Governance
MAS’s Vincent Loy and Celine Sia on transforming data management
The assistant managing directors explain how uniting business and technology functions is opening up new possibilities for data collection, governance and analytics
Angola grants central bank independence
Constitutional amendment will guarantee autonomy and add financial stability to mandate
Catherine Mann appointed to Bank of England MPC
Former Citibank and OECD chief economist to take Jan Vlieghe’s seat; Jonathan Haskel reappointed
BIS prepares to redevelop HQ
Bank’s biggest building project since the 1970s could see major expansion of main site
ECB calls for change to proposed Polish central bank law
Proposal on loans to bank guarantee fund would break prohibition on monetary financing, ECB says
Linah Mohohlo: 1952–2021
The first female governor of the Bank of Botswana served with “exceptional energy”, commanding fear and respect over a four-decade career at the central bank
Peru holds policy rate amid election battle
Likely winner of presidential election says he “respects autonomy” of central bank
Ailing Suriname floats its currency
Defaulting country holds debt talks as inflation and corruption take toll
El Salvador extends executive control over central bank
Changes exclude employers’ association from nominations and expand grounds for dismissal
Central Bank of Chile approves new transparency policy
New initiative based on standards of the IMF’s transparency code
DRC promises central bank reforms
Kinshasa makes pledges to IMF in return for $1.5 billion three-year loan
Many central banks have formal safeguards over firing governors
Benchmark respondents give details of how governors are appointed and dismissed
‘Run it hot’: the risks and rewards of a new policy era
Covid-19 has added impetus to an emerging intellectual shift in policy-making. But central banks face unresolved issues – on expectations, on fiscal policy, and on the capacity of the economy to ‘run hot’
Iran dismisses central bank governor
Hemmati is a presidential candidate and was told this was incompatible with governorship
RBNZ’s Orr admits ‘shortfalls’ on cyber security
But KPMG report also lays blame on vendor for delays in pushing out critical software update
Boards or committees tend to set monetary policy
Some central banks set the same monetary policies as part of supra-national institutions
Former Bank of Israel governor Klein dies
Governor oversaw transition to inflation target and sometimes clashed with government
Governments often play role in appointing boards
Boards often mix government members, central bank officials and non-execs
Formal strategy committees remain relatively rare
Boards of directors are widely used but specialist oversight committees are less common
Central bank mandates differ between advanced and emerging economies
Governance Benchmark 2021 data shows emerging economy central banks more likely to have financial stability mandate
People: Erdoğan fires deputy governor
South Korea appoints new sovereign wealth fund chief; Fed lawyer moves to OCC; and more
Leading Republican alleges Fed overreach on race
Toomey writes to regional Feds about “recent, intense interest in ‘racial justice’ activism”
Central banks take different routes to financial stability
Some give ultimate authority to governors but others use committees
Mexican president says he will not renew governor’s mandate
President questioned why central bank could not transfer executive 2020 operational profits