International Monetary Fund (IMF)
J Dewey Daane, 1918–2016
Former Fed governor and adviser to the International Monetary Fund played key role in founding of the Central Bank of Paraguay
Sri Lankan government to restructure central bank
Central bank is to be restructured with amendments to the Banking Act, but disagreements remain between the finance minister and governor; inflation-targeting framework appears to be on track
Ukraine acts to cover ‘major shortfall’ in nationalised bank
NBU also tightens bond auction anonymity and announces restriction on use of cash to settle payments
Hans Tietmeyer and his ‘mission’ for euro stability
Otmar Issing on how the former Bundesbank president helped to drive Germany’s social market economy and was instrumental in the stable introduction of the euro
IMF board backs Lagarde after negligence verdict
Executive board affirms “full confidence” in managing director after French court hands down negligence verdict, but chooses not to impose punishment
Ukraine nationalises country’s largest bank
Gontareva says PrivatBank failed repeatedly to take necessary action, and so will be transferred into public ownership; central bank creates emergency liquidity facility
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