Central Banking
World Bank strengthens presence in Africa
Second vice-president appointed to region to help “align resources with priorities”
US forward guidance is contractionary for Canada – BIS paper
Model highlights “beggar-thy-neighbour” effect of Fed’s forward guidance
Central banks should disclose ethnic pay gaps – BoE research
Diversity pay gap disclosures could result in behavioural change similar to climate risk disclosures, authors argue
EMEs should lower rates when faced with capital outflows – Fed research
Not cutting rates could worsen GDP and accelerate outflows, researchers find
London court blocks Venezuelan government from using gold
Lawyers for Maduro regime say they will appeal over access to $1 billion store
Yellen calls for ‘new Dodd-Frank’
Fed prevented financial crisis in March, says former chair, as Brainard backs calls for reform
Researchers test forward-looking uncertainty measures
BoE paper says the measures are likely to be useful for policy-making in the face of sudden shocks
US unemployment stats understate problem – research
Peterson Institute research says BLS figures fail to include all workers affected by pandemic
How the Fed’s Covid stress test got stuck in the middle
Experts fear CCAR add-on has neither informed investors nor guided capital management
BoE issues deadline for firms’ climate risk plans
PRA says firms’ climate risk disclosures and scenario planning need major improvements
Philippines central bank links up with debt trading platform
Move comes as central bank buys government bonds and prepares to issue own debt
Ukrainian governor resigns in protest
Smolii says he has been the target of “sustained political pressure” aimed at stopping him doing his duty
RBI supplies liquidity to Indian shadow banks ‘to avoid systemic risk’
Non-banking financial sector has faced major difficulties over last two years
BIS suspends dividend to prepare for further Covid-19 strains
BIS will not pay dividend for first time since 1950, as senior managers see further turbulence ahead
UK firms must prepare for Brexit risks – FCA
EU and UK have yet to agree on equivalence, senior official warns
Eurozone inflation reached 0.3% in June
Eurostat estimates show significant differences in inflationary pressures between countries
US living wills must include ‘lessons learned’ from Covid-19
Large banks must outline how crisis is impacting resolution planning capabilities, Fed and FDIC say
ECB stresses capital requirements won’t hamper bank mergers
Central bank launches consultation on new guidelines on banking sector consolidation
Fed’s safety nets are ‘fundamentally unsustainable’
The Fed’s new safety nets will allow “zombie companies” to thrive and drag down productivity; ever-increasing levels of interventions are “fundamentally unsustainable, intertemporally”, says William White
Riksbank expands QE and adds corporate debt to purchases
Swedish central bank cuts lending rates to banks, but keeps repo rate unchanged at 0%
Dividends should be subject to macro-pru limits – ECB paper
Measure would reduce volatility in loan supply and equity levels, economist argues
US facing new challenges as Covid cases surge – Powell
Powell warns of public confidence hit as US infections soar past previous peak
BoE partners with QA Media to benchmark software investments
Central bank aims to improve own software development processes, and those in the banking sector
CBDC can boost de-dollarisation and inclusion – Cambodia
Cambodia’s central bank says its quasi-CBDC network can promote use of local currency and improve financial inclusion