Data
Monetary Policy Benchmarks 2022 report – executive summary
Benchmarking data sheds light on some of the key aspects of central bank frameworks
Macro indicators are most-used metric for monetary policy impact assessment
Trend most common among European and African institutions
Swift gears up for innovation around digital currencies
Head of innovation at global payments messaging provider speaks CBDC, tokenised assets and AI
Monetary policy-makers’ votes still usually anonymised
Votes concealed most among lower-middle and low income institutions
Rising inflation still stalks major Latin American economies
Tighter monetary policy in Brazil, Chile and Mexico is failing to bring inflation down
CPMI creates framework for linking payments
Linking and use of APIs could cut need for long chains of correspondent banks, report says
Monetary policy staff pay highest in advanced economy institutions
Staff in monetary operations tend to earn slightly less than policy colleagues
Monetary policy set a maximum of 12 times a year
Frequency of meetings highest on average in upper-middle income economies
FSB cross-border payments work hampered by data problems
Measuring progress “will not be straightforward”, working group says
Asian central banks deploy FX reserves to prop up currencies
Analysts remain confident in Asia’s financial stability, but recession risks are building
Bank of Canada deputy stresses heterogeneity’s role in monetary policy
Debt may complicate tightening cycle, as Canadian consumer inflation expectations rise
Quarterly forecast updates are the norm at central banks
Forecasting tends to be a collaborative exercise between staff and policy-makers
RBA raises interest rate by 50bp
Move marks a total of 125bp of increases since May
Monetary policy press conferences more common than minutes
High income institutions trail behind middle income banks on minutes publication
IMF set for governance reform in wake of ‘Doing Business’ controversy
Board to make changes to data integrity, whistleblower protection and dispute resolution
US core inflation continues decline
Headline PCE inflation flat as food and energy inflation remains buoyant
Monetary policy and ops divisions mostly segmented
Nine in 10 institutions separate units in the Americas, Asia and Europe
G30 warns US Treasury market remains vulnerable
Group says US regulators need to do more to prevent dysfunction in the critical market
Less than half of central banks implement blackout periods
Concept most often used in high income markets
Governance Benchmarks 2022 – governing members presentation
Subject matter specialist Dan Hardie speaks about governors, independence, funding and diversity
Most central banks retain power to issue debt
Lower income countries most likely to report debt issuance powers
Institutions in the Americas have most monetary policy staffing
Six institutions expanded workforce by an average of 7%
Covid impacting monetary policy most in middle income countries
Most central banks report shifting stance at the height of pandemic, but some have since reverted
BIS balance sheet buffeted by market turbulence
Institution still turned a profit in the year to March 2022