Central bank mandates
Book notes: Till Time’s Last Sand, by David Kynaston
Kynaston allows readers to develop their own understanding of how the BoE has had to refind its place in a country where the political system has migrated from commercial republic to full-franchise democracy
NZ parliament formally launches central bank review bill
The bill is now at the select committee stage, which usually takes around six months
IMF aims at major reforms of Malawi’s central bank
Aid aims to help central bank move to interest-rate-based framework and inflation targeting
Brazilian government must respect central bank independence – IMF
IMF directors warn against excessive exchange rate interventions
Argentina tweaks monetary policy framework
Committee will now meet once a month and publish members’ votes
Bank of Israel’s Flug to stand down in November
First female governor stresses importance of central bank independence
Central banks do not have tools to change productivity growth – Haldane
BoE chief economist says governments are responsible for productivity, challenging proposals in recent report
Report proposes mandating BoE to target productivity growth
UK opposition says BoE should not have to rely on interest rates to lower inflation; 3% productivity target would help push prices down, report says
Central Bank of Kenya is ‘under attack’ – Njoroge
Kenyan governor says new regulator will threaten independence and mandate of central bank
Book notes: Unelected power, by Paul Tucker
Tucker’s well-argued text sets out a set of principles for those in unelected positions of power to ensure they continue to act for the benefit of the general public, but Reddell says it is a shame more attention is not paid to smaller central banks
Philippines central bank launches reorganisation
The effort will take 12 months to complete and includes the creation of new functions
No reason for public to have central bank accounts – Cœuré
ECB executive board member sees no current need for central bank digital currency, but says it could act as an alternative to cash in future
Bank of England should have ‘green’ mandate – report
Activist group says BoE should be given explicit mandate which would see climate sustainability on par with price stability
IMF tells Vanuatu central bank to tighten monetary policy
Excess liquidity starting to put pressure on prices, as inflation is expected to reach 4.8% in 2018
Bank of Canada paper analyses benefits of higher inflation target
Success of higher target hinges on use of unconventional monetary policy and the level of real interest rates
New RBNZ mandate is evolution not revolution, says McDermott
Inflation-targeting framework has been tweaked several times already – assistant governor
Financial literacy is ‘essential’, says Fed’s Bostic
Atlanta Fed president says financial literacy is key component to achieving employment mandate
Gambia’s central bank seeks greater independence as fiscal dominance ends
Central Bank of The Gambia to work on autonomy and data management under new fund programme
Bank of Mongolia gains greater independence under new law
Central bank had complained government and politically connected businessmen were too quick to dip into its funds
Fed should review monetary policy framework – Mester
Several FOMC members raised policy review at January meeting, Cleveland Fed president says
Aruban central bank needs mandate to regulate payment system – report
New mandate would require creation of central bank payments department; stakeholders agree on need for modernisation
Governor of the year: Lesetja Kganyago
Kganyago has defended and enhanced the Sarb’s reputation as an independent and well-governed institution against all threats – despite a turbulent political and economic backdrop
Delayed restructuring prompts strike action at Central Bank of Cyprus
Cypriot central bank staff strike over lack of communication from senior management on restructuring plans; former governor fears independence is under threat
Central bank of the year: Bank of Canada
The Canadian central bank has stood out for its ever-improving levels of transparency, forward-looking management and best-practice review of its policy mandate