News
Malawian governor unapologetic for reform pain
Charles Chuka says ‘when you mess up you pay the price’ and vows to plough on with economic reforms; blames past overvalued exchange rate for country’s problems
Basel Committee releases interim rules for CCP capital requirements
Interim rules update Basel II capital requirements framework for banks exposed to central counterparties; rules may still be adjusted as other elements of Basel III are finalised
Bank Indonesia prepares payment systems for Eid
Indonesian central bank mounts campaign to get enough cash into the system prior to Eid celebrations; confident payment demands will be met
Central banks hold rates amid continued uncertain outlook
Central banks in Hungary, Israel, Mexico, Nigeria and Thailand maintain benchmark interest rates, citing fragile global economy; domestic growth prospects vary
ECB lambasts Hungarian financial transaction tax
European Central Bank accuses government of hindering National Bank of Hungary's independence by imposing transaction tax; also blasts failure to properly consult on the plans
Dubai authorities warn of scam using UAE central bank’s name
Fraudsters using official headed paper to send letters asking for money; correspondence claims to represent the Central Bank of the United Arab Emirates
UK FSA chairman slams past regulatory mistakes
Adair Turner highlights ‘dangerous institutional underlap’ prior to financial crisis; sets out steps to improve regulation, but says bank management must also change
Tunisian government under fire for sacking central bank governor
Rating agency declares decision to remove Mustapha Kamel Nabli from post ‘credit negative’; loss of well-respected central bank chief threatens institution’s independence, says Moody’s
Vietnam unveils leadership board for new FSAP
State Bank of Vietnam reveals people selected to lead the country’s first Financial Sector Assessment Programme; in-depth analysis will be used by the IMF in surveillance work
RBA’s Stevens confident Australian growth will continue
Reserve Bank of Australia governor discusses factors behind Australian growth outperforming other advanced economies; argues country’s economic position likely to remain strong
Indonesia enters China interbank bond market
Bank Indonesia and People's Bank of China reach agreement allowing Indonesian central bank access to China's interbank bond market; part of Chinese strategy towards internationalisation of the yuan
Sarb annual report notes ‘pedestrian’ growth days after rate cut
Annual economic report shows South African output ‘losing some momentum’ in 2012; follows 50bp rate cut by central bank
Central Bank of UAE enhances security features in banknotes
Fifty dirham note reprinted to include new colour-shifting thread; rest of design to remain the same
Fault found in new Namibian banknotes
Bank of Namibia investigating ‘cracking’ in new banknotes; asks public to handle currency with 'care and pride' and use wallets to limit damage to notes
ADB economist moots idea of common currency in Asia
Principal economist at Asian Development Bank says common currency possible in ‘long run’; panellists outline possibilities for greater Asian economic integration
Asian central bank reserves surpass optimal levels, says IMF’s Zavadjil
Reserves held by Asian central banks are rising past optimal levels even if cover for longer-term foreign fund and FDI ouflows are added to import and short-term debt coverage metrics, says IMF expert
World Gold Council says disinflation may support gold demand
Statistical commentary argues gold price may increase due to disinflation; says current economic environment ‘supportive’ of gold demand
Central bankers discuss cooperation in times of crisis
Fed’s Duke and ECB’s Cœuré offer thoughts on pros and cons of central banks working together during periods of economic turmoil; both take the chance to defend their institution’s actions
UK Treasury proposes payments regulation overhaul
Government sets out options for changes to payments regulation in UK; favours creation of new ‘Payments Strategy Board’ to monitor industry and make recommendations
ECB governing council approves T2S board members
Board includes members from several eurozone central banks; chairman of temporary board in place during development phase reappointed to take the project forward
People’s Bank of China promotes assistant governor
People’s Bank of China bulks up senior management team; adding second new deputy governor in as many months
IMF urges UK to take further measures to promote growth
Staff report on UK Article IV Consultation urges policy-makers to act in order to boost ‘flat’ economy; says fiscal tightening may need to be eased next year
Central Bank of Barbados challenges rating downgrade
S&P lowers Barbados’s sovereign credit rating triggering angry response from central bank; says it is ‘manifestly’ not the case that debt risk has increased
Mersch gets green light from ECB to join executive board
European Central Bank’s governing council delivers opinion on appointment of Luxembourg candidate to top board; process of Yves Mersch’s selection still far from complete