Central Banks
Central Bank of Nigeria stays firm over currency changes
List of frequently asked questions makes it clear overhaul plans are here to stay; central bank fails to offer direct response to criticism from government
SNB’s Jordan defends decision not to activate capital buffer
Thomas Jordan explains the choice not to activate counter-cyclical capital buffer; nevertheless says this is ‘far from an all-clear’ as the risk of further imbalances persists
Bank of Lithuania launches new cash management service
Cash Service opens for business in centralised location; new body aimed at reducing cost of ensuring good quality currency is in circulation in the country at all times
BIS chief advocates deeper policy cooperation
Jaime Caruana calls on central banks to consider international implications of domestic monetary policy; says segmenting markets does not make sense
Fed paper estimates impact of more stringent bank supervision
Discussion paper studies changes in the stringency of the US bank ratings system ‘Camels’; finds although variation is small, closer supervision leads to a significant decline in lending
IMF paper studies emerging market bond spreads
Working paper tests different explanatory variables for emerging market bond spreads over time; finds importance may change based on business cycle and external factors
Bank of Finland paper examines reasons for business cycle co-movement
Discussion paper suggests thinking of growth performance of economies as ‘coupled’ or ‘de-coupled’ is overly simplistic; identifies a number of factors contributing to interdependence
National Bank of Serbia reports on ‘dinarisation’ strategy
Quarterly report gives overview of National Bank of Serbia’s efforts to encourage use of dinar; finds that local currency as a share of total lending and deposits fell in the second quarter
BoE executive director slates complex regulation
Andrew Haldane criticises the length of legislation recently introduced in the US and Europe; appeals for a simpler approach to financial regulation
Bernanke disappoints markets by revealing little about QE3
Ben Bernanke’s Jackson Hole speech gets muted response from markets; gives no clear indication of whether third round of quantitative easing is forthcoming
UK banks reveal size of eurozone funding gaps
Banks reduce cross-border funding of peripheral eurozone assets in an attempt to mitigate redenomination risk - but funding gap still tops £10 billion for Spain
RBNZ appoints new head of financial markets
Reserve Bank of New Zealand announces commercial banker as new chief of financial markets department; takes up his position in September
Bank of Thailand governor explains changed policy stance
Prasarn Trairatvorakul says increases in interest rate were put on hold following floods and eurozone uncertainty; warns rates could go either way
ECB’s Cœuré highlights information content of inflation-linked securities
Benoît Cœuré outlines use of inflation-linked financial products as indicators of inflation expectations; says information content is useful but methods require further study
IMF paper tests portfolio rebalancing impact on exchange rates
Working paper studies effect of changes to equities portfolios in driving adjustments in exchange rates; finds higher stock market returns cause depreciation of currency
BoJ’s Morimoto outlines ways to combat deflation
Yoshihisa Morimoto emphasises importance of ‘capturing’ demand to overcome deflation; says CPI is currently at 0% but is expected to rise towards 1% target in fiscal 2013
State Bank of Vietnam announces counterfeit note findings
Fewer fake polymer notes were found in the country in the first half of 2012; good news for the currency after scandal involving Securency
Central Bank of Brazil cuts rates as uncertainty persists
Monetary policy committee votes unanimously for 50-basis-point rate cut; further reductions remain a possibility
Trinidad and Tobago governor looks to empower ombudsman
The governor of the Central Bank of Trinidad and Tobago outlines plans to tackle financial inclusion; hopes to legally equip ombudsman and improve financial literacy
RBA issues new market infrastructure proposals
Australian central bank unveils latest proposals to meet CPSS-Iosco principles for financial market infrastructures; says additional detail provides for ‘greater legal certainty’
Nigerian politicians blast central bank currency reform plan
Senate orders central bank governor to halt process of introducing a 5,000 naira banknote; chairman of Committee on Banking, Currency and Other Financial Institutions demands consultation
Cambodian governor highlights divergence in developing financial systems
Chea Chanto sets out ways in which South-east Asian central banks’ financial and banking systems differ; calls for regional development to catch up with international standards