Central Banking
New US tax plan promising for growth – Fed minutes
FOMC members revise the growth outlook upwards for next 12 months, as tax cuts promise to provide “some boost” to consumer spending
ECB corporate bond purchases fall to lowest level in December
CSPP is expected to rebound in January, while the ECB reduces QE to €30 billion a month
NBKR’s Abdygulov returns to top job after stint in government
Tolkunbek Abdygulov spent a brief period as deputy prime minister before resuming the central bank’s chairmanship
BCEAO denounces ‘fraudulent’ messages on social media
The Central Bank of West African States denies the existence of false serial numbers on banknotes
Macao turns to facial recognition to fight money laundering
Chinese tourists now have to verify their identities in order to withdraw cash at most ATMs in the casino hub
Angola looks to abandon currency peg
Crippled by low commodity prices, Angola’s kwanza will be allowed to float within a range, governor says
Platforms win small on Mifid day one
Some dealers stopped quoting bilaterally on smaller bond trades
Public debt in EU countries harms growth, ECB paper argues
Researchers find public debt crowds out investment but private debt is used efficiently
Fed paper studies inequality in three dimensions
Authors find examining three dimensions simultaneously gives new insights
Irish central bank gets major budget increase
Commission members criticise bank’s handling of tracker mortgages
Philippines admits to circulating ‘faceless’ banknotes
Printing error results in missing portraits on several banknotes; the central bank urges the public not to circulate the images on social media
Botswana chooses polymer for latest banknote launch
African nation partners with UK printer De La Rue for new banknote launch, opting for polymer to prolong life
Colombian paper says resolution co-operation is needed in the region
Authors examine how resolution plans have evolved and conclude more work can be done with regard to local systemically important financial institutions and cross-border activities
FSB recommends global governance for UTI
FSB concludes ISO should publish and maintain the standard with additional governance from CPMI and Iosco
Argentina lifts target as inflation persists
IMF recommended keeping tighter monetary stance in latest report in December; Argentina’s move could impact central bank credibility
Rwandan central bank cuts rates to historical low
Inflation falls from 6.4% to 2.2% in 12 months; growth supported by higher commodity prices and improved agricultural performance
Demographic changes reduce US labour participation rate
As the baby boomer generation retires, the recovery cannot offset their absence
Complex instruments still pose systemic risks – paper
Discretion granted by financial reporting standards increases opacity and complexity, say authors
Economists are misinterpreting ‘Triffin dilemma’, says BIS paper
Michael Bordo and Robert McCauley argue there was nothing certain about the collapse of Bretton Woods, but Triffin’s successful prediction led others to mistakenly reapply his theory
BoE exploring ways to improve gender balance
Deputy governor wants HR department to investigate movement from manager to senior manager; senior group looks into how to support women preparing for heads of division roles
Sarb rejects nationalisation plan
Sarb says nationalising the central bank would increase uncertainty in an already “fragile economic situation”
PBoC ramps up regulations for QR code payments
Transactions made by QR code capped and reserve requirements increased, as PBoC seeks to crack down on payment risks
People: Cleviston Haynes handed full governorship
Central Bank of Barbados acting governor gets full term; delayed appointments made to Israel’s Supervisory Council; ESM confirms Mário Centeno as chair
2017: The year in review
Over the past year, the global economy regained some strength, and some central banks began to return their policy to normal; but it was not all smooth sailing