Russia
Russian interbank market lacks discipline, Bofit paper finds
Investigation into levels of market discipline in the Russian interbank market finds some discipline was present during the financial crisis, but even then it was insufficient to curb risk-taking
Central Bank of Russia picks official rouble symbol
The Russian currency will now have an official symbol after an open design competition came down to a public vote between five designs
Bank of Russia sees inflation out of monetary policy control
Improvements to the transmission mechanism should enable the Russian central bank to target inflation more effectively, but prices will be influenced predominantly by non-monetary factors
Bank of Russia raises inflation target for next year to 5%
Hike is prompted by anticipated increase in regulated prices; central bank argues prior target of 4.5% would force tightening of monetary policy and risk stifling growth
Central Bank of Russia simplifies interest rate policy
New measures will streamline the interest rates that the central bank targets; changes brought in two days after the appointment of a new deputy governor for monetary policy
Segmented structure of Russian interbank market leads to volatile interest rates
Liquidity-absorbing and liquidity-provision operations are conducted by the biggest banks, reducing credit risk but also restraining market development, according to Bank of Finland discussion paper
Central bank insider selected to run Russia's new ‘mega-regulator'
As head of the FMS, Sergey Shvetsov, a Bank of Russia deputy, will be in charge of ‘controlling, regulating and supervising' the country's financial markets from September 1
Bank of Russia overhauls organisation as it prepares for expanded remit
Responsibility for financial regulation will shift from a government body to the central bank in September; the bank has also created new departments of monetary policy and statistics
Russian central bank introduces new instrument for cheaper funding
New Bank of Russia governor brings in policy to auction 12-month loans to banks with a starting price 150bp under the standard 12-month repo rate
Bank Russia to become ‘mega-regulator' with mandate for growth
New law set to be enacted in September will hand the central bank responsibility for almost all of Russia's financial system, and give monetary policy a broader mandate to support ‘sustainable growth'
People: Bank of Russia deputy joins government; Bank of Lithuania appoints deputy chair
Bank of Russia's first deputy chairman appointed as economic development minister; former Lithuanian finance minister moves to central bank as Darius Petrauskas departs; Kevin Feldman joins WGC
Bank of Russia easing could 'jeopardise' inflation anchor
IMF releases Article IV consultation with Russia; encourages central bank to focus on inflation objectives and warns rate cuts would jeopardise ability to hit target range this year and next
ECB threatens to cut off liquidity support to Cyprus
Governing council says no more emergency liquidity will be provided to Cypriot banks if a deal is not reached by Monday; negotiations continue and banks will remain closed into next week
Putin picks economic adviser as Bank of Russia chief
Elvira Nabiullina nominated to succeed Sergey Ignatiev as chairman of the Bank of Russia; faces challenge of maintaining monetary policy credibility despite close ties to the Kremlin
Bank of Finland researchers examine role of liquidity creation in bank failures
Experience of Russia from 2000–07 suggests early identification of excessive liquidity creators can 'mitigate systemic distress'
Russia holds interest rate as indicators stabilise
Russian central bank board of directors say inflation has fallen to 6.4% and economic activity has slowed
Bank of Russia reveals 2011 annual report
Russian economy grew while central bank battled inflation; exchange rate policy adjusted in transition to fully floating regime
New Zealand’s Bollard reveals next move
Outgoing governor of the Reserve Bank of New Zealand announces his next job; leaves central bank after 10 years as chief
IMF urges Russian central bank to tighten policy
Article IV consultation recommends ‘gradual further tightening’ of monetary policy; preparation needed for informal inflation targeting in 2014
Bank of Finland paper evaluates confidence indicators in forecasts
Discussion paper analyses the link between measures of confidence and growth forecasting in the Russian economy; finds not all measures improve accuracy of forecasts
Gold demand drops from high 2011 figures
Gold Demand Trends report from World Gold Council notes 5% lower demand in Q1 this year compared with 2011
Bank of Russia reports solid financial stability in 2011
Financial Stability Review paints good picture of Russian economy in 2011; details steps taken to ensure continued stability
'Heavy' gold purchases expected to continue in 2012
GFMS report says emerging economies will continue to turn to gold as they diversify reserves away from US dollar; "trivial" official sector gold sales recorded in 2011
IMF paper discusses strengthening Russia's fiscal framework
Working paper from IMF researchers sets out ways Russian fiscal policy is straying from best practice and suggests improvements