Russia
The always imminent demise of the global dollar
Creating effective alternatives will remain long and arduous despite China’s development of Cips, the mCBDC bridge and any oil-price redenomination, writes Barry Eichengreen

Bank of Russia restarts open FX trading to support ruble
Ruble will trade openly against yuan as Russian dependence on Chinese markets appears to grow

Reserve Benchmarks 2022 – presentation
Reserves specialist Victor Mendez-Barreira speaks about staffing and salaries, the inflation challenge, Bank of Russia sanctions, green investments, asset diversification, and reserve levels and liquidity lines

Ukraine accuses Russian governor of crimes during occupation
Security service says Nabiullina organised effort to create “ruble zone” in Russian-controlled Kherson
The rise of non-SDR currency reserves
New Cofer data release may show an overall fall in FX reserves, writes Gary Smith
The canary in the goldmine
Gold accumulation may herald broader concerns about dollar holdings, writes Jennifer Johnson-Calari
Armenia’s Galstyan calls for a new framework to tackle uncertainty and nonlinearities
Favours risk-management approach to policy and less emphasis on baseline forecasts that give false assurances
Banknotes: October to December 2022
A round-up of news and salient issues that have affected central bankers in the past three months
Central bank assets enjoy ‘99%’ immunity
Why central bank assets possess legal immunity – but not from sanctions
Bank of Russia says Putin’s mobilisation will hit demand
Kazakhstan rates rocket, while Azerbaijan central bank warns about fiscal policy
Banks in Kyrgyzstan suspend Mir
Operations limited in Kazakhstan, Uzbekistan, Turkey and Vietnam on threat of US sanctions
Demand for cash in turbulent times
Antti Heinonen analyses trends in cash use as Covid fades, but new shocks take its place
The race to adopt ISO 20022 payments messaging
Some do not plan to adopt the protocol, while others are preparing for a disjointed implementation
Ukraine: the challenges for central banks
Rules on the weaponisation of money would help to protect a ‘public good’ amid geopolitical splits in a testing environment for central banks, write Gavin Bingham, Paul Fisher and Andrew Large
Russia’s Mir forced into retreat
Banks and payment systems across Asia banish Russian cards after US warnings
US imposes sanctions on Russian governor
Treasury says Nabiullina and other officials have facilitated Russian invasion of Ukraine
Inflation: what went wrong, and why?
Three theories on the causes of high inflation and their implications for policy responses
Russian central bank cuts rates again but Nabiullina warns over deficit
Higher structural deficits would force central bank to raise rates, governor says
Economy’s ‘first responders’ now in the line of fire
Forceful but late interventions to combat inflation raise the risk of central bank overreactions
Bank of Russia says lenders have lost $24 billion
Central bank issues pessimistic forecast on oil earnings but says lenders are coping with sanctions
Will the dollar remain the world’s reserve currency?
Bank of Russia sanctions raise questions about the US dollar’s central role
Gontareva on Ukraine’s funding, NBU policy and reconstruction
Ex-NBU governor talks about fund shortfalls, finstab challenges, the CBR and post-conflict rebuilding
Geostrategic risks now a major factor – CNB reserves head
Ondrej Strádal supports using CBR assets for reparations, is reassessing RMB and expects US recession
Russian banks set to use digital ruble in 2024
Cross-border integration with “friendly countries” planned to bypass Swift