Coronavirus
Bank of Korea expands lending in new emergency measure
Bank of Korea will lend to insurers and brokers as well as banks in bid to avoid funding squeeze
Canadian governor sees ‘robust’ recovery in third quarter
Poloz says major shock to growth will probably be followed by “swift” recovery
IMF approves $1.4 billion transfer for Pakistan
Aid should be used to finance budget and bolster foreign reserves, IMF executive board says
Proposed changes to law could damage independence – Swedish central bank
Lawmakers’ proposal would hinder crisis management capability, Sveriges Riksbank says
Central Bank of the Philippines cuts rates at emergency meeting
Emergency move brings central bank's rate cuts this year to 125 basis points
IMF’s new credit line will fill “critical gap” – Georgieva
Short term liquidity line will grant member countries up to 145% of their quota
Policy-makers making risky ‘one-round bet’ on Covid-19 – El-Erian
Former Pimco chief worried about readiness and ability of policy-makers to tackle a ‘second wave’ of infections
Bank of Canada unveils new purchasing programmes
Monetary policy report analysis shows economy could shrink by roughly 30% in Q2
G20 agrees debt relief for poorest nations
IMF and World Bank welcome “powerful, fast-acting initiative”
Uzbekistan central bank cuts rates by 100bp
Emergency meeting loosens policy in response to pandemic and energy price fall
Colombia cuts reserve requirements in extraordinary meeting
Measures permanently inject $2.3 billion in liquidity, says central bank
ECB sets up €2 billion swap line with Croatian National Bank
The line will remain in place until the end of 2020, but can be extended as long as it is needed
IMF urges countries to use fiscal firepower against Covid-19
“Do whatever it takes, but make sure to keep the receipts,” says IMF fiscal chief
FSB co-ordinating Covid-19 response – Quarles
Board is focused on protecting financial stability both during and after the pandemic, chair says
Fed takes first step to unwind repo support
Repo market is showing signs of “more stable” conditions, New York Fed says
IMF takes new steps to support weaker countries
Fund approves immediate debt relief for 25 countries; offers Ghana $1 billion to fight Covid-19
IMF projects deepest recession since Great Depression
Global growth could contract by between -3% and -6% this year, a combined loss of output of $9 trillion for 2020 and 2021
El-Erian on Covid-19 policy risks, ‘zombie’ markets and central bank capture
Former Pimco chief says Fed move into high yield is a step too far, new rules needed on leverage and false liquidity, and narrow window emerges for central banks to shed some of their policy load
Sarb cuts rates to historic low
Unanimous decision comes as growth outlook and inflation forecasts revised; South Africa’s risk profile has increased
US must overhaul statistics to fight coronavirus – Minneapolis Fed paper
New methods, laws and cross-sector agreements are necessary to support real-time data analysis, research says
Crises enliven ‘totalitarian temptations’
The coronavirus pandemic will embolden governments and bodies such as the International Monetary Fund to grasp for more power, writes Steve Hanke
Indonesia gains ‘second line of defence’ from $60 billion Fed repo
Bank Indonesia secures repo with NY Fed to boost dollar liquidity and shore up rupiah
IMF doubles emergency lending capacity
Fund considering other options including SDR issuance, says Kristalina Georgieva
ECB minutes reveal resistance to lifting self-imposed limits on PEPP
Some governing council members did not deem new programme necessary, proposing to use APP or OMT