News
US takes lead in ending credit rating agency ‘hard-wiring’, says FSB
China, Indonesia and South Korea have made little progress in dealing with concerns about over-reliance on credit rating agencies; US takes the lead, followed by Europe, in reducing hardwiring of ratings in the financial system, FSB report finds
Bank Negara Malaysia strikes deals with AFI and HKMA
Malaysian central bank joins forces with the Alliance for Financial Inclusion to develop global capacity-building programmes; will work with HKMA on offshore renminbi business development
Summers trails Yellen and Fischer in Central Banking Fed poll
Readers of CentralBanking.com make Janet Yellen first choice to succeed Ben Bernanke as Fed chair - with Stanley Fischer a strong second; Larry Summers joint third with Christina Romer
Pakistan adds Basel III capital surcharge to allow for modelling shortfalls
State Bank of Pakistan outlines its Basel III capital requirements for domestic banks
Tough tests ahead as Rajan prepares for RBI top job
Raghuram Rajan holds many of the skills required to govern the RBI, but he will face substantial monetary policy, governance and financial stability challenges, a new Central Banking article finds
Subbarao reviews success and failure in RBI valedictory speech
Outgoing governor Duvvuri Subbarao makes no apology for acting decisively in 2008, but says the RBI should have tightened policy faster in 2009; says bank is not targeting a level for the rupee
ECB looks to double the number of women in senior positions through quota
The bank is launching a ‘gender diversity action plan' to ensure 35% of mid-level management positions and 28% of senior positions are held by women by the end of the decade
People: Bank of Finland appoints head of monetary policy; Cleveland branch gets new vice-president
Tuomas Välimäki is Bank of Finland's new head of monetary policy and research; Guhan Venkatu takes over from Robert Schaub as president of Cleveland Fed's Pittsburgh branch; and more
Indonesia raises rates in unscheduled meeting to rescue the rupiah
Bank Indonesia raises interest rates in attempt to slow the fall in the value of the rupiah; observers fear the move will hit economic growth
Bank of Brazil hikes rates for the fourth time in as many months
Brazilian central bank deploys primary monetary policy weapon in a bid to hold back inflation and open another front to support the real, following intervention in the currency markets
Canada deputy says QE exit may be ‘more benign’ than critics fear
Despite Canada’s close ties to the US, Bank of Canada deputy governor John Murray believes tapering of Fed asset purchases will have less of a negative impact than many pundits fear
Czech governor slams one-size-fits-all regulation
CNB workshop considers impact of Basel III on emerging and smaller economies; participants consider the unintended consequences of both capital and liquidity rules
Carney's BoE walks fine line between stimulus and financial stability
Bank of England governor Mark Carney’s maiden speech includes announcement of relaxation of bank liquidity rules; insists the central bank is in charge of interest rates, despite market moves
Bank of Jamaica will continue to tighten liquidity conditions
Governor Brian Wynter says central bank will keep on issuing ‘special securities’ to ensure exchange rate stability; unconcerned by recent increases in inflation rate
US needs to improve supervision of insurers, FSB peer review concludes
Dombret-led review says US is making progress in reducing systemic risk, but insurance supervision architecture is ‘fragmented'; FSB also publishes progress report on compensation practices
Iran central bank appoints new governor
New Iranian president names commercial bank veteran to take over at the top of the central bank; priority will be taming inflation now running at around 40% a year
Jackson Hole speakers question viability of central bank co-operation
BoE deputy Charlie Bean says it is not ‘viable’ for advanced central banks to internalise the spillovers from their monetary easing; academics argue co-operation could create extra costs
Sweden puts FSA in charge of financial stability
Central bank passed over as government stresses importance of democratic accountability; new financial stability board and bolstered foreign exchange reserves also announced
Israel central bank reinstates September meeting due to market volatility
Bank of Israel reverses a decision not to meet around the Jewish new year; u-turn likely to have been influenced by market expectations that the Fed will begin to 'taper' next month
BIS sizes up derivatives reforms and Basel III progress
Bank for International Settlements releases one report on the expected benefits and costs of OTC derivative reforms, and another on countries’ progress in implementing Basel III
Lagarde tells central bankers not to 'rush to exit' on QE
Speaking at Jackson Hole, the head of the IMF said unconventional monetary policies were "still needed in all places it is being used" and that it was unclear what "exit" actually implied
Economists weigh Fed exit at Jackson Hole
Robert Hall warns against tightening policy too soon; Arvind Krishnamurthy lays out exit path that would see Fed selling its Treasury portfolio while maintaining its purchases of MBS
Central bank independence in the spotlight as Indonesia joins EM currency ‘panic'
Bank Indonesia joins central banks in Brazil, India and Turkey in taking unconventional steps to stem currency sell-off; concern emerging markets are targeting currencies over inflation
Sarb looks to rein in money market liquidity
South African Reserve Bank concerned that high levels of liquidity could threaten the monetary policy transmission mechanism; plans to drain excess cash over a number of years