Central Banking
Former Bank of Haiti governor shot dead
Venel Joseph, former governor of the Central Bank of Haiti killed in his car; held office as chief of the central bank between August 2001 and March 2004
Asia-Pacific keeps rates on hold as Brazil surprises with 75bp cut
Korea, Indonesia and New Zealand keep benchmark interest rates on hold despite surprise 75 basis point cut by the Central Bank of Brazil to 9.75%
SNB spent $19.6 billion maintaining minimum exchange rate
SNB purchased foreign currency to a value of $19.6 billion in 2011; central bank also reveals larger than expected profit
UK payment card fraud falls to 10-year low
UK card fraud has fallen sharply due to ‘chip and pin’ and new online payment services, reaching a 10-year low in 2011. Online banking fraud has also fallen but bogus mortgages remain a concern
Philippines economic newsletter looks at roots of financial crisis
Central Bank of the Philippines investigates international claims and cross-border lending during the global financial crisis
IMF paper analyses corporate investment in India
International Monetary Fund research paper looks into how the business environment affects corporate investment in India, which has been sluggish since the financial crisis
Fed paper studies the effect of Tarp on bank risk-taking
Discussion paper says the increase in risk-taking without an increase in lending following Tarp capital injections “is suggestive of moral hazard due to government ownership”
South Africa records increase in value of gold reserves
SARB reveals $186 million rise in value of gold reserves; overall reserves value up $438 million
Auditors find no breach of SNB regulations by governing board
Audit of own-account transactions by members of the enlarged governing board of the Swiss National Bank reveals no breach of the regulations in place during the time of investigation
BoE unveils new heads in monetary analysis and statistics division
Bank of England appoints three new department heads in its monetary analysis and statistics division; seen as a springboard to MPC
European Commission pursues Hungarian central bank independence issue
European Commission welcomes Hungarian promise to change legislation affecting the independence of the central bank, but wants to see more details
RBA hands over responsibility for autonomous financial sanctions
Reserve Bank of Australia no longer has regulatory responsibility for autonomous financial sanctions; Department of Foreign Affairs and Trade now handles implementation and administration of law
Bank of Estonia to reveal travel statistics gleaned from mobile positioning data
Estonian central bank has been using data from mobile phone usage for more than three years to assist with balance of payments calculation; only two other European central banks operate similar systems
Buba discussion paper uncovers secrets of board risk-taking
Researchers find board changes that result in more female executives at banks can lead to increased risk-taking; executives with PhD qualifications reduce risk
New CRD IV draft exempts sovereign trades from CVA capital charge
The latest council draft adds a CVA capital charge exemption for sovereign derivatives transactions – potentially removing one of the big unintended consequences of CRD IV, participants say
IMF’s Shinohara highlights Ethiopia’s economic challenges
Naoyuki Shinohara, deputy managing director of the IMF, says Ethiopia still has work to do on containing high inflation and raising savings, among other issues
Deputy governor renews Bank of Japan attack on Volcker rule
Kiyohiko Nishimura reiterates Bank of Japan’s concerns over unintended consequences of Volcker rule; says “prudent assessment” of potential impact of the rule on other countries is “crucial”
BIS working paper studies collateral requirements
Research estimates collateral requirements for mandatory central clearing of over-the-counter derivatives; finds major dealers already have ample assets to meet initial margin requirements
Czech National Bank unveils stress-test results
Czech banking sector prepared to withstand “significantly adverse stress scenario", says central bank
Australia leaves benchmark rate unchanged again
Reserve Bank of Australia decides to keep cash rate unchanged at 4.25%; follows surprise decision in February to do the same
Canada cracks down on Syrian central bank
Canada imposes asset freeze on Central Bank of Syria; foreign affairs minister reiterates demand that president Assad step down
Draghi defends high-value euro banknotes
Letter to MEP Nikolaos Salavrakos outlines reasons for having €200 and €500 banknotes
Boston Fed continues research into payments
Researcher Scott Schuh adds to 2010 research into payments; finds rising cost of debit cards reduces their use
RBI’s Khan discusses outward Indian FDI
Reserve Bank of India deputy governor speaks about globalisation and growing Indian outward foreign direct investment