Central Banks
UAE launches ‘t-sukuk’ to support monetary policy
Central bank continues to implement its new dirham monetary framework
Riksbank increases rates by 50bp in divided vote
Two board members preferred a 25bp rate hike while leaving open further increases
Monetary policy can matter in poor countries – IMF paper
Study suggests changes to money supply may have impact through exchange rate
Most central banks have centralised communications teams
Result broadly similar across central banks in advanced and emerging market economies
BoE’s Broadbent denies money supply is driving inflation
Deputy governor says M4 growth neither driven by QE or particularly linked to inflation
Fed triennial study shows rapid growth in electronic payments
ACH payments contributed to 90% of non-cash payment value increases in three years
Italian PM considering sovereign wealth fund
SWF would support domestic industry and rely on “enormous savings”
Higher inflation and rates will not reverse asset diversification
Most reserve managers expect diversification will continue, whether unchanged, accelerated or at a slower pace
Most communications teams outsource tasks to external providers
Outsourcing more common among central banks in emerging markets
Structural reforms could ‘unleash’ Indian growth – IMF paper
Study highlights shift in sources of productivity growth in India
Zimbabwe will mint ‘digital gold token’, says governor
Mangudya says RBZ will offer “store of value” as alternative to foreign currency
Romer and Romer ask ‘does monetary policy matter?’ – again
Study based on “narrative approach” predicts major impact from recent Fed tightening
PBoC and MAS join forces to promote sustainable finance
New task force will work to align green taxonomies in China and Singapore
People: BIS appoints deputy head of MED
Riksbank to shrink board; De La Rue chair resigns; Hungary appoints MPC members
Above-target inflation main risk for reserve managers
Central banks rank geopolitical tensions as the second most pressing risk in 2023
Asset purchases stopped mutual fund crisis, ECB paper finds
ECB’s emergency purchases in Covid-19 pandemic prevented asset fire-sale spiral
Email and social media most common two-way channels
Central banks in emerging market economies prefer social media to email
Canadian RTGS system improves payments efficiency, paper says
Researchers examined transition from a hybrid high-value payment system to RTGS
Brazilian governor rejects senator’s rate cut ‘plea’
Campos Neto says he leads a “technical body that makes technical decisions”
EMEs now coping better with financial market stress – BIS paper
Authorities have tackled old vulnerabilities, but trouble is springing up elsewhere
Argentina raises rates 300bp and restricts access to dollars
Peso falls sharply in April as inflation soars and BCRA struggles to obtain hard currency
Suriname president signs central bank independence law
IMF currently withholding loan payments to corruption-plagued country