Central Banking
Bye-bye BCRA?
An Argentine presidential candidate proposes abolishing the central bank and the peso
New York Fed completes global digital dollar proof of concept
Wholesale CBDC project tested 24/7 payment and settlement
BIS attacks crypto in report to G20 officials
But report promotes DLT for use in cross-border wholesale CBDC
Larger banks need higher capital requirements, says Fed’s Barr
Changes could take years, vice-chair says, and “we need to worry, a lot, about non-bank risks”
PBoC extends relief measures for struggling developers
Developers are allowed loan repayment extensions by another full year
Papua New Guinea’s Genia rejects calls for devaluation
IMF says kina is heavily overvalued
Bank of Israel halts tightening cycle
Central bank signals it could raise rates further if inflation does not continue falling
IMF repeats warning on Marshall Islands’ fintech plans
Fund proposes Pacific island state could set up a ‘monetary authority’
Lebanese deputy governors ‘threaten to quit’, report says
Prime minister says he will not appoint successor to Salameh as French court backs asset seizure
Hank model sheds light on fiscal theory of the price level – paper
Adding heterogeneity allows FTPL models to reflect persistent government deficits, economists find
BIS reports gaps in CBDC cyber security modelling
Over 90% of central banks now working on a CBDC project, survey finds
ECB opens public consultation on new banknote design
Shortlisted themes include birds, rivers, European culture and values
Weak krona increases inflation risk – Riksbank minutes
Board members agree inflation remains too high and policy needs to be tighter
Chinese regulators impose fines on Ant Group and Tenpay
Regulators’ priorities have now shifted to “normalised supervision” of platform companies
Uganda passes Islamic banking law
Parliament removes provision for sharia advisory council at the Bank of Uganda
Some Fed officials wanted to raise rates in June, minutes show
‘Almost all’ FOMC participants expect to increase the target interest rate this year
Crypto tax would be lucrative but challenging, IMF paper says
Authors say authorities face problems categorising and tracking cryptocurrency activity
Uruguay cuts 50bp as inflation falls
Headline and core readings are lowest for several years, as officials predict slight GDP decline
Mexican MPC members determined to hold rates
All five governing board members agree it is necessary to avoid rate cuts to tame inflation
Is corporate pricing causing ‘greedflation’?
Firms in US and Europe are driving inflation higher by imposing above-cost mark-ups, researchers say
Malaysia’s central bank holds policy rate
Decision comes after headline inflation fell to one-year low but core inflation remains higher
Taiwan’s central bank calls for wage rises
Report calls for more unionisation after real wages fell in first quarter
US pandemic savings depleted by Q1 2023, says Fed research
Other advanced economies should expect pandemic-era savings to deplete within the year
ECB supports European Commission’s banking plan
Central bank calls for eurozone-wide guarantee scheme and more funds for resolution