International Monetary Fund (IMF)
Reformed IMF could strengthen global safety net – paper
Improving the International Monetary Fund may require revised toolkit; global financial safety net is failing in many regards, and needs reform, IMF policy paper says
Solomon Islands urged to include renminbi in exchange rate basket by IMF staff
IMF staff suggest changes to exchange rate regime; Solomon Island authorities will consider expanding basket, but reject suggestion of using cash reserve ratio to mop up excess liquidity
AFI’s Hannig sees central banks bolstering resources to drive inclusion
Alfred Hannig expects central banks gradually to increase resources devoted to inclusion as they take more responsibility for the area; Alliance for Financial Inclusion announces independence
IMF urges Mauritius to form macro-prudential authority
Central bank would have “prominent” role in new authority; as a first step, IMF staff recommend establishing a technical group featuring representatives from multiple stakeholders
Global financial safety net relies on maintaining IMF resources – paper
Regional funding arrangements and credit swap lines have grown in importance in providing support in times of stress, but maintaining IMF funding remains key, paper says
IMF staff praise Colombian policy mix as central bank hikes by another 25bp
Co-ordinated policy action is supporting “orderly adjustment” in Colombia’s economy, IMF staff say, including good pass-through of rate hikes; central bank continues to tighten
IMF paper explores spillovers from conventional and Islamic finance
Research considers how monetary policy should adapt to the different stages of development of Islamic finance, and its interactions with conventional finance
IMF will ‘take stock’ of capital flow policies
IMF may undertake further work on capital flow management and foreign exchange interventions if analysis highlights need for it; fund will also re-examine global safety net
IMF paper examines effect of ‘winning the oil lottery’
Research into the impact of oil discovery in certain municipalities in Brazil shows GDP per capita and urbanisation on the rise
Rajan offers solution to global policy spillovers
RBI governor sketches rating system designed to hold central banks to account; frank discussion may be enough, he says, but tougher rules in the style of Bretton Woods are also an option
Paper uses machine learning to nowcast GDP in Lebanon
Working paper published by IMF explores use of machine learning technique in assessing economic conditions in Lebanon, where analysis is a ‘distinct challenge’ on account of data lags
Montenegro should create dedicated ELA ‘subaccount’ – IMF staff
Euroisation is hindering the Central Bank of Montenegro’s ability to act as lender of last resort; IMF staff call for a strengthening of ELA capacity through a “subaccount”
IMF’s Viñals announces ‘long and testing to-do list’ for policy-makers
Viñals says the plan for ‘great normalisation’ is more urgent than ever; calls for policy action beyond monetary and financial measures
Paper finds evidence in favour of ‘exchange-rate-anchored inflation targeting’
A working paper published by the IMF finds ‘tight management’ of the exchange rate can help support inflation targeting in ‘less developed countries’
Institutions agree to mission to check on Greek reforms
Representatives of European and international institutions have agreed to send a team to Athens to check on reform progress; visit is necessary to allow bail-out to continue
Ukraine eases domestic currency and forex restrictions
Ukraine’s central bank loosens restrictions on foreign and domestic currency deposit withdrawals; Gontareva says Ukraine is on track to hit inflation targets but warns of political risks
Renminbi to be identified in IMF Cofer database
IMF countries able to record renminbi holdings from October; inclusion in database recognises "continuing internationalisation" of currency, staff say
IMF welcomes Indian inflation progress, but RBI should ‘stand ready’
IMF welcomes progress made with inflation targeting in India; calls for “growth-friendly” fiscal consolidation to support monetary policy
Moldovan parliament nominates central bank governor
Moldovan parliamentary committee names a former senior manager with BNP Paribas to replace the embattled central bank head
Research calls for better understanding of ML/TF risks in Islamic finance
Working paper published by International Monetary Fund warns there is ‘no common understanding’; some risks may be the same as in conventional finance, but some may not
Snapshot: IMF reveals staff views on Argentina
IMF releases informal briefings compiled 2013-2015 in absence of Article IV; staff highlighted adverse effects of central bank and banking sector financing of government
IMF to publish informal briefings on Argentina
Staff compile informal briefings on countries when they fail to complete Article IV consultations; IMF will grant request from Argentina to publish those produced 2013-2015
IMF urges ‘comprehensive approach’ to growth that reduces reliance on monetary policy
International Monetary Fund calls for coordinated policy response ahead of G20 meetings; policy-makers ‘must act now’ to implement strategies
IMF staff want better co-ordination between Kyrgyz government and central bank
Reforms are needed to strengthen the legal basis of the central bank and improve monetary policy traction in the country, staff say; better co-ordination is needed on government deposits