Debt
Zambian central bank needs more safeguards, IMF says
Fund says central bank’s independence is still under threat despite reforms
Egyptian currency plunges amid move to flexible exchange rate
“Heavily managed” exchange rate “has not served Egypt well”, says IMF mission chief
Argentina activates Chinese swap lines
Central bank says move will boost reserves but observer says it is unlikely to strengthen peso
Madagascar central bank has new governor
Andrianarivelo takes over after Rabarijohn resigns early, citing health reasons
New Bank of Tanzania governor appointed
Emmanuel Tutuba replaces Florens Luoga, whose term had ended
South Asia’s rapid progress under threat, IMF warns
Millions have escaped poverty but “bold” policies are needed to avoid backsliding
Bahamas central bank backs law change on SDRs
Governor supports move to allow finance ministry to use SDRs but opposition condemns proposal
Tunisian governor warns country needs IMF deal after latest hike
Country faces rising inflation as foreign exchange dwindles and political crisis continues
The strong dollar, global inflation and global recession
Steve Kamin asks whether the Fed’s tight policy is pushing the world towards recession
Rethinking the CCyB
As central banks rush to replenish bank capital reserves, the countercyclical buffer may need some fine-tuning
Sri Lanka cabinet approves draft of new central bank law
Measure will end CBSL role in buying government bonds
IMF backs $3.1 billion loan for Egypt
Conditions include locking in the floating exchange rate
Capturing moral hazard: the Scarlet Pimpernel of finance
Moral hazard exists in many contexts, but can be ‘damned elusive’ to capture, writes Jesper Berg
Paraguayan ex-governor says central bank loans are illegal
Congress votes for interest-free advances amid dispute among ruling party’s factions
IMF approves long-term resilience loan for Rwanda
Fund urges “more decisive monetary tightening”
IMF and Ghana reach initial agreement on $3 billion loan
Stricken country preparing domestic debt restructuring
Book notes: A monetary and fiscal history of the United States, 1961–2021, by Alan Blinder
The book’s breakthrough is its infusion of the history of fiscal policy into a theoretical framework traditionally focused on monetary instruments. It is a splendid and thrilling read
Malpass says debt relief critical for poor countries
World Bank president says world risks “disorderly default process”
São Tomé appoints new central bank governor
New government replaces central bank administrative council
BIS analysis finds ‘huge’ debts hidden in FX derivatives
Economists say banks and non-banks have major exposures hidden off balance sheet
Gilts debacle exposes financial stability risks
Lurking leverage in liability-driven UK pension investments raises important questions for central bankers
Ghana hikes rates again as inflation passes 40%
Governor says country faces “huge financing gap” as government uses central bank credit
Chile’s Costa on tackling inflation, forex interventions and nowcasting
The Central Bank of Chile governor speaks about stubbornly high prices, Fed policy spillovers, reserve buffers, retail CBDC and the need to address unconscious bias
Carstens wins major Spanish economics prize
King of Spain award praises BIS president’s work in Mexico and globally