Exchange rate
Bank of Ghana cuts rates as economy stabilises
Central bank lowers interest rates to 17% as inflation moderates to the middle of the target
Argentina rescue advances as emerging markets suffer outflows
IMF backs Argentinian reform process as it prepares to supply emergency funding; emerging market central banks intervene to stem currency slide
Rising global debt puts pressure on emerging markets, says Mminele
Sarb deputy notes a strengthening dollar puts emerging markets with large dollar liabilities at risk
Argentina calls on IMF for help
President Macri calls upon the IMF for financial aid as peso depreciation continues; policymakers hold rates at latest meeting
Argentina’s central bank makes further emergency rate hike as currency falls
Bank makes second emergency rate hike in less than 24 hours
Official reserve management in the 21st century
A lack of operational clarity and reluctance to view reserve portfolios holistically have prevented optimal, rules-based approaches to reserve management becoming commonplace. BlackRock‘s Terrence Keeley, Stuart Jarvis and Michael Palframan explain how…
The IFF China Report 2018: The Bay Area Development
The Guangdong–Hong Kong–Macao Great Bay Area represents an effort to co-ordinate development to create globally competitive city clusters at the start of the Maritime Silk Road in southern China. These efforts are focussed in particular on innovation,…
Argentina’s governor reflects on reserve management rebuild
After liberalising the exchange rate in 2016, the country adopted new asset-allocation strategies
Liquidity build-ups may cause emerging market instability – Bundesbank paper
Bundesbank paper examines effects of advanced economies’ liquidity on emerging economies
Kganyago on central bank independence and future plans for the IMFC
The South African Reserve Bank governor spoke with Christopher Jeffery at the Central Banking Awards about the South Africa’s new president, the importance of operational independence and key targets for the IMFC
The IFF China Report 2018: The Belt and Road Initiative
China’s signature Belt and Road Initiative (BRI) now includes 71 countries, with trillions of dollars of investment allocated. Leading Chinese and international policymakers explain how BRI efforts are progressing. This section includes an inaugural…
A route to economic growth – The Belt and Road Initiative 2018 survey
To mark the fifth anniversary of the Belt and Road Initiative (BRI), the IFF – in collaboration with Central Banking – conducted its inaugural Belt and Road Survey of central banks from more than 25 countries and regions. The survey examines BRI…
HKMA buys HK dollar for first time in 13 years
HKMA chief says central bank is “fully capable” of defending local currency
Iran seeks to unify exchange rates amid rial plunge
New rate is meant to eliminate gulf between official rate and market, but it remains unclear whether the measure will succeed
IMF urges Costa Rica to shore up financial stability defences
Fund calls for increased transparency from financial stability committee and action to tackle dollarisation risk
Upgraded Moody’s outlook puts Sarb rate cut bank on the menu
Lower inflation and an appreciating rand mean the South African Reserve Bank could cut rates at its meeting next week, but analysts think it might be too soon
Who is Yi Gang?
Hui Feng says Beijing’s choice for PBoC chief fits into a wider liberal cadre across senior financial positions – but Yi faces plenty of challenges in delivering reform
Tajikistan cuts policy rate as inflation stabilises
Central bank says inflation is more stable and falling, creating room for cuts
SNB struggles to end ultra-loose policy regime
The Swiss central bank’s hopes of normalising policy are being held back by weak expectations, a strong currency and policy actions abroad
UAE deposits $1.4bn with Sudan’s central bank as currency pressure continues
The country has “unsustainable” debt levels and US sanctions hurt debt relief – IMF
RBI paper finds complexity in exchange rate pass-through
Authors argue the standard view of exchange rates having a “linear and symmetric” impact on prices is flawed
Measuring Venezuela’s hyperinflation
Steve Hanke discusses how economists can make use of high-frequency exchange rate data to track rapid price movements in Venezuela
Some ECB governing council members wanted softer QE language – minutes
Governing council members also cautious over future exchange rate movements
Fed paper examines financial spillovers of US monetary policy
Authors find that conventional and unconventional policies create different spillover effects