Commodities
Romania continues tightening cycle with 75bp rise
Eighth consecutive increase comes as headline inflation passes 15%
Madagascar raises rates 90bp
Central bank expects economy to grow but speaks of troubling global conditions
Ghana seeks IMF aid as reserves dwindle
Government secures Afreximbank loan and MPC holds rate despite inflation nearing 30%
Poland law would fund coal benefit with central bank’s profit
National Bank of Poland remitted 95% of profits to government in 2020
Nigeria raises policy rate by 100bp
MPC cites external tightening and conflict as sources of rising inflation
Bank of Ghana denies rationing FX
Bloomberg made claim in June article citing swelling fuel import bills
Chilean central bank makes surprise 75bp rate hike
Board takes interest rates to highest level since 1998
Knot says financial stability risks are growing
FSB chair says emerging economies are particularly vulnerable as financial conditions tighten
Tanzania’s current account deficit more than doubles YoY
Deficit reached $3.7 billion in May, as country turns to IMF for support
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
Chilean government officials dispute central bank’s currency role
Finance minister reproves official spokesperson as currency continues steep fall
Pakistan raises rates again as inflation climbs past 20%
IMF urges tighter fiscal policy as governor's post remains unfilled
Bank of Uganda raises rates 100bp at unscheduled meeting
Move is second increase in as many months as governor’s post remains unfilled
BoE flags global risks in ‘opaque’ commodities market
LME disruption reveals “highly leveraged” participants within financial system
Dominican Republic orders 75bp rate rise
Core inflation still rising as central bank orders sixth rate hike in eight meetings
Bank of Jamaica continues tightening cycle
MPC adds 50bp, describing May inflation drop as mainly due to “temporary effects”
Riksbank carries out largest rate rise since 2000
Swedish central bank says chances of wage-price spiral have increased
Hungary makes shock 185bp rate increase
Central bank responds to inflation and weak forint with largest increase since 2008
IMF approves $4 billion payment for Argentina
Country passes first IMF review, but reserves have declined in recent weeks
BSP raises rates by 25bp, while Indonesia holds
Economist warns Philippine central bank’s action may not be enough to bring inflation down
Bolivian central bank wants to become sole buyer of gold
Proposal would allow BCB to use gold reserves as collateral or swap them for foreign exchange
Zimbabwe central bank negotiates lower bread prices
Russia-Ukraine war and weak currency bring misery to southern African country
Rates round-up: Peru, Poland and Serbia tighten policy
Moldovan central bank faces commission of inquiry; Uzbekistan partially unwinds earlier hike
Argentine central bank struggles to meet reserves targets
IMF signs preliminary agreement for loan payment but reports say BCRA cannot meet reserve target