International Monetary Fund (IMF)
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
Varoufakis reveals covert plan for parallel Greek currency
Secret plan to create payment system using accounts attached to Greek tax numbers was designed to be activated if the country came close to exiting the euro
Some emerging markets still dangerously exposed to dollar debt, IMF warns
Spillovers report underscores the importance of net/gross distinction, as improvement in net debt position provides fig leaf to some countries that may be overexposed to US dollar appreciation
IMF urges Bank of Japan to 'stand ready' to up asset purchases
Article IV report says Bank of Japan should improve communication and be prepared to expand easing measures, as weak policy transmission creates a ‘conundrum’
IMF calls on East African Community to explore risk-sharing
Paper explores the nature and prevalence of asymmetric shocks in the EAC, concluding it is ‘critical’ it has shared mechanisms for absorbing them when its members form a monetary union
IMF paper: commodity prices are largely demand-driven
Working paper explores systemic risk, aggregate demand and commodity prices, finding the latter to be largely demand-driven, a conclusion they extend to non-core inflation
Greece uses bridge loan to repay IMF and ECB
Loan received today used immediately to repay debts, while government works to unlock full bailout; Ben Bernanke joins debate with criticism of German trade surplus
IMF paper offers advice on Asian financial integration
Authors suggest improvements to the sharing of information, trade integration, capital market development and a common regulatory framework to improve financial integration in Asia
Obstfeld will succeed Blanchard at IMF
Lagarde praises the ‘outstanding academic credentials’ of Obstfeld as she announces his appointment as economic counsellor and director of research
IMF researchers find FX interventions can help tackle pressures from global capital flows
Working paper penned by team including Olivier Blanchard takes new approach to endogeneity problems, finding foreign exchange interventions can stem appreciation pressures from global flows of capital
IMF economists release study on LTV and DTI limits in six countries
Working paper studies the implementation and effectiveness of loan-to-value and debt-service-to-income limits in Brazil, Hong Kong, Malaysia, Poland, Romania and South Korea
IMF calls for Greek debt relief ‘far beyond’ EU plans
Memo warns public debt is ‘highly unsustainable’ and European leaders will need to provide much greater debt relief than they have discussed up to this point
Bulgaria names Dimitar Radev central bank governor
Parliament appoints former IMF economist Dimitar Radev as governor of the Bulgarian National Bank, bringing to an end Ivan Iskrov’s 12-year reign
Former Afghan governor returns for second term
Khalilullah Sediq takes over for a second time as governor of the Bank of Afghanistan, following a spell in the private sector
IMF wants new fund with ability to extend ELA in Bosnia and Herzegovina
Staff suggest creating financial stability fund that can provide liquidity support to stressed but solvent banks, which the currency board arrangement prohibits the central bank from doing
Greek crisis enters critical weekend
Negotiations enter final days, with European authorities scrambling to assess whether new proposals go far enough; Greece has backers, but Germany must still be persuaded