Central Banks
Nigerian monetary policy a ‘Faustian bargain' with hot money, says deputy
Deputy governor for financial stability says advanced economy QE is pushing investors to search for yield in countries such as Nigeria; sees increased use of renminbi in African central bank reserves
Bank of Slovenia widens group of stress test banks
Ten lenders, including three deemed systemically important, will be scrutinised by leading accounting firms in a joint effort with the Slovenian finance ministry
New Zealand opposition says RBNZ internal review backs case for more transparency
Internal review confirms New Zealand is an outlier in giving the Reserve Bank governor a monetary policy veto; Green Party says change in law should be 'non-controversial'
Eastern Caribbean Central Bank (ECCB) governor looking for ‘quantum leap’ in output
Dwight Venner calls for three-pronged approach to recoup the Eastern Caribbean Currency Union’s output losses over the past four years and return to growth
Bulgarian prosecutors probe printing press privatisation
Central bank strikes deal with French banknote producer to expand printing operations; investigation launched amid accusations of privatisation by stealth
Sanusi unveils $1.4bn lending scheme for Nigeria's small businesses
Nigerian central bank will offer funding on advantageous terms to ‘participating financial institutions' to lend on to micro, small and medium-sized enterprises
NY Fed blog post points to fiscal implications of Fed policies
NY Fed blog post notes Fed policy impact on government fiscal position is much broader than the direct influence remittances from Fed earnings have on government finances
Belarusian chair Ermakova reveals how she tackled runaway inflation
National Bank of the Republic of Belarus chair Nadezhda Ermakova tells CentralBanking.com about the central bank’s efforts to deal with the 2011 currency and ensuing inflation crisis
Central Bank of Trinidad and Tobago unveils changes to monetary policy-making
MPC makes room for external members as frequency of policy meetings is cut in half; policy decisions to be announced on Friday evenings to avoid ‘kneejerk reactions' from the markets
UK-French paper examines monetary policy implications of wage changes
Researchers find that wage changes are clustered at the beginning of the year in many European countries, but this makes ‘little difference’ to the optimal policy response across quarters
UBS prepares to buy ‘bad bank' assets back from SNB
StabFund effectively cut UBS's exposure to troubled credit markets in the US and Europe by buying up the bank's illiquid securities for $38.7 billion using funds largely borrowed from the central bank
RBA to provide A$300 billion for committed liquidity facility
RBA contribution will ‘not materially impact' its balance sheet, says deputy Debelle; banks will pay a penalty rate to access the CLF, which will help them meet Basel III liquidity requirements
Canadian quarterly review outlines toolkit for analysing current economic performance
Summer 2013 edition of the BoC's review contains four articles outlining the bank's latest thinking and methods of analysing current economic trends at home and abroad
ECB paper finds capital controls can increase stock price volatility
Research paper finds that a tax on capital inflows can stabilise currency markets, but amplify shocks in single-country stock markets
Norwegian SWF far too exposed to OECD nations, report finds
NCA/Re-Define report calls for 20% of Norway's GPF foreign assets to be allocated to development finance, as Peterson Institute again gives fund top marks for transparency and accountability
Bullard warns weak inflation may put brakes on QE tapering
Inflation may be pushed even lower by a decision to taper, raising risks of deflation, the St Louis Fed president notes; calls for press conference after each FOMC meeting
SNB currency action leaves big imprint on Swiss balance of payments
Reserve assets at the SNB increased by Sfr175 billion in 2012 – nearly a fourfold increase from 2011 – reflecting efforts to keep the franc at a sustainable level
Bank Negara Malaysia looks to co-operatives to boost financial inclusion
Central bank sets out framework for assessing whether a co-operative is governed well enough to accept deposits from non-members and extend finance to the ‘underserved’
Georgian and Armenian central banks face different sides of inflation coin
National Bank of Georgia continues easing cycle as deflation returns; Central Bank of Armenia raises rates to combat sharp increase in inflation
Fed researchers find effects of QE ‘minimal' without guidance on rates
Paper by senior economists from the New York and San Francisco Feds argues that signalling a rate rise will be far more meaningful than communication on when asset purchases might come to an end
RBI cuts overseas investment limit by three quarters
Reserve Bank of India unveils latest measure to halt the fall in the rupee's value - only days after announcing ‘open-ended' sales of short-term debt; issues clarifications on gold import restrictions
BIS paper weighs up early-warning indicators
Working paper examines which indicators are most effective at foreshadowing banking crises; uses a new statistical method based on particular policy requirements