Liquidity
Trade credit helped amplify initial Covid-19 shock – BdF paper
Net borrowers of trade credit faced sharper liquidity squeeze, researchers find
Masaaki Shirakawa on lessons from crisis and how to reform central banks
The former governor reflects on a turbulent 40 years at the Bank of Japan, and considers how central banks might face up to the challenges of the future
Reserve Benchmarks 2021 – presentation
Central Banking’s reserve subject matter specialist Victor Mendez-Barreira speaks with Chris Jeffery about liquidity, reserves coverage, external partners, human and tech resources, and ESG implementation
IMF criticises Chilean pension withdrawals
Fund says crisis measure was excessive and now threatens process of market deepening
New Zealand banks well positioned to face new Covid shock, says RBNZ
Central bank carried out both solvency and liquidity stress tests in 2021 exercises
PBoC cuts reserve requirements
But easing measure partially offset by withdrawal of other liquidity support
BIS calls for systemic approach to non-banks
“It is essential to reduce the need for emergency central bank support,” says report
Quarles says Congress should rein in Fed funding
Former vice-chair for supervision calls for new body to wind down liquidity programmes
BoE opens sharia-compliant facility after six years of work
‘Wakalah’ liquidity facility designed to address disadvantage faced by Islamic banks
How Turkey’s president created chaos in economic policy-making
Observers allege presidential domination of the central bank, unauthorised FX transactions and untrustworthy statistics
IMF renews Mexico’s Flexible Credit Line
Two-year programme reduces funds from about $61 billion to $50 billion
PBoC hints at tilt to easier policy as growth slows
Third-quarter monetary policy report tweaked phrases, downplaying opposition to easy policy
CPMI proposes ‘global settlement window’
BIS committee says window could work as focal point for aligning payment systems worldwide
ESG for central banking focus report 2021
The report flags challenges for central banks themselves – as guardians of the financial system, they have a duty to lead by example. But the lack of liquidity within ESG-compliant assets is proving a problem for many
Reforming FX reserve and macroeconomic management for ESG
Arnab Das, global market strategist, Europe, the Middle East and Africa, at Invesco explores why central banks must play a role in ESG risk mitigation, management and prevention, as they are expected to during wars, pandemics and other major shocks.
PBoC launches carbon-reduction monetary policy facility
Facility will offer low-cost loans for private firms investing in green projects
Fed’s gradual tightening could be boon for some, says Armenian governor
Central Asia faces inflation caused by enormous liquidity injected by advanced economies, says Galstyan
Time to stop handing out the pills: the great QE detox
We are facing a serious inflation threat that will test the resolve of central bankers, writes Jagjit Chadha. Central banks must reduce their reliance on QE. But how?
North Korea issues coupons instead of cash
Experts say closing of Chinese border due to Covid-19 may have halted banknote production
Interoperability of stablecoins
Central bank reserves could be a better option for backing stablecoins than Treasuries, say Manmohan Singh, Caitlin Long and Charles Kahn
Central banks sign up to Fed’s Fima facility
Reported usage is marginal, but backstop is highly valued by reserve managers
Europe leads on gold lending and swaps
Just over 20% of central banks engage in these operations
Podcast: Paul Fisher on the future of balance sheet policy
Central banks must think about the composition of their balance sheets, the former BoE official says