Debt
No IMF bias towards ‘excessive austerity’, report finds
But Independent Evaluation Office says fund has been too optimistic in its forecasts
Bank of Zambia governor resigns
Mvunga leaves following change in presidents, amid high inflation
Norges Bank given new macro-prudential responsibilities
Government assigns central bank power to set countercyclical capital buffer
Majority of central banks have power to issue debt for monetary purposes
Central banks pointed to draining liquidity as a reason for issuing debt
Too great expectations from the ECB’s strategy review
The review process represents operational best practice, but will fail to unify the Governing Council
Is the ECB’s strategy review enough?
The reformed framework may allow greater stimulus to tackle weak inflation expectations, but the Governing Council is already divided on what to do next
Fixing market-based finance: duct tape or deep reform?
Central banks are increasingly having to act as market-makers of last resort. But deeper reforms may be needed to avoid stretching their balance sheets to breaking point
Mexican president demands IMF assets from central bank
Governor rejects proposal and former presidential ally says it would be legally impossible
Less chance of “taper tantrum” in emerging markets – Dallas Fed paper
Emerging markets have larger dollar reserves to meet financing disruptions
Bank of Thailand calls for additional $30 billion borrowing
Debt totalled 54% of GDP by June, putting pressure on the 60% ceiling
Belize governor resigns after 19 weeks
Central bank offers few details, but country has suffered sharp economic blows
SNB research highlights trade-offs in use of capital controls
Financial stability benefits come at cost of curbing job creation, authors find
Real-time payment systems for the real world
ACI Worldwide has joined forces with Mastercard to create a unique partnership capable of leading the world towards advancing the on-demand economy through payment system modernisation.
Israel’s financial risks back to pre-Covid levels – central bank
Banks are well capitalised and housing-related risks are low, report says
An assessment of the ECB’s strategy review
A number of aspects of the new framework raise challenges for implementation and credibility, while the inclusion of climate change may politicise the institution, writes euro architect Otmar Issing
Fed reverse repo demand tops $1 trillion
New York Fed facility sets latest in series of record volumes
RBNZ to tighten loan limits as house prices continue to rise
Tougher loan-to-value limits could be followed by rate floors or debt service limits
IMF governing board signs off on ‘historic’ SDR allocation
Decision paves way for $650 billion worldwide infusion of liquidity later this month; mechanism for rich countries to pass on their share still unclear
The IMF’s $650bn SDR allocation and a future ‘digital SDR’
Focus is needed on widening SDR use in payments and the creation of a ‘digital SDR’, to support a large allocation of ‘official’ IMF SDRs, writes Warren Coats
Fed launches standing repo facilities
Facilities to be open to foreign central banks and domestic primary dealers; FOMC keeps policy on hold
The ‘golden age’ of central banking has passed
Central banks face multi-faceted challenges and weakened autonomy amid highly polarised inflation expectations
UK politicians criticise BoE over handling of QE
Critical report comes as BoE MPC member suggests asset purchases may need to be halted early
Somalia’s governor on rebuilding its central bank
Governor Abdirahman Mohamed Abdullahi discusses reviving Somalia’s war-damaged economy, re-creating a payments system, and dealing with remittances
Sri Lanka central bank imposes capital controls
Measure restricts exports of foreign currency as government faces debt challenge