Central Banks
Snapshot: IMF reveals staff views on Argentina
IMF releases informal briefings compiled 2013-2015 in absence of Article IV; staff highlighted adverse effects of central bank and banking sector financing of government
Bank of Russia proposes regular stress tests for private sector pension funds
Russian central bank proposes making all private sector pension funds implement formal risk management plans, including monthly assessments and quarterly stress tests
Singapore mulls increasing central bank’s regulatory powers
Singapore’s parliament is considering a draft law that would expand the central bank’s regulatory powers over domestic and foreign-owned banks
Colombian inflation measures might be ‘overstating’ true level – research
Some core inflation measures are failing to filter the impact of exchange rate on prices; policy-makers must be aware of the risk of expectations losing their anchor
Zeti considers central bank role in future Asian challenges
Malaysian governor encourages Asian policy-makers to look to future challenges; notes central banks may help address many issues on the horizon and ‘careful boundary management’ is needed
Dudley flags inflation uncertainty and expectations concern
New York Fed president says uncertainties around his assessment of the inflation outlook have increased; warns of slide in household expectations and stresses need for ‘close scrutiny’
PBoC eases despite continued depreciation fears
China's central bank cuts reserve requirements amid intricate balancing act between arresting slowdown in growth, maintaining financial stability, and safeguarding currency
Central Bank of Malta revamps main structural model
Version three of the ‘Stream’ model captures the interlinked nature of the fiscal and financial sectors, with extra detail added to the financial block and new data used for estimation
EBA does not object to further macro-prudential measures for Belgian banks
The European Banking Authority clears the way for Belgium’s central bank to tighten macro-prudential measures affecting housing exposures; calls for changes in regulatory framework
Mexico’s stress tests reveal some institutions remain ‘vulnerable’ in extreme scenarios
Stress tests indicate that even in adverse scenarios banking sector remains sound; some banks and investment funds are vulnerable to extreme scenarios, including interest rate adjustments
UK regulators refuse to comply with part of EU bonus cap
FCA and PRA say they will not be imposing European bonus cap rules on small firms, arguing CRD IV’s proportionality principle has not been properly applied
Indian government unveils final MPC design
Bill has been amended to cut committee size to six and give governor a casting vote in the event of a tie; government also pressing ahead with plans to clean up banking sector
Paper looks at macro-prudential impact on mortgage affordability
Working paper assesses how macro-prudential policies influence the share of households that can “access and sustain” a mortgage at different loan-to-value ratios
Central American central banks move to upgrade regional payment system
Central bank governors from Central America draw up action plan, detailing faster payment times; Costa Rica to be fully integrated in ‘short space of time’
People: Haitian ex-governor appointed prime minister; Egyptian ex-governor rejoins largest bank
Ex-governor becomes interim premier amid severe political instability; Egyptian ex-governor returns to country’s largest commercial bank; Venezuelan central bank appoints new director
Wholesale funding shocks hit credit supply, paper finds
Shocks to securities and interbank lending markets have significant effects on banks’ supply of credit, an ECB paper finds; researchers use monthly loan data for eurozone banks
IMF to publish informal briefings on Argentina
Staff compile informal briefings on countries when they fail to complete Article IV consultations; IMF will grant request from Argentina to publish those produced 2013-2015
Greek governor calls for ‘bold and innovative’ action on non-performing loans
Greek economy should start a modest recovery in the second half of 2016, but the government must hit bailout programme targets and take bold action on non-performing loans, governor says
Eurozone sovereign debt crisis has increased financial fragmentation, paper argues
Eurozone corporate bonds have different risk premia according to which country a company is headquartered in, paper argues; fragmentation has ‘dampened effectiveness’ of ECB policy
Carney airs scepticism on negative rates
Bank of England governor warns negative rates may only work through exchange rate channel, which would result in a ‘zero sum game’