News
BoE shines light on its gender pay gap
Men are still paid more than women at the central bank, though the gap is narrowing, and smaller within pay bands than across the organisation
FOMC members disagree over need for rate hike
Lael Brainard argues labour market suffers from slack and monetary policy is weak when dealing with weak demand; Dennis Lockhart confident of recovery, despite “frustrating” inflation data
Basel Committee hits turbulence on approach to year-end deadline
Central banks and supervisors offer support to its year-end goal, but industry players and EU countries show growing concern over higher capital levels
Yellen ‘should be ashamed’ – Trump
Republican nominee for US presidency attacks Fed chair Yellen and says interest rates must be raised
Skingsley calls for balance, as government prepares to rethink Riksbank Act
Central bank mandates need to be a balance of specificity and flexibility, while too broad a mandate could threaten independence, deputy says; government to consider six areas of Riksbank’s work
New facility opens to print £10 notes, as £5 enters circulation
Substrate for UK’s new £5 banknote, launched today, was produced in Australia because new facility was not yet ready; Innovia says new plant will make use of the latest technology
ECB consults on bad debt guidance
ECB “strongly encourages” the use of the European Banking Authority’s definition of non-performing exposures, but does not impose its own single measure for the eurozone
Azerbaijan central bank raises rates for fourth time this year as currency plummets
Falling oil and gas prices have major impact on Azerbaijan’s economy; IMF calls for major banking sector reforms
BoE’s Shafik to step down early
Deputy governor reveals she is to take up post as director of the London School of Economics in 2017, leaving the central bank more than two years before her term was due to end
Central banks are not fintech accelerators – Bundesbank official
German payments authority says fintech should receive equal regulatory treatment to banks
PBoC faces the ‘most challenging work of all central banks’ – HKU’s Xiao
The People’s Bank of China needs to meet short-term goals of exchange rate and price stability to achieve longer-term structural and financial reform, says Hong Kong University professor Xiao Geng
IMF’s Singh urges central banks to beware of collateral impact of policy
Senior economist says asset purchase programmes have drained quality collateral from the system, damaging the economy’s “financial plumbing”
Fed finalises rules for countercyclical capital buffer
US central bank promises it will only adjust the buffer gradually and will seek comment before doing so, after consultation flagged concerns
Fiat currencies stand firm against bitcoin
The cryptocurrency is a victim of its own success as strong demand pushes its price up, increasing speculative flows
Bank of Finland looking to streamline and upgrade payments simulator
Economist sheds light on the bank’s plans for adding new features, improving efficiency and integrating agent-based modelling
Changes to central bank law mooted in the Philippines
Proposed changes include oversight of more financial institutions as well as the capacity for the central bank to place harsher sanctions on illegal transactions
ECB delays decision on policy redesign
Mario Draghi says committees will investigate “smooth implementation” of asset purchases, but offers no new policies today; highlights signs of greater willingness for government action
George and Lacker push back against calls for Fed governance reform
Presidents say mixed public-private funding and governance helps protect the independence of the regional Feds, though others warn private banks are having too much say in policy
People: Turkish deputy appointed; Dominican Republic governor and deputy to serve again
Former HSBC and Citigroup banker joins the ranks of the Central Bank of Turkey; long-standing Dominican Republic governor and deputy invited to serve again; and more
Kganyago justifies Sarb’s response to ‘troubling mix’ of issues
Sarb governor says the public should be “satisfied” but not “happy” with the current economic outlook, given that monetary policy has only offset some of the problems causing high inflation
Carney deflects criticism of Brexit response
MPs question BoE officials on whether broad package of monetary easing was an overreaction; Forbes explains four factors behind dissenting vote
Swedish inflation starting to look stronger, as Riksbank holds
Outlook is “fraught with uncertainty”, central bank says, though the domestic economy seems to be returning to more normal levels
Volatility in virtual currencies will not deter usage – new research
Model implies exchange rate will become less volatile as virtual currency becomes more established, questioning idea that volatility will impede use
‘Iconic’ Irish central bank property put on market
No asking price for Dame Street site – sale is by best bid; more than 1,500 central bank staff to move to new site in North Wall Quay