Central Banking
Nigerian central bank attacks ‘unpatriotic’ critics of forex regime
Reserves under pressure due to “huge fall” in earnings, the bank admits
Ukraine governor says bank has met first inflation target
Gontareva says Ukraine should hit tighter target for 2017
Regulations and QE impacting repo market – ECB’s Mersch
Executive board member says “confluence of factors” has boosted demand for collateral and impaired its supply, but the situation may improve
BIS authors identify tipping point in household debt impact
Researchers trace the effects of household debt on the real economy, identifying thresholds beyond which the long-run impact on consumption and growth intensifies
People: uncertainty over Tetangco’s future; Minneapolis Fed appoints new COO and head of research
Future of Philippines governor unclear; Minneapolis Fed poaches Chicago Fed researcher and appoints COO
Dominican Central Bank reports growth of 6.6%
Provisional data from the bank shows it is the fastest growing within the region for the fourth year in a row; agriculture sector fuelling rapid growth
Italian inflation pressures are weakening – ECB paper
Price cuts are more common for manufactured goods, the researchers say, while price increases for services are slowing
Sarb deputy says G20 is ‘running the risk’ of being seen as inactive
Mminele says international leaders should intensify their “communication”, to foster inclusive globalisation; protectionist policies will not work in the current landscape, he says
Bundesbank DL project not yet viable – board member
The conceptual study is “far from market-ready”, says Carl-Ludwig Thiele
Bank of Russia to buy forex to counter oil price changes
Central bank will sell or purchase forex at the direction of the finance ministry
LCH platform to provide risk calculations for margin hub
SwapAgent will send standardised sensitivities for bilateral trades to AcadiaSoft to make IM calls
Tight policy keeping a lid on inflation – Central Bank of Iceland
“Steep” pay increases and rising house prices keep the central bank on alert; report warns the situation could easily change
Protectionism will undermine global trade recovery – Greek deputy
Mourmouras warns Donald Trump against enforcing protectionist policies, highlighting the negative effects it could have on global trade
ECB papers examine low inflation
Researchers differ over eurozone inflation expectations
FSB: ‘no immediate case’ for aligning rehypothecation rules
No pressing need to harmonise rules, but better monitoring of global collateral reuse will give regulators a clearer understanding, FSB says
Fintech is threatening universal banking as we know it – Carney
Carney highlights how fintech could threaten conventional banking through the provision of services; BoE governor also explores the pros and cons of a centrally issued digital currency
IMF faces funding challenges, Irish paper says
Current funding set up is “fragile” with “significant uncertainty”, paper argues
Helicopter money would have little impact, Dutch paper says
Household survey suggests little impact on inflation expectations, researchers argue
China hikes interbank lending rates
PBoC “very worried” by banks’ credit expansion, expert says; raises medium-term lending facility rate by 10 basis points
PMA stresses accord with Israel as banks threaten to pull out
Governor Azzam Shawwa says Palestinian banks conform to global standards, as the Israeli government steps in to offer assurances to its banks providing correspondent services
Weidmann urges central banks to promote economic and financial literacy
Financial literacy is crucial in underpinning trust in central banks, German governor stresses; advancements in technology will help to boost financial inclusion
US Treasury secretary shows early support for Fed
Mnuchin says Fed is organised with “sufficient independence”, going against early expectations he would support the Audit the Fed movement
Lebanon’s innovative financial operations not sustainable – IMF
Central bank used a complicated mechanism to simultaneously boost foreign reserves and improve banks’ capital positions, but it cannot be used without limit, the fund warns
‘Flash’ currency moves will continue to surprise markets – BoE’s Salmon
Bank of England executive director says there is “growing potential” for flash events to occur in core markets, despite markets now being able to identify risks