Middle East
Saudis deposit $3 billion to build up Yemeni central bank
Saudis are also training central bank staff, and say US and UK are supporting capacity-building
Global custodian of the year: BNY Mellon
The US asset specialist has made strong progress in its effort to offer a seamless overlay of its disparate legacy systems, while also providing improved training to official institutions
IMF welcomes reform progress in Egypt
A flexible exchange rate and tighter policy have helped stabilise the economy
Egypt’s new banknote facility to be built by G&D
German firm awarded over $300 million for successful tender which will see “majority” of Egypt’s banknotes printed at the plant
Iran needs financial sector reform – IMF staff
Central bank should have greater independence and supervisory powers, urge IMF staff
FSB’s Mena group meets in Abu Dhabi
Turkish and Qatari governors are set to chair the regional group from June 30
Lebanese banking sector holding up, despite Syria crisis – central bank
The banking sector remains liquid and well capitalised despite a “strained” Lebanese economy, the central bank says; new compliance unit formed
Governments must make use of fiscal policies with regard to gender inequality – IMF paper
‘Not enough’ to just aspire for gender equality; clear scope for countries in Middle East and central Asia to make ‘more effective’ use of policies available to them
IMF staff urge oil-reliant countries to strengthen liquidity frameworks
Low oil prices likely to harm liquidity, raising the need for improved facilities and forecasting; risk of delayed surge in non-performing loans
Arab countries must improve macro-prudential arrangements – IMF paper
Many Arab countries need to improve their macro-prudential policy frameworks, an IMF working paper argues; regulators need policy mandates and better information
Kuwait joins hikers club in wake of Fed rate rise
Kuwait look to strengthen currency after Fed rate rise; UAE and Saudi Arabia, which operate with dollar pegs, also move
Heavy snowfall forces Central Bank of Jordan shutdown
Central bank and commercial banks were forced to close their doors as the Middle East was battered by a freak snowstorm; president urged people not to venture out
IMF hosts Middle East forum on Basel III compliance
Middle Eastern countries work together to ensure adequacy of local lenders' capital and liquidity; new report credits region's ‘strict capital quality rules'
Central Asia's central banks should shift attention to communication strategies – IMF
While some central banks in the Caucasus and Central Asia ‘require further development of instruments', others may ‘shift attention to communication strategies
Gulf statistics centre to promote transparency by working ‘hand-in-hand' with IMF
GCC-Stat, a joint effort by the Gulf states to improve collation of national data, hailed by IMF as an ‘important boost' that will harmonise implementation of international standards
Central Bank of UAE opens first ever discount window
The Central Bank of the United Arab Emirates will introduce a standing liquidity facility next week, offering banks overnight loans at 100 basis points above official repo rate
No ‘credit crunch' in the Middle East after Basel I, IMF paper finds
Despite higher capital adequacy ratios, banks expanded credit and asset growth, according to new research
IMF ‘policy book' tackles Mena central bank challenges
IMF's monetary and capital markets department analyses operational frameworks of Mena central banks, and obstacles to monetary policy; urges Basel III adoption
Conundrum facing reserve managers set to continue, say Nalm speakers
Central bank reserve managers to face further challenges about where to allocate their resources as reserve levels look set grow
Israeli governor airs fears over impact of European slowdown
Stanley Fischer discusses European economic strife impact on Israeli growth prospects; expresses worries over possible methods for increasing defence budget
FSB Regional Consultative Group meetings continue
Middle East and North Africa consultative group is latest regional FSB body to meet; discussed financial vulnerabilities of the region
IMF paper identifies scope for inflation targeting in Mena countries
Fund study says central banks in Middle East and North Africa can follow emerging market trend in adopting inflation-targeting frameworks
Outlook rosier towards the East: ECB paper
European Central Bank study says macroeconomic fluctuations look better in the east than west