Swap lines
PBoC launches renminbi reserve pool with BIS
Equivalent of $13.5 billion will be pooled by six central banks to withstand market volatility
North Macedonia makes third 25bp hike
Central bank moves to increase local currency deposits, while inflation reaches double digits
Chile signs up to IMF’s first short-term liquidity line
Revolving $3.5 billion credit will replace flexible credit line arrangement
RBI extends Sri Lanka swap line
Island nation defaulted amid debt, currency and balance of payment crises
ECB opens €10 billion swap line with National Bank of Poland
Central bank extends repo lines with non-eurozone counterparts until January 2023
Book notes: Shutdown, by Adam Tooze
A useful, wide-ranging overview, showing how health and economic policies are intimately intertwined with geopolitics
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
Turkish MPC holds rates after sharp inflation rise
Central bank announces $5 billion UAE swaps deal as Erdoğan seeks currency from Turkish allies
How Turkey’s president created chaos in economic policy-making
Observers allege presidential domination of the central bank, unauthorised FX transactions and untrustworthy statistics
UK and China renew bilateral swap line
350 billion yuan swap line extended for a further five years
One in ten central banks opened new liquidity swap lines
Benchmarking participants expanded lines in dollars, euro and renminbi
Sri Lanka central bank imposes capital controls
Measure restricts exports of foreign currency as government faces debt challenge
South African Reserve Bank: the first 100 years
Central bankers and academics reflect on a tumultuous first century for Africa’s oldest central bank
Fed extends nine dollar swap lines to year’s end
Federal Reserve established liquidity arrangements with foreign partners at start of pandemic
Should the Fed’s Fima facility be made permanent?
The emergency repo facility reassures reserve managers about access to dollar cash during a breakdown in the US Treasuries market
BIS to operate sterling liquidity facility backed by BoE
Move echoes 20th century arrangements when BIS acted as intermediary in swaps network
Central bank of the year: The Federal Reserve System
Overwhelming Fed interventions in March 2020 forestalled a damaging global financial crisis, as policy overhaul prompts introspection in Europe and Japan
Financial market infrastructure services: Bloomberg
Bloomberg’s responsive deployment of new liquidity capabilities helped emerging-market central banks cope with pandemic market disruption
The Covid crisis, central banks and the future
Crisis responses have had positive initial outcomes, but also exacerbated significant underlying challenges that raise concerns related to exit strategies and the future for central banks
ECB extends non-eurozone euro swap lines
Credit facilities set up at start of Covid-19 crisis will now run until March 2022, ECB says
Riksbank extends swap agreement with Fed
$60 billion line set up in response to Covid-19 extended until end of September 2021
2020: The year in review
The past 12 months have been marked by crisis-fighting and losses, but also innovation
BIS could play renewed role amid Covid crisis, scholar says
Fed’s role in dealing with Covid-19’s international effects has parallels with 1960s, historian argues
Reserve Benchmarks 2020 report – charting new data frontiers
Perspectives on staffing and salaries, reserve coverage, portfolio construction, benchmarking, use of external parties and risk management