International
People: Saudi Central Bank appoints two vice-governors
BIS names heads of key committees; senior officials quit US Office of the Comptroller of the Currency
Knot says financial stability risks are growing
FSB chair says emerging economies are particularly vulnerable as financial conditions tighten
Swift gears up for innovation around digital currencies
Head of innovation at global payments messaging provider is focused on CBDCs, tokenised securities and artificial intelligence
Book notes: Harry White and the American creed, by James Boughton
This book offers a deeper understanding of the hugely influential IMF founder and his work, but fails to resolve espionage charges
CPMI creates framework for linking payments
Linking and use of APIs could cut need for long chains of correspondent banks, report says
Cash, not trash: the second lives of substrate
Central banks and their banknote providers are taking a range of approaches to recycling cash
Big tech links are ‘policy blind spot’, says FSI
Basel-based institute says tech firms are “increasingly intertwined” with financial sector
FSB cross-border payments work hampered by data problems
Measuring progress “will not be straightforward”, working group says
Quarterly forecast updates are the norm at central banks
Forecasting tends to be a collaborative exercise between staff and policy-makers
Labour market power can explain ‘wageless recovery’ – IMF paper
Monetary policy can cut unemployment without raising wages where bargaining power is weak
IMF set for governance reform in wake of ‘Doing Business’ controversy
Board to make changes to data integrity, whistleblower protection and dispute resolution
Basel Committee proposes capital add-ons for crypto exposures
Committee tightens proposed rules in several areas following high-profile crypto failures
Top central bankers admit inflation models fell short
Reliance on Phillips curve and demand-driven models may have created blind spots
BIS says central banks must act ‘decisively’ on inflation
Tightening policy hard and fast may be central banks’ best shot at engineering a soft landing
BIS balance sheet buffeted by market turbulence
Institution still turned a profit in the year to March 2022
IMF paper proposes ‘policy space index’
Authors try to quantify countries’ room to respond to a “black swan” event
Legal certainty: the Achilles’ heel for CBDCs?
Many central banks lack legal certainty when it comes to issuing digital currencies, despite all the research and trials. Isn’t it time to get the lawyers involved?
BIS unveils ‘post-quantum cryptography’ project
Innovation Hub centres will also explore climate disclosures and CBDC security
IMF chief economist says geopolitics is undermining dollar dominance
Sanctions may have triggered a reassessment of dollar assets, says Pierre-Olivier Gourinchas
People: IMF names new Asia-Pacific head
New deputy governors in Jamaica and Azerbaijan, and more
Filipe Dinis on Bank of Canada’s cyber strategy and tackling cyber risks
The Canadian central bank’s chief operating officer calls for heightened vigilance, more collaboration, info sharing and tabletop exercises, and less reliance on similar, siloed systems
Banknotes: April to June 2022
A round-up of news and salient issues that have affected central bankers in the past three months
Nearly 30% of central banks implementing instant payments
Over half of respondents already oversee or operate instant payments
Understanding informal remittances
Better tracking of remittance flows could give central banks valuable insights to support policy, say Deepali Fernandes, Amil Aneja and Azar Sultanov