Emerging markets
Working group minutes: Cautious exit from dollars
Central banks are contemplating gold, emerging market assets and equities to diversify
Dan Katz on the IMF’s role amid a fracturing economic system
The first deputy managing director speaks about the fund’s efforts in technical assistance, central bank guidance, debt workouts and surveillance in a system beset by fiscal imbalances, geopolitical fissures and digital disruption
One-fifth of EMDE central banks actively discourage cash use
Digital payments are reducing cash demand, especially in advanced economies
Goodhart and Pradhan on the end of monetary independence
The unanchored central banker authors speak about how ageing populations, soaring healthcare costs and rising fiscal deficits will force central bankers to compromise on inflation targets and bail out indebted governments
Banks compete with official sector for reserve manager market share
External allocations increased modestly, but preferences have been reshuffling
ESG gap between advanced and emerging economies narrows
ESG bond allocations are slightly down overall, but EMDEs are catching up
Brics governors announce central bank capacity-building hub
Focus will be on sustainable finance, cyber security and AI
De-dollarisation no guarantee of EM policy autonomy – study
Sarb paper argues sound domestic fundamentals are more crucial than lowering dollar usage
Zombie firms in Asian EMEs cause disinflation in AEs – study
Spillover is transmitted to advanced economies via trade channels, BIS report says
Bangladesh Bank launches loan scheme to boost agri sector
Borrowers will pay no more than 7% interest under scheme
Philippines tightens policy as inflation fight continues
Analysts believe decision marks end of BSP’s current policy cycle
Mampho Modise on payments reforms and the hierarchy of money
Sarb's deputy governor discusses conflicting crypto directives, wholesale CBDC plans, expensive remittance and a Brics gold-backed settlement unit
Indonesia unexpectedly holds, thereby ending tightening spree
Economists see room for BI to keep rates at their current level as rupiah depreciation pressures ease
FX controls have minimal impact on stablecoin dollarisation – study
BIS working paper argues that growing use of crypto assets presents policy challenges for EDMEs
MAS heralds progress on cutting carbon emissions
Central bank reports reductions in climate impact across its operations and investment portfolio
Policy transmission weaker in poorer countries – paper
Authors say disconnect may reflect limited financial inclusion and prevalence of informal credit
Asean’s expanding and evolving swap lines
The Asian trade bloc – with and without China, Japan and South Korea – wants to strengthen emergency liquidity support
‘Glory days’ of central banking may be behind us – Goodhart
Former BoE MPC member warns central banks will struggle to combat inflation given fiscal pressures
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
Venezuela launches $150bn debt restructuring process
Government looks to rework both sovereign and national oil company’s debt
Kristin Forbes on ‘wargaming’ for the next crisis
The MIT professor and former BoE MPC member speaks about QE, scenario analysis and the art of conducting monetary policy in the ‘fog of war’