Central Banks
Sarb’s Mminele on policymaking in volatile markets
South African Reserve Bank deputy governor Daniel Mminele discusses challenges for policymakers in uncertain financial markets
Mexico buys 93 tonnes of gold
Bank of Mexico raises gold holdings by more than 93 tonnes in March; follows trend of other emerging market central banks
Greece will default, panellists say
Panellists at Fathom Consulting’s Monetary Policy Forum say Greece will default on debt; only a matter of by how much
Bailout package offers hope for Portugal
Lisbon accepts €78 billion bailout as part of deal to reduce deficit to 3% of GDP by 2013; analysts say preliminary terms of deal positive for sovereign
ADB discusses stability, inflation and the dollar at AGM
Annual general meeting of the Asian Development Bank touches on core issues for the region; stability, inflation and reforming the international monetary system
Russia finds a third of banks could not survive another crisis
Stress test results show 321 banks would fall below capital minimum in another financial crisis; licences would be revoked
Bernanke heeds unemployment effects on housing market
Federal Reserve chairman Ben Bernanke says high unemployment rates were increasingly forcing households to fall behind on mortgage payments
Draghi calls for EU law to govern bail-in powers
Financial Stability Board chairman Mario Draghi says measures to enable bondholders to receive haircuts before the collapse of a financial institution should be placed in European Union legislation
Barney Frank in bid to revoke regional Fed presidents’ FOMC votes
Former chair of House Financial Services Committee says regional Fed presidents shouldn’t vote because they are appointed by business, not Congress
Wellink clarifies position on Greece restructuring
Media reports suggest Netherlands Bank president Nout Wellink is open to a debt restructuring for Greece; central bank spokesperson denies suggestions, says president’s views remain in line with European Central Bank
SNB turns profit in first quarter following steep loss in 2010
First quarter profits likely to come as relief after criticism that greeted $20.7 billion loss in 2010
Bank of Thailand Inflation Report – (April 2011)
Bank of Thailand’s April 2011 Inflation Report says Monetary Policy Committee raised rates to curb build up in commodity price pressures
BIS paper highlights change in bank-lending channel
Bank for International Settlements study shows shift in drivers of bank-lending channel in European and United States pre-crisis
Turkey’s Yilmaz explains motivation behind policy strategy
Central Bank of Turkey governor Durmuş Yilmaz says combination of liquidity management facilities, reserve requirements and policy rates will help achieve price and financial stability in Turkey
HKMA’s Pang warns of hot pockets in emerging Asia
Hong Kong Monetary Authority deputy chief executive Peter Pang highlights policymakers’ concerns of growing capital inflows in emerging markets
Weidmann takes over as Bundesbank chief
Jens Weidmann takes over as head of the Deutsche Bundesbank; signals support for rate “normalisation”
Bulgaria ordered capital hikes, report released
Bulgarian National Bank publishes 2010 Annual Report; asked three banks to increase capital
IMF urges emerging markets to tighten monetary policy
IMF Regional Economic Outlook for Asia report says emerging market central banks must tighten monetary policy to stave off inflation; acknowledges limitations of monetary tools