Archives of “Central bank” tagrss
- Federal Reserve Bank of New York President John Williams will speak on the economic outlook and monetary policy
- Fed Dallas President Robert Kaplan will participate in Discussion of Economic Developments and Implications for Monetary Policy
- Fed Chicago President Charles Evans will give welcome remarks before a virtual “Exploring Career Pathways in Economic and Related Fields” event
- Federal Reserve Bank of San Francisco President Mary Daly will present a paper in “The Economic Gains From Equity”
- Federal Reserve Board Governor Michelle Bowman will speak on “Community Bank Access to Innovation”
- Federal Minneapolis President Neel Kashkari, Fed Boston President Eric Rosengren, Fed Dallas President Robert Kaplan and Fed New York President John Williams will participate in virtual “Racism and the Economy: Focus on Health” event
- Federal Reserve Bank of Cleveland President Loretta Mester will speak before virtual Bank of Finland-CEPR “New Avenues for Monetary Policy” Conference
This from three members of the US Congress, who seem confused about the remit of a central bank:
- Reps. Alexandria Ocasio-Cortez, Rashida Tlaib and Ayanna Pressley … called for Federal Reserve Chair Jerome Powell to be replaced
- “As news of the possible reappointment of Federal Reserve Chair Jerome Powell circulates, we urge President Biden to re-imagine a Federal Reserve focused on eliminating climate risk and advancing racial and economic justice”
Rates in Israel unchanged, as expected
A 75bp hike vs. the 50 that was widely expected from the Banco Central do Brasil.
- BCB add that they expect to hike another 75bps at the following meeting
- says it has initiated a partial normalisation process, reducing its extraordinary degree of monetary stimulus
Comments from Brazil’s central bank
- Reaffirms forward guidance that it doesn’t intent to reduce monetary stimulus as long as specified conditions met
- Latest readings in inflation were above expectations
- Despite the expected cooling in food prices, inflation is still expected to be high
- Inflation expectations and baseline forecasts remain below target for relevant policy horizon
- Continues to monitor inflation developments carefully, in particular, underlying inflation
- Soon the conditions for maintaining forward guidance may not be satisfied
- Forward guidance removal doesn’t mean rate hike
Highlights of the FOMC interest rate decision
- Fed funds rate left at 0 to 0.25%, as expected
- IOER left at 0.10%, as expected
- Says will keep USD swap lines and repo facility for foreign central banks open through March 31, 2021
- Vote was unanimous
Around 84,545 fraud cases – involving about Rs 1.85 lakh crore – were reported by scheduled commercial banks and select FIs during 2019-20, an RTI activist said, citing information received from the Reserve Bank of India.
RTI (Right to Information) activist Abhay Kolarkar said that he had sought various banking related queries under the jurisdiction of the RBI in June 2020, and the replies to the same he received a few days back.
Kolarkar in his RTI query sought to know how many fraud cases have taken place during April 1, 2019 to March 31, 2020 and the amount involved in it.
The RBI stated that the total number of frauds reported by Scheduled commercial banks and select FIs during Financial Year 2019-20 is 84,545 and the amount involved therein is Rs 1,85,772.42 crore.
To the query about how many bank employees are involved in fraud cases and how much amount is involved, the RBI replied that the information on the question is not available.
“However, it may be noted that total number of frauds reported to have been committed by staff, as reported by Scheduled commercial banks and Select FIs during FY 2019-20 is 2,668 and amount involved therein is Rs 1,783.22 cr,” the central bank said.
The RTI also sought to know how many consumer complaints received by the RBI’s 15 ombudsmen offices during April 1, 2019 to March 31, 2020.
During July 1, 2019 to March 2020, about 2,14,480 complaints were received.
The highest number of complaints received by SBI- 63,259, HDFC bank- 18,764, ICICI bank- 14,582, Punjab National Bank- 12,469, Axis bank -12,214 followed by other banks.
The central bank in its reply said about 56,493 complaints received between April 1, 2019 to June 30, 2019.
The RTI query also sought information on number of branches exited by banks and those closed after merger during April 1, 2019 to March 31, 2020.
To which, the RBI provided information about the ‘number of merged branches with another branch of same bank’ during 2019-2020, which stood at 438 branches — SBI – 130, Central Bank of India – 62, Allahabad Bank – 59 and other banks.
The total number of branches closed in 2019-20 are 194, including 78 branches of SBI and 25 of Fino payments Bank limited.
- EU Summit: The European Council (heads of state) hold a virtual meeting on June 18 to ostensibly discuss the EU’s May 27 Recovery Fund proposal. Some have heralded the proposal as a key turning point in the evolution of Europe, and the possibility of a so-called Hamiltonian moment, a major set toward fiscal union, has been suggested. We have been less sanguine; recognizing the potential scaffolding for a greater union, but also that projecting emergency actions into the future is fraught with danger. Austria and Denmark, which have pushed back against grants instead of loans, could be won over by assurances that their rebates will remain intact. Others, including Eastern and Central European members, may be more difficult to persuade. Although expectations are running high, we suspect an agreement will remain elusive, in which case another try will be at the July summit, which, with a little luck, could be in person. Disappointment could weigh on the euro.