Official Record
BoE issues consumer credit warning to banks
Preliminary stress-test results show UK banking system could incur £30bn loss over three years; UK central bank says financial system is “underestimating losses”
Riksbank welcomes higher inflation
Minutes of last monetary policy meeting caution krona has appreciated faster than previously forecast
IMF report studies country responses to volatile capital flows
Set of case studies emphasises value of macro-prudential policy in resisting credit booms across emerging and advanced economies
BIS payment stats to embrace non-banks and faster payments
New methodology acknowledges role fintech has played in reshaping payments landscape; contactless payment data to be included
RBA payments board backs ‘digital identity’ for Australians
Board encourages payments industry to work on a framework that could make online transactions more convenient and secure
National Bank of Denmark sees "major challenges" for Greenland’s economy
Greenland is experiencing an economic boom, but needs to diversify its economy; central bank warns political independence may be a mistake
Maltese banks’ assets rise as loans fall, central bank says
Assets pushed up by growth in mortgage and placements with eurozone banks
IMF issues advice on Botswana’s sovereign fund
Rules should govern withdrawals from government’s account, IMF says
Banks have never been very ‘boring’ – NY Fed economist
Banks have consistently innovated throughout history, and regulations have struggled to keep up, Nicola Cetorelli writes
Future of renminbi looks bright – Swift
The proportion of international payments denominated in renminbi falls to less than 2%, but the number of institutions using the currency increases
US taxes low by global standards, say Chicago Fed economists
Overall burden of taxes is low by OECD standards, and taxes on capital income are notably lower than in Germany, economists say
Philip Turner urges RBNZ to focus analysis on ‘new normal’
Former BIS official gives positive review of RBNZ’s monetary policymaking process, but recommends the central bank focus its efforts on understanding changing economic structure
Fed to begin shrinking balance sheet ‘relatively soon’
Rates remain on hold as the FOMC eyes below-target inflation, while the wording change implies that action on the balance sheet could begin sooner than previously expected
Singapore’s inflation sees sudden drop in June
Sharp fall in inflation was due to the falling prices of housing maintenance and repairs, triggered by the timing of government rebates
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