Central Banking
US stagflation risk is significant and rising, experts say
Path of tariffs will largely determine level of risk, academics tell Central Banking
Bank of Japan holds rates amid trade uncertainty
Strong wage growth underpins economic recovery but central bank remains wary of US tariffs
US dollar dominance: beyond the ‘exorbitant privilege’
Biagio Bossone argues that dollar ‘seigniorage’ extends into the very structure of global finance and its ‘exorbitant privilege’ is worth up to $804 billion annually
MNB funds funnelled through ‘impenetrable’ structure – state audit
Management firm lost “significant amount” of central bank endowment in real estate investment, report finds
RBI hails AI’s potential in addressing customer grievances
Malhotra says technology should be integrated at “every stage” of complaints process
ECB tells lenders to regularly tap central bank liquidity
Banks should include refinancing operations in day-to-day liquidity management, say Buch and Schnabel
NY Fed credit survey shows consumers are strapped
Study finds more people are having applications rejected and expect loans to be harder to secure
Trump taps Bowman to become Fed’s vice-chair for supervision
Designated chief regulator has opposed Basel III endgame and pushed for lighter capital rules
Central Banking Awards 2025: third group of winners released
Paraguay recognised for market infrastructure and IMF for work on AI, as green and FMI awards also unveiled
Insurers play key role in monetary transmission – IMF paper
Authors show sensitivity to long end of yield curve is “causally connected” to risk premia
Obituary: Liu Hongru, 1930–2025
Former PBoC deputy governor left influential legacy in China’s modernisation of banking and finance
Iran releases 2 million rial banknotes
New series of high-value notes introduced as value of currency continues to fall
No return to ‘whatever it takes’ for EU defence – BdF head
Villeroy de Galhau says US is “shooting itself in the foot” with tariffs
People: BNM appoints deputy and assistant governors
CNB makes appointments in internal audit and economic modelling divisions
Bank of Russia to allow wealthy investors to trade crypto
Bank says proposal follows direct instructions from Putin, but reiterates risks
Most people would not switch to digital euros – ECB research
Consumers would only allocate a small portion of €10,000 if given the choice, paper says
US farmers need extra revenue to make ends meet – research
Costs largely outweigh income generated by agri, says Richmond Fed study
Professional long-run inflation forecasts are flawed – study
Chicago Fed research says projections are bogged down by cognitive distortions and overconfidence
Peru holds policy rate at 4.75%
BCRP stays put as inflation and growth continue to move in right direction
Olli Rehn appointed to second term at Bank of Finland
Governor joins European central bankers in warning of economic and geopolitical uncertainty
CBRT says protectionism may drive up inflation
In MPC meeting minutes, central bank says tight policy has supported disinflation seen thus far
RBI governor encourages pooling of climate projects
Malhotra says pooling would reduce risk and make lending more convenient for banks
Forward guidance ‘partly to blame’ for inflation – panel
ECB should do more scenario planning, revise collateral rules and incorporate Taylor principles
Bolivia to purchase $1bn of gold this year to boost reserves
State-owned trading firm says it will continue to buy from local producers and sell to central bank