans to concentrate financial assets in the hands of five banks, and reduce the number of non-bank financial institutions by almost two-thirds
IMF warns recapitalisation of Slovenian banks is a 'stop-gap solution'
Report urges deeper reforms of under-capitalised corporate and banking sectors; says ECB comprehensive risk assessment expected later this year could expose additional capital shortfalls
Bank of Italy slims down organisational structure
The central bank will consolidate its various operations into eight directorates general on January 27, in a bid to ‘streamline’ its organisational structure and decision-making processes
Fed's Williams says ‘highly effective' forward guidance has a ‘number of limitations'
San Francisco Fed president defends the policy's record in a paper written for the Brookings Institution, but also says it is ‘prone to misinterpretation'
Central banks in Israel, UK close in on new deputies
Bank of Israel governor Karnit Flug nominates academic Nadine Baudot-Trajtenberg as her deputy; UK Treasury begins process of replacing Charles Bean at the Bank of England
Bank of England launches new liquidity provision framework
First ‘indexed long-term repo operations' under framework unveiled in October scheduled for early February; will provide ‘more liquidity at cheaper rates, longer maturities against wider range of collateral'
SNB's Jordan: 'Transparency can be counterproductive'
Chairman of the Swiss National Bank calls for central banks to take ‘great caution’ before making changes to their communications policy; expresses scepticism over board minutes and forward guidance