Exchange rate
Currency shifts could create ‘dilemma’ for Asian economies
IMF regional economic outlook warns policy-makers could face an ‘uncomfortable trade-off’ between external competitiveness and financial stability
Thailand relaxes capital controls
Bank of Thailand announces measures to make it easier for residents to invest abroad and for foreigners to trade bahts
Australian dollar jumps despite RBA rate cut
Australian central bank cuts benchmark interest rate to 2%; governor Stevens says currency depreciation 'necessary' amid falling terms of trade
Argentina cabinet chief rejects analysis in IMF report
Argentina needs ‘tighter macroeconomic policies, a weaker exchange rate and less microeconomic distortion,’ argues IMF outlook; cabinet chief dismisses analysis
Riksbank ramps up QE
Asset purchase programme doubled but unexpected rate hold sees krona move higher; Riksbank highlights both signs of recovery and rising financial stability risks in new monetary policy report
Azerbaijan to legislate central bank recapitalisation
Parliament prepares draft law to recapitalise Central Bank of Azerbaijan after foreign exchange losses leave balance sheet in the red
‘Severe’ risks around lifting capital controls, Icelandic report warns
Financial stability report highlights need for careful preparation before capital controls can be lifted; governor says most expected capital movements have been ‘well mapped out’
Lagarde calls for ‘new multilateralism’ and pledges to move ahead on reform programme
Global policy agenda for coming year says the integration of key emerging market economies would ‘generate positive global spillovers and stability gains’
Dallas Fed studies debt impact on exchange rate fluctuations
Countries that are most vulnerable to a sudden shift in capital inflows and a sudden fall in the capital account have ‘a large stock of net non-foreign direct investment external liabilities’
Morocco takes ‘first step’ to flexible exchange rate
Moroccan central bank takes ‘first step in the transition to a more flexible exchange rate regime’ by revising its currency basket, as advised by the IMF
IMF sees strong dollar shaping global recovery
IMF chief economist sees benefits in exchange rate movements at launch of World Economic Outlook, but warns sharp alterations could ignite international tensions if they persist
Singapore dollar ticks up as MAS holds fire
Monetary Authority of Singapore leaves exchange rate policy unchanged despite falling prices in January and February, cites tight labour market
Mozambican central bank balances food import pressures with domestic industry concerns
Bank of Mozambique holds interest rates as it comes under pressure over the value of its currency; accused of artificially propping up the value of the metical
FX regulator probes AUD spike prior to policy announcement
Australia's authorities look into sudden moves in the Australian dollar's value ahead of RBA monetary policy announcements
Olsen: Norway needs lower labour costs
Norges Bank governor Øystein Olsen argues labour costs must be brought into line with those of Norway’s trading partners to support a rebalancing of the economy away from oil
SNB’s Zurbrügg: negative rates having ‘desired effect’
Governing board member says negative interest rates are influencing the money and capital markets as intended, noting the exchange rate has also started to normalise since the January decision
Bascand says RBNZ more alert to risks
Deputy governor says new risk management framework has improved central bank’s ability to deal with risk; discusses reserves management policy and ‘open relationship’ with government
BIS paper weighs effectiveness of FX intervention strategies
Intervention to reduce volatility or to lean against exchange rate movements each come with distinct costs and benefits, working paper finds
SNB balance sheet could not have coped with peg defence, says Jordan
Chairman says decision to abandon Swiss franc ceiling avoided huge losses and monetary policy impairment; central bank slashes inflation forecast but does not follow Riksbank’s rate cut
Denmark eases pressure on banks but stays tough on krone peg
National Bank of Denmark raises limits on current account deposits to ease pressure on banks after forex interventions, but stresses speculators will lose if they continue to attack the krone peg
Bank of Uganda explains currency dynamics
Central bank attributes depreciation of the shilling against the dollar to both the strengthening of the US currency and the increase in demand for the greenback to fund imports and pay dividends
Nalm Europe: Scope for improved risk modelling, says RBNZ’s Bascand
Central bank has already gone some way towards revamping its financial management but there is ‘scope to improve further’, deputy governor tells Central Banking conference in London
Turkey intervenes in FX markets as lira slide continues
Central bank caught between shrill government rhetoric and jumpy markets, cutting FX deposit rates and launching liquidity operations in an attempt to halt the sliding lira
Carney targets 'strategic’ approach to market intelligence
BoE governor Mark Carney sheds light on some of the recent changes to the way the central bank gathers market intelligence in Treasury Select Committee hearing