Exchange rate
Stronger Canadian dollar weighing on policymakers' minds – Lane
Bank of Canada deputy says bank is paying ‘close attention’ to how markets respond to higher interest rates and stronger currency, which could threaten supply chains
Falling Swiss franc boosts inflation but SNB policy is unchanged
SNB revises down GDP growth forecasts and warns franc “remains highly valued”
Bank of Canada rebuts ‘epic fail’ communication claim
Central bank’s head of comms rejects criticism from Bank of Montreal that policymakers failed to properly signal its recent rate hike
PBoC dials back on forex controls
Renminbi ends 11-day rise after the central bank relaxes reserve requirements; analysts view move as attempt to end one-way trading
Benoît Cœuré: exchange rate pass-through has fallen for eurozone
ECB board member calls for reconsideration of IS curve modelling
Norway’s oil fund recommends bond portfolio shake-up
NBIM managers recommend cutting riskier investments from bond benchmark index to improve flexibility and alignment with its goals
Uzbekistan poised to float currency
From September 5, restrictions on foreign exchange trading will be lifted, paving the way for a new operational framework at the central bank
Bank of Mexico revises upwards its economic forecasts
Inflation is projected to return to the 3% target in 2018 and growth to be higher than expected, says governor
BIS research says macro-pru could help African central banks
Paper shows African central banks are less likely to allow exchange rate deprecation when reacting to external shocks
Malaysian central bank slams Ice and SGX over ringgit futures
Making them available offshore goes against foreign exchange rules, says Bank Negara Malaysia
Archive – EMU: a sceptical US view
Allan Meltzer of the American Economic Association explains why he is worried about a union by the back door; first published in November 1997
Archive – Interview: Allan Meltzer
Robert Pringle talks to Allan Meltzer, Carnegie Mellon professor and chair of the US Congress’s International Financial Institution Advisory Commission (the “Meltzer Commission”); first published in February 2003
Bank of Colombia forecasts stronger growth as oil shock fades
The central bank expects higher GDP growth in 2018, as inflation remains within target and the peso’s exchange rate with the dollar stays stable
Higher CPI unlikely to change Danish loose monetary policy
Consumer prices rise in July at the highest rate since December 2012 on food prices and package holidays, but analysts expect it to fall again over the coming months
“What would Allan say?”
Central Banking Publications founder Robert Pringle finds pearls of wisdom in his email correspondence with the late Allan Meltzer
BNM warns banks not to trade offshore in Malaysian currency
Malaysia's central bank says banks should not trade in futures in Singaporean exchanges
Zimbabwe back to printing bond notes
Reserve bank to release an extra $300 million into the system from August to deal with forex demand; governor says bolstering regulation should help “plug” forex leakages
Malaysia starts to feel effects of Fed rate hikes
Fed rate hike in June reversed flows into Malaysian financial markets, leading to an increase in yields, a deprecation of the ringgit and a fall in the stock market; Thailand appears less affected
Weaker franc gives SNB newfound leeway
The central bank may be able to slow or halt its massive foreign exchange acquisitions as the Swiss franc hits its lowest level against the euro since January 2015
Favourable inflation prompts 100bp cut in Brazilian interest rate
Central bank continues easing cycle as political uncertainty not feeding through to inflation; analysts expect another large cut this year
Uzbekistan to press ahead with forex reforms
Authorities plan to “frontload” efforts to unite black market and official exchange rates, allowing the central bank to focus on stabilising prices
BoE paper warns escape from secular stagnation may ‘beggar thy self’
Authors outline an unappealing situation where the only escape comes from currency depreciation, but may nevertheless end up harming domestic welfare
Fed fines BNP Paribas over forex manipulation
French bank is to pay $246 million to settle an investigation of misconduct
Australia’s neutral rate of interest is around 3.5% – RBA minutes
RBA minutes show hawkish slant compared with policy statement released earlier this month; central bank estimates neutral rate has fallen 150 basis points