International Monetary Fund (IMF)
Lagarde guilty of negligence, court rules
IMF chief found guilty of negligence but is not punished; verdict may call into question her future at the fund
IMF paper shows US monetary conditions impact EM leverage
Impact is more pronounced for firms that are dependent on external financing, authors find; sample shows financial conditions have the ability to influence borrowing constraints
IMF delay forces National Bank of Ukraine to keep forex controls
Central bank to leave foreign exchange controls in place until political instability subsides and reforms are under way; IMF acknowledges progress, but says more is needed before the third review
Greek negotiations turn acrimonious amid debt relief freeze
ESM freezes debt relief measures for Greece, accusing government of breaking spending promises; European Commission’s Moscovici hits back at IMF criticism
IMF paper links Chinese growth to ‘drastic increase’ in inequality
Rapid growth in recent decades linked to rising economic inequality, with consumption and income inequality co-moving closely
IMF officials say they want less austerity for Greece, not more
Fund and European creditors still disagree on design of Greek programme, as IMF says fiscal targets must be realistic
IMF supports Chile move to form financial markets commission
Body will help with better co-ordination and information sharing between the financial sector and central bank; fund says central bank should be ready to cut rates if disinflation appears
IMF urges Sri Lanka to ‘modify’ international reserves target
Deputy managing director says international reserves remain below “comfortable levels”; central bank intends to continue building up reserves while allowing for “greater” exchange rate flexibility
IMF to tackle effects of globalisation in 2017
Fund says it will focus on bringing the benefits of globalisation and technology to a wider section of society, amid a populist backlash against openness
IMF paper offers more granular stress testing framework
IMF applies new stress testing framework to Ecuador’s banking sector; framework offers more efficient surveillance, authors argue
People: Senate approves new Mexican deputy; Lagarde appoints Jihad Azour
Former head of finance ministry’s debt office to take on senior role at Bank of Mexico; Azour joins IMF team, leaving Lebanon’s finance ministry; and more
People: Tobias Adrian to replace Viñals at IMF
New York Fed economist to take over IMF’s monetary and capital markets department; Malaysia appoints new financial stability board; vice-chair picked for FinCoNet
Cœuré spells out ECB’s stance on Greek reforms
The Greek government must reform the legal process and status of banks, senior ECB figure says
Gulf central banks should act to boost liquidity – IMF report
Improved liquidity assistance frameworks, better forecasting and deeper Islamic liquidity markets would help ease conditions
Western ambassadors support independence of Ukrainian central bank as dispute continues
Diplomats line up behind Gontareva as the president’s attitude remains unclear
IMF paper seeks to quantify debt bias
Tax systems create “pervasive” debt bias, authors find, arguing for policy action before the problem worsens
IMF praises Argentinian central bank for proposed changes to monetary policy framework
IMF encouraged by Argentina’s progress but says more effort required to strengthen monetary policy framework, including granting central bank operational independence
Egypt announces $2 billion deal to bolster reserves as Lagarde set to recommend IMF aid
IMF chief asks the board for $12 billion loan over three years to support “ambitious” reforms
IMF lifts censure on Argentinian inflation
Inflation and GDP figures now in line with international standards, fund acknowledges; Lagarde praises Argentinian authority’s efforts to reform statistical agency
People: Sarb reappoints deputy for second term; Central Bank of Kenya looking to replace board
South African Reserve Bank appoints Francois Groepe to serve another term; parliament has approved five new members to the Central Bank of Kenya board, but formal process not yet complete; and more
Mozambique governor hikes rates by 600bp as inflation hits record high
IMF spokesman says talks continuing over audit of government finances as newly appointed governor makes fifth and biggest rate rise of 2016
Tuvalu eliminates foreign exchange restrictions
Tuvalu government repeals Exchange Control Act to adhere to IMF articles of agreement; move will help foster investment and international trade, fund says
Central Bank of Egypt devalues currency
Egyptian pound falls 32% as central bank moves to align official and black market rates; IMF mission chief welcomes additional exchange rate flexibility
People: Furse leaves BoE FPC; Bank Negara appoints sharia advisors
Furse leaves BoE for new role at HSBC; shariah advisory council appointed for new term at Bank Negara Malaysia; and more