Asia
Nepalese central bank governors banned from retiring to financial sector
“Cooling-off” period adjusted for central bank employees under new legislation; former governors prohibited from working in the financial sector
IMF paper examines drivers of India’s disinflation
‘Backward-looking’ expectations and domestic institutional structures amplified shocks, paper says; only 15% of India’s deflation is attributed to a decline in oil price
Philippines central bank fines RCBC over Bangladesh heist
Rizal Commercial Banking Corporation ordered to pay one billion pesos, after stolen funds from Bangladesh bank were transferred to four accounts held at the institution
Sri Lanka releases trading stats as it seeks to develop market
First set of data shows 3.42 billion rupees traded, with transactions over 50 million rupees to be reported within 30-minute window
First meeting of MAS fintech panel was ‘fruitful’ – Menon
Advisory panel to look at how Singapore can harness new tech and “enhance” fintech provision to financial services
Governments must make use of fiscal policies with regard to gender inequality – IMF paper
‘Not enough’ to just aspire for gender equality; clear scope for countries in Middle East and central Asia to make ‘more effective’ use of policies available to them
MAS adds cloud computing to guidelines on outsourcing risk management
Cloud services officially acknowledged in latest outsourcing guidelines as more financial institutions adopt the practice; despite improved security, banks should still be aware of the risks
Shirai urges BoJ to change course
Former policy board member says the Bank of Japan’s current policies are not sustainable, recommending a rethink of policy mix and communication strategy
Asian central banks shift bond funds towards local currency debt
Eleven East Asia-Pacific central banks agree to close fund for buying US dollar debt issued in the region and invest the money in local currency debt instead
IMF staff urge oil-reliant countries to strengthen liquidity frameworks
Low oil prices likely to harm liquidity, raising the need for improved facilities and forecasting; risk of delayed surge in non-performing loans
IMF staff encourage central Asian economies to overcome ‘fear of floating’
Even in economies with supposedly free-floating currencies, central banks have a hard time resisting the urge to intervene, IMF report says
Bundesbank's Dombret draws lessons from European CMU for Asia
As Europe constructs its capital markets union, it could offer relevant lessons for Asian economies as they look to finance infrastructure demand in the region, Bundesbank's Dombret says
FRTB data standards seen as threat to emerging markets
Need for "real" prices will limit use of models, increasing capital burden
People: Bank Negara reappoints deputy; State Bank of Pakistan revamps board
Sukudhew Singh will serve another three years as deputy; Pakistan appoints new board members
People: Philadelphia Fed names first VP; five new vice presidents at AIIB
James Narron named vice-president and COO of Philadelphia Fed; five new vice-presidents join executive team at AIIB; and more
Zeti warns of ‘immense' challenges in 2016
Bank Negara Malaysia governor warns of potentially persistent threats to long-term growth at the AFF conference in Hong Kong, but sees a silver lining if policy-makers get it right
Review sees 'fault lines' emerging in global asset management ecosystem
Monetary Authority of Singapore review urges financial industry to remain ‘vigilant’ against emerging risks
TPP countries strike deal against currency manipulation
The 12 member states of Pacific free trade deal sign declaration vowing comprehensive disclosure of foreign exchange data; new group will ensure members abide by rules against competitive devaluation
NBIM records Q3 loss amid stock market volatility
Norges Bank Investment Management posts uncomfortable loss in third quarter, driven by sharp drop in its equity investments, but fund’s chief executive stresses long-term focus
Repeat of Asian crisis ‘unlikely’, say Singapore bank chiefs
Policy-makers are responding more proactively to risks than in 1997, they say, while economies are seen as much stronger
Global factors harming domestic policy transmission in Asia, IMF research finds
Authors find global factors help to explain why bank funding in Asian economies has such a limited role in transmitting monetary policy
IMF paper offers recipe for ‘de-dollarisation’
High levels of dollarisation in central Asia are contributing to macroeconomic instability, paper says; authors offer various options that could help reduce reliance on dollars
ADB cuts China growth forecast to lowest in generation
Asian Development Bank revises down growth projection for 2015 to 6.8% but says talk of Chinese collapse is overblown
Philippines reserves up by $100m in second quarter
Drop in net foreign lending prompts balance of payments surplus to surge by 145% year-on-year; FDI increases by $424 million, slightly lower than Q2 2014