Central Banks
NBER paper estimates demand for bank reserves in US
Fed needs global estimates of demand curve slope to maintain interest rate control, authors say
US housing inflation will slow in early 2024, Dallas Fed paper says
Researcher uses vector error correction model to estimate housing market pressures
Turkish central bank raises rates for first time since 2021
Lira falls despite tightening as finance minister promises “free foreign exchange regime”
Africa: Rate rises for DRC and Namibia, but Zimbabwe says no
DRC and Namibia react to high inflation as expert says Zimbabwe is suffering hyperinflation
Latin America: Brazil holds rates despite president’s attack
Chilean board also holds policy, while Costa Rica cuts after inflation goes below target
Switzerland and Norway raise rates
Norges Bank expects further increases while SNB does not rule them out
BoE makes surprise 50bp rate increase
Central bank to review modelling framework after repeated forecast errors
Payments Benchmarks 2023 report – moving money in shifting conditions
Data reveals differences in CBDC paths, RTGS systems, instant payment plans and budgets
Finnish governor Rehn will run for president
Marja Nykänen will be acting governor of Bank of Finland while Tuomas Välimäki takes ECB role
Central Bank of Oman launches 24/7 RTGS
Oman will be connected to payment systems across the Arab world via AFAQ and Buna systems
Bank of England adopts ISO 20022
Businesses and consumers may have more data input options by year’s end
Euro remained second reserve currency in 2022 – ECB report
Structural factors continue to hold back the euro as a reserve currency
PBoC to use deposit insurance fund to repay Henan bank victims
Central bank will reportedly use around $1.4 billion to repay affected depositors
Legislation is needed for future-reliable cash infrastructure
Dutch finance ministry’s recognition of cash’s “very important” role in payments and financial system functioning is crucial to safeguarding access and acceptance, says Martina Horakova
Why fear, paranoia and distrust swirl around CBDCs
Populists and conspiracy theorists are exacerbating public concern about retail CBDCs. What can central banks do about it?
BoE policy-maker flags perils of ‘dynamic leverage’
Market participants need to fully understand the consequences of fund structures, says Jonathan Hall
Angola appoints deputy governor to top job
Tiago Dias succeeds Massano, who left to join cabinet
BoF’s Rehn says government plans violate central bank independence
New Finnish prime minister says he will revisit policy statement
Liquidity buffers had mixed impact during Covid-19, ECB paper finds
Higher buffers for funds slowed initial fire sales but had less impact during “peak phase”
Schnabel stresses inflation risks and need for tighter policy
ECB needs to err on the side of doing too much rather than too little, says board member
BoE launches first ‘system-wide’ stress test
Analysis will assess how banks and non-banks interact to amplify shocks
Bangladesh to adopt single exchange rate
Central bank raises interest rates as it struggles to stem inflation and build reserves
Bank failure déjà vu
New bank capital rules were meant to ensure failures would be less frequent and resolution not involve taxpayer money. Then came the collapse of Silicon Valley Bank and Credit Suisse, writes Jesper Berg