US dollar
Dollar smiles again, but for how long?
Twitchy investors backed the buck during Iran war, but experts are divided on whether this marks a return of the dollar smile
Zafar Parker on 25 years of reserve management at the Sarb
Amid evolving risk, the head of financial markets talks about the journey to excess balance transfers to the government as South Africa’s reserves rose from $20bn to $80bn
Pakistan’s central bank receives $1.3bn in IMF assistance
Fund says authorities need to maintain strong macro policies and accelerate reform efforts
Dollar’s centrality in FX markets makes it more volatile – study
Greenback’s use as ‘vehicle currency’ makes it more sensitive to external shocks, economists say
Libya governor calls for clampdown on parallel FX market
Call is likely to be linked to central bank’s recent sale of cash dollars, expert says
Geopolitical shifts and the evolution of reserve management: adapting to a new reality
How great power rivalry affects central bank portfolios by the Central Bank of Brazil’s Ricardo da Costa Martinelli
Israel’s Golan Benita on reserve management amidst the AI boom
The head of market operations at the Bank of Israel discusses a shift to active equities to address ‘Mag7’ risks, the rationale for extending duration, and his critical view of crypto and gold
Trends in reserve management 2026: survey results
101 central banks, responsible for $9.5trn+ reserves, reveal exclusive data on FX interventions, if the US dollar is still seen as a safe-haven currency and approaches to investing in 20+ currencies
Asean+3 to prioritise digital cross-border payment co-operation
Group looking to open joint forum on tokenisation and stablecoins
Japan’s government reportedly intervenes in FX market
First intervention in nearly two years after yen fell to weakest level since July 2024
Libya launches $1bn cash sale to citizens
Central bank attempts to reduce demand for US currency in parallel economy and stabilise dinar
Barry Eichengreen on the evolution of the global monetary order
The US monetary expert speaks to Thomas Chow about similarities between the dollar and 18th century Dutch money and why Washington has bet on the ‘wrong horse’ with private stablecoins
Book notes: Money beyond borders, by Barry Eichengreen
Lessons from economic history indicate the dollar’s decline could result in a messy transition that spawns a global crisis
Hedge ratios help explain swings in dollar – BIS study
Data on eurozone funds helps explain currency’s reaction to tariff announcements, authors say
US policies eroding dollar’s position, say Knot and Obstfeld
Euro and yuan unlikely to supplant greenback, but ‘more multipolar’ system could arise
Sama’s Al-Sayari on financial resilience and the future of the riyal
The Saudi Central Bank governor speaks with Christopher Jeffery about the Middle East conflict, the transformation of the Saudi economy, improving prudential oversight and contingency planning, and the development of the fintech and tokenised ecosystem
HKMA awards Hong Kong’s first stablecoin licences
HSBC and Standard Chartered-backed JV to mint HKD-denominated assets from mid-2026
Central banks face ‘double whammy’ from Iran war
Policy-makers will have to tackle impact of higher inflation and greater fiscal stimulus
Geopolitics and debt are headwinds for dollar – Hammack
Cleveland Fed president says greenback’s long-term pre-eminence cannot be ‘taken for granted’
Reserve managers weigh tactical response to Middle East conflict
Some make case for ‘nimble’ duration management, but others say uncertainty is too high
Dollar still ‘special’ but Treasuries losing shine – NBER paper
Authors show ‘strong divergence’ between global roles of greenback and US government bonds