Feature
A turning point for reserve managers?
After many central banks’ reserves declined in 2022, how should managers evaluate their fixed income investment policies in an uncertain period following years of unprecedented shocks?
Fixed income in reserves
Central Banking speaks to four officials about their fixed income investments and how monetary policy and inflation interact with reserve management.
Banxico's García on reserve risks: inflation, market volatility and war
Gerardo García, director general of central banking operations at Bank of Mexico, discusses fixed income, including US Treasury and mortgage-backed securities (MBS) dynamics, currency diversification, the value of external managers and his extensive use of derivatives, including USD/JPY basis trades.
The predicament of bloated central bank balance sheets
Swollen balance sheets carry significant risks for combating inflation, ensuring financial stability and preserving central bank credibility, independence and effectiveness. How can central banks reduce them?
Buy side reflects on BoE’s gilt liquidity lifeline
Lending facility could prevent repeat of last year’s LDI crisis if properly designed, pension and insurance experts say
Rate hikes: too much, too late – and now too dangerous
Why monetary tightening risks a global credit crunch
ECB: from a supply to a demand-driven floor?
Eurozone’s central bank expected formally to abandon corridor in forthcoming operational framework review
Fed throws curveball with agency clearing surcharge proposal
Revived plan could see capital for G-Sibs’ client clearing jump 40 times, says industry body
When £1 is not £1
Gabriel Stein examines the risks from introducing a CBDC should its value diverge from that of physical currency and bank deposits
Climate change: a new financial risk for central banks
Overcoming ‘analysis paralysis’ and the lessons in capturing climate-related financial risks on the Deutsche Bundesbank’s balance sheet
Why fear, paranoia and distrust swirl around CBDCs
Populists and conspiracy theorists are exacerbating public concern about retail CBDCs. What can central banks do about it?
Central banking against a full-scale war
NBU governor Andriy Pyshnyy shares seven statements about ‘antifragility’ and ability to function under uncertainty – and succeed
Central Banking FinTech RegTech Global Awards 2023
Central Banking’s sixth annual FinTech RegTech Global Awards showcase the ground-breaking projects undertaken within the central banking community
To govern well, manage ‘enterprise’ risk
Effective risk management should be governance-oriented and top-down; not operationally oriented and bottom-up, writes John Mendzela
The allure of private markets
SWFs have piled into the asset class while reserve managers remain wary
Central bank negative equity: a risk governance perspective
Janet Cosier explains how risk planning, recapitalisation and transparency are key as central banks incur financial losses
Climate change and the role for central banks
Gavin Bingham, Andrew Large and Paul Fisher explain how climate change affects central banks and the competing tensions it raises in relation to policy responses
Lifetime achievement: Stefan Ingves
Modest man from the Finnish ‘boonies’ has had a major impact on international central banking
OK regulator? How AI became respectable for AML controls
Dutch court case pressures supervisors to accept new tech; explainability the key challenge
Marks (and sizes and colours) of distinction
Many central banks make an effort to make cash accessible to blind and partially sighted users
Can new BoJ governor Ueda maintain his neutral position?
Kazuo Ueda will face divided views on monetary easing and its growing side-effects when he takes office, writes Sayuri Shirai
Wanted: radical ideas for inflation modelling
Hedge funds echo Mervyn King’s calls for a new approach to inflation modelling post-2022 crisis
Eight key elements to managing a central bank
Peter Nicholl describes critical lessons he learned while developing governance and capacity at the CBBH
The behind-the-scenes effort to convert Ukrainian refugee cash
How central and commercial banks worked to allow Ukrainians to exchange cash in wartime