Central Banks
RBI prepares rescue plan for failed bank
State Bank of India agrees to help rescue Yes Bank, which remains under “moratorium”
Covid-19 unleashes major market shock
Oil prices tumble, dragging down stock markets worldwide; sovereign bonds rally
Coronavirus could require expanded QE powers – Rosengren
Congress should grant Fed ability to buy wider set of assets under severe scenario, Rosengren says
Riksbank deputy tests positive for coronavirus
Riksbank’s deputy governor appears to have contracted the virus while on holiday
Carney sets out ‘grand unifying theory’ of macro-pru
Loss function for financial stability echoes format of Taylor rule, but requires much more judgement; speech is Carney’s last as BoE governor
FedNow: the advantage of going last
While the Fed is late in developing instant payments, it can learn about fraud detection, interconnectivity and directory services strategies from Europe, the UK and Australia
Fed action likely to affect policy plans in Brazil and Mexico
In spite of weaker currencies, both countries may require lower rates to tackle weaker growth and higher rate differentials
Senior Moldovan central bank officials arrested
Central bank expresses “deep concern” over arrests and calls for “impartial” probe into 2014 fraud
OECD supports swap line use in Covid-19 response
Adequate liquidity must be provided to prevent bankruptcy should cashflow issues arise – report
Bank of Thailand relaxes forex regulation amid virus shock
Thai central bank is expected to ease monetary policy again to boost economy after slashing rates to record low in February
Andrew Bailey approved as Bank of England governor
Treasury Committee “satisfied” after grilling the outgoing FCA chief
Indian supreme court overturns RBI crypto ban
RBI has powers over crypto asset services but total ban was disproportionate, court rules
IMF makes $50 billion available to fight coronavirus
Kristalina Georgieva calls on IMF members to “fully recharge” catastrophe fund
Cyprus central bank adopts Franco-Spanish treasury system
Banque de France and Bank of Spain encourage all eurozone central banks to use system
Fed unveils new capital regime to criticism from Brainard
Federal Reserve says new rules will maintain capital levels, but senior official calls them “imprudent”
Dutch economy more volatile than European peers – DNB research
Changes to pension system, mortgage markets and budgets could reduce volatility, paper argues
Monetary policy is not ‘impotent’ – BoE’s Broadbent
Scepticism is “overdone” and may encourage inaction, deputy governor says
UK regulators checking firms’ virus contingency plans
Firms can use alternative sites or let staff work from home so long as regulatory obligations are met
Book notes: The art of economic catch-up, by Keun Lee
Rather than merely catch-up, the book offers countries advice in making a sea change in their economic statuses
Andrew Bailey defends record in parliamentary grilling
Prospective BoE governor says he faced a “huge task” in “rebuilding” the FCA, though he admits he is “not proud” of some things that happened during his tenure
Tough inspections help cut zombie lending, paper finds
Checking banks’ assessments of asset quality cut loans to non-viable firms – Bank of Portugal paper
Bank of Canada follows Fed with coronavirus rate cut
It is “becoming clear” virus will impact growth more than previously expected, central bank says