Current account
Four more African central banks raise rates
Ghana raises policy rate to highest level since 2017, plus hikes in Uganda, Sierra Leone and Tunisia
Will the dollar remain the world’s reserve currency?
Bank of Russia sanctions are unlikely to undermine the US dollar’s central role in reserve portfolios. But a relative decline in US economic weight and technological innovation are benefiting other currencies
Tanzania’s current account deficit more than doubles YoY
Deficit reached $3.7 billion in May, as country turns to IMF for support
Asian central banks deploy FX reserves to prop up currencies
Analysts remain confident in Asia’s financial stability, but recession risks are building
Argentine central bank struggles to meet reserves targets
IMF signs preliminary agreement for loan payment but reports say BCRA cannot meet reserve target
Rates round-up: Israel surprises with larger hike
Central banks in Pakistan, Nigeria, Ghana, Paraguay and Jamaica also tighten policy
Chile signs up to IMF’s first short-term liquidity line
Revolving $3.5 billion credit will replace flexible credit line arrangement
Colombia stays on trend with 50bp hike
Central bank board unanimous on raising rate, but splits 4–3 on size of increase
Pakistan confronts inflation with 100bp hike
Third consecutive increase may be last for a while, MPC says
How Turkey’s president created chaos in economic policy-making
Observers allege presidential domination of the central bank, unauthorised FX transactions and untrustworthy statistics
Philippines governor issues caution over proposed fiscal package
Faster vaccinations, structural reform and infrastructure are key to recovery, Diokno says
Vietnam central bank and US Treasury sign currency pact
US had briefly labelled Vietnam a “currency manipulator”
Cuba bars dollar cash deposits
Country struggling with sanctions as inflation spirals
Taiwan governor optimistic over US currency dispute
Yang says country meets ‘currency manipulator’ criteria but adds he does not expect sanctions
RBI’s Das: pandemic improved India’s external balance
Boom in software business helped shore up current account and boost RBI reserves, governor says
US brands Switzerland a ‘currency manipulator’
Treasury also accuses Vietnam of manipulating exchange rate to gain “unfair competitive advantage”
Few central banks forecast policy rates
Economics Benchmarks 2020 highlights wide variation in variables forecast by central banks
Georgia’s Gvenetadze on implementing an aggressive reform agenda
The National Bank of Georgia governor speaks about efforts to improve monetary policy, financial infrastructure, financial literacy, transparency and ESG
IEO calls for IMF to rethink house view on capital controls
Independent review says 2012 reform was helpful but still suffers from shortcomings
Reserve Benchmarks 2020 report – charting new data frontiers
Perspectives on staffing and salaries, reserve coverage, portfolio construction, benchmarking, use of external parties and risk management
SBP offers overseas Pakistanis access to digital banking services
Prime minister says he hopes the Roshan Digital Account will help channel foreign exchange to Pakistan
Detail matters when monitoring external imbalances – IMF research
Gross external debt is one of the clearest signs of vulnerability, study finds
IMF economists call for action on global imbalances
“Excessive” imbalances exist in 40% of cases, though they have narrowed slightly
Iran’s race towards monetary policy reform faces high hurdle reality
The Majlis Research Center’s Tohid Atashbar says positive outcomes from the Iranian central bank’s fast-tracking of monetary policy reform – made in response to Covid-19 and US sanctions – may prove difficult to deliver