Reserve Bank of India (RBI)
People: RBI deputy retires; Paraguay elects new board member
RBI reshuffles responsibilities as deputy retires; Paraguay elects new board member; FCA launches new role in Scotland
People: Fed appoints new CFO; Mishra returns to IMF after stint at RBI
Fed chooses Ricardo Aguilera as new CFO; Prachi Mishra returns to the IMF; Bank of Russia appoints new head of resolution department
RBI minutes: ‘abrupt’ retreat of inflation calls for caution
MPC members express surprise at swift retreat of food prices, though they warn against setting policy by looking in the “rearview mirror”
RBI looks to ease credit conditions as inflation projection falls
Rates on hold, but central bank is seeking to give banks more room to lend by easing capital and liquidity requirements; committee fends off possible government meddling
People: Menon given fourth term; Irish chief economist retires
Singaporean governor awarded fourth consecutive term; Ireland’s chief economist retires, while the registrar of credit unions heads to the IMF; India appoints a new executive director; and more
People: Maltese deputy resigns; India and Macedonia seek new deputies
Alfred Mifsud resigns from Central Bank of Malta following civil dispute with former partner; India and Macedonia advertise for senior officials; and more
RBI begins to wield new banking clean-up powers
Central bank puts pressure on banking sector to carry through plans to address non-performing assets; floats idea of supplying its own credit ratings to prevent “rating shopping”
People: Romanian deputy nominated; Belgium’s Dewatripont leaves central bank
Romania to soon have new deputy governor, pending parliamentary approval; National Bank of Belgium’s deputy Dewatripont leaves central bank; India creates CFO role; and more
Monetary policy has inevitable fiscal effects – Willem Buiter
Former Bank of England official rails against fiscal theory of the price level in speech to RBI, but says monetary policy still cannot escape its fiscal dimension
RBI makes fresh amendments to liquidity framework
Central bank continues reforms begun under Raghuram Rajan and asks government for new tools; markets still face “liquidity overhang” from demonetisation
RBI’s Patel gets pay rise but remains cheap by G20 standards
RBI governor sees his pay increase somewhat relative to his predecessor, but other G20 governors and even other RBI staff earn substantially more
People: Wilkins part of new IMF fintech team; Kanungo appointed as RBI deputy
Bank of Canada deputy joins IMF’s new fintech group; new deputy governor to take office at RBI; and more
New factors driving EM corporate leverage – RBI paper
Changed macroeconomic backdrop has taken over from firm-specific factors in driving the build-up of corporate leverage in emerging markets, RBI economist finds
RBI research: demonetisation hit growth but helped inclusion
Authors find scrapping high-value notes impacted Indian growth and inflation but pushed many people to open bank accounts and improved policy transmission
RBI’s Gandhi thinks blockchain’s capabilities are being ‘overstated’
Deputy governor says virtual currencies issues on a blockchain network pose a number of risks; fintech industry starting to wake up to blockchain’s “exaggerated” benefits
Basel III LCR affects RBI monetary operations – paper
Liquidity coverage ratio affects the central bank’s operational target via its impact on the unsecured overnight money market
RBI’s Acharya says India ‘urgently’ needs asset management company
New deputy governor says stressed assets must not be allowed to “fester”, sketching two possible designs for an asset management company
RBI highlights bad debts as it holds rates
Surprise hold as committee sees “very sticky” core prices and global effects; central bank may create a ‘bad bank’ to tackle NPA problem
RBI signals end to cash controls
Central bank prepares to lift restrictions on cash withdrawals but shift from “demonetisation” to “remonetisation” is only partially complete
IMF: Indian demonetisation to have ‘limited impact’ on Nepal
Some households have been affected, the IMF says, but holdings of Indian rupees were “small”; the Central Bank of Nepal is offering an exchange facility to those wanting to exchange cash
‘Humiliated’ RBI staff urge Patel to resist ‘unwarranted’ government interference
Reserve Bank of India staff send impassioned letter to governor to protect the central bank’s autonomy; finance ministry objects to claims, stating central bank is fully independent
RBI research arm tests blockchain for clearing, settlement
IDRBT releases white paper on the applications of blockchain, examining the benefits for the Indian financial sector; research group created proof-of-concept architecture to simulate clearing network
People: vice-governor appointed at PBoC; Bank of Canada creates new comms role
China’s State Council appoints Harvard graduate to replace Guo Qingping; Jill Vardy becomes adviser to Stephen Poloz; and more
People: RBI’s new deputy gains BIS scholarship; Mozambique names deputy
Reserve Bank of India appoints BIS scholarship winner to deputy post; Victor Gomes takes role at Bank of Mozambique; and more