Debt
Egypt strikes deal for increased funding from global banks
Central bank increases funding from repo operation to $3.8 billion
Investigation takes aim at KPMG for mishandling South African bank
“Looting” of troubled VBS would not have been as bad had auditor acted lawfully, report finds
Pakistan turns to IMF for aid
Country’s debts to China could spark political concerns
Andrew Motshidisi on Africa’s debt and what it means for reserve managers
The former deputy governor of Bank of Botswana and Nalm Africa chairman talks about international capital flows, and the need for countercyclical policies and robust legal frameworks to secure long-term stability
Zombie firms drag down productivity in economy – BIS paper
Lower interest rates create conditions for “zombie firms”, researchers find
Italy’s expansionary budget increases pressure on debt
Draghi warns government plans have tightened financial conditions for households and businesses
Costa Rica government resorts to central bank financing
Government to use Treasury bills to finance growing deficit as public sector workers go on strike
Argentina adopts floating exchange rate regime to tackle peso crisis
IMF extends running standby arrangement to $57.1 billion
Caputo quits as Argentina central bank chief
Former finance minister cites ‘personal reasons’ for departure after just three months, but speculation over future of monetary policy may have been a factor
Booming US economy set against ‘fragile’ markets – BIS review
Fiscal stimulus on top of loose financial conditions in the US continues to pile pressure on emerging markets, the BIS warns in its latest quarterly review
IMF warns low-income countries about higher debt risks
Increased exposure to non-traditional lenders could increase rates and shorten maturities
Erdoğan takes control of Turkey’s SWF
Fund was created in 2016 and holds assets of key national companies
IMF points to greater price pressures in Tunisia
The fund and national authorities agree on policies to complete fourth review of support programme
RBI’s Kanungo warns on fiscal imbalances
State governments have borrowed heavily, making the RBI’s job harder, the deputy says
Argentina’s exposure to capital flows limits central bank actions
Peso seen as likely to remain under pressure despite forex interventions and sharp tightening
Argentina hikes to 60% as peso drops further
Monetary policy committee holds emergency meeting amid fresh trouble for the currency
Bank of Israel criticises government’s defence spending plans
Outgoing governor Flug also disagrees with finance ministry’s low-tax policies
Brian Wynter on Jamaica’s inflation-targeting transition
Jamaican governor says the end of fiscal dominance plus the creation of a two-way forex market and an effective interest rate policy mechanism essential for “full-fledged” inflation target
The perilous road to normality
Many central banks are starting to tighten policy, but their room for error is limited and their final destination unclear. What more can they do?
Turkish lira down 22% as crisis builds
Lira collapses and bond yields soar as Donald Trump unveils fresh sanctions
Changes in interest rates impact richest 20% more than the poor – Kganyago
South African governor says microloans are shaped by factors other than monetary policy
Zimbabwean economy faces uncertainty after controversial election result
Violence and accusations of unfairness around the presidential election have dampened hopes of economic recovery
BIS paper links Japan’s household debt to consumption behaviour
The researcher examines how Japanese household debt affects marginal propensity to consume
US dollar credit to emerging markets growing faster, reveals BIS data
Growth in dollar-denominated debts up 9%, with growth in debt securities even faster