International Monetary Fund (IMF)
East Africa inches closer to monetary union
Progress report indicates some reform but many remaining issues; IMF officials flag problem areas and offer advice on shape of financial stability authorities
Egypt PM signals move to unify exchange rates
Sherif Ismail tells parliament central bank will soon unify black-market and official rates; IMF moving closer to agreement on funding
Ukrainian central bank attacks leading law-maker as political dispute worsens
Central bank governor backed by the ‘reform council’ and the IMF, but the president’s stance unclear
IMF amends SDR calculation method
Exchange rates used to calculate SDR to be obtained from a commercial provider by the Bank of England, in effort to make methodology more “robust”
People: IMF appoints new head of Independent Evaluation Office
Iceland names director of financial stability and Russia appoints head of banking regulation
Public sector balance sheet poses risks for Dominican Republic – paper
IMF working paper analyses balance sheet developments in the South American nation’s economy; foreign currency exposure could amplify risks, authors say
Ukrainian central bank says proposed law is attack on its independence
Passing law could lead to a cut-off of IMF aid, the central bank warns; calls on country’s president to repudiate law-makers
Rand volatility not driven by South African economic ‘surprises’ – IMF paper
IMF working paper finds that surprises in commodity prices, domestic politics and US economics impact the volatility of the South African rand rather than economic surprises in South Africa or China
Emerging markets primed for Fed rate hike, central bank panel says
Emerging market central bankers say improved communication from the Fed has helped them to prepare for future normalisation; central banks have adopted a range of policies to absorb forex shocks
Broadbent defends BoE position amid pension criticism
BoE deputy says ultra-low interest rates are not main culprit behind rising pension deficits, though IMF says pension funds and insurers are at risk from central bank action
Low growth and low rates to hit financial stability, says IMF
Weak outlook is likely to feed into medium-term problems for financial stability, fund warns; Basel Committee may have to delay agreement on final framework
IMF: Central Bank of Iran should ‘streamline’ committee membership
IMF assessment warns of committees “dominated” by government agencies; fund stresses the central bank should limit membership to its senior officials and independent experts
IMF financing ‘constrained’ policy space in Ukraine, report finds
Earlier debt financing would have been useful for Ukraine, report says, while praising central bank efforts to stabilise the financial system
Time to focus on green finance as Paris Agreement set to enter into force
Central bankers meeting at the IMF next week will discuss mechanisms to unleash private capital for green finance ahead of a Paris climate deal that could enter into force before 2017
IMF: rise of non-banks is reshaping policy transmission
Pass-through of monetary policy grows as non-banks become more important, but changed transmission mechanism demands better data to understand risk-taking channel
Bank of Canada should not raise inflation target – Obstfeld and co-authors
Central bank has been overtaken in transparency metrics, authors say; forward guidance would catapult Canada to top of rankings and could avoid the need for unconventional measures
Armenia cuts again as deflation deepens
Central bank cuts headline rate as inflation dips further below zero, though the board maintains it will be able to return inflation to target in medium term
Inflation expectations more sensitive near the zero lower bound – IMF study
IMF study examines whether monetary policy can boost inflation in constrained environment; countries near zero lower bound could see inflation respond more to shocks
Inclusion of renminbi in SDR is ‘symbolic’, says Bernanke
Former Fed chair sees inclusion of renminbi in SDR basket as a ‘symbolic’ gesture rather than a major shift; Eswar Prasad argues currency will never be a safe haven
Yemen’s president sacks governor and announces new central bank in Aden
Move may increase humanitarian crisis as former central bank head managed to prevent worst outcome in “dire” circumstances, expert says
IMF warns over problems in Belarusian banking system, but central bank disagrees
Systemic liquidity risks are “elevated” because of dollarisation, fund says; central bank claims country’s first asset quality review shows banking system is sound overall
IMF lauds renminbi SDR launch, but some see momentum stalling
Fund officials praise China’s proactive approach to meeting SDR goals, but others warn progress on renminbi internationalisation may be slowing
Reserve requirements complement monetary policy in small open economies – paper
Paper examines the use of indirect and direct monetary policy instruments in three Caribbean economies; increases in the reserve ratio are successful in reducing private sector credit
China has room to regulate local government financing – IMF paper
Government can and should rein in fiscal risks posed by public-private partnerships, authors say, as they outline “four pillar” regulatory framework