Capital controls
Ukraine’s wartime economy faces possible crisis
Foreign donors must increase financing of Ukrainian government, NBU ex-governor and current government adviser argue
UN warns against rapid adoption of crypto in developing nations
Tax evasion depletes resources for development, report finds
Iran imposes restrictions on payments
Authorities cite risk of cyber attacks, but economy has also faced capital flight
Banknotes: April to June 2022
A round-up of news and salient issues that have affected central bankers in the past three months
Rise of fintech strengthens case for capital controls, IMF says
Countries may have to throw “sand in the gears” to protect monetary sovereignty, says Georgieva
Zimbabwe freezes all bank lending
President announces controls on money creation to stem decline of currency
NBU plots path out of war economy
Ukrainian central bank turns to monetary financing as government struggles to pay for war
Fractures in the monetary system
Seizure of Bank of Russia assets likely to have long-term implications for international system
Argentina orders 200bp rate increase, to 44.5%
Tighter monetary policy is in line with IMF deal, while neighbour Paraguay makes 50bp hike
Outsider arts: how Russia might adapt to sanctions
The history of the USSR and actions by other sanctioned countries may give clues to Russia’s next moves
Diego Labat on policy normalisation, capital flows and tech challenges
The Central Bank of Uruguay governor speaks with Christopher Jeffery and Ben Margulies about governance, financialisation, flexible rates versus capital controls, payment upgrades and CBDCs
Argentina raises rates for first time since 2020
BCRA raises benchmark rate 200 basis points, as IMF talks continue
Book notes: The cost of free money, by Paola Subacchi
A book worth reading, as it facilitates further discussion on substantial issues, but doesn’t fully address some of the problems it takes aim at
Brazilian Senate passes new FX law
Central bank will regulate foreign currency accounts under law now on president’s desk
BdF paper looks at use of capital controls and foreign reserves
Many countries combine both to moderate effects of international capital flows
Argentine central bank orders foreign exchange sales
BCRA also bans “payments in instalments” for overseas travel as currency weakens
Asset sell-off biggest threat to Chile’s financial stability – Marcel
Governor reiterates warning against further pension withdrawals
Argentine central bank freezes banks’ FX purchases
BCRA order comes amid a falling peso, IMF talks and mid-term elections
MAS and RBI to link up payment systems
New linkage will allow for automation of capital controls, say authorities
PBoC opens up wealth management to Hong Kong and Macau
China looks to shore up Hong Kong’s status as a financial centre amid concerns over security crackdown
Myanmar authorities shut banks amid growing crisis, report says
Private banks closed from August 16 to August 22 amid ongoing cash crisis, reports allege
US and IMF block Taliban access to Afghanistan assets
IMF will not allow Taliban to receive SDRs, while US freezes central bank reserves
The renminbi’s rise to prominence: focus report 2021
Central Banking explores the impact the addition of the renminbi to the SDR basket has had on internationalising the Chinese currency; central bank reserve managers share their views on including the renminbi in their portfolios; and we take a look at…
Digital revolution: perks of a global Chinese CBDC
Chinese central bank digital currency has the potential to boost the renminbi’s internationalisation further, but only if international investors have access.