Central Banks
Kenyan coin shortage denied by central bank
Central Bank of Kenya insists there are sufficient coins in circulation; urges public to accept coins ‘without reservation’
QE sliced unemployment by 1.5 points, says Fed’s Williams
San Francisco Fed president says Fed's forward guidance on rates has narrowed Treasury yields by 15-20 basis points, about the same amount as QE2; asset purchases have cut unemployment by 1.5 points
EU clearing mandates unlikely before August 2013
The first clearing mandates are unlikely to be in place in Europe before August 2013, says Bank of England’s head of payments and infrastructure division
BoJ paper evaluates zero interest rates in 1990s
Bank of Japan study considers the impact of zero interest rates and quantitative easing during the 1990s; says it had expansionary effects
Regulated banks take greater risks abroad, says ECB paper
ECB study finds banks subject to tight regulation for domestic activities respond by relaxing lending standards abroad
Fijian governor welcomes banking competition
Reserve Bank of Fiji’s Barry Whiteside approves new entrant into banking industry, saying Fiji is not ‘sufficiently banked’
Macedonian governor says economy is stagnant
Dimitar Bogov lowers Macedonia’s growth forecast down from 1% to stagnation; expects gradual recovery in following years
Lagarde implores next US president to act fast on ‘fiscal cliff’
IMF managing director Christine Lagarde has challenged the next US president to urgently address Washington’s ‘policy uncertainty’ irrespective of who wins
New deputy governor for National Bank of Slovakia
Ján Tóth appointed as deputy governor to Slovakian central bank; previously a member of the country’s Ministry of Finance research arm
Banks suspend dual-currency deposits in Japan
Returns on dual-currency and structured deposits will not be covered by state insurance scheme, Japanese FSA decides
High merchant fees may produce sub-optimum payments usage, says Fed paper
Federal Reserve Bank of Richmond working paper finds high merchant fees could be preventing payments markets from maximising consumer welfare
International reserves provided shelter from crisis, says Finland paper
Bank of Finland study says the accumulation of international reserves provided some countries with a buffer against the crisis; not such a clear-cut relationship with economic growth
National Bank of Denmark criticises independent economic report
Denmark’s central bank says Economic Council report on the Danish economy overestimates the economy’s growth potential
Basel proposal to capitalise settlement risk ‘unnecessary’
In comment letters published last week, banks have taken issue with Basel Committee guidance that would capitalise post-execution exposure to settlement risk
Zambia rate rise to suppress excess liquidity
Bank of Zambia monetary policy committee increases interest rate to combat a range of inflationary pressures
Mexican deputy targets productivity obstacles
Bank of Mexico’s Manuel Sánchez attributes low GDP per capita to ‘stagnant’ productivity; urges structural reform
IMF study analyses Asian monetary policy channels
Research published by the IMF examines monetary policy transmission mechanisms in Asia; questions whether interest rates are determined by global factors
Stockton review finds Bank of England’s forecasting ability wanting
A study commissioned by the Court of the Bank of England finds biases in forecasting and a lack of allowance for lateral thinking at the UK central bank
FSA’s Turner warns emerging markets not to repeat West’s mistakes
UK Financial Services Authority head warns public officials in emerging markets to beware bank lobby groups and their story of the limitless benefits of finance
BoJ expected to counter overseas monetary policy, minutes reveal
Bank of Japan minutes show senior Japanese government officials made demands of the Bank of Japan during its October policy meeting
Uganda cuts rates to 12.5% in bid to spur domestic economy
Bank of Uganda cuts benchmark rate to 12.5% in bid to boost domestic growth as inflation falls within medium-term target