International Monetary Fund (IMF)
Bank notes: October to December 2025
A round-up of news and salient issues that have affected central bankers in the past three months
IMF has no mandate for SDR stablecoin, says Tobias Adrian
Fund’s capital markets head says backstops are also crucial if instruments are to live up to their name
Saudi fund leaves $3bn in Pakistan’s central bank for another year
Deposit accounts for around a fifth of SBP’s dollar reserves
Alexandre Tombini on LatAm resilience and growth amid uncertainty
The BIS Americas head speaks about the impact of the US tariffs, building resilience amid uncertainty and fostering inclusion through digital payments
Cryptogeddon: a user’s guide for central banks
How might monetary authorities react if a digital asset crash destabilised the financial system?
CNB digital asset portfolio is about real learning, says Michl
Governor says bank is not looking to simulate reality but ‘touch it’ with experimental bitcoin holding
Advancing sustainability post-COP29
The Central Bank of Azerbaijan is striving to assist the domestic and international transition to a greener economy, writes its governor, Taleh Kazimov
More independent central banks hold fewer dollars – research
De-dollarisation benefits Singaporean and Korean currencies, while Australia’s and China’s lose out
IMF sees room for further easing in Thailand
Country’s household debt challenges compounded by other shocks, mission head says
What lies beneath China’s SDR proposal?
Experts discuss whether the PBoC’s vision for an SDR-led international monetary system would represent a ‘monetary straitjacket’ or an ideal ‘dollar replacement’
Schlegel: Liechtenstein is on its own for financial stability
SNB governor says principality’s lenders are not entitled to bank’s emergency liquidity facilities
Inflation targeters mainly use corridor systems to set interest rates
But many central banks with exchange rate controls also use corridor systems
NBER paper maps out international financial network
Rey and Stavrakeva show equities markets play crucial transmission role
AI, low productivity, and trade in focus at G30
Georgieva, Bailey and Lagarde speak on stretched AI evaluations and distortionary trade policies
PBoC’s Pan calls for ‘meaningful’ IMF quota adjustments
Governor says global economy needs more co-operation amid heightened uncertainty
Top officials weigh impact of trade war and AI
ECB president says impact of US tariffs has been “exact opposite” of expectations
Digitisation of money brings more regulatory risks – IMF head
Georgieva says crypto regs are in early stages and not yet coherent internationally
IMF to provide Sri Lanka with additional $347m in financing
Mission chief says central bank should continue to be independent and build reserves
The SDR as an alternative to the dollar
The weaponisation of the dollar by US authorities represents an opportunity to reconfigure usage of the SDR, argues Warren Coats
FX market becoming stronger transmitter of stress, IMF warns
Fund probes changing structure of world’s ‘largest and most liquid financial market’
Local bond markets seeing more domestic investors, IMF says
But EMDEs must be mindful of growing sovereign-bank nexus as foreign investors depart, latest GFSR chapter notes