Central Banks
Economists are misinterpreting ‘Triffin dilemma’, says BIS paper
Michael Bordo and Robert McCauley argue there was nothing certain about the collapse of Bretton Woods, but Triffin’s successful prediction led others to mistakenly reapply his theory
BoE exploring ways to improve gender balance
Deputy governor wants HR department to investigate movement from manager to senior manager; senior group looks into how to support women preparing for heads of division roles
Sarb rejects nationalisation plan
Sarb says nationalising the central bank would increase uncertainty in an already “fragile economic situation”
PBoC ramps up regulations for QR code payments
Transactions made by QR code capped and reserve requirements increased, as PBoC seeks to crack down on payment risks
Book notes: Money in the Great Recession, by Tim Congdon
A stimulating collection of papers on the monetarist theory that had central bankers in late 2008 focused on boosting the quantity of broad money “the Great Recession would not have happened”
People: Cleviston Haynes handed full governorship
Central Bank of Barbados acting governor gets full term; delayed appointments made to Israel’s Supervisory Council; ESM confirms Mário Centeno as chair
2017: The year in review
Over the past year, the global economy regained some strength, and some central banks began to return their policy to normal; but it was not all smooth sailing
BIS issues new ‘streamlined’ stress test principles
Banks have made significant advances in stress testing since financial crisis, Basel Committee says; issues new ‘guidelines’ that focus on stress test evolution
Amended NSFR accommodates extraordinary monetary policy
Basel Committee issues its first technical amendment to the net stable funding ratio, to allow flexibility in the treatment of liquidity-absorbing operations
People: RBA appoints new assistant governor
Susan Woods takes position of assistant governor for corporate services; new executive board member at Norges Bank; Central Bank of Ireland appoints director of economics
Patrick Njoroge on reshaping banking and finance to work for the masses
The Central Bank of Kenya governor speaks to Christopher Jeffery and Rachael King about exchange rate intervention, food prices, banking reform and financial inclusion
Libya’s eastern administration elects new central bank governor
Mohamed al-Shukri, former vice-governor under Gaddafi, is elected by the House of Representatives; the move casts doubt on PM’s unification plans
SNB buys banknote company ‘to ensure its survival’
Company that provides substrate for Swiss banknotes came into liquidity difficulties following the cancellation of a tender from an international client
Cambodia shortens duration of liquid reserves ahead of election – reserves chief
De-dollarisation and lack of interbank market make forex intervention the only real policy tool left for National Bank of Cambodia
Bank of Japan keeps policy setting on hold
BoJ keeps policy on hold as inflation target remains elusive; Goshi Kataoka dissents again
Some banks’ living wills have ‘shortcomings’ – US agencies
The latest assessment finds previous “deficiencies” have been corrected, but four banks show less serious “shortcomings”
Sarb closes branches to optimise cash management
Inefficiencies prompt central bank to close three of its branches, while remaining three are ‘converted’ into cash centres
Qatar Central Bank launches legal probe into manipulation
Central bank appoints law firm, as governor accuses blockading countries of manipulating the riyal and local markets