Central Banks
The distant cry of hawks? Fed begins tightening talk
Richard Clarida gives a date for hiking interest rates, as debate on taper timing continues
Central banks split on non-bank access to RTGS systems
Benefits of innovation must be weighed against risks of financial instability
CNB continues tightening cycle with 25bp hike
Board opts for additional hike as forecasts point to short-term inflation surge
Brazil accelerates tightening cycle with 100bp rate hike
Central bank takes key policy rate to 5.25%, as inflation increased by 8.4% in June
Iran’s Hemmati warns against monetary financing
Former governor mounts criticism of departing President Rouhani
BoE on hold as inflation looks set to soar to 4%
Committee hints at need for “modest tightening” soon, but says asset purchase programme will not unwind until interest rates reach 0.5%
The renminbi’s inclusion in the SDR adds impetus to its internationalisation
Bank of China (Hong Kong) highlights the importance of opening up the onshore renminbi (RMB) foreign exchange market and improving the development of offshore RMB FX markets
Armenia and Georgia raise policy rates
Caucasus states follow Russia in anti-inflationary moves
Bank of Thailand holds main rate in split vote
Growth forecast dives again as Thailand battles Covid-19 surge
Central banks’ payments operations staffed more than oversight function
Advanced economies tend to have higher staff numbers in both functions
‘Unstable, unreliable and temporary’: paper explores global co-operation
Policy-makers should heed JM Keynes’ 1919 warning, say Michael Bordo and Catherine Schenk
Spain’s interior vulnerable to loss of cash access – Bank of Spain
Rural areas have older populations and rely more on cash, but banks are closing branches
ECCB extends digital cash to St Vincent
CBDC pilot expanded to fifth country as it struggles with aftermath of volcanic eruption
Why diversity matters for economic policy
The head of the Cleveland Fed's new Program for Economic Inclusion, Dionissi Aliprantis, explains why diversity should be an important factor in the US central bank's decision-making
Criteria for systemically important payment infrastructure differs
Thirty-one out of 37 central banks said they designate systemically important payment infrastructure
Fed reverse repo demand tops $1 trillion
New York Fed facility sets latest in series of record volumes
RBNZ to tighten loan limits as house prices continue to rise
Tougher loan-to-value limits could be followed by rate floors or debt service limits
FCA mulls removing decision-making powers from senior committee
Decisions regarding firms failing to meet FCA standards would be taken by FCA staff instead
IMF governing board signs off on ‘historic’ SDR allocation
Decision paves way for $650 billion worldwide infusion of liquidity later this month; mechanism for rich countries to pass on their share still unclear
Moldova raises interest rates 100bp
Central bank cites “persistent” inflationary pressures, though rate is below target
PBoC to support green finance with low-cost funding
Bank says it will extend its tougher regulation of crypto assets
Podcast: Why forward guidance needs guidance
Richard Barwell, head of macro research at BNP Paribas Asset Management, discusses the limitations of forward guidance and what central banks must do to improve their communications
Oversight functions stifled by lack of resources, some central banks say
Skills and resources were identified as limiting factors, as well as the challenges of a recently formed oversight function