Independence
Don Kohn: ‘Rancorous’ political climate enhances need for ‘non-partisan expertise’
The Fed veteran and Central Banking Lifetime achievement award-winner says central banks will find it “even more difficult” to improve their performance and public regard, given the current political backdrop
Bank of Namibia takes over government-owned commercial bank
Bank of Namibia removes SME Bank’s chief executive after “suspicious investments” in South Africa; all banking services will continue to operate
Worrell fired from Central Bank of Barbados
Finance minister removes governor from post after court battle; deputy appointed by the board to serve as new governor
Worrell’s woes: Barbadian governor battling on two fronts
Further evidence emerges on governor’s clash with finance ministry and board; Worrell worried about level of reserves and fiscal spending, while senior management complains of being marginalised
Central bank of the year: Bank of England
The BoE has undergone a major restructuring that has reshaped its organisational framework, research and public interaction – leaving it well positioned to meet the challenges ahead after a tough year
Central bank governor of the year: Carlos Fernández Valdovinos
The governor of the Central Bank of Paraguay has had considerable success hitting Paraguay’s tightening inflation target while boosting the nation’s economic credentials
US Treasury secretary shows early support for Fed
Mnuchin says Fed is organised with “sufficient independence”, going against early expectations he would support the Audit the Fed movement
Davos panellists highlight risks posed by strong dollar
At the World Economic Forum, experts underline the risks of a strengthening dollar on not only US monetary policy, but also on emerging markets’ economies
Pablo Sánchez appointed to lead Central Bank of Bolivia
Academic to take over from Zabalaga after six years as president; latest IMF consultation highlights the disagreement with Bolivian authorities over independence and monetary policy
Sri Lankan government to restructure central bank
Central bank is to be restructured with amendments to the Banking Act, but disagreements remain between the finance minister and governor; inflation-targeting framework appears to be on track
Central Bank of Brazil sets out agenda for 2017
Improved governance and financial inclusion at the top of the list for the central bank; aims have been published on an innovative interactive webpage
Uribe leaves Central Bank of Colombia after 12 years of governorship
Juan José Echavarría, appointed as Uribe’s successor, will return to the central bank where he served as a member of the bank's board for a period of 10 years
Central banks should sacrifice some independence – Harvard economists
A group including the UK’s Ed Balls says central banks are losing legitimacy; handing over some “political independence” could reverse the trend without damaging policy outcomes
How does Janet Yellen fit into Trump’s new order?
Academics and former Fed officials think Yellen is safe for now, though the gap she could leave when her term comes to an end has some worried
Last stand for central bank independence?
Political attacks on Janet Yellen and Mark Carney appear to be just the start of a sustained assault on central bank independence. It’s a battle the central bankers may lose
Carney to be grilled on exit timing
MPs plan to question Mark Carney on how, for a second time, he has managed to circumvent UK law designed to fix the length of a Bank of England governor’s term
Carney will remain at BoE until 2019
BoE governor chooses to extend term at central bank an additional year amid intense speculation as to his future, though he stops short of a full eight years
Carney’s decision is bigger than one man’s career
Politicians in the UK have already harmed perceptions of the Bank of England’s independence through a sustained attack on its governor, Mark Carney. His decision to stay or go will have wide ramifications
Sarb governor underlines bank’s operational independence
The government cannot ‘dictate’ interest rate policy, governor Kganyago says, emphasising the South African Reserve Bank can implement ‘appropriate policy’ without political interference
No change to monetary policy, UK finance minister says
Hammond clarifies comments made by PM, emphasising the government will not be altering BoE mandate; finance minister says it is the government that needs to offset monetary policy impacts
Carney dismisses claim PM attacked BoE’s independence
BoE governor dismisses claims UK prime minister Theresa May attacked bank’s independence; Eurosceptic MP calls for government to be more critical of the central bank
IMF: Central Bank of Iran should ‘streamline’ committee membership
IMF assessment warns of committees “dominated” by government agencies; fund stresses the central bank should limit membership to its senior officials and independent experts
IMF official criticises interest rate caps in speech honouring Kenyan central bank
Interest rate ceilings can interfere with central bank independence and restrict credit access, IMF deputy managing director tells Kenyan officials
George and Lacker push back against calls for Fed governance reform
Presidents say mixed public-private funding and governance helps protect the independence of the regional Feds, though others warn private banks are having too much say in policy