Governance
People: Debelle becomes RBA deputy governor
Foreign exchange expert becomes deputy governor of RBA; Mongolia appoints deputy governor
Central Bank of Bahrain looks to establish stronger sharia governance
Formal framework specifies governance structures banks must put in place if they are to be licensed as Islamic, in an attempt to establish best practice
Mozambique replaces governor Gove with IMF official
Ernesto Gove leaves central bank after a decade in the role; new governor to leave role as head of IMF mission to Djibouti and Somalia
RBI annual report shows both income and expenditure on the rise
Staff costs and transaction fees drove rise in overall costs in 2015–16, although these were balanced by higher income; staff numbers on the decline
Slovenian central bank appeals against court decision on advisory committee disclosure
Dispute is the latest clash between Slovenian legal authorities and the central bank over an inquiry into the country’s 2013 banking sector bail-out; move follows July police raid
Bank Indonesia launches training and research institute
Central bank establishes a new centre for research and staff training, with the hope of building expertise and boosting credibility
Bundesbank places first representative in Africa
South Africa is “fertile ground” for investment, says Andreas Dombret; Jenny Kilp to be placed in Pretoria to help foster projects between Sarb and Bundesbank
King calls for IMF revamp
Former BoE governor suggests replacing IMF’s executive board with International Monetary and Financial Committee; notes fund may have strayed too far into political territory
Book notes: Priests of prosperity: how central bankers transformed the postcommunist world
Juliet Johnson has produced an interesting account of how central banks in former communist regimes were developed at a time when they had little or no experience of modern financial systems
People: Irish market supervisor quits; Emefiele appointed president of AACB
Gareth Murphy resigns as head of market supervision at the Central Bank of Ireland, Nigerian governor appointed president of African Association of Central Banks, and more
Overhaul of Federal Reserve structure is needed, paper says
Former adviser to Bernanke co-authors paper stressing need to end private control of 12 regional Fed banks; diversity and transparency need improvement, authors argue
Urjit Patel to take over from Rajan at RBI
Deputy governor led work on India’s new inflation-targeting framework; appointment seen as signal of government’s commitment to current policy
Malaysia’s Ibrahim proposes audit enhancements
Bank Negara Malaysia governor says audit faces new challenges and should cover broader risks, while expanding its scope to include “strategic auditing”
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: BNM picks new assistant governor; Charlie Bean nominated to OBR post
Markets specialist takes over assistant governor role at Malaysian central bank; former BoE deputy to sit on budget oversight committee; new head of monetary policy research in Israel; and more
Anti-corruption unit investigates Curaçao and Sint Maarten central bank president
Anti-corruption unit conducts raid on Emsley Tromp’s home, confiscating documents and data carriers; investigation launched by finance minister on the back of ‘rumours and innuendos’
Auditors ‘key’ in strengthening corporate governance, says Mauritian deputy
Deputy governor examines difference between supervision models; under ”four lines of defence” model, auditors provide ”autonomous assessment” of previous three lines
Bank of Italy to receive €1bn for liquidating holding in equity firm
Italy’s central bank will gain about €1bn for liquidating its shareholding in an equity firm partly owned by the Italian state; holding began after the firm transferred stake in insurer
Bank of Thailand's Veerathai on the Thai economy, governance and payment reform
Bank of Thailand's governor speaks to Christopher Jeffery about the resilience of the Thai economy, governance and payments infrastructure reforms, plus why he does not agree with the IMF
Rajan hopes new MPC will make next RBI policy statement
Reserve Bank of India keeps rates on hold in Rajan’s last decision before stepping down; he hopes the monetary policy committee will be up and running by next decision in October
Bank of Mauritius governor examines human capital problem
Human resource managers face ‘daunting challenge’, says Basant Roi while emphasising people need to have ‘extraordinary qualities’
Central banks must better manage tensions over their autonomy
Kingsley Moghalu says emerging market central banks need to strike a difficult balance between autonomy and legitimacy – but the government must play a role as well
Sarb fines five banks for weaknesses in ‘control measures’
Investec Bank fined largest amount at 20 million rand; local branch of Standard Chartered faces 10 million rand penalty a month after another branch was reprimanded by MAS
Philippines central bank fines RCBC over Bangladesh heist
Rizal Commercial Banking Corporation ordered to pay one billion pesos, after stolen funds from Bangladesh bank were transferred to four accounts held at the institution