News
People: Fritz Zurbrügg appointed as SNB vice-chair; Vanoli gets nod from Argentine senate
SNB reshuffles board, with Zurbrügg assuming vice-chair after Danthine retires; Luis Linde replaces Ignacio Visco at the steering committee of the European Systemic Risk Board
MEPs strike deal to cap card payment fees
European Parliament reaches agreement on limits to the fees banks can charge retailers for processing payments in a bid to lower prices and tackle perverse incentives
Fed changes forward guidance
Janet Yellen says FOMC ‘can be patient' in normalising monetary policy, but says new language does not signal change in outlook; Fisher, Plosser and Kocherlakota dissent
Bank of South Sudan keen for exchange rate reform
IMF report finds authorities keen to create a single exchange rate, launch two-way fixed rate auctions and establish an interbank market for foreign exchange
ECB to publish unattributed ‘accounts’ of policy discussions
European Central Bank will publish ‘accounts’ four weeks after every meeting; they are designed to improve the general public’s understanding of the governing council’s thought process
Swiss National Bank introduces negative rates
In the face of growing pressure on the Swiss franc, the SNB imposes an interest rate of -0.25% on sight deposits held at the central bank
Central Bank of Paraguay reduces inflation target to 4.5%
After keeping inflation around 5% for the past three years, the central bank will now aim to shackle it at 4.5% in 2015 and 2016
Russian central bank 'prepares' to recapitalise banks
Central bank announces package of measures to safeguard credit institutions from currency crisis fallout; finance ministry reportedly sells own foreign exchange
Bosnia central bank suspends nine after $380,000 theft from vaults
Prosecutor’s Office detains a central bank ‘clerk’ in connection with offence; money was supposedly taken in three chunks between 2012 and 2014
Bank of Israel researchers propose exchange rate-based forward guidance
Researchers say forward guidance has a mixed track record, especially in small open economies, but linking guidance to external factors would help improve credibility
Ingves: Riksbank prepared to launch currency interventions
Swedish governor says central bank prepared to take unconventional measures, including negative interest rates and asset purchases, in light of falling oil prices
Czech National Bank advises against joining ERM II in 2015
Central bank says the government should not set a target date for entry into the eurozone; raises concern over pace of economic convergence and costs of joining
Ruble plummets despite 650bp hike by Bank of Russia
Second interest rate increase in four days does little to stem currency's precipitous decline; analyst calls central bank's apparent reluctance to intervene in forex markets a ‘game changer'
First BoE stress test uncovers capital shortfall
One UK bank failed the Bank of England's stress test scenario and two more have had to raise additional capital; Carney says future tests may be less forgiving
FCA director says breakdown in controls led to communications blunder
Clive Adamson says FCA has taken steps to improve internal procedures; tells MPs the organisation can struggle to operate in a crisis
Signs of reflation in Japan as Abe sweeps back to power
Tankan survey shows degree of optimism among businesses and potential for rising wages in coming months, although evidence is mixed; Shinzo Abe reclaims supermajority in election
Fischer questions FSB's democratic credentials
Fed vice-chair says Basel body not democratic ‘in a certain sense' but still a ‘great success'; argues it was set up specifically to circumvent IMF bureaucracy
UK payments regulator may use powers to force innovation
Payment Systems Regulator emphasises its "strong" powers over industry and says it will not hesitate to use them if firms fail to collaborate on innovation
RBNZ takes next step towards replacing settlement systems
The Reserve Bank of New Zealand is seeking registrations of interest from potential vendors to replace its current payment and settlement systems, NZClear and Esas
IMF: Uganda cut policy meetings to improve forecasts
Bank of Uganda now sets policy once every two months in an effort to base decisions on "firmer" data; the ECB will hold eight meetings in 2015 with the BoE set to follow suit in 2016
Kocherlakota announces Fed departure
Minneapolis Fed president and FOMC dove to step down when his term draws to a close in February 2016
Fijian authorities tackle religious worker fraud
Financial Intelligence Unit urges religious organisations to conduct financial transactions under own name to prevent overseas remittances from ending up in the wrong hands
Argentina’s central bank denies being an ‘alter ego’ of the government
Central Bank of Argentina lawyers look to dismiss a complaint from the holdout funds in New York, rejecting the notion the institution is an ‘alter ego’ of the Argentine government
Poloz warns regulation could stifle credit to SMEs
Bank of Canada governor says new financial regulation likely to reduce the availability of credit to small companies by discouraging financial innovation