Central Banks
Diamond clarifies note on conversation with BoE deputy
Former chief executive of Barclays explains note written after conversation with Paul Tucker; gives evidence on same day Tucker makes public request for hearing with Treasury Select Committee
Sarb makes $60m loss due to costs of forex intervention
South African Reserve Bank suffers loss in fiscal year 2011/12 due to cost of forex activities; governor describes economic challenges in coming year as ‘daunting’
Democratic Republic of Congo fights dollarisation
Central Bank of the Democratic Republic of Congo releases new high-denomination banknotes; move signifies efforts to limit dollarisation in the country but also poses inflation risk
IMF paper assesses eurobond proposals
Working paper considers five proposed methods of common debt issuance in Europe; argues there must be a “fundamental discussion” to avoid unintended consequences
Bangladesh governor stresses importance of SMEs
Atiur Rahman sets out steps to encourage growth of exports by small and medium enterprises; says central bank is active in promoting financial inclusion and supporting business infrastructure
Vietnam central bank statistics show positive outlook
Statistics published by the State Bank of Vietnam highlight steady economic recovery; nevertheless, central bank says “strong efforts” necessary to hit annual growth targets
Fed paper analyses core inflation measurement
Working paper attempts to produce optimal gauge of core inflation by excluding items with high variance; finds new index outperforms current measures ex-post, but is no better ex-ante
Barclays draws Bank of England into Libor debacle
Email relaying conversation between Bob Diamond and Paul Tucker raises questions over BoE deputy’s role in rate-setting scandal; Diamond set to explain further before parliamentary committee tomorrow
Second wave of CSDs sign T2S framework agreement
A total of 15 central securities depositories sign T2S framework agreement in second wave; system set to go live in June 2015
IMF issues updates on German and US economies
International Monetary Fund notes Germany’s “remarkable” economic performance; warns US over “tepid” recovery
Noyer sets out eurozone financial union necessities
Governor of the Banque de France identifies three main powers needed to ensure eurozone financial union; “massive firepower” needed by bank emergency fund
IMF paper examines Japan’s emergence from lost decade
Working paper considers reasons behind a surge in Japanese exports in 2001; finds domestic productivity growth most important factor
Fed paper evaluates impact of QE
Working paper examines data from first round of Federal Reserve’s asset purchase programme; finds both immediate and longer-run effect of purchases on yields
Israel’s Fischer calls for government to cut deficit
Stanley Fischer says Israeli government must cut its budget deficit to prepare for possible economic shocks from Europe; argues government should aim for deficit of 2.5% of GDP
RBI paper examines monetary policy transmission
Working paper studies channels of monetary policy in India; finds main impact made via interest rates but also identifies credit and asset-price effects
China moves to promote offshore renminbi trade
HKMA welcomes new Chinese government measures to support growth of offshore renminbi business in Hong Kong; central banks buy $315 million of offshore renminbi bonds
ECB’s Asmussen attacks delays to Greek reforms
Jörg Asmussen says Greek government must get reform programme 'back on track'; blasts "reluctance" to implement necessary reforms
Hungary launches same-day credit transfer system
Electronically submitted domestic transfers now reach destination within a maximum of four hours; improvement on previous system when payments took one business day