Central Banking
Monetary policy can matter in poor countries – IMF paper
Study suggests changes to money supply may have impact through exchange rate
BoE’s Broadbent denies money supply is driving inflation
Deputy governor says M4 growth neither driven by QE or particularly linked to inflation
Digital euro could be available via bank apps, ECB says
Approval of third round of design options does not entail progress beyond investigation
China to trial paying salaries using CBDC
State employees say finding merchants that accept the e-yuan is difficult
Fed triennial study shows rapid growth in electronic payments
ACH payments contributed to 90% of non-cash payment value increases in three years
Italian PM considering sovereign wealth fund
SWF would support domestic industry and rely on “enormous savings”
Higher inflation and rates will not reverse asset diversification
Most reserve managers expect diversification will continue, whether unchanged, accelerated or at a slower pace
Structural reforms could ‘unleash’ Indian growth – IMF paper
Study highlights shift in sources of productivity growth in India
Zimbabwe will mint ‘digital gold token’, says governor
Mangudya says RBZ will offer “store of value” as alternative to foreign currency
Romer and Romer ask ‘does monetary policy matter?’ – again
Study based on “narrative approach” predicts major impact from recent Fed tightening
PBoC and MAS join forces to promote sustainable finance
New task force will work to align green taxonomies in China and Singapore
People: BIS appoints deputy head of MED
Riksbank to shrink board; De La Rue chair resigns; Hungary appoints MPC members
Above-target inflation main risk for reserve managers
Central banks rank geopolitical tensions as the second most pressing risk in 2023
Asset purchases stopped mutual fund crisis, ECB paper finds
ECB’s emergency purchases in Covid-19 pandemic prevented asset fire-sale spiral
Canadian RTGS system improves payments efficiency, paper says
Researchers examined transition from a hybrid high-value payment system to RTGS
Brazilian governor rejects senator’s rate cut ‘plea’
Campos Neto says he leads a “technical body that makes technical decisions”
EMEs now coping better with financial market stress – BIS paper
Authorities have tackled old vulnerabilities, but trouble is springing up elsewhere
Argentina raises rates 300bp and restricts access to dollars
Peso falls sharply in April as inflation soars and BCRA struggles to obtain hard currency
Suriname president signs central bank independence law
IMF currently withholding loan payments to corruption-plagued country
Costa Rica cuts rates for a second time in a row
Inflation still above target but has fallen steadily since September, board says
CBDC could increase financial instability, Fed’s Bowman warns
Retail CBDC would not improve payments or financial inclusion, she says
Uruguay cuts rates citing ‘gradual decrease in inflation’
Country becomes second in Latin America to start unwinding rate rises
Finance must do more on climate risk, BoE’s Breeden says
Sector using lack of certainty as “an excuse to go slowly,” senior official says
RBA review calls for major policy and governance changes
Australian government welcomes call for new rate-setting body and clearer mandate