Africa
People: Head of Bank of Mauritius to step down
Plus: Ethiopia appoints governor and EBA chair announces departure
Central banks on average intervened in FX markets 21 times in past year
Minority of respondents expanded access to swap lines
Sarb pauses easing cycle as inflation ticks up
Bank cautiously optimistic about growth, but wary of expectations becoming unanchored
Majority of reserve management strategies unchanged by US tariffs
Some central banks have changed duration or currencies, but for most, business remains as usual
Bank of Ghana makes higher-than-expected rate cut
Central bank strikes bullish tone over prospects for economic growth and reduction in inflation
Securities lending banks engage external managers for new assets
Allocation to third parties rises year on year to 15.6% on average
Investment remains largest tranche of most FX reserves
Asset-screening central banks more likely to operate other tranches
Smaller reserve holders rarely lend securities or conduct stress tests
CVAR remains widely used risk management technique
Reserve managers typically do not employ negative screening
Central banks with short-term import coverage more likely to utilise tool
Many managers assess reserves with benchmarks and other approaches
Central bank board remains top body granting approval for reserve benchmarking
Bank of Burundi to overhaul country’s market operations
Central bank teams with LSEG to upgrade east African country's financial market infrastructure
European central banks shift reserves from US Treasuries to euro assets
US Treasuries still make up largest share of respondents’ reserves globally
Two in five large reserves holders reduce dollar allocations
Yet central banks’ FX holdings remain broadly denominated in US currency
Reserve managers widely satisfied with staff strength and resources
Large reserve management teams tend to earn higher salaries
Ethiopian governor resigns
Mihretu to leave central bank following two years characterised by major economic reforms
The next step for Africa’s digital economy: fast, inclusive payments
Central banks should lead policy for a payments transformation that benefits all levels of society, argue Jean Pesme and Michael Wiegand
Six central banks report increase in AML/CFT risks
Nine in 10 institutions indicate having sufficient powers to deal with risks
Zimbabwe’s wholesale payment system goes down
Central bank’s website and RTGS experience outage due to “technical challenge”
Central banks see cyber attacks as key financial stability risk
Respondents also reveal other elevated risks, including geopolitics and tariffs
Financial conditions help explain policy stance in Africa – IMF paper
Study says r* is not a sufficient guide to monetary policy when transmission mechanism is impaired
Cyber attacks rise in three-fifths of jurisdictions
Central banks lacking incident response team report highest rate of attacks
People: BSP appoints new deputy governor for supervision
Plus: Kenya lines up Nokia’s country chief for seat on board, and head of US crypto council steps down
Majority of central banks have analysed effects of tariffs
Spike in levies seen as having varying degrees of impact on financial stability
Rates round-up: African central banks hold steady
Mauritius, Namibia, Uganda and Zambia leave policy unchanged, while Kenya cuts