News
Nalm Asia 2013: Central banks should to look to ‘complexity science' to model economic systems
Central banks need to rethink their approaches to modelling financial markets if they want to deploy better predictive models in the future, according to speakers at Nalm Asia 2013
Reserve Bank of India currency measures may have limited impact on rupee
Moves to halt falling rupee may have unintended consequences, according to rating agencies; volatility is expected to continue
Central Bank of Sri Lanka launches national electronic payments system
The scheme, which will allow customers to withdraw cash from any ATMs of participating banks, is similar to one announced by the Palestinian Monetary Authority earlier this month
Central Bank of Nigeria ‘masterstroke’ aims at two-pronged tightening
Move to raise cash reserve ratio to 50% on public sector deposits represents ‘significant tightening' by the central bank, which left interest rates unchanged
BoE bows to persuasion as Austen proves banknotes not just a man’s field
English author will replace Charles Darwin on UK £10 note in 2017; campaign against central bank also yields review into the criteria used for character selection
Hungarian central bank signals rate cut slowdown
Monetary council cuts benchmark rate by 25 basis points for 12th consecutive meeting; says global volatility may justify a change in pace in coming months
Nalm Asia 2013: Asia ‘not shaken' by QE exit talk, says the Philippines' Tuano-Amador
A combination of macroeconomic and macro-prudential tools should enable policy-makers in Asia to deal with large fund flows linked to an end of quantitative easing, says Philippines assistant governor
Singapore brings inflation back in range, but household debt worries persist
Monetary Authority of Singapore warns a return to normal global monetary conditions will carry risks; says 'some' households will be at risk when interest rates rise as US tapers quantitative easing
Turkish rate rise brings easing to an end
Central bank increases overnight lending rate by 75 basis points; MPC signals willingness to tighten further as inflation jumps above 8%
Australia mandates OTC clearing to ensure substituted compliance
Global regulatory agenda drives switch from market-based incentives to clearing
G20 governors and governments put employment and growth centre stage
Meeting of G20 central bank governors and finance ministers make growth and jobs their top priority; monetary policy should ensure price stability and support economic recover within mandates
BoE publishes code of conduct for ‘local recycling' of cash
Code sets out banknote authentication standards for businesses that self-fill their ATMs or self-service check-outs using banknotes tended by members of the public
VAR models need overhaul to apply CVA proxy rules, says EBA
EBA surprises industry with eleventh-hour guidance that spread simulations – not just initial levels – should account for rating, region and sector
Irish central bank waives €5 million penalty but faces legal action of its own
Central Bank of Ireland hands failed insurance company a reprieve ‘in public interest’; now being taken to court by family of the company’s former owner
BoJ policy board member signals possibility of further measures
Takehiro Sato says the Bank of Japan could employ additional policy tools in its bid to double the monetary base; Abenomics gets public backing in parliamentary election
PBoC removes lending rate floor
From tomorrow, Chinese banks will be able to price loans as low as they like - but in the short term the effect is unlikely to be felt as loans are generally priced above benchmark rate
'Opaque and arbitrary' systemic risk methodology frustrates insurers
Designated insurers could come off G-Sii list when revised in 2014
Counterfeit banknotes up in Eurosystem
ECB reveals 317,000 counterfeits discovered in first half of 2013; says this remains a ‘very low’ proportion of overall notes in circulation
ECB collateral move aims to cut ‘wrong-way risk' while boosting SME lending
Observers think incentivising of SME loan ABS could be precursor for an SME-targeted long-term refinancing operation
Bernanke dismisses talk of tightening
The Federal Reserve will continue to support the economy ‘for the foreseeable future’ regardless of when it slows the pace of asset purchases
ECB relaxes collateral rules to include more ABS
ECB changes rules on acceptable collateral to include asset-backed securities with two single A ratings; haircuts on ABS are also cut
People: NY Fed communications head resigns; Riksbank names acting financial stability chief
NY Fed's Krishna Guha leaves his position with immediate effect but will stay on as senior adviser until September; Martin Johansson will lead the Riksbank's financial stability department; and more
FSB issues guidance on resolution of ‘too big to fail' lenders
Recommendations include the availability of sufficient loss-absorbing capacity and enforcement of ‘bail-in' rules
Bank of Canada ‘sharpens’ forward guidance
Governing council commits to holding interest rate at 1% for as long as there is ‘significant slack’ in the economy, inflation is ‘muted’ and household debt remains under control