International Monetary Fund (IMF)
Cœuré spells out ECB’s stance on Greek reforms
The Greek government must reform the legal process and status of banks, senior ECB figure says
Gulf central banks should act to boost liquidity – IMF report
Improved liquidity assistance frameworks, better forecasting and deeper Islamic liquidity markets would help ease conditions
Western ambassadors support independence of Ukrainian central bank as dispute continues
Diplomats line up behind Gontareva as the president’s attitude remains unclear
IMF paper seeks to quantify debt bias
Tax systems create “pervasive” debt bias, authors find, arguing for policy action before the problem worsens
IMF praises Argentinian central bank for proposed changes to monetary policy framework
IMF encouraged by Argentina’s progress but says more effort required to strengthen monetary policy framework, including granting central bank operational independence
Egypt announces $2 billion deal to bolster reserves as Lagarde set to recommend IMF aid
IMF chief asks the board for $12 billion loan over three years to support “ambitious” reforms
IMF lifts censure on Argentinian inflation
Inflation and GDP figures now in line with international standards, fund acknowledges; Lagarde praises Argentinian authority’s efforts to reform statistical agency
People: Sarb reappoints deputy for second term; Central Bank of Kenya looking to replace board
South African Reserve Bank appoints Francois Groepe to serve another term; parliament has approved five new members to the Central Bank of Kenya board, but formal process not yet complete; and more
Mozambique governor hikes rates by 600bp as inflation hits record high
IMF spokesman says talks continuing over audit of government finances as newly appointed governor makes fifth and biggest rate rise of 2016
Tuvalu eliminates foreign exchange restrictions
Tuvalu government repeals Exchange Control Act to adhere to IMF articles of agreement; move will help foster investment and international trade, fund says
Central Bank of Egypt devalues currency
Egyptian pound falls 32% as central bank moves to align official and black market rates; IMF mission chief welcomes additional exchange rate flexibility
People: Furse leaves BoE FPC; Bank Negara appoints sharia advisors
Furse leaves BoE for new role at HSBC; shariah advisory council appointed for new term at Bank Negara Malaysia; and more
East Africa inches closer to monetary union
Progress report indicates some reform but many remaining issues; IMF officials flag problem areas and offer advice on shape of financial stability authorities
Egypt PM signals move to unify exchange rates
Sherif Ismail tells parliament central bank will soon unify black-market and official rates; IMF moving closer to agreement on funding
Ukrainian central bank attacks leading law-maker as political dispute worsens
Central bank governor backed by the ‘reform council’ and the IMF, but the president’s stance unclear
IMF amends SDR calculation method
Exchange rates used to calculate SDR to be obtained from a commercial provider by the Bank of England, in effort to make methodology more “robust”
People: IMF appoints new head of Independent Evaluation Office
Iceland names director of financial stability and Russia appoints head of banking regulation
Public sector balance sheet poses risks for Dominican Republic – paper
IMF working paper analyses balance sheet developments in the South American nation’s economy; foreign currency exposure could amplify risks, authors say
Ukrainian central bank says proposed law is attack on its independence
Passing law could lead to a cut-off of IMF aid, the central bank warns; calls on country’s president to repudiate law-makers
Rand volatility not driven by South African economic ‘surprises’ – IMF paper
IMF working paper finds that surprises in commodity prices, domestic politics and US economics impact the volatility of the South African rand rather than economic surprises in South Africa or China
Emerging markets primed for Fed rate hike, central bank panel says
Emerging market central bankers say improved communication from the Fed has helped them to prepare for future normalisation; central banks have adopted a range of policies to absorb forex shocks
Broadbent defends BoE position amid pension criticism
BoE deputy says ultra-low interest rates are not main culprit behind rising pension deficits, though IMF says pension funds and insurers are at risk from central bank action
Low growth and low rates to hit financial stability, says IMF
Weak outlook is likely to feed into medium-term problems for financial stability, fund warns; Basel Committee may have to delay agreement on final framework
IMF: Central Bank of Iran should ‘streamline’ committee membership
IMF assessment warns of committees “dominated” by government agencies; fund stresses the central bank should limit membership to its senior officials and independent experts