International Monetary Fund (IMF)
IMF finds renminbi ‘no longer undervalued'
The Fund declares China's currency fairly valued months ahead of SDR basket review, having previously thought it was out of step with economic fundamentals
IMF staff tell BoJ to 'stand ready' to ease further
Statement at conclusion of IMF article IV warns inflation expectations 'broadly flat' in recent months; calls on BoJ to prepare for more easing and improve communication
Rajan suggests IMF as watchdog for unconventional policy
RBI governor says central banks should not discard international responsibilities in favour of domestic mandates; says IMF could police unconventional monetary policy
IMF researchers explore central bank security issuance
Working paper finds low-income countries may struggle to issue central bank securities on account of the administrative costs and infrastructure demands
Zeti deems shadow loan regulation ‘highly effective'
Bank Negara Malaysia governor says macro-prudential regulation of non-banks has stabilised the overheated property market, but IMF warns of risks lurking in the shadows
High liquidity creation increases probability of bank failure, IMF paper warns
Working paper published by the IMF says regulators can reduce costs of bank failure by identifying high liquidity creators early and monitoring them closely
IMF urges Irish authorities to ‘enhance’ central bank independence
Report warns legal framework could ‘potentially introduce political considerations’ into governance arrangements; finds uncompetitive pay may be hurting ability to hire and retain supervisors
Mario Draghi sees large toolkit as ‘standard’ in 2020
ECB president tells Olivier Blanchard the central bank will retain a broad set of monetary instruments in five years’ time; insists QE will not be tapered early
Blanchard to step down as IMF chief economist
Olivier Blanchard will leave in September and join Peterson Institute as senior fellow; Lagarde praises him for ‘spurring a fundamental rethinking of macroeconomic policy’
Serbia cuts rate amid IMF call for action on debt overhang
National Bank of Serbia cuts rate for third straight month, as IMF warns dangers may lurk beneath robust overall debt position
IMF paper finds no link between efficiency and Basel compliance
Banks in jurisdictions that have adopted Basel ‘Core Principles’ for supervision are no more efficient than their peers elsewhere, working paper finds
Currency shifts could create ‘dilemma’ for Asian economies
IMF regional economic outlook warns policy-makers could face an ‘uncomfortable trade-off’ between external competitiveness and financial stability
IMF paper studies interest rate spreads in Pacific Island countries
Economic size, inflation, the quality of bank balance sheets and banking sector concentration influence interest rate spreads in Pacific Island countries, finds working paper
Argentina cabinet chief rejects analysis in IMF report
Argentina needs ‘tighter macroeconomic policies, a weaker exchange rate and less microeconomic distortion,’ argues IMF outlook; cabinet chief dismisses analysis
IMF encourages Tonga to adopt ‘reference rate’ for inflation
IMF recommends the National Reserve Bank of Tonga adopt a reference rate of 3.5%; central bank says it needs to analyse the appropriate level before making the jump
Impact of Fed’s QE often larger in EMs than US, research finds
IMF working paper examines cross-border effects of unconventional monetary policy in the United States using a global vector error-correction model
IMF paper analyses Islamic banking impact on economic growth
Islamic banking is ‘more flexible against shocks and more inclusive with regards to growth’, finds an IMF working paper
Greek municipalities’ union delays cash transfer to central bank
The Greek government will not be able to tap the municipalities’ funds to pay the IMF until their demands are approved in parliament
People: Malaysia appoints assistant governor; BoJ board member approved
Bank Negara Malaysia names Mohd Adhari Belal Din as assistant governor, while Marzunisham Omar takes office at the IMF; Japanese government approves Yutaka Harada as BoJ board member
IMF paper lays out new capital controls dataset
IMF working paper presents new dataset of capital control restrictions on both inflows and outflows of 10 categories of assets for 100 countries between 1995 and 2013
Interview: Manuel Sánchez on shifting financial stability risks
Bank of Mexico deputy governor speaks about monetary policy normalisation in the US, the limits of macro-prudential tools and developing capital markets
Iranian governor floats plan for new IMF training centre
Valiollah Seif puts plan for new Iran-based IMF regional training centre to Christine Lagarde; says inflation outlook has improved since president Hassan Rouhani took office
Sarb expands risk management framework
The risk management framework of the South African Reserve Bank now includes policy risks and will soon include financial stability policy, reveals deputy governor
Greece raids local authorities for cash as repayments loom
Local authorities instructed to transfer cash balances to treasury accounts at the Bank of Greece; Constâncio says default would not ‘automatically’ push country out of the eurozone