Debt
IMF signs off on $1.3bn package for Zambia
Executive board urges Bank of Zambia to rebuild reserves and tackle bad debts
Will the dollar remain the world’s reserve currency?
Bank of Russia sanctions are unlikely to undermine the US dollar’s central role in reserve portfolios. But a relative decline in US economic weight and technological innovation are benefiting other currencies
IMF says Sri Lanka must reform central bank law for $2.9bn bailout
Government must end monetary financing and give central bank autonomy, fund says
US household debt rising across the board
Delinquencies for subprime loans are approaching their pre-pandemic proportion
Book notes: The money minders, by Jagjit S Chadha
This book acts as an invaluable primer on money-credit-fiscal theory and practice
Gontareva on Ukraine’s funding, NBU policy and reconstruction
Former NBU governor Valeria Gontareva speaks about donor funding shortfalls, NBU policy and financial stability challenges, Nabuillina and the seizing of Russian assets, and post-conflict rebuilding and modernisation
Ghana emergency MPC meeting ends with 300bp increase
Country in renewed IMF talks as inflation spirals and currency falters
The PBoC, real estate debt and financial stability in China
Central bank policy-makers are restricted in terms of capacity and space by their efforts to manage the nation’s property bubble amid declining growth
Critics accuse Barbados authorities of monetary financing
Government says it is using SDRs to buy bonds, while governor says purchases are legal
How central bank mistakes after 2019 led to inflation
Central banks must acknowledge their own mistakes and outline concrete steps to restore the public’s confidence in their ability to ensure price stability, write Graeme Wheeler and Bryce Wilkinson*
El Salvador congress approves use of SDRs for early debt repayment
Talks with IMF stalled as country tackles $24 billion debt load
Brazil’s MPC hikes again, but signals possible end to tightening
After 50bp hike, BCB to assess “residual adjustment” to policy rate in September meeting
Inflation offers route to unconventional policy exit
Asset purchases and negative rates can be reversed, but Fed/ECB policy divergence raises major risks
Argentina accelerates tightening with 800bp hike
Central bank says it aims to make real rate positive as president reshuffles government
Ghana seeks IMF aid as reserves dwindle
Government secures Afreximbank loan and MPC holds rate despite inflation nearing 30%
BoJ unlikely to move policy to counter yen weakness
The Bank of Japan is wary of raising rates or even increasing its yield control target to tackle yen depreciation, which it views as being exacerbated by foreign speculators, writes Sayuri Shirai
Millions stolen from central bank, Surinamese authorities say
Finance ministry official arrested as Dutch academic says corruption prevents central bank from functioning
Eurozone debt likely unsustainable without QE – BIS paper
Authors find benefits of ECB’s PEPP extend beyond the end of the bond-buying programme
Corporate debt is a growing threat to financial stability
Policy-makers need to take action as tighter financial conditions risk tipping firms into distress, says Pedro Duarte Neves
Australians can bear rising borrowing costs – RBA deputy
But Michele Bullock warns of greater financial burden for recent homebuyers
Bank of Ghana denies rationing FX
Bloomberg made claim in June article citing swelling fuel import bills
Labour supply key to understanding inflation, Shin tells G20
Understanding labour market is critical task for policy-makers, BIS head of research says
Myanmar orders halt to foreign debt payments
Authorities order wider range of partly foreign-owned companies to sell FX to central bank
Chinese regulator urges banks to fund housing projects
Some analysts argue it is time for Beijing to intervene more forcefully