Exchange rate
Central Bank of Nigeria raises stakes with rate hike
Bank loosens grip on falling naira but governor ‘committed to stable exchange rate'; warns drop in oil price is permanent and depreciation could continue
Ruble rebounds as Bank of Russia lets currency float
Central bank abandons exchange rate regime after ruble weakens 45% against dollar in five months, says decision will lead to ‘faster adjustment of economy to external changes'
Kyrgyz Republic marshals journalists in financial literacy push
National Bank spokeswoman says central bank is taking the lead with broad communication strategy while government finalises plans; journalists seen as ‘effective information transfer tool’
Bank of Russia caps daily forex interventions
The value of the ruble ‘will be determined predominantly by market factors' as of today, central bank says; former central banker describes move as a 'very big deal'
Sarb launches investigation into forex traders
Central bank joins growing list of regulators concerned by potential for misconduct among foreign exchange market practitioners
RBNZ’s Wheeler highlights the many unknowns of financial linkages
Governor says our understanding of the ‘empirical links’ of exchange rates and cross-border financial flows remains limited
Bank of Russia to offer $50 billion through new FX repos
Russian central bank unveils new measures to boost short-term foreign exchange liquidity in markets, and will offer $50 billion between now and the end of 2016
Bank of Russia FX intervention hits $6bn
Governor Elvira Nabiullina says central bank will move ahead with switch to inflation-targeting regime as currency falls to record low
MAS holds policy on back of stubborn core inflation
Monetary Authority of Singapore says it will let the S$NEER appreciate at a 'modest and gradual' rate in its semi-annual monetary policy statement
Bank of Russia sells $1.4 billion to prop up ruble
Central bank intervenes in foreign exchange market to support currency as it continues to slide against the US dollar; commentators split over prospect of rate hike
FSB urges central banks to ‘take note’ of Iosco FX benchmark principles
Final report on FX rate benchmarks encourages central banks to heed Iosco recommendations; suggests changes to benchmark methodology to improve incentives
Central Bank of Turkey quadruples amount of forex on offer in daily auctions
Lira's ‘heightened volatility' follows bank's decision yesterday to hold interest rates steady; pressure on forex the result of geopolitical risk, says analyst
Wheeler says NZ dollar strength is ‘unjustified and unsustainable’
Central bank governor outlines cost of high exchange rate but says NZ dollar is ‘susceptible to a significant downward adjustment over the coming six to nine months’
Zambia’s Gondwe lauds interventions to support kwacha
Michael Gondwe declares success in Bank of Zambia’s use of monetary policy to shore up a sliding kwacha; says central bank now in a position to loosen tight liquidity conditions
Canada governor says ‘manipulating markets not in our game plan'
Stephen Poloz says attempts to influence exchange rate, including via ‘verbal guidance', would ‘do more harm than good'
Uzbek central bank launches mobile app to meet ‘growing needs’ of online audience
Users can view specimens of banknotes and coins and check the latest exchange rates; central bank expects it to be ‘popular’ among 3,000 people who visit website each day
Argentina’s central bank lowers cap on commercial bank dollar holdings
The objective is to improve the ‘market conditions’ of the economy, says a central bank official, but Steve Hanke argues it is a measure to prevent the dollarisation of the country
IMF deems Czech exchange rate floor appropriate ‘for now’
Latest staff report commends CNB’s decision to intervene in foreign exchange market; supports the floor but says it should be removed ‘as soon as conditions allow’
IMF paper finds ‘robust' relationship between exchange rate flexibility and external adjustment
Using a data set of bilateral exchange rate regimes, study revives Milton Friedman's argument that a flexible rate facilitates external adjustment
Ghana requests IMF bailout to bridge fiscal deficit
IMF deputy director will send a team to Accra early next month to initiate discussions; Ghanaian cedi is world's worst performer so far this year
Choosing a suitable exchange rate suitable for price-takers
Flexible exchange rates can act as an asset price as well as a price for goods and services, so movements can distort the market for goods and services. Taxing capital inflows can address the matter
Raghuram Rajan on the dangers of asset prices, policy spillovers and finance in India
Raghuram Rajan, governor of the Reserve Bank of India, speaks about the challenges facing emerging market central banks, spillovers and getting to know India’s new prime minister Narendra Modi.
HKMA chief rejects use of $400bn fund for social purposes
Norman Chan says the HKMA’s exchange fund is the ‘last line of defence’ for financial stability and should be maintained as a buffer against ‘unforeseeable shocks and crises’
Richard Cooper calls for monetary policy co-ordination to smooth global exchange rates
Harvard professor proposes internationally-agreed targets and gradual capital controls to mitigate worst effects of fluctuating exchange rates