Exchange rate
Bank of Thailand grapples with baht appreciation
Central bank has relaxed forex regulations and cut rates as baht hits six-year high
Patterns of exchange rate pass-through are changing – RBI paper
Pass-through in emerging markets is non-linear, asymmetric and falling, authors find
West Africa launches new currency in break with France
New ‘eco’ currency will still be pegged to the euro, but France will have less involvement in the affairs of the West African Economic and Monetary Union
Network effects magnify impact of US monetary policy – BdF paper
Researchers find that impact of US monetary policy is increased by complex cross-border interactions
Argentina woes deplete Uruguay’s reserves – IMF
Reserves drop from $15.6 billion to $14.3 billion in 12 months as dollar deposits also begin to rise
Bank of Israel digs in for long fight against strong shekel
Central bank has “plenty of patience”, says monetary policy-maker
Sri Lankan government may not pass central bank reform – adviser
Former governor’s comments come as IMF praises draft law on central bank inflation targeting
Paul Volcker, 1927–2019
The Fed chair made his name battling inflation, and left his mark on independence and post-crisis financial regulations
Chile’s forex intervention likely to stabilise peso – experts
Much depends on the reform programme the government chooses to adopt, however
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