Official Record
RBNZ pushes back on IMF financial assessment
Central bank says it stands by its “three-pillar” approach to market discipline, but will look at ways of enhancing co-operation and other aspects of the framework
Fiscal challenges a worry for Trinidad and Tobago – report
Central bank cites rising debt and failed fiscal consolidations as reasons for ratings downgrade that could make borrowing costs higher on international markets
Inflation expectations down in ECB forecaster survey
Forecasters see inflation falling slightly, despite rising employment and GDP growth
Mozambique central bank praised for monetary framework overhaul
IMF staff approve of changes made towards interest rate corridor, but say the central bank should remain vigilant with regard to prudential regulation
FCA threatens further action against firms “misleading” customers
UK regulator says some banks are still incorrectly using currency transfer services, despite warnings last year; customers are “not fully aware” of being misled until registration has taken place
Non-banks drive rebound in cross-border banking – BIS
First-quarter statistics show non-banks helped drive a turnaround of cross-border banking flows, which had been in retreat
Austrian banks should invest for the future – OeNB
Commercial banks are boosting profits by cutting risk provisioning, says central bank
Australia’s neutral rate of interest is around 3.5% – RBA minutes
RBA minutes show hawkish slant compared with policy statement released earlier this month; central bank estimates neutral rate has fallen 150 basis points
BEAC to implement measures to rebuild reserves across region
African central bank to restrict bank refinancing, while attempting to modernise its liquidity and monetary policy framework; previous monetary policy has contributed to current account deficit
Central Bank of Egypt hikes rate in bid to rein in rapid inflation
Inflation is starting to slow after impact of devaluation but is still running at close to 30%, the central bank says
Barbados government should cut staffing to reduce expenditure – Worrell
Government should aim to reduce its expenditure rather than raise taxes, says former central bank governor; departments should be reorganised to operate with fewer staff
BCBS and Iosco publish draft securitisation criteria
Document focuses on “simple, transparent and comparable” asset-backed commercial paper securitisations
FSB turns to video in effort to widen comms reach
“Safer, simpler, fairer” video seeks to broaden communications effort to a less specialised audience
BoE needs to ‘raise its game’ on cyber threats – BoE’s Habgood
BoE’s Habgood praises institution’s cyber security but says more can be done; new multi-level defence designed to ensure critical bank systems are not breached
Pakistan growth hits decade high – SBP report
Central bank says high growth, low inflation and solid investment are nevertheless overshadowed by falling exports, which have impacted reserves
FSB builds analytical framework to tackle fintech risks
Report defines “technology neutral” method of classifying fintech firms, helping to pin down potential costs and benefits
Bank of Israel: competition reforms could add to rapid credit growth
Credit to households continues “significant” expansion and may be boosted by banking competition reforms, central bank warns
Norges Bank study: regional network is supplying useful information
Central bank’s network of contacts is able to deliver better information on growth than other sources, report finds
Bank of Israel warns banks are exposed to vehicle finance
Central bank warns exposures are “not negligible” and continue to grow, although they do not yet present a systemic risk
RBI minutes: ‘abrupt’ retreat of inflation calls for caution
MPC members express surprise at swift retreat of food prices, though they warn against setting policy by looking in the “rearview mirror”
Biggest US banks weather severe stress test
Fed report on stress tests applied to 34 bank holding companies indicates largest institutions would remain well capitalised even in a severe shock
Riksbank claims rate forecast success, despite inaccuracies
Study of 10 years of repo rate forecasting concludes it is a useful tool for setting and communicating policy, although forecasts “have not been particularly accurate”
RBA minutes point to dangers from debt
Growth in household debt exceeds growth in incomes, creating risks to consumption; board members say situation warrants “careful monitoring”
Kashkari chooses between ‘faith and data’
Minneapolis Fed president says FOMC should have waited to see if inflation rise was transitionary before raising rates in June