Fiscal policy
North Macedonia makes third 25bp hike
Central bank moves to increase local currency deposits, while inflation reaches double digits
Argentine central bank struggles to meet reserves targets
IMF signs preliminary agreement for loan payment but reports say BCRA cannot meet reserve target
Israeli sovereign wealth fund launches after years of delay
Government finally accrued required tax revenues from gas and mining sectors
Is this the end for ECB QE?
High inflation makes it increasingly difficult for the central bank to justify asset purchases across the eurozone, despite rising fragmentation risks
Algerian president replaces central bank governor
Saleh Eddine Taleb becomes sixth head of Bank of Algeria in as many years
BIS paper finds sovereign risk key to fiscal-monetary links
Study of Mexico models feedback loop between fiscal and monetary policy
Argentine central bank hikes rates as inflation reaches 30-year high
Central bank makes optimistic comments on inflation path
Eurozone could improve fiscal pact – ECB paper
Reformed framework should combine expenditure growth rule with “debt anchor”, researchers say
RBI extends Sri Lanka swap line
Island nation defaulted amid debt, currency and balance of payment crises
BCB union suspends strike for two weeks
Brazil central bank workers reject 5% pay offer and will continue some labour protests
Honduran governor asks for 50% salary cut
Santos’s request comes as president calls for spending cuts amid fiscal crisis
Presidential ally obtained funds from Zimbabwe central bank
RBZ exchanged Treasury bills at inflated rate as part of giveaway, investigation finds
Brazilian central bank strike escalates
Staff now out indefinitely, interfering with Pix and economic statistics
Lifetime achievement: Stanley Fischer
Fischer has had a profound impact on monetary economics and central banking during his prolific career
Bank of Ghana orders 250bp hike
Central bank moves meeting a week earlier to combat high inflation and a weak currency
Kuwait’s government names new central bank governor
Basel Al-Haroun will begin five-year term on April 1
Book notes: Shutdown, by Adam Tooze
A useful, wide-ranging overview, showing how health and economic policies are intimately intertwined with geopolitics
Hong Kong recovery expected to slow – IMF
Fund warns of risks including exposures to Chinese real estate and further supply disruption
Central banks can lean against fiscal dominance – BoC paper
Authors find monetary policy works better when conditional on fiscal policy
IMF and Argentina reach preliminary agreement on new programme
Argentina must implement new monetary policy framework as part of $45 billion aid package
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
IMF and World Bank pledge Ukraine aid
Fund considering emergency loan and World Bank assembling $3 billion package
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
Rwanda raises benchmark rate 50bp
MPC statement warns of expected spike in inflation in 2022