Monetary Policy
Dominican Republic launches facility to tackle pandemic impact
Equivalent of $1 billion made available for bank to lend to firms and households
BEAC to buy securities to support countries grappling with Covid-19
Bank of Central African States will purchase up to $830 million in secondary market
Sarb cuts rates as unemployment breaches 30%
Central bank says emerging markets will struggle as lockdown measures ease
NBU surprises with hold in Shevchenko’s first policy decision
New governor had seemed to hint at desire to ease policy, but now indicates rate will remain on hold
BoC announces new securities lending programme
Move is consistent with BIS recommendations, central bank says
Hungary’s central bank to start buying government securities
Central bank says monetary policy has fallen short and cuts interest rates to a new low of 0.6%
EU recovery fund set to ease ECB’s burden
Common debt issuance likely to significantly reduce fragmentation risks, taming sovereign bond spreads, say analysts
Fed expands ‘Main Street’ facility to serve non-profits
New loan options and wider eligibility to support credit flows to charities, hospitals and universities
Two FOMC members back overshooting target
Brainard and Harker suggest Fed should leave rates low until inflation rises above 2% target
Canada holds rates as governor warns of “long climb out”
Governor says interest rates will stay “unusually low” as central bank forecasts GDP fall of 7.8%
Chilean MPC says it will keep stimulus in place
Central bank says credit supply is weak despite emergency liquidity package
Eurozone outlook is ‘highly uncertain’, says Lagarde
ECB maintains stimulus package unchanged as lower energy prices weaken inflation
Bank Indonesia cuts rate to record low
Central bank cuts rate for fourth time in 2020 as inflation hits lowest point in 20 years
Bank of Canada sees economy enter ‘recuperation’ phase
Central bank keeps government bond purchases at minimum C$5 billion ($3.7 billion) a week
SNB’s Jordan defends currency interventions
Switzerland had “difficult starting position” from which to tackle the Covid-19 shock, chairman says
Mena region leans on exchange rates to weather pandemic
IMF says central banks in the region have intervened in the market more than any other region
Croatia and Bulgaria join ECB’s exchange rate mechanism
Both countries move closer to eurozone membership as largest Croatian banks come under SSM
Haldane and co-authors conclude QE has made UK happier
Authors use survey data to track QE’s impact on household balance sheets
Bank of Mauritius extends Covid-19 support measures
Central bank extends loan support programme and increases foreign exchange funding
Bank Indonesia to buy $28 billion of government debt
Central bank increases direct financing of government, raising fears over currency and independence
Sri Lankan MPC cuts policy rate to record low
Central bank calls on commercial banks to pass on looser policy’s benefits “without delay”
Bank Negara Malaysia cuts policy rate to fresh low
Labour market weakness and cautious households may hamper recovery, central bank warns
Bank of Israel launches corporate bond purchases
Central bank also extends cheap funding for bank lending
US forward guidance is contractionary for Canada – BIS paper
Model highlights “beggar-thy-neighbour” effect of Fed’s forward guidance