Central Banking
Some CCPs struggle in BoE stress test
First central counterparty stress test finds firms come close to depleting their buffers in baseline scenario
RBA payments systems suffer outage
Problem took too long to resolve, and platform is too fragile, payments executive claims
Armenian governor argues for ‘paradigm shift’ in forecasting
Base case should be abandoned in favour of multiple scenarios, says Martin Galstyan
Saudi sovereign wealth fund issues first bonds
Public Investment Fund markets $3 billion in “green bonds” for climate investments
World has ‘very little space’ for policy, says Georgieva
Carney, Georgieva, Donohoe and El-Erian agree room is limited and mistakes are punished harshly
Menon urges policy-makers to take a longer term view
Climate change is “the mother of all supply-side shocks”, MAS chief says
Central African ministers intervene in central bank recruitment
BEAC’s political supervisors demand external audit after charges of nepotism
Singapore’s central bank tightens policy for fourth time this year
MAS decision comes after Singapore’s economy rebounded in the third quarter
US CPI inflation remains high
Headline reading falls slightly, while core inflation continues to rise
Chilean board makes 11th hike, but says cycle may be over
Central bank leaders say “rate has reached its maximum level of the cycle”
IMF opens long-term lending initiative
Resilience and Sustainability Trust will offer 20-year packages to mitigate long-term problems
BoE’s Pill says government must ‘respect’ independence
Government and central bank have clashed over causes of UK’s gilt market turmoil
New Zealand central bank suggests change to mandate
RBNZ says mandate could prioritise price stability and drop housing requirement
Currency round-up
New notes for Paraguay, printing error for Thailand, and news from Peru, Costa Rica and Tonga
Bahamas governor says exchange controls here to stay
“Difficult financial reforms” necessary before liberalisation, says Rolle
Fiscal co-ordination threatens independence, SNB president says
Central banks must not let Covid-19 era policies continue, Thomas Jordan warns
Burundi lifts capital controls
Central bank permits bureaux de change to reopen and allows receipt and transfer of FX
Bank of Korea raises rate to highest level in 10 years
Governor Rhee Changyong says board members are divided on the size of next hike
Georgieva says Argentina needs permanent fix to FX problems
IMF releases latest $3.8bn financing tranche, as market inflation forecasts reach 100%
BoE sticks to bond-buying deadline amid strains on UK non-banks
Bailey restates cut-off date for asset purchases despite spike in margin calls and redemptions
Asset sovereignty: a problem to stump Solomon
When states have rival governments, who owns central bank assets?
Global risks at worst in four decades, says IMF
Financial stability report paints a picture of growing vulnerabilities
Polish governor says dissenting MPC members may have broken law
Glapiński and four colleagues could notify prosecutors over critical comments by fellow rate-setters
IMF publishes sober outlook for 2023
“Worst is yet to come”, says chief economist