Africa
Kganyago says Sarb needs support from fiscal and macro policy
Governor says monetary policy cannot improve South Africa’s growth alone
Zambia MPC holds rates despite stability concerns
New governor notes a cut to interest rates would have been “expected”
Book notes: The great demographic reversal, by Charles Goodhart and Manoj Pradhan
An important book, predicting that powerful demographic forces will upend conventional thinking on macroeconomics and policy
Gold reserves in central banks – 2020 survey results
Reserve managers share their views on future gold holdings, target allocations, purchasing and storage approaches, the use of ETFs, and the impact of Covid-19, in the results of a new joint Central Banking-Invesco survey. By Nick Carver and Robert Pringle
Malawi’s central bank cuts interest rates as inflation outlook improves
Central bank projects annual inflation to fall below 9% this year
Currency Benchmarks 2020 report – the data behind the cash cycle
Perspectives on staffing, circulation, forecasting, fraud, substrate choice, outsourcing and climate risk
G+D and CPS are ‘most approved’ for banknote sorting
Just over half of survey sample endorses Munich-based manufacturer
Websites are top currency communication tool
More than two thirds of currency managers use social media; regional disparities emerge on preferred communication tools
Kenya’s central bank opens new currency centre
New facility will improve currency circulation within the region, president Kenyatta says
Printing is the most outsourced area of the cash cycle
Just over 60% of survey respondents contract out currency printing; lower-income countries most likely to outsource
Nigeria’s central bank implements financial inclusion strategy targeted at women
Central bank wants to close financial services gender gap by 2024
Reserve Benchmarks 2020 report – charting new data frontiers
Perspectives on staffing and salaries, reserve coverage, portfolio construction, benchmarking, use of external parties and risk management
One third of reserves staff work in front-office roles
Average reserve management team size is less than 30 employees
Ethiopia launches new high-denomination banknote
New 200 birr note aims to curb inflation and corruption, central bank says, as Covid-19 slows growth
Lower-income countries generate highest reserves growth
Most reserves portfolios appear to have weathered the Covid-19 crisis well
Few central banks consider climate risk within benchmarks
Despite central banks supporting mandatory climate risk disclosures, very few account for it in their benchmarks
Nigerian president tells central bank to change forex policy
Central bank defends industrial subsidies and says border has been closed to prevent smuggling
Asia tops rankings for reserves coverage ratios
Asia leads across three main metrics, but the region may be moderating its holdings
Many Paris Agreement signatories do not use ESG screens
Most reserve managers fail to take environmental factors into account for FX portfolios
People: African Development Bank president re-elected for second term
AfDB president gets further five years as chief; Burundi and Guinea appoint vice-governors
Official institutions lead the Covid‑19 recovery charge
Tested by the Covid-19 pandemic, market consensus is that official institutions have been instrumental in mitigating market disruption. As economies work out how to adapt to a post-lockdown world, major public bodies are likely to play a key role in the…
Zambian president fires central bank governor
President appoints ally to lead central bank after governor warns of economic crisis
Bank of Zambia cuts rates as Covid concerns intensify
Zambian central bank calls for debt sustainability policies as growth and inflation forecasts worsen