Argentina
Argentina’s governor reflects on reserve management rebuild
After liberalising the exchange rate in 2016, the country adopted new asset-allocation strategies
Latin American markets were hit by 2010 US ‘flash crash’, DNB paper finds
Fall was driven by equities markets’ interdependence, not contagion, researcher argues
CPMI adds three new members
All G20 members and more emerging markets are now represented
FSB: cryptocurrencies too small to be major threat
Limited links to real economy imply crypto assets may avoid regulatory crackdown for now; work continues on consumer protection
The winners of the 2018 Central Banking Awards
Bank of Canada wins Central Bank of the Year, Lesetja Kganyago picks up Governor of the Year and Perng Fai-nan receives Lifetime Achievement Award; 16 more awards unveiled
Combined nowcasts can improve GDP estimates – paper
Paper compares performance of nowcast models in estimating GDP from 2016–2015
Argentina cuts rates, but keeps focus on inflation
Analysts express concerns over the decision, as inflation remains high
Argentina lifts target as inflation persists
IMF recommended keeping tighter monetary stance in latest report in December; Argentina’s move could impact central bank credibility
Lower inflation brings relief for Argentina’s central bank
Central bank leaves interest rates on hold at 28.75%, as year-on-year inflation lowers to 22.5%
Argentina raises interest rates in pursuit of lower inflation
Despite declining core inflation, higher fuel prices could pose a threat to the central bank’s 2018 target; central bank raises rates to 23.75%
Argentine central bank can progress without independence law – chief economist
Pablo Neumeyer says current policies are working and may create the consensus for future law
Argentina attempts to speed up financial transactions
The central bank will allow the public to directly submit their tax returns to banks, as part of a series of measures designed to boost credit
FSB urges Argentina to review macro-pru framework
International body encourages the central bank to consider creating financial stability committee, while improving co-ordination with regional regulators
Archive – Interview: Allan Meltzer
Robert Pringle talks to Allan Meltzer, Carnegie Mellon professor and chair of the US Congress’s International Financial Institution Advisory Commission (the “Meltzer Commission”); first published in February 2003
Argentine governor acknowledges rate cuts were too abrupt
Sturzenegger acknowledges central bank loosened monetary policy too abruptly in late 2016, but he says the bank still has tools to stimulate growth expanding access to credit
Argentina expands collateral for farmers
The central bank aims to expand credit for the key agricultural sector
UK’s Royal Mint to supply 150 million Argentinian peso blanks
The UK’s Royal Mint will ship coins, along with equipment, to Argentinian mint, where engineers will help with the final design stamping
IMF’s Werner: Latin America must keep debt under control
Western hemisphere chief says there are some concerning signs on debt, although the risk of a systemic crisis is low; region well placed to weather Fed shock
BIS paper says macro-pru is better when partnered with monetary policy
Macro-pru does not work as well when it acts as a substitute for monetary policy when dampening credit cycles; when deployed as the main instrument, policies prove very successful even in the short term
Chile’s Marcel praises Argentine reforms
IMFC chairman says reforms have “paid off”, helping the country re-enter the global economic stage; lifting of capital controls and export restrictions will contribute to Argentina’s growth in 2017
Brazil central bank steps up pace of rate cuts
Inflation outlook “favourable” with target likely to be achieved by 2018; government pursuing tough fiscal reform
Argentina’s central bank reverses course on interest rates
Central bank hikes rate on its 35-day Lebac bonds to 26.25% on the back of higher-than-expected inflation figures
Central Bank of Argentina makes third cut in three weeks
Central bank cuts rate on its 35-day Lebac bonds to 25.25%, with analysts expecting further cuts to come as the institution begins transition to new monetary policy instrument
IMF praises Argentinian central bank for proposed changes to monetary policy framework
IMF encouraged by Argentina’s progress but says more effort required to strengthen monetary policy framework, including granting central bank operational independence