Current account
Rates round-up: Israel surprises with larger hike
Central banks in Pakistan, Nigeria, Ghana, Paraguay and Jamaica also tighten policy
Chile signs up to IMF’s first short-term liquidity line
Revolving $3.5 billion credit will replace flexible credit line arrangement
Colombia stays on trend with 50bp hike
Central bank board unanimous on raising rate, but splits 4–3 on size of increase
Pakistan confronts inflation with 100bp hike
Third consecutive increase may be last for a while, MPC says
How Turkey’s president created chaos in economic policy-making
Observers allege presidential domination of the central bank, unauthorised FX transactions and untrustworthy statistics
Philippines governor issues caution over proposed fiscal package
Faster vaccinations, structural reform and infrastructure are key to recovery, Diokno says
Vietnam central bank and US Treasury sign currency pact
US had briefly labelled Vietnam a “currency manipulator”
Cuba bars dollar cash deposits
Country struggling with sanctions as inflation spirals
Taiwan governor optimistic over US currency dispute
Yang says country meets ‘currency manipulator’ criteria but adds he does not expect sanctions
RBI’s Das: pandemic improved India’s external balance
Boom in software business helped shore up current account and boost RBI reserves, governor says
US brands Switzerland a ‘currency manipulator’
Treasury also accuses Vietnam of manipulating exchange rate to gain “unfair competitive advantage”
Few central banks forecast policy rates
Economics Benchmarks 2020 highlights wide variation in variables forecast by central banks
Georgia’s Gvenetadze on implementing an aggressive reform agenda
The National Bank of Georgia governor speaks about efforts to improve monetary policy, financial infrastructure, financial literacy, transparency and ESG
IEO calls for IMF to rethink house view on capital controls
Independent review says 2012 reform was helpful but still suffers from shortcomings
Reserve Benchmarks 2020 report – charting new data frontiers
Perspectives on staffing and salaries, reserve coverage, portfolio construction, benchmarking, use of external parties and risk management
SBP offers overseas Pakistanis access to digital banking services
Prime minister says he hopes the Roshan Digital Account will help channel foreign exchange to Pakistan
Detail matters when monitoring external imbalances – IMF research
Gross external debt is one of the clearest signs of vulnerability, study finds
IMF economists call for action on global imbalances
“Excessive” imbalances exist in 40% of cases, though they have narrowed slightly
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
CBRT battles external imbalance with dwindling reserves
Turkish central bank loses battle to keep lira under 7 as reserves shrink, but pressures may be easing
Should the Fed be next to implement yield curve control?
The Reserve Bank of Australia is now the second G20 central bank trying to control longer-term interest rates. Could the Fed be next?
Some thoughts on CBDC operations in China
People’s Bank of China deputy governor Fan Yifei outlines why he favours an indirect approach to introducing a CBDC in China
Do low rates spur investment?
Many believe low interest rates spur investment, but there appears to be little hard evidence to support such claims, writes former IMF head Jacques de Larosière
Dutch corporate sector is key source of current account surplus
SMEs save to finance investment due to higher borrowing rates than large companies