Debt
IMF says it will not provide loans for Zimbabwe
Fund urges central bank to cease “quasi-fiscal operations” as official inflation reaches 285%
Inflation: what went wrong, and why?
Charles Goodhart and Manoj Pradhan detail three theories on the causes of high inflation, as well as their implications for policy responses
BoE hikes rates 50bp as fiscal policy increases uncertainty
Divided MPC approves rate increase, but several members call for more aggressive hike
Argentine president names Pesce to full six-year term as governor
Moves comes as IMF reaches preliminary agreement on next loan tranche
Morocco’s Jouahri on inflation, forex reform, digitalisation and sustainability
The Central Bank of Morocco governor speaks with Christopher Jeffery about Covid-19 policies, Fed tightening, BIS membership, regional co-operation and financial inclusion
Financial Stability Benchmarks 2022 report – executive summary
Data sheds light on how central banks are dealing with risks to stability
Bolivian legislators ask to inspect gold reserves
Opposition politicians claim government wants to monetise and spend gold
Banknotes: July to September 2022
A round-up of news and salient issues that have affected central bankers in the past three months
IMF signs off on $1.3bn package for Zambia
Executive board urges Bank of Zambia to rebuild reserves and tackle bad debts
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
IMF says Sri Lanka must reform central bank law for $2.9bn bailout
Government must end monetary financing and give central bank autonomy, fund says
US household debt rising across the board
Delinquencies for subprime loans are approaching their pre-pandemic proportion
Book notes: The money minders, by Jagjit S Chadha
This book acts as an invaluable primer on money-credit-fiscal theory and practice
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
Ghana emergency MPC meeting ends with 300bp increase
Country in renewed IMF talks as inflation spirals and currency falters
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
Critics accuse Barbados authorities of monetary financing
Government says it is using SDRs to buy bonds, while governor says purchases are legal
How central bank mistakes after 2019 led to inflation
Central banks must acknowledge their own mistakes and outline concrete steps to restore the public’s confidence in their ability to ensure price stability, write Graeme Wheeler and Bryce Wilkinson*
El Salvador congress approves use of SDRs for early debt repayment
Talks with IMF stalled as country tackles $24 billion debt load
Brazil’s MPC hikes again, but signals possible end to tightening
After 50bp hike, BCB to assess “residual adjustment” to policy rate in September meeting
Inflation offers route to unconventional policy exit
Asset purchases and negative rates can be reversed, but Fed/ECB policy divergence raises major risks
Argentina accelerates tightening with 800bp hike
Central bank says it aims to make real rate positive as president reshuffles government
Ghana seeks IMF aid as reserves dwindle
Government secures Afreximbank loan and MPC holds rate despite inflation nearing 30%
BoJ unlikely to move policy to counter yen weakness
The Bank of Japan is wary of raising rates or even increasing its yield control target to tackle yen depreciation, which it views as being exacerbated by foreign speculators, writes Sayuri Shirai