Coronavirus
Romania cuts rates as rising Covid-19 cases hurt economy
Central bank says resurgent pandemic risks recovery and calls for more clarity on fiscal policy
Brazil’s central bank cuts rates to record low
MPC says there is limited space for more monetary policy stimulus as crisis continues
BoE says negative rates ‘in toolbox’ and forecasts slow recovery
First “proper” forecast since Covid-19 outbreak gives little hope of a V-shaped recovery
IMF agrees aid for small Southern African countries
IMF says Eswatini and Lesotho face major challenges from pandemic and structural problems
New York Fed study exposes ‘disturbing’ reality for black-owned firms
Data shows black-owned firms were disadvantaged from the start of the pandemic
Covid-19 challenges IMF debt-restructuring framework
Process needs tweaking to address pandemic-related issues, former IMF general counsel says
How will Covid-19 hit central banks’ financial results?
The Covid-19 crisis has affected central bank incomes from seigniorage and other sources. But by how much, ask Zbigniew Polański and Mikołaj Szadkowski
IMF economists call for action on global imbalances
“Excessive” imbalances exist in 40% of cases, though they have narrowed slightly
Lane stresses inflation will determine ECB’s PEPP purchases
Lower inflation outlook could mean the programme will remain longer than anticipated
BIS’s Restoy: Covid-19 blurs lines between policy instruments
Prudential policies have taken on an explicit economic stabilisation role for the first time, official says
ECB says pandemic measures have been effective
Response to Covid-19 pandemic lowered bond yields and may have stopped financial panic
Flight to safety was not enough to fund credit line draws – Fed research
Many banks had to turn to non-deposit forms of borrowing, researchers find
Colombia cuts rates to record low of 2.25%
Central bank has revised down GDP growth to a range between -6% and -10% for 2020
South Africa must reform in return for $4.3 billion aid – IMF
Government must protect smaller banks and outline reform package by October, IMF says
Central banks’ gold purchases falling sharply – WGC
World Gold Council says demand for gold-based ETFs has boosted prices
Enria announces major change to ECB banking supervisor
SSM will have two new departments, and focus on banks’ business models, says Enria
IMF publishes transparency code for central banks
Updated framework aims to help central banks rank themselves against best practice
Dutch cash payments fall sharply, DNB says
Cash payments were 30% of transactions in early 2020 but fell to 13% in April, study finds
US and German economies suffer largest quarterly contraction in decades
Official figures say second quarter saw biggest US GDP decline since the Great Depression
Fed extends swap lines and warns of slowing US economy
More fiscal and monetary stimulus will be needed as cases surge in US, chair Powell said
Kansas Fed paper looks at conditional forward guidance
Date-based forward guidance would be effective without yield curve control, research says
Fed extends emergency facilities for three months
Move comes as US Covid-19 reported cases surge to record highs ahead of July FOMC decision
Covid-19 likely to affect return of paper £20 banknote – BoE
Central bank reports consumers are likely to hold onto old banknotes until they cease to be legal tender
Bank of Israel’s bond purchases are working – deputy governor
Andrew Abir says corporate bond purchases have eased conditions for non-financial firms