Monetary policy
Costa Rica cuts rates again as inflation turns negative
Strong currency and base effects contribute to unusual readings, central bank board says
Book notes: Inflation targeting and central banks, by Joanna Niedźwiedzińska
A useful and rich reference source, especially for central banks moving to adopt inflation targeting
Fed raises interest rates again after June pause
Powell says FOMC may increase rates again as it faces risks of both inflation and downturn
Bank Indonesia holds again as inflation falls to target level
Governor says central bank is focused on keeping the rupiah stable
Ghana raises rates as inflation rises again
Central bank says reserves are higher and monetary financing has ended as IMF deal requires
ECB approaching end of tightening cycle, analysts say
Divisions on governing council are creating communications challenge
Stefan Ingves on central bank failings on inflation and financial stability
The Riksbank veteran speaks about liquidity, interest rate and non-bank regulatory reforms, the importance of saying ‘no’, and the need for explicit legal definitions for digital money
Canada opposition leader repeats promise to fire governor
Poilievre accuses government of interfering in central bank
Climate change: a new financial risk for central banks
Overcoming ‘analysis paralysis’ and the lessons in capturing climate-related financial risks on the Deutsche Bundesbank’s balance sheet
Forward guidance loses power when rates rise, RBI research finds
Tool is useful at lower bound but is much less effective during normal conditions, paper argues
Monetary Policy Benchmarks 2023 – executive summary
Key findings of the 2023 benchmark, including policy tools, governance structures and operating frameworks
Turkish central bank raises rates by less than expected
MPC increases rates by 250 basis points but analysts had expected much larger rise
Russian central bank raises rates and warns of more to come
Nabiullina says inflationary pressures are rising and warns of effects of bigger fiscal deficit
Sarb pauses rate rises in split decision
MPC votes 3–2 to hold rates at 8.25% after inflation falls within target range
Book notes: Forks in the road, by C Rangarajan
A memoir by one of India’s most distinguished governors, who presided over critical policy issues such as the 1990s’ balance-of-payments crisis
Nagel calls on German government to tighten fiscal stance
Public spending needs to fall to lower inflation, says Bundesbank president
Brazilian central bank denies censoring board members
Dispute highlights possible political divisions as president Lula appoints officials
PBoC steps up support for yuan
Chinese central bank eases limit on firms’ overseas borrowing and keeps key rates unchanged
Monetary Policy Benchmarks 2023 report – navigating uncertainty
Benchmark data highlights ongoing evolution in policy frameworks as central banks move beyond the pandemic – and into the high-inflation period
ECB needs to maintain tight policy, says IMF
Policy rates, rather than quantitative tightening, should be main tool, IMF directors say
Guillermo Avellán on BCE independence, capacity-building and dollarisation
Central Bank of Ecuador general manager speaks about the need to bolster the central bank’s legal autonomy, dollarisation challenges, payments developments and monetising local gold production
IMF grants Burundi $271 million loan
Burundi must liberalise currency regime, end central bank financing and tighten policy
German inflation to fall again from September, says Bundesbank
One-off effects boosted inflation from 6.3% in May to 6.8% in June
BoJ announces details of monetary policy review
Central bank plans to engage with experts, business leaders and public over policy framework