Brazil
Brazil’s central bank creates DLT-based failsafe for RTGS
New system, designed as last line of defence, lacks appropriate privacy, central bank concludes; established solutions also ruled out as alternatives
Brazil's central bank ponders fintech lending regime
The central bank says digital lenders could expand credit to families and small companies
People: Ma Jun departs PBoC; Brazil promotes directors
Chief economist of the PBoC departs central bank for academia; Central Bank of Brazil gets new directors; Andrew Abir to sit on the Bank of Israel’s monetary committee
Favourable inflation prompts 100bp cut in Brazilian interest rate
Central bank continues easing cycle as political uncertainty not feeding through to inflation; analysts expect another large cut this year
Credibility essential to Central Bank of Brazil success, says IMF
Further changes to the central bank’s inflation target could limit future policy space, fund advises, praising improved transparency of communications
Brazil cuts target as inflation plummets
New target now more in line with regional peers, says finance minister; corruption charges could threaten financial stability in the long run
BIS urges policymakers to exploit ‘window of opportunity’
Financial cycles are getting close to turning in many economies and central banks and governments must make sure they are prepared, the BIS warns in its 2017 annual report
Pace of monetary easing may slow, says Central Bank of Brazil
Committee unanimously cut interest rates to 10.25%, but political uncertainty could slow the future pace of easing; economist praises approach to monetary policy communication
IMF’s Werner: Latin America must keep debt under control
Western hemisphere chief says there are some concerning signs on debt, although the risk of a systemic crisis is low; region well placed to weather Fed shock
BIS paper says macro-pru is better when partnered with monetary policy
Macro-pru does not work as well when it acts as a substitute for monetary policy when dampening credit cycles; when deployed as the main instrument, policies prove very successful even in the short term
Brazil stands out for ‘pioneering work’ in trade reporting – FSB
Peer review finds the South American nation has overcome many of the issues plaguing others, making it a leader among FSB jurisdictions
Brazil can no longer rely on consumption for growth – paper
IMF paper highlights need for Brazil to switch to investment-led growth model as infrastructure caps threaten productivity and competitiveness
Latin American central bank interventions 'mitigate' liquidity shocks
Central banks more concerned with global factors than structural changes to forex markets; post-crisis regulation and tech advancements proving problematic for market makers
Pace of Brazil's monetary easing could increase, minutes show
Copom says evolution of economic performance and the level of the structural interest rate will dictate pace of easing cycle; fiscal policy could reduce structural interest rate
Central Bank of Brazil discussed smaller hike at December meeting
Copom weighed a 50bps cut, but chose to “frontload” monetary easing, given anchored expectations and promising outlook for inflation
Brazil ups pace of easing as inflation drops
Size of cut surprises observers, though inflation proves more favourable than expected; rates still rising in real terms
Central Bank of Brazil says ‘intensification’ in pace of monetary easing might be warranted
Some members of the committee said there could be room for a larger rate cut, minutes show; slowdown in inflation and implementation of government fiscal policies prompted 25bp cut
Central Bank of Brazil establishes data portal
Central bank creates hub for 454 data sets, combining data from government database and other sources; bank has plans to launch data promotion scheme in 2017
Brazil’s inflation forecasts send mixed messages for monetary policy
‘Market’ forecast suggests there is a limit to monetary easing, central bank minutes show, though ‘reference’ scenario indicates room for more easing
Brazil makes first interest rate cut in four years
Upbeat inflation figures prompt Central Bank of Brazil into action as Copom unanimously votes for 25bp cut; post-decision statement implies further cuts possible this year
No timelines for easing monetary policy – Brazilian governor
Goldfajn comments on monetary policy arrangement in Brazil at the first IMF annual meeting appearance; decisions will be data-dependent, he says
Brazilian policy-makers concerned about inflation outlook
Monetary policy committee left rates on hold, concerned with the results of various surveys which showed inflation above the target for 2017
Goldfajn faces independence test
Ilan Goldfajn has abundant technical skills required to run Brazil's central bank. But he could face similar political pressures as his predecessor at a troubled time for the Brazilian economy.
People: Mongolia gets new first deputy; BIS names Financial Stability Institute chair
Erdembileg Ochirkhuu joins Bank of Mongolia as first deputy shortly after new governor takes office; Fernando Restoy to chair Basel-based body; World Bank names new chief economist; and more