Brazil
Central Bank of Brazil hike 'signals end' to year-long tightening cycle
Central bank raises benchmark Selic rate by 25 basis points to 10.75% in move that analysts say means a lower peak is probable
Tombini says Brazil is ready for ‘welcome' exit from UMP
The end of unconventional monetary policy in advanced economies is a good sign for the world economy, says Central Bank of Brazil governor Alexandre Tombini
Central Bank of Brazil raises rates for seventh time in a row
Selic rate increased 50 basis points to 10.5% in unanimous decision following disappointing inflation figures published last week; rate up 275 basis points since April 2013
Monetary transmission not to blame for weak bank lending in Brazil, IMF paper finds
Fewer loans due to shift in demand and possibly rapid expansion of state bank credit; if anything, sensitivity of lending to Selic rate changes seems to have increased, according to author
Basel Committee gives Brazilian capital standards the nod in new report
Standards are deemed overall compliant with Basel III, report published today concludes; Central Bank of Brazil's approach to market risk considered ‘more prudent' than the Basel standardised version
OECD tells Brazilian government to stay quiet on interest rate policy
New report urges government to stop commenting on future trajectory of interest rates, and set fixed terms for MPC members ‘during which they cannot be dismissed'
Central bank independence in the spotlight as Indonesia joins EM currency ‘panic'
Bank Indonesia joins central banks in Brazil, India and Turkey in taking unconventional steps to stem currency sell-off; concern emerging markets are targeting currencies over inflation
Brazil minutes show Copom fears long-term effects of weaker currency
In the short term, the committee felt the depreciating real would cause a ‘natural and expected correction in relative prices', but its longer-term effects should be combated
Brazil street protests show crucial role of central bank, says ex-governor Franco
Some politicians have ignored fears about rising inflation in Brazil but street protests demonstrate the vital importance of the Central Bank of Brazil in fulfilling its mandate, says Gustavo Franco
Brazil central bank faces contradictions in global economy's 'new reality'
The Central Bank of Brazil resorts to forex intervention, as it finds itself fighting a weakening currency alongside weak growth and inflation straining at the top of its target band
Brazilian governor expects inflation drop
Alexandre Tombini says inflation spiked in last six months because of agricultural shocks, but it will resume a downward trend in 2013
Brazil increases gold holdings by 90% in three months
Central Bank of Brazil adds 31.9 tonnes of gold to its reserves between September and November; could indicate a desire to diversify away from the dollar
The ghost at the IMF’s Tokyo feast
Robert Pringle looks back at the main themes of the IMF’s annual meeting, which was held in October in Tokyo, and forward to prospects for 2013
Bundesbank at odds with new IMF position on capital controls
Board member says capital controls should be last resort, if used at all; follows updated IMF guidance that capital controls can have ‘substantial benefits’ when used properly
IMF research highlights financial vulnerabilities in Latin American corporates
Working paper suggests booms may lead to over-leveraged non-financial firms, which could in turn transmit shocks into other sectors of the economy
Asia can ease collateral squeeze, says Clearstream chief
The global thirst for high-grade collateral resulting from OTC clearing will require Asia to play a greater role in future, according to Jeffrey Tessler, chief executive of Clearstream
Banks take advantage of Brazil’s geography, says paper
Fractured market structure allows banks to hold monopoly power and charge higher loan rates in smaller areas
Bernanke plays down emerging market impact of QE
Fed chairman says negative impact of quantitative easing on emerging markets is offset by a stronger US economy. But countries such as Brazil have had to take action to protect their currencies
Brazil second in world for non-cash payments
World Payments Report reveals Brazil is second only to the US for volume of non-cash payments; use of electronic and mobile payments shows ‘exponential growth’
Conundrum facing reserve managers set to continue, say Nalm speakers
Central bank reserve managers to face further challenges about where to allocate their resources as reserve levels look set grow
Central Bank of Brazil cuts rates as uncertainty persists
Monetary policy committee votes unanimously for 50-basis-point rate cut; further reductions remain a possibility
Central Bank of Brazil celebrates Olympics handover with new coins
Two commemorative coins released this month in honour of the arrival of the Olympic flag in Brazil; images symbolising London and Rio de Janeiro feature in the designs
ECB paper warns of capital control externalities
Working paper examines spillover from tax on capital inflows into Brazil; identifies significant direct impact amplified by signalling effects
Central Bank of Brazil paper develops systemic risk indicators
Working paper suggests quantitative measures of systemic risk in Brazil that could be used by prudential regulators to determine when to intervene