Exchange rate
Kazakhstan scraps FX rule for state-affiliated companies
Requirement for proceeds to be sold domestically was implemented when Ukraine war led to depreciation
Israel continues easing cycle following US-Iran ceasefire
Improved inflation outlook and strong currency mean further cuts are likely, expert says
Samoa to leave policy unchanged over coming year
Central bank expects inflation to rise temporarily due to effects of Iran war
Jamaica holds rates at 5.5%
Central bank expects headline and core inflation to breach upper range of its 4–6% target
Mervyn King on his career and big ‘mistakes’
The former BoE governor speaks with Christopher Jeffery about the value of transparency, lessons from the GFC, the need to track broad money and tie short-term funding to haircut collateral, and danger presented by non-banks
Bolivia ends peg to US currency after 15 years
Finance ministry calls arrangement ‘unsustainable’ amid domestic dollar crunch
Philippines and Indonesia tighten by 25bp
BSP says inflation ‘strong’ as BI’s focus remains on rupiah
Jim Bullard on Kevin Warsh’s first FOMC and Fed independence
The Federal Reserve veteran speaks with Christopher Jeffery about Iran and the US economy, the ‘good' AI bubble, cutting the Fed’s balance sheet and staff, and the need to clarify swap rules and recapitalise the regional Feds
Zoltán Kurali on Hungary’s reserves strategy and euro adoption
Deputy governor speaks about portfolio positioning amidst geopolitical volatility, AI, CBDC and the future of the forint
Dollar’s reserve currency status worth $33 trillion – paper
Loss of exorbitant privilege would lead to dollar depreciation and rise in real interest rates
BI offers more support for rupiah with off-cycle rate hike
Bank plans measures to attract foreign investors to its debt as currency performs worse than expected
Nicaragua holds rates for fifth consecutive occasion
Central bank expects ‘low and stable’ inflation despite uncertain geopolitical environment
Iceland could join euro even during a crisis – ECB’s Vujčić
BoE’s Mann also highlights pros and cons of country’s accession at currency conference
Euro ‘more appealing’ for both invoicing and reserves, ECB finds
Bank’s annual report on currency’s use draws on findings from Central Banking’s benchmarking
How to deal with geopolitical risks, central banking-style
Managing the fastest-rising risk category requires a combination of old and new thinking
Haiti’s woes exacerbated by supply shocks – governor
Ronald Gabriel says regional central banks should adopt more internationalist approach
IMF approves $1bn disbursement to Argentina
Board releases funds following agreement in April
Philippines governor says off-cycle rate hike possible
Remolona says BSP may have fallen behind the curve on inflation
Book notes: The art of monetary policy, by Kristin Forbes
The message that effective monetary policy-making requires judgement, flexibility and realism alongside technical expertise is both persuasive and highly relevant
Reserves shifting from deposits to securities – paper
Pattern may be evidence of ‘mercantilist’ motivation for excess reserve accumulation
Reinventing reserve management: governance, risk and agility in a fragmented global financial system
Bank Indonesia’s new total‑portfolio approach tightens governance, risk controls and implementation speed in volatile global markets, writes reserves head Rahmatullah Sjamsudin
Helder Lopes on Timor-Leste’s transformation now the oil has run out
The Central Bank of Timor-Leste (BCTL) governor speaks to Chris Jeffery and Jono Thomson about dollarisation amid US policy unpredictability, managing legacy Petroleum Fund investments, Asean membership, digitalisation and financial deepening, and a long…
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
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