Central Banking
Global FX volumes climb off record highs
Foreign exchange turnover slips from the record highs registered in October 2014, but is still growing year-on-year
Gertjan Vlieghe to replace Miles on BoE monetary policy committee
Economist used to be assistant to Mervyn King and is now partner at an asset manager; previous research has focused on conducting monetary policy in the presence of imperfect credit markets
MAS to set up financial technology and innovation unit
Central bank rejigs organisation as part of efforts to turn Singapore into ‘smart' financial centre; hires a global head from Citi to lead new group
RBI automates liquidity operations
Central bank launches straight-through processing for three of its liquidity operations, cutting settlement times as part of broader efforts to enhance liquidity management
Cypriot governor warns of challenge posed by NPLs
Chrystalla Georghadji says the high level of non-performing loans is ‘perhaps the greatest challenge’ facing the banking sector, adding the central bank is ready to focus on dealing with them
IMF flags potential scarcity of sovereign bonds in Europe
‘Selected issues paper’ warns a shrinking pool of securities could ‘pose challenges’ to the implementation of the ECB’s quantitative easing programme
China CLO market stutters on economic slowdown
Regulator's move to increase liquidity and a rise in NPLs have slowed China structured credit market
ECB bulletin: Too early to tell if inflation has turned a corner
Inflation in the eurozone appears to be moving upwards, but strip away transitory factors and the picture becomes much more blurry
Bank of Korea researchers dig into disaggregated data on inflation targeting
Adopting inflation targeting in Korea lowered the mean, volatility and persistence of inflation throughout the country, but a look at disaggregated data reveals more about transmission
Fiji promotes financial inclusion with dedicated website
Reserve Bank of Fiji and Visa launch a website for the National Financial Inclusion Taskforce, with the aim of ‘bringing about positive behavioural changes towards personal financial management’
BoJ’s Nakaso highlights changing behaviour of firms
Firms are increasingly investing and facing tighter labour market conditions, with record profits and higher wages providing a boost to the economy, but inflation is still stuck low
Varoufakis reveals covert plan for parallel Greek currency
Secret plan to create payment system using accounts attached to Greek tax numbers was designed to be activated if the country came close to exiting the euro
Fed mistakenly releases confidential staff forecasts
Economic projections show staff expect a more gradual pace of rate increases than most Fed officials; supposed to be released to public with a five-year lag
Guy Debelle to lead BIS’s work on global forex code
New working group under the auspices of the BIS’s Markets Committee aims to create a global code of conduct for the foreign exchange market, with RBA assistant governor as chair
Bundesbank paper identifies two ‘clusters’ of credit cycles
Researchers find there is no common credit cycle among European and US economies, rather two distinct groups emerge with cycles converging within
Some emerging markets still dangerously exposed to dollar debt, IMF warns
Spillovers report underscores the importance of net/gross distinction, as improvement in net debt position provides fig leaf to some countries that may be overexposed to US dollar appreciation
BIS statistics show divergent outlook for credit flows
Contraction in cross-border claims on emerging markets more than offset by growing flows to developed economies, although there are considerable disparities between countries and regions
RBI could see interest rate powers diluted by MPC proposals
Indian government publishes draft law that would establish an MPC dominated by external members; investment bank economist concerned by shortage of potential candidates
Ireland invites applications for central bank governorship
Ministry of finance calls for ‘expressions of interest’ in the post, which will be vacated by Patrick Honohan when he stands down later this year
IMF paper offers Uruguay advice on money supply targeting
Move to new monetary policy target has proved ‘challenging’ IMF researchers note, offering advice on how to make the framework more effective
BoE’s Gracie praises TLAC and MREL standards
Executive director says loss-absorbing capacity provided by the two standards will help regulators co-operate across borders and ensure core functions can continue to operate
IMF urges Bank of Japan to 'stand ready' to up asset purchases
Article IV report says Bank of Japan should improve communication and be prepared to expand easing measures, as weak policy transmission creates a ‘conundrum’
South Africa hikes rate as inflation outlook deteriorates
South African Reserve Bank lifts key rate by 25bp to 6% on a 4-2 vote; Kganyago outlines concerns over potential for a exchange rate-inflation spiral in wake of Fed hike
Philippines central bank expects to hit inflation target
Latest forecasts suggest inflation will return to the lower half of the target range this year, while the risks to the outlook are ‘broadly balanced’