Central Banking
HKMA seconds director-general for enforcement
Division head of banking supervision promoted to executive director for enforcement after announcement that Raymond Li will be seconded to the Hong Kong Mortgage Corporation
Robert Pringle’s Viewpoint: Central bankers gamble for high stakes
The world’s major central banks have made high-stakes bets in a bid to stabilise economies. But their efforts may do little to promote confidence in the longer-term future of monetary management
ECB’s Cœuré justifies use of non-standard policy measures
Benoît Cœuré explains threat to the interest rate channel created need for alternative monetary policy measures; says outright monetary transactions aim to restore ‘monetary dominance’
Former Cypriot governor says OMTs will not suffice
Athanasios Orphanides says ECB's bond purchase programme will not achieve long-term financial stability; says a political problem requires a political solution
EBA chairman underlines urgency of market benchmark reforms
Andrea Enria says European Banking Authority is working at a ‘much higher speed’ to address fixing of market benchmarks; investigation into Libor rate scandal is continuing
Ukraine selects new economic department director
National Bank of Ukraine picks central bank veteran to lead economic department; predecessor left after hitting retirement age
IMF loans impact sovereign bonds, says Bank of Spain paper
Spanish study finds countries that receive IMF funding issue less sovereign debt, and with shorter maturities; effect is stronger under particular conditions
Dombret stresses need for national influence over global regulation
Deutsche Bundesbank’s executive board member says global regulations must be adaptable to individual nations’ needs; peer pressure will ensure rules are adopted
Zambian governor calls for shared mobile banking platform
Michael Gondwe discusses the role of mobile banking in financial inclusion; says cooperation between payment systems will help widen access
RBI deputy governor wants real sector reforms
Kamalesh Chandra Chakrabarty says a second generation of economic reforms is needed; measures should target individuals rather than the financial sector as whole
Bank of Greece sets out drastic cost-cutting measures
Greek central bank governor sends letter to ECB explaining steps taken to reduce operating costs and wages at the institution; includes cumulative 50% pay cut for top officials
BoJ expands asset purchase programme
Japanese policy board votes to increase purchases of government bonds and treasury bills; Bank of Mauritius governor highlights risk to central bank reserves from further asset purchases
Bank of Israel renovates website to improve user experience
Israeli central bank unveils a new website aimed at making information more easily available; content now available in Arabic for the first time
Riksbank minutes highlight ‘unexpectedly rapid’ currency appreciation
Minutes of the Rikbank’s September monetary policy meeting show all board members raised concerns about the strength of the krona; governor says action is needed in eurozone
Giff 2012: Central bank action enables Europe to reverse fiscal austerity, says Turkish deputy prime minister
Central banks have created a ‘window of opportunity’ for governments in Europe and elsewhere to embark on fiscal expansion to spur short-term growth, says Turkish deputy prime minister
BoE minutes reveal unanimous decisions
Minutes show members of the BoE Monetary Policy Committee in agreement over QE and interest rate; says weak demand and high inflation were key considerations in decision
ECB paper analyses euro stability measures
ECB research assesses eurozone stability measures; says a European-wide framework for recapitalising large and systemic banks is still needed
BIS paper examines link between low growth and recessions
Bank for International Settlements research studies relationship between low growth and recession in the US; finds some growth patterns can forecast a sharp decline in GDP
NY Fed’s Dudley confident in QE3 benefits
President of NY Fed says third round of QE is needed to catalyse growth; says employment will improve faster as a result of the programme
Giff 2012: Malaysia’s Zeti calls for a ‘bridging’ of economies to promote Islamic finance
Bank Negara Malaysia governor says Islamic finance has emerged from the financial crisis in a position of strength, but more co-ordination is needed to ensure the industry continues to flourish
Former Seychelles governor denies drawing double wage
Pierre Laporte repudiates claims he is receiving dual salaries from the government and central bank; follows circulation of an anonymous letter accusing him of corruption
IMF-World Bank announces location for 2015 meeting
Annual meetings of central bankers and finance ministers to be held in Latin America; events to include discussions of global economic and financial developments and policies to reduce poverty
Bulgarian governor against accession to banking union
Ivan Iskrov expresses opposition to the idea of Bulgaria joining the proposed EU banking union; discusses protecting domestic economic interests
Fed paper examines Chinese response to rate shocks
Federal Reserve study explores the response of the People’s Bank of China to foreign interest rate shocks; says liberalisation of foreign currency policies could reduce central bank’s costs