Coronavirus
Colombia cuts rates to record low of 2.25%
Central bank has revised down GDP growth to a range between -6% and -10% for 2020
South Africa must reform in return for $4.3 billion aid – IMF
Government must protect smaller banks and outline reform package by October, IMF says
Central banks’ gold purchases falling sharply – WGC
World Gold Council says demand for gold-based ETFs has boosted prices
Enria announces major change to ECB banking supervisor
SSM will have two new departments, and focus on banks’ business models, says Enria
IMF publishes transparency code for central banks
Updated framework aims to help central banks rank themselves against best practice
Dutch cash payments fall sharply, DNB says
Cash payments were 30% of transactions in early 2020 but fell to 13% in April, study finds
US and German economies suffer largest quarterly contraction in decades
Official figures say second quarter saw biggest US GDP decline since the Great Depression
Fed extends swap lines and warns of slowing US economy
More fiscal and monetary stimulus will be needed as cases surge in US, chair Powell said
Kansas Fed paper looks at conditional forward guidance
Date-based forward guidance would be effective without yield curve control, research says
Fed extends emergency facilities for three months
Move comes as US Covid-19 reported cases surge to record highs ahead of July FOMC decision
Covid-19 likely to affect return of paper £20 banknote – BoE
Central bank reports consumers are likely to hold onto old banknotes until they cease to be legal tender
Bank of Israel’s bond purchases are working – deputy governor
Andrew Abir says corporate bond purchases have eased conditions for non-financial firms
ECB slows down PEPP purchases
Emergency asset buying fell to lowest level since programme was launched in April
ECB extends eurozone banks’ dividend payment pause
Enria says banks face “radical uncertainty” over pandemic’s economic impact
Sarb eases conditions on emergency loan guarantees
South African central bank introduces new loan types to assist uptake of the scheme
IMF needs new tool to deal with pandemic – former officials
Current programmes place too much emphasis on adjustment, two ex-officials argue
Female workers badly hit by pandemic job losses – IMF economist
Lower-paid workers hit hardest both by 2008 recession and slump caused by pandemic
Bank of Russia cuts rates to record low
Governor argues monetary stimulus will offset fiscal consolidation efforts in 2021–22
Lagarde hails EU fiscal-monetary co-ordination
Recovery fund will support economy from 2021, avoiding fiscal tightening once national stimulus lapses, stresses ECB president
IMF lifts limits on financial support facilities
Decision provoked debate among board members on whether fund should be taking additional risk
BIS’s Borio says policy buffers should be repaired as soon as possible
Economist highlights three long-term challenges to tackle post-coronavirus
Dominican Republic launches facility to tackle pandemic impact
Equivalent of $1 billion made available for firms and households, but regulatory relief could raise stability concerns
Sarb cuts rates as unemployment breaches 30%
Central bank says emerging markets will struggle as lockdown measures ease
How vulnerable are EMEs to renewed Covid-19 turbulence?
Emerging markets face twin pressures from the health crisis and global financial forces, says Steve Kamin