News
MAS announces eleven changes to ‘leadership bench’
The majority of the Monetary Authority of Singapore’s senior management team are either changing jobs or job descriptions; former chief risk officer at GIC is the only outside addition
Zimbabwe governor says return of local currency is not on the cards
Gideon Gono issues post-election statement on country's multi-currency regime; tells banks and investors to stop panicking and get on with their boardroom strategies
Zoellick joins Temasek board under new chairman Lim Boon Heng
Singaporean sovereign fund appoints new chairman to take over from long-serving Dhanabalan; American political heavyweight joins as Temasek looks to establish a presence in the US
Romanian interest rates could fall yet further, says central bank
National Bank of Romania uses quarterly inflation report to signal it is likely to continue monetary easing, as inflationary pressures dissipate and growth remains weak
Bank of England ties monetary policy to unemployment
MPC will not raise interest rates or unwind its asset purchases ‘at least until’ the unemployment rate falls below 7%; unlikely to happen within the next three years according to latest forecast
Raghuram Rajan picked as RBI governor
Former IMF chief economist credited with seeing the financial crisis before it happened chosen by Indian government to head the country's central bank; appointment hailed as an 'excellent choice'
IMF reports show French and German banking sectors are key to European stability
IMF urges France to do away with tax disincentives to deposits in an effort to broaden banks' funding sources; emphasises Germany's role in forging a robust eurozone financial architecture
Peter Praet delves deeper into ECB forward guidance
The ECB executive board member explains why the central bank issued forward guidance and how it will work; emphasises the importance of money dynamics in determining future policy
BIS banking department deputy makes switch to State Street OIG
Founder of State Street's Official Institutions Group John Nugée will retire in October, and be replaced by Louis de Montpellier of the BIS
Sarb issues new collateral requirements for committed liquidity facility
While revisions to Basel III have reduced South African banks' immediate LCR shortfall, they are still 140 billion rand short, according to the central bank
Central banks face $450bn in paper losses from gold holdings
The decline in world gold prices during the first half of the year has resulted in the value of central bank gold reserves falling by $447 billion; latest entrants into bullion market hardest hit
Fisher: Fed has its finger on taper trigger
Dallas Fed’s Fisher says the FOMC is nearing ‘execution mode’ on the back of improving employment figures; Philadelphia Fed’s Plosser wants ‘brighter line’ between monetary and fiscal policy
Bank of England's prudential regulator consults banks on capital requirements
The UK's Prudential Regulatory Authority wants to hear from financial institutions about the best way to implement Europe's new CRD IV legislation
India in search for new RBI governor as Subbarao set to leave in September
Duvvuri Subbarao will leave the RBI this year after five years at the top; no clear favourite as yet to replace him, as three external candidates attract speculation
BoJ on target as IMF urges Abe to loose his other arrows
IMF says fiscal and structural reforms are necessary to create ‘durable’ increase in inflation; encourages Bank of Japan to begin internal discussions over its exit plan
Leiderman turns down Bank of Israel top job
Prime minister Benjamin Netanyahu in sticky situation as top two choices turn down central bank governorship within five days of each other; pool of potential candidates shrinking fast
Bullard says Fed should ape ECB press conference schedule
James Bullard of the St Louis Fed wants to see the Fed chair give a press conference after every meeting of the FOMC - not after alternate meetings, as is the case currently
IMF spillover report highlights tough balancing act for leading economies
Report examining international effects of policies in China, the eurozone, Japan, the UK and US, says easy monetary conditions essential but warns of future side-effects
IMF backs Czech forex intervention
Article IV says a ‘persistent and large undershooting’ of the Czech National Bank’s inflation target would warrant a weaker koruna; governor Miroslav Singer says board is coming round to the idea
Fed governor set for Treasury switch
Obama appoints Fed's Sarah Bloom Raskin as deputy secretary at the Treasury; former long-serving Fed economist Karen Dynan will also join Treasury as assistant secretary for economic policy
Court decision overturns Fed cap on credit card fees
Ruling slams Fed's $0.21 cap on banks' interchange fees as too high and for running ‘completely afoul of the text, design and purpose' of legislators' intent; bank body calls on Fed to appeal
ECB confirms forward guidance, holds rates without discussion
Mario Draghi confirms ECB expects to keep interest rates at current rates or lower, but tells press conference there was no discussion on changing rates today
BoE and Fed keep policy on hold
Federal Reserve points to risks of below target inflation and cools its assessment of economic activity; Bank of England expected to introduce forward guidance next week
Issing brands calls for detailed ECB minutes disclosure ‘absurd'
Debate rages about the need for more transparency in ECB governing council decision-making, as Otmar Issing and Sharon Bowles enter the fray; Draghi says ECB is reviewing communications policy