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2025: The year in central banking
A look back at the biggest and most popular stories of the year
Scenario analysis difficult to get right, say BoE watchers
Economists welcome attempt to convey uncertainty but criticise aspects of central bank’s reforms
EMs gain less from GenAI adoption than AEs – BIS study
Service economies with strong digital and legal frameworks best placed to benefit from AI
Households ‘open’ to digital euro regardless of holding limit – ECB
Customers would only allocate €500 of €10,000 gift into digital euro, study finds
China launches ‘credit repair’ scheme to boost lending
Overdue personal debt of up to 10,000 yuan to be removed from database if debtor repays by March
Dollarisation tends to come in waves – Fed researchers
Authors say the euro once may have been a rival to the dollar
People: Lepushynskyi named NBU deputy
Plus: Grym gets new BoF role and Finma appoints insurance head
Russia makes 50bp cut, citing falling inflation
Central bank says pro-inflationary risks are still greater than disinflationary ones
EU council gives digital euro the provisional green light
ECB says it is ready for 2029 issuance once parliament and council have given their final approval
Central Bank of Hungary to exhibit art collection
Works currently held in storage or on bank premises will be displayed in museums, governor says
Book notes: Money in crisis, by Ignazio Angeloni and Daniel Gros
This book should be essential reading for policy-makers at a time of uncertainty and technological change
BoJ raises policy rate to 30-year high
Japan’s central bank, as expected, hikes rate to 0.75% and indicates further tightening to come
Federal funds rate is not optimal, study warns
Dallas Fed research says transmission to other markets has deteriorated in recent months
Mutual funds amplify FX sensitivity to capital flows – study
Investment in Swiss bonds increasingly linked to franc’s value, SNB paper finds
National central banks hold rates across Europe
Albania, Czech Republic, Hungary, Norway and Sweden all leave policy unchanged
European Central Bank holds rates
Updated forecast includes higher inflation and growth figures
BoE cuts rates by 25bp in another knife-edge decision
Doves see cold labour market while hawks fear ‘structural changes’ in wage-setting behaviour
World’s largest CSD moves to tokenise Treasuries
DTCC subsidiary with $100 trillion under custody to partner with Digital Assets’ blockchain
Nigeria revokes mortgage lenders’ licences
Central bank says closure of Aso and Union Homes due to poor compliance culture
Indonesia holds as Thailand eases policy
Economists predict both countries’ central banks will aim for looser liquidity in 2026
Communications Benchmarks 2025 – model banks analysis
Data breakdowns reveal trends in resourcing, social media use and AI adoption
BdF to green its corporate bond holdings by end of 2026
Governor calls for fight against climate denial on 10th anniversary of Paris Agreement
How Bessent learned to stop worrying and love the T-bill
Short-dated issuance shows no signs of slowing. Some fear it could end badly.
Bostic says Fed is risking its credibility over inflation
Governor questions whether public will ‘lose faith’ after five years of above-target price rises
Serbia vows to ‘prevent unjustified pressure’ on FX market
Central bank says it will fight for stability as crisis prompts citizens to swap dinars for euros
Chile lowers rates by 25bp to 4.5%
Central bank makes second cut of 2025 as inflation nears 3% target
New capital requirements will reduce borrowing costs – RBNZ
Lenders to hold substantially less than under previous recommendations
BoT proposes agency to oversee gold trade amid baht appreciation
Economist says greater oversight would slow dollar-baht trade, but underlying issues may persist
Payment fraud rose to €4.2bn in 2024, say ECB and EBA
Users, not providers, took ‘substantial’ share of related losses, report finds
NBFIs grew twice as fast as banks in 2024, FSB finds
Annual report highlights strong growth in investment funds but flags lack of data on private credit
Fed vice-chair calls US labour market ‘anaemic’
However, Williams also expects economy to ‘pick up steam’ over coming years
Argentina to reform exchange rate regime and buy more FX
From January, currency band will widen by an amount equivalent to monthly inflation rate
Austrian authorities to co-operate on cyber security
Central bank signs accord with ministry and financial regulator to strengthen collaboration
DBS becomes Singapore’s second RMB clearing bank
PBoC and MAS agree to deepen collaboration on securities, e-CNY and other areas
Richard Doornbosch on central banking in a tempestuous climate
The Curaçao and Sint Maarten president speaks about addressing legacy financial scandals, transition to a Caribbean guilder, tapping gold holdings and managing a currency peg at a time of US policy uncertainty
Central banks finding new ways to tackle uncertainty – BIS study
Policy-makers using more scenario analysis and high-frequency data, survey finds
Communications Benchmarks 2025 – executive summary
Benchmark data sheds light on topics including social media use, comms strategies and stakeholder engagement
Hawkish RBA comments wrong-foot Aussie dollar rates traders
Governor Bullock’s unexpected rate hike talk led to stop-outs and losses
Russia’s Euroclear lawsuit ‘an empty gesture, but not meaningless’
Central bank will use Moscow courts to bolster claims for compensation in international forums, say experts
Norges Bank to pay dividends to government by selling FX
Central bank to transfer Nkr30 billion in dividends and interest payments
China to continue ‘moderately loose’ monetary policy in 2026
PBoC plans to work with other agencies in effort to boost consumption
Time to make doves cry
Jagjit Chadha warns of the perils of discretion as UK inflation is not securely converging on the target
All regional Fed heads reappointed for five-year terms
Renewals of presidents’ and vice-presidents’ terms allay fears of political interference
ECB looks to simplify bank regs, supervision and reporting
Recommendations include merged buffers, lesser reporting burdens and an easier life for smaller banks
European lenders are making polluters pay – ECB study
Firms looking to fund projects near ‘biodiversity-sensitive’ areas face worse borrowing conditions
BIS tests tokenised FX settlement in instant cross-border payments
Minimal tech upgrades proposed to link central bank money on DLT across Europe and Asia
Bank notes: October to December 2025
A round-up of news and salient issues that have affected central bankers in the past three months
Is this the end of dollar dominance?
Steve Kamin tracks evolving investor attitudes to the US in the wake of 'Liberation Day'
Manufacturing will not be jobs engine in US – St Louis Fed study
Authors say periods of rising productivity in sector have been accompanied by drops in employment
Water scarcity threatens economies, IMF and BIS warn
Studies say impacts on growth, inflation, fiscal policy and balance of payments are likely to worsen
