Exchange rate
How gold has regained its shine
In a year of exceptional circumstances – especially true for gold, which, in August, saw an all-time high price – Invesco explores how pandemic-driven uncertainty has returned the precious metal to the spotlight of the global monetary system.
Georgia’s Gvenetadze on implementing an aggressive reform agenda
The National Bank of Georgia governor speaks about efforts to improve monetary policy, financial infrastructure, financial literacy, transparency and ESG
Turkish central bank holds rates despite currency’s slide
MPC attempts indirect tightening again as expert claims official figures hide true inflation rate
Fed’s Covid-19 response drove euro’s appreciation – ECB paper
Effects of QE on exchange rates are comparable to conventional monetary policies, researchers find
Frank Smets on the ECB’s strategy review
The ECB’s DG of economics explains how expectations, communication, fiscal dominance, climate change and the Fed’s actions will be factored into the ECB’s delayed strategy review
Marshall Islands readies to make waves in digital currency
Island nation ready to issue blockchain-based national currency if its new government gives the go-ahead, chairman of foundation says
Libyan governor warns of economic collapse
Oil blockade is “bullet in the head” to civil-war torn country’s economy, Sadiq al-Kabir says
Turkish central bank tries to tighten policy without hiking rates
Currency continues to slide as data shows central bank’s FX reserves fell by one-sixth in 12 months
IMF staff praise new Argentina stabilisation plans
Buenos Aires requested a new support programme in August
IEO calls for IMF to rethink house view on capital controls
Independent review says 2012 reform was helpful but still suffers from shortcomings
Argentine peso falls after central bank changes regime
Spread with unofficial exchange rate widens further
Argentina allows peso to fall faster
Central bank increases repo rate as currency falls and inflation rises, despite severe GDP contraction
BIS paper explores impact of sterilised FX interventions
Authors say economic and financial stability implications of intervention have been understudied
‘Combination’ forecasts can beat standard methods – RBI paper
Traditional inflation-output relationship seems “broken”, authors say
Turkish central bank raises rates unexpectedly
President Erdoğan dismissed previous governor for tightening monetary policy
Australia’s central bank considering FX interventions, says Debelle
RBA is evaluating additional monetary policy tools, deputy governor says
Ethiopia launches new high-denomination banknote
New 200 birr note aims to curb inflation and corruption, central bank says, as Covid-19 slows growth
EM reserves ‘crucial’ in mitigating Covid-19 outflows, says Mauritius governor
Foreign exchange buffers helped to mitigate volatility in financial markets
Lower-income countries generate highest reserves growth
Most reserves portfolios appear to have weathered the Covid-19 crisis well
Central banks are using biased estimates of pass-through – BIS paper
Standard measures exchange rate pass-through fail to account for market power, researcher argues
Deep learning can beat other forecast methods – Bank of Korea research
Deep learning models have smaller margin of error than conventional methods, research finds, but data quality is key
BIS paper explores changing inflation risk factors
Authors highlight “significant non-linearities” among a range of risk factors
Bank of Zambia cuts rates as Covid concerns intensify
Zambian central bank calls for debt sustainability policies as growth and inflation forecasts worsen
Colombian exchange rate shocks are asymmetric – central bank paper
Impact of 2014 drop in Colombian peso lends support to “dominant currency” theory, authors say