News
PBoC, BoJ and Bank of Korea governors meet in China
Central bank governors meet to discuss economic and financial issues in the three countries; yearly meeting held as part of efforts to strengthen co-operation and communication
Ghana central bank governor nominated as vice-president
Kwesi Amissah-Arthur is put forward by current president of Ghana to become vice-president; choice of current central bank head could call institution’s independence into question
UK Funding for Lending Scheme opens
Bank of England and UK Treasury’s Funding for Lending Scheme window opens to UK banks and building societies; institutions have 18 months to borrow cheaply under the arrangement
Brazil updates 10 and 20 real banknotes
Central Bank of Brazil releases latest new notes into circulation; total overhaul of currency underway to incorporate advanced security features
Central Bank of Barbados launches charity coin collection
Public encouraged to hand in one cent coin collections; all proceeds will be donated to the Barbados Alzheimer’s Association to go towards building a day care centre
Swiss National Bank posts profit in first half of year
Latest figures show central bank made a profit in first half of the year; majority of gains come from holdings of foreign currency purchased to maintain minimum exchange rate against euro
Thailand reports improved economic conditions
Senior director of macroeconomic and monetary policy department notes overall better conditions in second quarter of 2012; European debt crisis has caused problems for export market nonetheless
India holds rates as growth expectation falls
Reserve Bank of India releases First Quarter Review of Monetary Policy 2012–13; holds rates, lowers growth prediction and raises inflation projection
FMI resolution report published for consultation
CPSS and Iosco seek comments on new standards for recovery and resolution of financial market infrastructures; discuss how FSB’s work on resolution regimes will be taken into account
Ex-UK MPC members discuss future of eurozone
Panellists at event in London say euro will survive but with a smaller group of countries; argue UK is in dangerous position to respond to eurozone collapse
Fed reveals final rules for fraud prevention adjustments
Rules released permitting debit card issuers to receive an adjustment for fraud prevention; maintains cap of one cent a transaction but simplifies requirements
Central Bank of Bosnia and Herzegovina reports drop in counterfeits
Figures show 76% drop in counterfeits recovered in Bosnia and Herzegovina; new banknotes with improved security features hailed for large reduction in fake currency seized compared to last year
Asia CCPs unlikely to fully comply with Iosco before end-of-2012 deadline
New levels of complexity and ongoing regulatory framework discussions mean full compliance with Iosco’s new principles is unlikely before the January 1, 2013 deadline
Bank of Namibia ‘inundated’ with scam complaints
Central bank worried by reports of a number of suspicious business offers; cautions members of the public to avoid any schemes that appear to be in contravention of the Banking Institutions Act
Ukrainians encouraged to hold savings in national currency
Director of National Bank of Ukraine’s Monetary Policy Department promotes hryvnia for savings purposes; tells public currency is sound and highlights uncertainty surrounding other currencies
IMF calls for further action to repair Spanish economy
Article IV report praises ‘major policy actions’ by Spanish government, but says further efforts must be made; Fund also encourages progression of European measures
Kosovan central bank launches sting operation on unlicensed financial institutions
Two locations investigated for conducting unlicensed financial activity; materials and equipment seized after fast-moving process
Bank of Japan nominates new stand-in chairman
Ryuzo Miyao designated to take on role of chairman if governor and both deputies are ‘prevented from attending to their duties’; replaces Seiji Nakamura, who left the central bank in April
Laos central bank ignores IMF advice
IMF delegation again recommends increase of reserve requirements for banks; Bank of the Lao PDR says it will not make the change yet
Portrait of Eva Peron to appear on Argentine banknote
Argentine president decides Evita Peron will be first female to feature on Argentine banknote; commemorative issuance at first with plans for image to appear on all 100 peso notes
Questions raised over new Central Bank of Tunisia governor
Chedly Ayari replaces Mustapha Kamel Nabli as central bank governor; fears surface over his suitability for the role due to age and connections to former government
BoJ’s Shirakawa urges cautious acceptance of financial innovation
Masaaki Shirakawa says innovative use of futures trading could create benefits for the wider economy; says this must be carefully controlled by implementation of Basel III rules
ECB reports decline in card fraud
First oversight report of card payment schemes in Sepa shows decline in fraud since 2007; lauds technological advances including chip and pin use for increasing the security of transactions
Bank of Italy ends twinning programme with Bank of Albania
Guidance project between Italian, French and Albanian central banks comes to an end; final results due in October 2012