Interview/Reserves
Edna Villa on the BSP’s shift to a risk-return SAA
Philippines’ reserves head speaks about diversification, climate risks, daily stress-testing and operational technology reforms
Alexander Khazaradze on the NBG’s direct investments into CNY
Georgian central bank’s financial markets head speaks with Levente Koroes about the decision to invest up to 5% of its foreign exchange reserves in the onshore renminbi market
Ken Rogoff on the dollar’s role in a fractured world
The former IMF chief economist speaks about Trump, central bank independence and the $20 trillion underground economy
Ex-OCC chief Michael Hsu on the impact of an America-first agenda
The former acting comptroller of the currency speaks with Christopher Jeffery about the future of the US Treasury market, Fed independence, financial de-regulation, the Genius Act and international co-operation
NBP’s Juliusz Jabłecki on geopolitics, bitcoin and gold
Director of financial risk management department talks tactics versus strategy, operations following the outbreak of war in neighbouring Ukraine, FX interventions and independent risk-taking
Maurice Obstfeld on the trade war’s damage to the monetary system
The former IMF chief economist speaks about Trump’s chaotic economic policies, the erosion of Fed independence and dollar stability, difficult policy trade-offs for central banks, and the threat to the Bretton Woods institutions
CNB’s Aleš Michl on tackling inflation, Friedman’s legacy and ditching DSGE
The Czech governor speaks about policy mistakes, targeting M2, diversifying into equities and gold, building new models and ending interest payments on minimum reserves
Ukraine’s governor on central banking as war endures
The NBU’s Andriy Pyshnyy speaks about the need for investment and reform amid labour shortages, securing war-risk insurance and Ukrainian funding from Russia’s frozen assets
Lkhagvasuren Byadran on geopolitics, gold and 100 years of central banking on the steppe
Bank of Mongolia governor Lkhagvasuren Byadran speaks about monetary and financial reform, embracing AI and fintech, and Mongolia’s new SWF
Ghana’s Ernest Addison on the chain of events that led to a loss of $5 billion
The Bank of Ghana governor speaks with Christopher Jeffery about what necessitated monetary financing, the boundaries of ‘independence’ and the results of offline tests of the e-cedi
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
Chile’s Costa on tackling inflation, forex interventions and nowcasting
The Central Bank of Chile governor speaks about stubbornly high prices, Fed policy spillovers, reserve buffers, retail CBDC and the need to address unconscious bias
Geostrategic risks now a major factor – CNB reserves head
Ondrej Strádal supports use of CBR reserves for reparations, is reassessing renminbi allocations and has US recession as a ‘base case’ scenario
Andrew Motshidisi on Africa’s debt and what it means for reserve managers
The former deputy governor of Bank of Botswana and Nalm Africa chairman talks about international capital flows, and the need for countercyclical policies and robust legal frameworks to secure long-term stability
Kganyago on central bank independence and future plans for the IMFC
The South African Reserve Bank governor spoke with Christopher Jeffery at the Central Banking Awards about the South Africa’s new president, the importance of operational independence and key targets for the IMFC
Saudi Arabia’s Alkholifey on economic restructuring, reserves and cyber security
The Saudi Arabian Monetary Authority’s governor talks to Christopher Jeffery about the restructuring of the Saudi economy, the impact of low oil prices on reserves and anti-money laundering efforts
Cambodia shortens duration of liquid reserves ahead of election – reserves chief
De-dollarisation and lack of interbank market make forex intervention the only real policy tool left for National Bank of Cambodia
Perng Fai-nan on how Taiwan has eluded crisis for 20 years
Taiwan’s governor explains how pragmatic interventions have engendered two decades of financial stability, despite the island’s status as a small, open economy
Indonesia considers new riskier tranche for reserves – Budianto
Head of reserves says political risks are more of a worry than portfolio flows; explains how Bank Indonesia’s strategy reinforces market development in 30-minute interview
PBoC’s Zhou Xiaochuan on interest rate reform and renminbi internationalisation
People’s Bank of China governor Zhou Xiaochuan speaks about the pace and timing of interest rate reform and the internationalisation of the renminbi
Yi Gang on China's new foreign exchange philosophy
State Administration of Foreign Exchange director Yi Gang discusses five changes in China's foreign exchange management as well as the long-term value of the renminbi