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Banknotes: January to March 2026

A round-up of news and salient issues that have affected central bankers in the past three months

Kristalina Georgieva
Kristalina Georgieva
IMF
Monetary policyIran conflict could drive up inflation – IMF chief

The International Monetary Fund’s managing director warned on March 9 that the conflict in the Middle East could place new demands on policy-makers over the coming year. In a speech in Tokyo, Kristalina Georgieva said a protracted conflict would have “clear and obvious potential to affect market sentiment, growth and inflation”. 

Fed holds after 25bp cut in December

The US Federal Reserve Fed on March 18 held rates at a range of 3.5

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