Capital controls
Bahamas governor says exchange controls here to stay
“Difficult financial reforms” necessary before liberalisation, says Rolle
Burundi lifts capital controls
Central bank permits bureaux de change to reopen and allows receipt and transfer of FX
Georgieva says Argentina needs permanent fix to FX problems
IMF releases latest $3.8bn financing tranche, as market inflation forecasts reach 100%
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
Myanmar may go on money laundering blacklist, report says
Opposition calls on New York Fed to unfreeze Myanmar assets to back proposed digital currency
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
The PBoC, real estate debt and financial stability in China
Central bank policy-makers are restricted in terms of capacity and space by their efforts to manage the nation’s property bubble amid declining growth
Ukraine’s wartime economy faces possible crisis
Foreign donors must increase financing of Ukrainian government, NBU ex-governor and current government adviser argue
UN warns against rapid adoption of crypto in developing nations
Tax evasion depletes resources for development, report finds
Iran imposes restrictions on payments
Authorities cite risk of cyber attacks, but economy has also faced capital flight
Banknotes: April to June 2022
A round-up of news and salient issues that have affected central bankers in the past three months
Rise of fintech strengthens case for capital controls, IMF says
Countries may have to throw “sand in the gears” to protect monetary sovereignty, says Georgieva
Zimbabwe freezes all bank lending
President announces controls on money creation to stem decline of currency
NBU plots path out of war economy
Ukrainian central bank turns to monetary financing as government struggles to pay for war
Fractures in the monetary system
Seizure of Bank of Russia assets likely to have long-term implications for international system
Argentina orders 200bp rate increase, to 44.5%
Tighter monetary policy is in line with IMF deal, while neighbour Paraguay makes 50bp hike
Outsider arts: how Russia might adapt to sanctions
The history of the USSR and actions by other sanctioned countries may give clues to Russia’s next moves
Diego Labat on policy normalisation, capital flows and tech challenges
The Central Bank of Uruguay governor speaks with Christopher Jeffery and Ben Margulies about governance, financialisation, flexible rates versus capital controls, payment upgrades and CBDCs
Argentina raises rates for first time since 2020
BCRA raises benchmark rate 200 basis points, as IMF talks continue
Book notes: The cost of free money, by Paola Subacchi
A book worth reading, as it facilitates further discussion on substantial issues, but doesn’t fully address some of the problems it takes aim at
Brazilian Senate passes new FX law
Central bank will regulate foreign currency accounts under law now on president’s desk
BdF paper looks at use of capital controls and foreign reserves
Many countries combine both to moderate effects of international capital flows
Argentine central bank orders foreign exchange sales
BCRA also bans “payments in instalments” for overseas travel as currency weakens