Exchange rate
Greater exchange rate flexibility warranted in Peru – IMF
Limiting interventions would help reduce dollarisation further, says fund
Chile to sell $400m a day in first week of forex interventions
Central bank selling $200m in spot market and $200m in 30-day forwards
Chile launches biggest forex intervention in 20 years
Chilean peso has fallen by 14% against dollar since mid-October amid massive street protests
Brazil sells dollars as real falls to record low
Currency has fallen by 11.3% against dollar since July, as central bank cut interest rates by 150bp to new low of 5%
Bank of Zambia cuts rates as food crisis mounts
Zambian central bank calls for better government policy as drought causes a sharp rise in food prices
Zimbabwe reverses policy stance, slashing rates to 35%
Monthly inflation continues uptick, but central bank’s MPC halves policy rate following review
Uzbekistan boosts transparency with new central bank law
New law strengthens inflation targeting as country wrestles with ambitious reforms
Crypto assets may force central banks into policy synchronisation
Paper examines the impact a global crypto asset would have on the “impossible trinity”
Excess of cash in Solomon Islands banks driven by high rates – IMF
Basket exchange peg is ‘appropriate’, says IMF, but lending rates remain too high
Bank of Spain paper looks at exchange rate shocks in the eurozone
Exogenous exchange rate shocks affect energy prices but not core inflation, researchers find
Philly Fed paper studies impact of Argentina's default on firms
Firms would benefit from mechanisms to ease switching lenders, researchers find
Hong Kong cuts interest rates as economy enters recession
HKMA eases for the third time following Fed move, prompting banks to cut lending rates for the first time since 2008; economy contracts sharply in third quarter
BoE’s Tenreyro comes to the defence of flexible exchange rates
Policy-maker challenges conventional wisdom in several areas of economics
IMF paper tracks Asian authorities’ responses to volatile capital flows
Monetary policy typically responds to several variables in pursuit of greater stability, analysis finds
CBRT slashes rates again as inflation enters single digits
Central bank makes further sizeable cut as inflation hits lowest level for over two years
Indonesia cuts rates for fourth time this year
Indonesia has cut a total of 100bp in the latest cycle; more cuts are possible but depend on Fed move and rupiah stability
King calls for radical shake-up to escape ‘low-growth trap’
Central bank models fail to appreciate demand-side secular stagnation; IMF could help to drive country-specific policies to reallocate resources
Tackling ‘dead-end’ monetary policy
A shift to lower inflation targets would help central banks escape forever-loose monetary policy, writes former IMF chief Jacques de Larosière
Exchange rate shocks gaining importance for eurozone inflation – research
Core inflation less influenced by exogenous factors, Bank of Spain research paper says
PBoC says its bills are better tools than bonds for China
Central bank bills will play a bigger role in stabilising yuan exchange rates, suggests PBoC research note
MAS makes rare policy tweak amid slowing global economy
MAS targets slower appreciation of Singapore dollar, the first such easing in more than three years
BSP governor rules out Philippines involvement in Asian currency war
Rate cuts by Central Bank of the Philippines due to ‘domestic factors’
BSP’s Diokno on forward guidance and cutting reserves
The Central Bank of the Philippines governor speaks to Christopher Jeffery and Alice Shen about fintech, efforts to wean Asia off the US dollar, and why he wants to cut policy and reserve requirement rates
Seven threats from big tech’s libra
Can central banks avoid a ‘big tech’ monetary meltdown?