Financial Stability
Russia likely to default on sovereign debt
Putin and finance minister say country may make payments in rubles
Liu He intervention helps calm Chinese markets
Authorities promise easier policy as economy hit by Covid outbreak and Russia-Ukraine war
Bank of Russia bans gold purchases
Central bank says demand for gold increased after VAT was lifted by Putin’s decree
Brazilian central bank overhauls fintech regulation
Central bank took inspiration from Basel III with phased introduction of regulations for payment firms
CCP collateral regulation could limit procyclicality – BoE paper
Requiring CCPs to reinvest cash collateral can help reduce procyclicality during stress, authors find
Russian central bank further tightens ruble measures
Ukraine says it has dropped payment ID charges and re-started interbank forex transactions
No bank meets ECB expectations on climate disclosures
Supervisor sees progress since 2020 report, but significant gaps remain unaddressed
Energy firms call for central bank support to cover margin spikes
Trade body warns energy market participants risk being unable to meet “unprecedented margin requirements”
Book notes: Shutdown, by Adam Tooze
A useful, wide-ranging overview, showing how health and economic policies are intimately intertwined with geopolitics
Some CCPs could struggle to cover major losses – FSB
Cyber attack could pose serious problems for systemically important CCPs, report finds
IMF approves $1.4 billion Ukraine aid and BIS suspends Russia
Georgieva praises Ukrainian authorities’ emergency measures after invasion
PBoC resumes profit transfer to government
Transfer of $158 billion follows two-year suspension during Covid-19 pandemic
Bank of Russia caps FX withdrawals and EU sanctions Belarus
Russian depositors can withdraw unlimited rubles but only up to $10,000 in foreign currency
Reciprocity can curb macro-prudential ‘leakages’ – BIS paper
But gains can be small, which may explain limited use of reciprocity to date, authors say
Ukraine allows unlimited cash withdrawals for threatened regions
Bank of Russia halts publication of regulatory data and announces more emergency measures
State Bank of Pakistan launches simplified digital account
Central bank governor says Asaan Digital Account should boost women’s participation in finance
Visa, Mastercard and Amex suspend Russia operations
Bank of Russia says domestic payments will still be possible across its own systems
Bank of Russia pauses repo transactions
Central bank increases forex surcharge amid signs of strains on banking liquidity
Ukrainian central bank says lenders and payments remain stable
Shevchenko warns over foreign currency pricing as Russia increases reinsurance capital
Latin American dollar debts could cause systemic risk, paper says
Authors say the Fed risks a major policy mistake if it ignores the wider impact of tighter US policy
Ukrainian governor calls for Russia to be barred from IMF funds
Senior Russian official at World Bank resigns in protest over invasion
Sberbank Europe enters insolvency
Subsidiaries in Croatia, Slovenia and Bosnia sold off as sanctions cripple Russian lender
Rethinking sovereign risk
‘Risk-free’ assets now include the possibility of complete confiscation with no recourse
Euroclear bars rubles and Russia equities trading remains suspended
Ukraine places war bonds as unconfirmed report says Russian SWF may support equities