International Monetary Fund (IMF)
IMF reforms approved by US Congress
Christine Lagarde and the People’s Bank of China welcome the approval of the US Senate for quota and governance reforms at the IMF, agreed by the board in 2010
IMF paper says transmission is working but lopsided in the Dominican Republic
Researchers say the Dominican Republic has been successful in establishing a monetary transmission mechanism, but future work should focus on balancing pass-through to deposit and lending rates
Further macro-prudential policies ‘may be needed’ in UK, says IMF
Staff say existing measures have eased but not eliminated risks to household finances; encourage BoE to keep monetary policy unchanged until inflationary pressures are ‘clearer’
IMF expands lending rules around countries in arrears
Fund announces new approach to lending to countries in arrears with official creditors, moving away from focus on Paris Club agreements
Eurozone QE ‘much needed’ but not enough for growth, Greek deputy says
Bank of Greece deputy governor Iannis Mourmouras praises ECB programme but suggests more measures needed from elsewhere; criticises poor sequencing of structural reforms in past
PBoC deputy governor says reforms will continue beyond SDR inclusion
Yi Gang welcomes IMF decision on SDR, says China will not ease off on reforms; inclusion was seen as inevitable in recent weeks, but Central Banking poll highlights earlier uncertainty
IMF reveals weights of new SDR basket
Renminbi to account for 10.92% of basket from its inclusion next year; executive board approves change in formula
IMF approves renminbi as SDR currency as questions raised on hedging
Lagarde reveals executive board's decision to include renminbi in basket; inclusion raises questions on whether to hedge exposure to Chinese currency
Presentation of big data key to inspiring research, academic argues
New York University professor says financial regulators need to learn from large-scale scientific projects and online retailers to encourage ‘research communities’
Central bank 'silo culture' detracts from statistics, says ex-BoJ governor
Masaaki Shirakawa tells audience at Deutsche Bundesbank to expose economists to statistics and business contacts during their careers; Otmar Issing stresses value of good data
Mexico should ‘phase out’ daily FX sales, IMF staff say
Staff at IMF find interventions have ‘contributed to stability’ in the foreign exchange market, while a report following Article IV consultations recommends moving away from daily auctions
Cyprus must make NPLs ‘number one priority’, international agencies say
Authorities must properly implement proposed loan reforms, joint statement says
IMF urges response to rapid credit growth in Cambodia
Staff report lays out buffet of macro-prudential tools to address factors driving the expansion, which has seen the credit-to-GDP ratio double since 2012
Lagarde declares support for RMB inclusion in SDR basket
IMF managing director endorses inclusion in currency basket after staff report deems Chinese currency 'freely usable'; executive board decision expected on November 30
Level playing field could help ‘unlock’ Islamic finance potential, says Lagarde
Speakers at the Islamic Finance Conference in Kuwait highlight the growth benefits of financial inclusion, especially for underserved parts of the Muslim population
Post-conflict central banking
Building the integrity and operational soundness of central banks is a vital priority for post-conflict countries.
More sharia-compliant instruments would aid liquidity management, IMF paper argues
Working paper focused on Gulf states notes a lack of instruments has forced Islamic banks to hold a lot of cash, while making it harder for central banks to conduct monetary operations
Different economies need different types of structural reform, IMF paper finds
Economies at different levels of development need different types of structural reform, a policy paper by the International Monetary Fund says
Personal integrity key in battle for better culture, Lagarde says
IMF head calls for action to rebuild trust in the financial industry at the New York Fed conference; Fischer says it is impossible to improve the culture and then ‘retire from the battlefield’
External debt is Greece’s perennial Achilles heel, economists warn
Cycles of external debt and dependence are ‘perennial themes’ for Greek crises since 1829, and other countries may be similarly vulnerable, Carmen Reinhart and Christoph Trebesch argue
US softens discourse on renminbi ahead of SDR review
Treasury drops 'significantly undervalued' reference in flagship report to Congress on foreign exchange rate policies ahead of IMF review next month
Blanchard and others look to reconcile theory of capital flows with practice
Revamp of Mundell-Fleming model helps explain apparently contradictory results, with important implications for policy-makers looking to respond to capital flows
Developing country central banks cannot rush into full independence, Botswana governor says
Botswana’s central bank governor tells an IMF seminar developing country central banks need to move carefully towards independence on price stability
Central bankers challenge Caruana on leaning against wind
IMF panel displays broad range of views on interest rates as a financial stability tool – but none of the central bankers are willing to go as far as the BIS general manager