Central Banks
Cœuré defends Troika to European Parliament
ECB’s top negotiator with European Parliament defends the adjustment programmes shaped by the Troika and tells politicians not to ‘blame the fire brigade for the fire damage’
A new vision of the Old Lady
The strategic review at the Bank of England represents an opportunity to create an ‘Economics Directorate’, a research department and an external policy unit, writes Richard Barwell
UK government rules out 'sterling zone' with independent Scotland
Scotland will face significant challenges in setting up its own currency, establishing a currency board or joining the euro as an alternative to sterling
Countercyclical prudential policies have ‘important implications' for monetary policy
Using a countercyclical macro-prudential instrument in addition to manipulating interest rates improves welfare, IMF paper finds
IMF mission to Iran urges monetary tightening to ‘entrench' recent disinflation
Article IV statement calls for simplified central bank mandate and greater focus on price stability; says new authorities are ‘well aware of challenges and need to advance reforms'
Nigerian interest rates have 'weak effect' on real economy, CBN working paper finds
Paper examines the process by which Nigerian interest rate policy affects the structure of interest rates, credit, aggregate demand and output production
Kyrgyzstan, Ukraine central banks play down currency fears
In the wake of Kazakhstan’s devaluation, the central banks in Kyrgyzstan and Ukraine are forced to issue public statements backing the value of their currencies
Orthodox Banxico policies ‘paying off' amid emerging market volatility
Loose monetary policy in Mexico has been made possible by progress on inflation anchoring, according to bank's quarterly report
National Bank of Belgium sells iconic Antwerp building
Belgium’s central bank has closed its Antwerp branch as part of its ongoing consolidation process, and will now sell the distinctive triangular building
Rajan looks to mobile banking for financial inclusion
Reserve Bank of India governor says that India is not ‘where it should be’ on mobile payments and calls on telecom firms to help drive the proliferation of cheap and safe payments
One in five in UK 'aware of forward guidance'
Policy may indirectly affect households' interest rate expectations and spending through media reports and effects on business spending, according to report
Banking union can create sustainable financial integration in eurozone, Draghi says
Speaking at the 20th anniversary of the establishment of the European Monetary Institute, the forerunner to the ECB, Mario Draghi says banking union can strengthen financial integration
IMF sees ‘limited scope’ for RBA rate cuts
Article IV staff report says Reserve Bank of Australia’s accommodative monetary policy is ‘broadly appropriate’ but warns the central bank could struggle to offset further shocks
Bank of England unveils forward guidance ‘phase two'
The current policy will be scrapped when UK unemployment reaches the bank's 7% threshold ‘in the coming months' in favour of a less easily defined version aimed at reducing labour market slack
CLS set to add Russian ruble in November, source says
Industry settlement utility CLS is poised to add the ruble to its currency universe in November
Maldives chief economist nominated as governor after presidential volte-face
Azeema Adam looks set to become the next governor of the Maldives Monetary Authority, after the president withdrew his first candidate for the role
Mauritian governor calls for RBA-style capitalisation
Rundheersing Bheenick says the Bank of Mauritius should receive a stock of government debt it can use to mop up the excess liquidity in the banking system caused by its FX interventions
RBI paper explores quality of Indian banks’ assets
Researcher acknowledges that asset quality has suffered in the wake of the crisis, but is convinced that banks’ balance sheets are ‘not alarming at the current juncture’
Kazakhs let currency fall 19%
National Bank of Kazakhstan points to the Fed taper and ‘uncertainty’ around the exchange rate of the Russian ruble as the main motivations for devaluing the tenge
Hungary central bank sets out stress test methodology
Working paper explains how the National Bank of Hungary conducts its stress tests, aimed at ensuring the system can survive an intensive month-long liquidity shock
Yellen says labour market recovery ‘far from complete' in first appearance as chair
New Fed chair says she expects ‘a great deal of continuity in the FOMC's approach to monetary policy' going forward; downplays unemployment rate for evaluating labour market conditions
Bank of England has no evidence it 'condoned' FX market manipulation
UK central bank launched an investigation into allegations its own staff condoned foreign exchange market manipulation, months before the case came to light last week
Governors grapple with regulatory implications of African mobile money growth
African central bank heads agree to develop comparative surveys of mobile money regulation, as mobile banking takes off