Central Banks
Islamic Liquidity Management Corporation replaces CEO
International Islamic Liquidity Management Corporation names Rifaat Ahmed Abdel Karim to replace Mahmoud AbuShamma as chief executive
Bank of Mauritius to offer gold as public savings tool
Mauritians will soon be able to purchase gold bars from the central bank as part of an effort to promote a 'savings culture' in the country
EU leaders agree on new powers for ECB
European Central Bank to run single supervisory mechanism, but leaders fail to agree on when bailout funds can be directly injected into European banks
West African securities market is short-sighted, says IMF paper
IMF study indicates West African Economic and Monetary Union securities market fails to meet the needs of longer-term investment
Solomon Islands hit by trade deficit
Quarterly review of economic performance in the Solomon Islands reveals drop in country’s trade balance; weaker export production responsible
RBA assistant governor discusses impact of OTC repository licensing
Malcolm Edey considers how a licensing regime for trade repositories in OTC markets in Australia will impact the RBA; central banks to focus on market-monitoring, advisory and oversight
UK endorses Wheatley report to fix Libor
The UK Treasury has endorsed recommendations made by Martin Wheatley of the Financial Conduct Authority to fix Libor; will amend the UK’s Financial Services Bill
Hong Kong set to meet Basel III deadline as others struggle
Hong Kong to put final Basel capital requirements legislation in place by January 1 deadline, as most other countries struggle to hit G-20 deadline
Stability the best foil for inequality, says ECB’s Cœuré
ECB executive board member considers the ability of monetary policy to tackle income inequality in Europe, saying stability is key to promote fairness
FBI thwarts plot to bomb New York Fed
Planned attack on Federal Reserve Bank of New York fails after alleged bomber is given fake explosives by FBI; defendant charged with attempting to use a weapon of mass destruction
Papua New Guinea governor to tackle high liquidity
Loi Bakani discusses the state of Papua New Guinea’s economy; outlines the risks linked with high levels of fund inflows and how the central bank is addressing them
Further QE discussed in BoE minutes
UK central bank’s Monetary Policy Committee minutes show further quantitative easing debated even though members voted unanimously to keep asset purchasing at current level
Central Bank of Iceland minutes hint at future tightening
Interest rate hold narrowly passed by central bank’s monetary policy committee in October as Iceland appears to shift towards withdrawing accommodative policy in near future
Pakistan’s Muktadir lauds mobile payments transition
State Bank of Pakistan deputy governor says uptake of mobile phone and smart card banking is changing the finance landscape in Pakistan
Angolan governor praises inflation targeting
José de Lima Massano says the National Bank of Angola’s inflation targeting policy has brought inflation down to ‘single digit’; says policy helps prick speculative bubbles and encourages investment
Volcker warns of ‘permeable’ Vickers ring fence
Paul Volcker tells a UK parliamentary committee the Vickers ring fence has loopholes that will be widened over time by banks; says bad culture in trading arms ‘infected’ retail banks
Euroclear’s Wicks named as new BBA chairman
Esma and PRA heads endorse appointment of European Securities Regulation ‘wise man’ Nigel Wicks as chairman of the British Bankers’ Association
Policy-makers debate how to restore trust in the financial system
Andrew Tyrie among speakers at BBA conference discussing how to develop greater trust in the financial system, ideas range from greater competition to code of conduct for bankers
Peruvian paper questions role of money in New-Keynesian models
Central Bank of Peru research considers the shortcomings of New-Keynesian models, saying the exclusion of real-money balances is counterintuitive
Japan should encourage female labour participation, says IMF paper
Working paper says higher female labour market participation could deflect demographic pressures in Japan; challenges remain, but good policy can go some way to addressing them