Central Banks
Covid stimulus did not trigger US inflation surge – NBER study
Working paper says QE and fiscal stimulus had minimal impact on price rises
Paper offers solution to EME monetary transmission puzzles
Price and exchange rate conundrums are interconnected, authors find
E-krona adviser on offline trials, legislative changes and rollouts of CBDCs
Sveriges Riksbank’s Johan Schmalholz speaks about latest CBDC developments on sidelines of Central Banking’s Windsor training series
Central bankers weigh up prospects for Project Nexus
Policy-makers from Asean states, India and EU discuss goals for multilateral cross-border payments link
ECB to introduce structural bond portfolio and LTROs – Schnabel
Executive board member says QT worries have not materialised
GCC central banks follow Fed by reducing rates
Saudi Arabia, UAE and Bahrain opt for 25bp cuts, while Qatar loosens by 30bp
Banxico working paper tackles ‘loan puzzle’
Study finds that banks increase credit to low-delinquency sectors following policy tightening
Most central banks forecast cash demand over one to three years
Median central bank expects 5% increase in cash in circulation in 2024
Book notes: The road to freedom: economics and the good society, Joseph E Stiglitz
A stimulating amalgamation of previous ideas presenting the kind of economic system most conducive to decent society
Fed makes post-presidential election rate cut
Chair Powell stresses Trump’s election as president will have no effect on policy in the near term and he has no plans to resign at Trump’s request
IMF paper tracks banks that are ‘keeping coal alive’
Pull-back of many lenders is leaving concentrated exposures and roll-over risk
Europe’s central banks diverge on monetary policy
Norway holds, while Albania, Czech Republic and Sweden proceed with cuts
Bank of England cuts policy rate to 4.75%
Policy committee votes by 8–1 to reduce bank rate by 25bp
Brazil maintains tightening stance with 50bp hike
Policy committee cites strength of economy and external uncertainty as reasons for unanimous decision
Bank of Thailand governor plays down case for retail CBDC
Sethaput says Asean countries already have good retail payments infrastructure
G+D dominates central bank note sorting
Giesecke+Devriant’s BPS M7 machine is very widely used among central banks
CBDCs may need to replace stablecoins – Treasury committee
US advisory body calls for creation of unified ledgers under central bank auspices
Georgia and Namibia sign MoUs with MAS’s new fintech network
Singapore’s GFTN agrees to provide advisory services to emerging economies’ central banks
Nearly half of central banks have access to cash policy
High income countries slightly more likely to maintain access to cash policies
Foreign policy impact on future FX reserves composition
Restrictive covenants in global financial safety net system drive fragmentation, while CBDCs and digital petroyuan may alter FX reserve investments
Portraits on banknotes: a study of the gender gap
Only Australia’s currency has gender parity; overall, less than 10% of portraited banknotes – excluding Elizabeth II – feature female images
Rate uncertainty means firms hire and invest less – BdF study
European companies hoard cash and reduce dividend payments when monetary stance is unclear