Russia
Gontareva on Ukraine’s funding, NBU policy and reconstruction
Former NBU governor Valeria Gontareva speaks about donor funding shortfalls, NBU policy and financial stability challenges, Nabuillina and the seizing of Russian assets, and post-conflict rebuilding and modernisation
Geostrategic risks now a major factor – CNB reserves head
Ondrej Strádal supports use of CBR reserves for reparations, is reassessing renminbi allocations and has US recession as a ‘base case’ scenario
Russian banks set to use digital ruble in 2024
Cross-border integration with “friendly countries” planned to bypass Swift
Ukraine’s wartime economy faces possible crisis
Foreign donors must increase financing of Ukrainian government, NBU ex-governor and current government adviser argue
How central bank mistakes after 2019 led to inflation
Central banks must acknowledge their own mistakes and outline concrete steps to restore the public’s confidence in their ability to ensure price stability, write Graeme Wheeler and Bryce Wilkinson*
The case for restoring the role of monetary aggregates
Tim Congdon argues that a surge in money supply in response to Covid-19 sparked heightened inflation and central banks need to refocus their attention on monetary aggregates
Bank of Russia cuts rates, but Nabiullina warns of volatility
Governor says inflation and currency are volatile, and “geopolitical situation” is creating uncertainty
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
US targets North Korean crypto hacking
Treasury seeks co-operation to better enforce sanctions on North Korea and Russia
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
Russian central bank lowers rates to pre-war level
Nabiullina warns tighter oil sanctions could still have serious impact on economy
Ukrainian debt holders brace for restructure
Investors could see a 40% haircut on the bonds, though final figure will depend on complex talks
Bank of Russia cuts rates again
Central bank says inflationary pressures are falling but economy faces considerable constraints
The green agenda dilemma
Central banks face a choice over whether to support national energy independence or climate goals, amid calls from some parties for higher inflation targets
Bank of Russia continues unwinding giant rate hike
Central bank cuts rate 300 basis points to 14%, in second reduction this month
BIS figures show banks cutting Russia exposures
Exposures down almost half since Russia annexed Crimea in 2014
NBU restricts crypto purchases to stem capital outflows
Ukraine continues to accept bitcoin, ethereum and tether for war effort
NBU plots path out of war economy
Ukrainian central bank turns to monetary financing as government struggles to pay for war
Nabiullina admits sanctions taking toll on Russian economy
Central bank preparing legal action in bid to unfreeze $300 billion of foreign exchange reserves
IMF raises red flags for global growth
Fund warns of global fragmentation as it cuts growth forecast and predicts higher inflation
Russian central bank cuts interest rate and lifts some restrictions
Effect of sanctions on Russian economy unclear, commentators say
Chinese draft law sets up financial stability fund
New government committee would oversee financial stability as concerns grow
Is a bond market crisis imminent?
Central banks need careful action and a good dose of luck if they are to avoid financial instability
Book notes: Cogs and monsters, by Diane Coyle
Coyle brings much-needed nuance to the debate over the shortcomings of economics