Central Banking
Bank of Thailand governor explains changed policy stance
Prasarn Trairatvorakul says increases in interest rate were put on hold following floods and eurozone uncertainty; warns rates could go either way
ECB’s Cœuré highlights information content of inflation-linked securities
Benoît Cœuré outlines use of inflation-linked financial products as indicators of inflation expectations; says information content is useful but methods require further study
IMF paper tests portfolio rebalancing impact on exchange rates
Working paper studies effect of changes to equities portfolios in driving adjustments in exchange rates; finds higher stock market returns cause depreciation of currency
BoJ’s Morimoto outlines ways to combat deflation
Yoshihisa Morimoto emphasises importance of ‘capturing’ demand to overcome deflation; says CPI is currently at 0% but is expected to rise towards 1% target in fiscal 2013
State Bank of Vietnam announces counterfeit note findings
Fewer fake polymer notes were found in the country in the first half of 2012; good news for the currency after scandal involving Securency
Central Bank of Brazil cuts rates as uncertainty persists
Monetary policy committee votes unanimously for 50-basis-point rate cut; further reductions remain a possibility
Trinidad and Tobago governor looks to empower ombudsman
The governor of the Central Bank of Trinidad and Tobago outlines plans to tackle financial inclusion; hopes to legally equip ombudsman and improve financial literacy
RBA issues new market infrastructure proposals
Australian central bank unveils latest proposals to meet CPSS-Iosco principles for financial market infrastructures; says additional detail provides for ‘greater legal certainty’
Nigerian politicians blast central bank currency reform plan
Senate orders central bank governor to halt process of introducing a 5,000 naira banknote; chairman of Committee on Banking, Currency and Other Financial Institutions demands consultation
Cambodian governor highlights divergence in developing financial systems
Chea Chanto sets out ways in which South-east Asian central banks’ financial and banking systems differ; calls for regional development to catch up with international standards
Impending drop in economic growth, warns South African research
South African Reserve Bank working paper uses new model to analyse financial conditions; finds conditions have declined and threaten GDP growth
Philippines governor expounds importance of consumer protection
Central Bank of Philippines’ Amando Tetangco emphasises the value of consumer protection; says it works in tandem with financial stability
Fed’s beige book reveals increased economic activity
US Federal Reserve economic summary reports expanding economic activity in the US; credit conditions said to be improving
ECB paper scrutinises sustainability of OECD public finances
European Central Bank working paper investigates public finances in sample of OECD countries; analyses causality between revenues and expenditures
Chile director presents results of fund management outsourcing
Divisional director at the Central Bank of Chile discusses changes to the management of pension reserve fund; responsibility given to external managers for first time
Single Asian currency not on the agenda, says Bank of Thailand chief
Bank of Thailand governor Prasarn Trairatvorakul rules out likelihood of Asia moving towards a common currency, but says renminbi may become dominant currency
Ghana replaces hologram on upgraded banknote
Acting governor issues new 50 Ghanaian cedi note; new design features emblem in shape of a cocoa pod that changes colour when note is tilted
Former central bank governor hired by Croatia’s largest company
Željko Rohatinski appointed as an adviser to chief executive officer of Agrokor; departed central bank in July amid accusations of political pressures
Draghi rallies German public to support eurozone reforms
President of the ECB says “exceptional measures” may be required to ensure price stability; reaffirms commitment to independence and acting within mandate
Dombret proposes alternative to ECB-led supervision of banks
Deutsche Bundesbank’s Andreas Dombret discusses an EU-wide supervisory structure for banks; suggests it does not necessarily need to be headed by the ECB
BIS research analyses unconventional policies
Bank for International Settlements study examines unconventional policies employed during recession periods; compares the effects with other monetary tools
Iceland surveys market economic expectations
Central Bank of Iceland survey finds changes in inflation expectations; also a shift in the market’s perception of monetary policy
Mohanty says India must play catch-up
Reserve Bank of India executive director calls for efforts to recapture India’s pre-crisis growth rate; lays out income target and challenges
No ‘lame duck year’ for the PBoC, says CBJ author Hui
China’s central bank has made progress in reforming the country’s financial system during the past year; progress exceptional given leadership elections, says Hui