International
Stronger US dollar hits emerging countries more, says IMF
Credible monetary policy frameworks are key to cushion external shocks, report argues
Fed fines Deutsche Bank $186.4 million for AML violations
German lender failed to comply with earlier orders and was involved in Danske Bank scandal
Monetary Policy Benchmarks 2023 report – navigating uncertainty
Benchmark data highlights ongoing evolution in policy frameworks as central banks move beyond the pandemic – and into the high-inflation period
Guillermo Avellán on BCE independence, capacity-building and dollarisation
Central Bank of Ecuador general manager speaks about the need to bolster the central bank’s legal autonomy, dollarisation challenges, payments developments and monetising local gold production
UK committee claims China may have ‘engineered’ AIIB job
Legislators say China gave jobs to Alexander, Cameron and others to gain influence
FSB unveils crypto regulation framework
Recommendations were toughened to reflect failure of FTX and terraUSD/luna stablecoin
Collateral use could destabilise markets, BIS economists warn
Borio and co-authors highlight “seismic shift” in markets and call for action by policy-makers
Book notes: O Governador, by Luis Rosa
Documents Carlos Costa’s clashes with Portugal’s elite during the eurozone sovereign debt and banking crisis
Carney to co-chair World Bank investment panel
“Investment Lab” tasked with overcoming barriers to investment, including in climate finance
Monetary policy press conferences held four times a year on average
Minority of central banks say they organise zero press conferences
Hank model sheds light on fiscal theory of the price level – paper
Adding heterogeneity allows FTPL models to reflect persistent government deficits, economists find
Basel Committee overhauls supervision guidance
Key updates cover supervision of risks related to interest rate, operations and climate
World Bank releases country income classifications
Seven countries promoted, while Jordan falls a category due to population growth
Ukraine’s governor on central banking in wartime
Andriy Pyshnyy talks about macroeconomic stability, running banks under missile attack, winning IMF aid and post-war reconstruction plans
FSB and Iosco renew push to tackle liquidity mismatch
Many opened-ended funds failing to use liquidity management tools effectively, say global regulators
Currency round-up: New yen banknotes to arrive in July 2024
De La Rue outlook brightens; Egypt continues transition to polymer; and more
IMF extends food shock window despite low demand
Fund postpones end to looser caps on emergency credit
Advanced economies most likely to survey trust and understanding
Data shows differences in how central banks judge the effectiveness of monetary policy
Low rates have small effect on bank profitability – researchers
A 100bp rate cut results in 5bp fall in banks’ net interest margins on average, study shows
Caution needed with forward guidance and QE – IMF’s Gopinath
“Straitjacket” of ultra-loose policies may have delayed response to inflationary shock
Corridor systems most used to set monetary policy
Floor systems less popular overall but widely used with asset purchase programmes
Georgieva says $100 billion in SDRs donated
IMF chief says 2021 goal reached, but critics note Congress has not approved US pledge
Payments Benchmarks 2023 – executive summary
Payments are undergoing rapid technological change, creating opportunities – and challenges
RBI’s Shaktikanta Das on financial sector reform, sticking to inflation targets and the e-rupee
The Reserve Bank of India governor speaks about developing credible self-insurance and sizeable FX reserves, inter-dependence with government, non-bank and bank regulatory reforms, demonetisation, rupee internationalisation and daily UPI payments hitting…