Central Banks
Philippines resumes easing cycle with quarter-point cut
Inflation slows but growth risks increase amid “more challenging” external environment, BSP says
Central bank independence helps price stability – ECB paper
Research shows that greater autonomy means more policy discipline and enhanced credibility
Governance Benchmarks 2025 report – independence amid turbulence
Benchmarks highlight pressures on independence but most say protections are sufficient
US Treasury volatility highlights repo market risks
Yields spiked overnight as tariffs came into effect, piling pressure on heavily leveraged hedge funds
EU policy-makers lash out at Trump’s trade policy
Central banks say tariffs will create “many losers” in both Europe and the US
Reserve Bank of India cuts benchmark rate to 6%
RBI hails fall in food inflation, but revises growth forecast down because of US tariffs
CFOs gloomy about impact of tariffs on US – Atlanta Fed study
Survey shows C-suite’s early worries about trade barriers
Kenya cuts benchmark rate to 10%
Central bank says easing necessary to boost lending to private sector and stimulate growth
New Zealand makes rate cut in response to tariffs
RBNZ eases policy by 25bp and points to trade war’s downside risks to growth
Trade fragmentation could depress growth – BoE
Volatility has increased “significantly” though market functioning remains “orderly”, FPC says
Iraq launches plan to reform banking sector
Central bank says programme will enhance financial inclusion and raise productivity
Jamaica to phase out cotton banknotes by July
Central bank says denominations between 50 and 5,000 Jamaican dollars will be affected
Current and former Fed officials lambast Trump tariffs
Bloom Raskin says central bank is now “last bulwark” against measures’ inflationary impact
Syria appoints new central bank governor
Abdul Qader al-Husriya takes over from interim governor Maysa Sabreen
Bank of Spain denies it is withdrawing €50 bills
Central bank says UK tabloid stories are the result of fake news rather than fake notes
PBoC backs state fund’s efforts to stabilise stock market
Chinese central bank also fixes currency at lowest level since September 2023
Bank of Ghana needs recapitalisation – study
Economist says measure could be funded through natural resources and remittance payments
RBNZ extends acting governor’s term
Christian Hawkesby to remain in place for six months while board looks for permanent governor
Nigeria sells FX to offset tariff-induced volatility
Oil-exporting country also affected by decline in commodity prices
Book notes: Unexpected revolutionaries: how central banks made and unmade economic orthodoxy, by Manuela Moschella
This book delves into the political science perspective of central banking since the 1970s but lacks nuance and depth
Libya devalues currency as public spending soars
Declining oil revenues and excess demand for FX have eroded reserves, central bank says