Trade
Bank of Ghana adds 100bp as crises grind on
IMF reportedly wants end to central bank financing
Iran and Russia to link banking systems to bypass sanctions
Move follows Iran’s signing of free trade “memorandum” with Russia-led EAEU
Sarb slows rate rises as South African economy falters
Blackouts may cost up to “two percentage points” of growth this year, central bank says
Argentina and Brazil’s currency proposal met with scepticism
Experts say it is unclear whether governments want currency union or trade settlement mechanism
Argentina and Brazil to begin studying common currency
Minister says countries are taking “first step” in project
The always imminent demise of the global dollar
Creating effective alternatives will remain long and arduous despite China’s development of Cips, the mCBDC bridge and any oil-price redenomination, writes Barry Eichengreen
Argentina activates Chinese swap lines
Central bank says move will boost reserves but observer says it is unlikely to strengthen peso
IMF’s Gopinath rewrites classic open-economy model
Mundell-Fleming model’s assumptions make it less useful for modern policy-making, economist says
Papua New Guinea flights grounded amid FX dispute
Central bank accuses fuel supply firm of failing to repatriate foreign exchange earnings
South Asia’s rapid progress under threat, IMF warns
Millions have escaped poverty but “bold” policies are needed to avoid backsliding
Tunisian governor warns country needs IMF deal after latest hike
Country faces rising inflation as foreign exchange dwindles and political crisis continues
Rates round-up: Turkey pauses rate cuts
Egypt hikes main rate 300bp after IMF deal; Indonesia decelerates tightening; and more
The rise of non-SDR currency reserves
New Cofer data release may show an overall fall in FX reserves, writes Gary Smith
Bank of Russia eases disclosure rules on digital asset firms
Moves designed to ease sanction pressure, as Nabiullina signals use of crypto for international trade
Should a CBDC really be like cash?
Electronic and physical cash are fundamentally different and must be treated as such, writes Dave Birch
Podcast: the effect of monetary policy on reserve management
Global rise in inflation is having an impact on central banks' reserve strategies
Ukraine: the challenges for central banks
Rules on the weaponisation of money would help to protect a ‘public good’ amid geopolitical splits in a testing environment for central banks, write Gavin Bingham, Paul Fisher and Andrew Large
Inflation: what went wrong, and why?
Charles Goodhart and Manoj Pradhan detail three theories on the causes of high inflation, as well as their implications for policy responses
Book notes: 21st century monetary policy, by Ben S Bernanke
Bernanke’s great book offers important insights for today’s policy-makers, writes Stephen Poloz
Is there a case for a retail CBDC in Japan?
A BoJ-managed, account-ledger ‘digital yen’ tied to the new Kotora payments may offer some potential
Argentina continues rate rises
Central bank increases headline rate by 550bp to 75%, but inflation continues to rise
Joseph Stiglitz on the challenge of fixing macroeconomics
The Nobel Prize-winning economist discusses the flaws in mainstream models and how to repair them, whether central banks went wrong in 2021, and what to do – or not to do – about inflation