International Monetary Fund (IMF)
IMF staff identify ‘priority areas’ for SSA reform
Staff members in the IMF African department chart the progress of financial development in sub-Saharan Africa, the challenges that remain and how they might be addressed
Sveriges Riksbank strikes $500 million swap deal with National Bank of Ukraine
Sweden’s central bank could sell up to $500 million over the next six months under the agreement, despite one deputy governor objecting to its acceptance of the responsibility
Flaws in banking laws common across countries, working paper finds
IMF working paper examines the weaknesses in specific banking laws, concluding they are not country specific; seeks to provide a blueprint for ways to improve
IMF paper challenges idea of debt threshold effect
Countries with high levels of public debt can grow just as fast as their peers, provided the debt is on a downward trajectory, research finds
IMF urges central banks to retain easy monetary policy
Ahead of the G20 meeting in Turkey the IMF prepares a briefing on policy challenges; tells central banks to prevent real interest rates from ‘rising prematurely’
IMF paper explores capital inflows and credit growth
Working paper finds an increase in capital inflows can fuel credit growth, but it depends on their composition; no ‘significant’ connection with foreign direct investment
Jin Liqun aims for ‘strong culture’ at AIIB as he is named president-elect
Asian Infrastructure Investment Bank set to be launched before the end of 2015; head of interim secretariat Jin Liqun selected as ‘president-designate’ at meeting in Tbilisi, Georgia
IMF extends current SDR basket by nine months
Fund stresses the extension does not ‘prejudge’ its decision on including the renminbi in the basket; final decision still expected this year
IMF paper: capital inflows work differently on credit for households and firms
The composition of capital inflows affects whether and how they cause credit growth, IMF working paper says
Iceland’s Guðmundsson sees role for IMF as arbiter of capital flows
Small open economies are being forced to take sub-optimal actions to defend themselves from capital flows, and while global ‘rules of the game’ are far off, IMF monitoring could be a first step
IMF presses for Greek debt relief as Eurogroup meets
Fund official says decision must be taken on debt relief before IMF will consider providing new funds; leaked document suggests ECB and Commission are concerned about sustainability
Serbian central bank resumes monetary easing
The National Bank of Serbia cut interest rates by 50bp in a bid to revive a fragile economy
IMF paper finds standard risk metrics perform poorly with low financial depth
Authors find ‘excess credit’ is a better early warning indicator for financial instability than credit-to-GDP where countries have limited financial depth
Greek memo reveals commitments necessary to access bailout funds
Leaked document shows string of ‘prior actions’ government must complete before it can access up to €86 billion of euro funds
IMF offers PBoC cautious approval as renminbi slide continues
Fund urges China to aim for free float in next few years; PBoC insists there is 'no basis' for prolonged slide in currency as yuan falls for a second day
PBoC opens renminbi up to market forces
Latest move towards liberalisation appears to be aimed at meeting criteria for inclusion in SDR basket, but also provides stimulus to flagging economy
African central banks must heed changes to inflation drivers, study argues
IMF working paper argues policy-makers in sub-Saharan Africa may have to pay more attention to inflation now demand shocks exert greater influence on prices
Chile and IMF divided on potential growth
Latest staff report reveals difference in views on long-term growth of the Chilean economy, in line with earlier comments made by the central bank governor
Bank of Central African States floats novel way of pooling reserves
IMF urges member states in Central African Economic and Monetary Community to comply with requirement to pool FX reserves and earnings; BEAC proposes new method for achieving this
IMF leaves door open to renminbi inclusion in SDR basket
Report says renminbi is lagging behind the four currencies in the current basket, but decision is still wide open; IMF also considering extending existing arrangement by nine months
IMF warns on sanctions impact as Russia cuts rates
Article IV report highlights problem of high inflation and low growth, coupled with financial instability resulting from sanctions, and calls for rate cuts to continue at a 'prudent pace'
China market turmoil shouldn't affect SDR decision, Lagarde says
IMF chief defends Chinese government efforts to prop up stock market, praises reform tempo at first-ever virtual press conference
IMF laments lack of progress on global imbalances
Fund calls on both surplus and deficit economies to redress imbalances, arguing this would support global demand management and growth
IMF flags potential scarcity of sovereign bonds in Europe
‘Selected issues paper’ warns a shrinking pool of securities could ‘pose challenges’ to the implementation of the ECB’s quantitative easing programme