Capital controls
Argentina raises rates again
Economic stability grows more distant as elections loom
Macro-pru helps dampen global shocks – BIS paper
Authors find capital controls are less effective than prudential tools at offsetting shocks
Argentina orders 1,000bp rate hike as peso struggles
Central bank tightens for second time in a week
Bolivian officials say reserves problem is temporary
Central bank sells SDRs as dollar scarcity and legislative gridlock persist
PBoC has ‘by and large’ ended FX intervention, says governor
But Yi Gang declines to give a timeline for full renminbi convertibility
IMF eases Argentina loan terms
Fund approves $5.4 billion payout and lowers reserves targets as drought conditions bite
IMF approves $15.6 billion for Ukraine
Fund calls wartime loan “unprecedented” and risky
Iran imposes FX controls as currency falls again
Commodities inflation bites ahead of upcoming new year
BIS paper proposes new capital flow management tool
Offsetting capital flows rather than blocking them could be the optimal choice, authors say
Nepal central bank prohibits overseas investments
Move follows import restrictions in 2022
‘Geo-economic fragmentation’ could cut GDP by 12%, says IMF
Georgieva says world faces “new Cold War”, putting global financial stability at risk
2022: The year in review
The invasion of Ukraine left central banks facing yet another exceptional set of challenges. Central Banking looks back at the stories that made the biggest impact this year
The rise of non-SDR currency reserves
New Cofer data release may show an overall fall in FX reserves, writes Gary Smith
Myanmar sentences ex-deputy governor to 20 years
Supporters say Bo Bo Nge was “incorruptible” and reject military regime’s charges
Central bank assets enjoy ‘99%’ immunity
Why central bank assets possess legal immunity – but not from sanctions
FATF puts Myanmar on money-laundering blacklist
Move may increase economic pressure on military junta as currency crisis grows
Bahamas governor says exchange controls here to stay
“Difficult financial reforms” necessary before liberalisation, says Rolle
Burundi lifts capital controls
Central bank permits bureaux de change to reopen and allows receipt and transfer of FX
Georgieva says Argentina needs permanent fix to FX problems
IMF releases latest $3.8bn financing tranche, as market inflation forecasts reach 100%
Ukraine: the challenges for central banks
Rules on the weaponisation of money would help to protect a ‘public good’ amid geopolitical splits in a testing environment for central banks, write Gavin Bingham, Paul Fisher and Andrew Large
Russia’s Mir forced into retreat
Banks and payment systems across Asia banish Russian cards after US warnings
Myanmar may go on money laundering blacklist, report says
Opposition calls on New York Fed to unfreeze Myanmar assets to back proposed digital currency
Gontareva on Ukraine’s funding, NBU policy and reconstruction
Former NBU governor Valeria Gontareva speaks about donor funding shortfalls, NBU policy and financial stability challenges, Nabuillina and the seizing of Russian assets, and post-conflict rebuilding and modernisation
The PBoC, real estate debt and financial stability in China
Central bank policy-makers are restricted in terms of capacity and space by their efforts to manage the nation’s property bubble amid declining growth