Russia
Iran and Russia to link banking systems to bypass sanctions
Move follows Iran’s signing of free trade “memorandum” with Russia-led EAEU
Sanctions fear drives surge in central bank gold purchases
China, Turkey and India are largest declared buyers, while Russia probably bought big quantities
IMF says global economy may be at ‘turning point’
China and India expected to drive half of global growth this year, but other economies are lagging
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 with Chris Jeffery 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
Central Bank of Armenia governor says central banks can start to regain credibility by admitting their mistakes. This could include employing a risk-management approach to monetary policy aimed at avoiding nonlinear ‘dark corners’ and placing much less…
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 jurisdictions 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?
Charles Goodhart and Manoj Pradhan detail three theories on the causes of high inflation, as well as 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 are unlikely to undermine the US dollar’s central role in reserve portfolios. But a relative decline in US economic weight and technological innovation are benefiting other currencies