Communication
Should the Fed mandate collateral pre-positioning at the discount window?
Supervisor wants lenders to be ready to access central bank facilities, but formalising pre-positioning has some drawbacks
A fractured monetary system
US policy is encouraging a transition away from a dollar-led, rules-based order
Auditors need to make friends and influence people – DNB official
Olaf Sleijpen says central banks’ internal referees need to improve their comms and people skills
Russia’s neighbours work to enable digital offline payments
Central banks in Nordic and Baltic countries prepare back-up plans in event of major internet outages
Ukraine’s Andriy Pyshnyy on the US minerals deal, ongoing reforms and post-war plans
The National Bank of Ukraine’s governor speaks about managing inflation, financial sector reform, FX reserves, international aid and actions in the event of a peace deal
Hungary’s central bank publicly clashes with opposition leader
MNB says unnamed politician failed to comply with inquiry; Tisza head says he is target of smears
The implications of IFRS 18 for central banks
The new accounting rule on presentation and disclosure in financial statements may require changes in reporting practices and systems, complicating consistency and materiality considerations
Vector-based language model can improve forecasts – BIS paper
“Word embeddings” can be used to make better inflation predictions, authors find
AI at the ECB and the need to strengthen internal critical thinking
Carlos Bowles writes that efficiency gains should be shared with staff and efforts made to protect cognitive capacity
Central Banking Awards 2025: second group of winners unveiled
Awards recognise growth-at-risk research, transparency, digital transformation and more
Sama bans banks from using WhatsApp for customer comms
Directive comes amid spike in scams
The interest rate dilemma in an uncertain world: a balancing act
Biagio Bossone makes the case for a holistic policy approach that includes extending IT tolerance bands, smart fiscal policies, supply-side reform and financial safeguards
Trust in Fed leads to lower inflation expectations – study
Political alignment shapes perceptions of central bank and views on economic outlook, NBER paper finds
Former BoE division head calls for greater focus on trust
Ex-macro-pru official says policy-makers need to monitor public’s confidence in central banks
Fed holds rates amid pressure from White House
Powell says he has had no contact with Trump since president said he would “demand” easing of policy
Medium is the message, say Bank of Spain researchers
Coverage of policy decisions has greater impact than central banks’ own comms, study finds
Central banks’ words matter for climate
Line between EMEs speaking about greening finance and AEs being wary of climate risks are blurring, argues Emanuele Campiglio
Europe’s central banks re-evaluate X after Bundesbank leaves
German central bank says standards of discussion on platform are “increasingly unacceptable”
ECB presidents’ displays of emotion affect markets – study
Research says leaders’ facial expressions and tones of voice amplify effects of their policy statements
Accounting for banknotes
Three leading experts on central bank finances debate the appropriate treatment of currency
Madagascar’s governor on targeting M3 over inflation
Central Bank of Madagascar head Aivo Andrianarivelo speaks about introducing an interest rate corridor, diversifying from dollars to gold, using instant payments to bolster inclusion and drawing on IMF sustainability funding
2024: The year in central banking
A look back at the biggest and most popular news stories of the year
CNB’s Aleš Michl on tackling inflation, Friedman’s legacy and ditching DSGE
The Czech governor speaks about policy mistakes, targeting M2, diversifying into equities and gold, building new models and ending interest payments on minimum reserves
Book notes: A fly on the RBI wall: an insider’s view of the central bank, by Alpana Killawala
This book offers insights into the inner workings of the growing Indian economy and pro tips on communication