Capital controls
Myanmar central bank caps cash withdrawals
Officials claim measure is part of digital transition, while the military grows more violent
All that glitters – Surveying central banks on gold reserves
Key survey data and comments reinforce the main findings in Invesco’s central bank reserve management white paper on the revival of gold as a reserve asset.
IEO calls for IMF to rethink house view on capital controls
Independent review says 2012 reform was helpful but still suffers from shortcomings
BoE paper outlines ‘capital flows-at-risk’ framework
Methodology allows researchers to explore full distribution of “push” and “pull” effects on capital flows
Foreign exchange based macro-pru policies cut capital inflows – DNB paper
Data from 83 countries shows formal capital controls do not effectively reduce inflows – researchers
Iran’s race towards monetary policy reform faces high hurdle reality
The Majlis Research Center’s Tohid Atashbar says positive outcomes from the Iranian central bank’s fast-tracking of monetary policy reform – made in response to Covid-19 and US sanctions – may prove difficult to deliver
Capital controls less effective at curbing flows than macro-pru – BIS paper
Capital controls do not have significant impact on volume or composition of flows, authors find
Financial resilience may be tested further by Covid-19 – IMF
“Sudden stop” in credit markets could feed back to real economy, and requires a “forceful response”
RBNZ lowers banks’ core funding ratios
Central bank reduces ratio to 50% to support government’s crisis lending scheme
Bank of Thailand cuts interest rate to record low
Bank of Thailand cuts rate to all-time low and relaxes forex rules
What is behind China’s digital currency aspirations?
The PBoC sees CBDC as a means of riding the wave of digitisation, and potentially challenging the US dollar’s dominance, writes Hui Feng
IMF paper tracks Asian authorities’ responses to volatile capital flows
Monetary policy typically responds to several variables in pursuit of greater stability, analysis finds
30 years of central banking
Central banks face credibility tests on a number of fronts
Argentina reimposes currency controls as peso plummets
Authorities aim to stem depreciation of peso, which has fallen 23.9% against dollar since August 11
Agustín Carstens on fixing the global monetary system
The BIS chief speaks about how to strengthen the global safety net, vulnerabilities in emerging markets and the challenges and opportunities posed by fintech
Central banks face loss of independence – Central Banking survey
A new survey of Central Banking’s Editorial Advisory Board points to central banks facing existential challenges with little change in their frameworks or toolkits
Mark Carney on joined-up policy-making, forward guidance and Brexit
BoE governor rules out negative rates and change to inflation targets, offers update on too-big-to-fail and use of CCyBs, highlights challenges of an asymmetric monetary system, hits out at cumbersome payments and warns Facebook’s libra cannot ‘learn as…
Central banking’s 30-year cycle
Central banking has hit another crossroads, writes Central Banking founder Robert Pringle
IMF’s Adrian on the big tech threat and why a ‘non-system’ works
The IMF’s financial counsellor speaks about risks from big tech’s move into fintech, the fund’s efforts to craft well-targeted policy guidance and why the current international monetary ‘non-system’ works
Senior policy-makers differ on future of global monetary system
Trichet, Lipton and Reinhart debate whether SDR could play a bigger role in global stability
Macro-prudential analysis is not fit for task – leading economists
Carney and Honohan warn of fund failures and Hélène Rey calls for better risk indicators
BIS says theory behind EME policy must catch up with ‘reality’
Situation is similar to the adoption of inflation targeting in the early 1990s, says BIS annual report
IMF’s IEO outlines plan for capital flows evaluation
Some countries say the fund may now be too quick to endorse capital flow restrictions
Carney warns of ‘global liquidity trap’
BoE governor says model of “capital flows at risk” highlights important vulnerabilities, but reserves may still be too big