Coronavirus
Bank Indonesia cuts rate for the third time this year
Governor hints that further cuts may come while analysts warn economy may shrink further
Bernanke and Yellen join call for new fiscal stimulus in US
Former Fed chairs among 148 economists warning of “disastrous” effects if Congress fails to act
Bosnia and Herzegovina central bank staff donate salary to fight Covid-19
Over $20,000 will be donated to charities including the Red Cross
Trends in reserve management: 2020 survey results
Covid-19 expected to dent the risk appetite of central bank portfolio managers; socially responsible investing gains ground
Israeli governor reflects on response to Covid-19
Bank of Israel started government bond purchases and dollar-shekel swaps to boost liquidity
Reserve managers ‘unprepared’ for home trading
Covid-19 presented reserve managers with unprecedented business continuity challenges at a time of acute market and economic distress
Iran’s race towards monetary policy reform faces high hurdle reality
The Majlis Research Center’s Tohid Atashbar says positive outcomes from the Iranian central bank’s fast-tracking of monetary policy reform – made in response to Covid-19 and US sanctions – may prove difficult to deliver
Chicago Fed breaks ties with economist over Black Lives Matter criticism
Controversial comments by senior professor ignite debate over racism in economics, and the Fed’s role in tackling inequality
Ukraine’s central bank cuts rates to record low
Central bank says move was made possible by IMF aid and pledges further boost to reserves
Fears rise over breakdown in Basel and IFRS standards
Bretton Woods institutions worried about growing divergence in capital and accounting standards as credit impairment tsunami looms; US and many emerging economies skirting the rules
CBDC development pushed into ‘top gear’ by Covid – policy-makers
The pandemic will have a lasting impact on consumer payment behaviour, panellists say
UK GDP growth plunges to -20% in April
Figure is worst on record, but may be somewhat better than earlier official estimates
Bank of Israel investigates carbon pricing
NGFS says global economy needs “green recovery” from pandemic
Mauritian central bank to use $2 billion of reserves to fund firms
Central bank will also issue debt instruments to give government $1.5 billion in new funding
A better way to buy private sector securities?
Central bank asset purchases can do more harm than good and are often conducted on a flimsy legal basis, writes HKU’s Bryane Michael
Balance sheets could grow by 23% of GDP in largest advanced economies – BIS
Economists forecast balance sheets will remain large for the foreseeable future
BoE’s Cunliffe: central banks must consider market liquidity backstop
Markets weathered the first phase of the Covid-19 crisis, but not without support, deputy notes
Appetite for renewed Fed dollar swap lines in doubt
With up to $300bn of positions nearing expiry, some say FX swap market can meet banks’ funding needs
Bank of Spain paper presents ‘global weakness index’
System uses non-linear factor models to spot recessions in real time, researchers say
ECB testing banks’ ability to deal with a second wave of Covid-19 – Enria
ECB head of supervision stresses banks are reluctant to use buffers because of market reaction
Covid-19 must not cause ‘technological lockout’, says RBA’s Bullock
Merchants could be hit if dual pricing is unavailable for mobile payments, deputy governor says
Sri Lankan governor says system is sound despite lender failing
Central bank governor also says there is no chance of sovereign default as budget is suspended
ECB and Romanian central bank set up repo swap line
Romanian currency has fallen in recent months as central bank lowers rates in response to pandemic
Israeli reserves rise 6.7% in May to new record
Portfolio boosted by government transfers from abroad and FX purchases