Exchange rate
Costa Rican central bank gets $1bn to shore up exchange rate
Regional fund offers credit line as central bank aims to boost reserves and relieve pressure on exchange rate; central bank plans a move towards inflation targeting
Developing states can improve inflation targeting – IMF paper
The research finds a bias in favour of results in line with the academic consensus
Perng Fai-nan on how Taiwan has eluded crisis for 20 years
Taiwan’s governor explains how pragmatic interventions have engendered two decades of financial stability, despite the island’s status as a small, open economy
Fed fines HSBC $175m for unsafe forex practices
The London-headquartered bank has been ordered to improve its practices by a Fed cease-and-desist order
Diversifying reserves carries major risks, warns Taiwan governor
Perng Fai-nan points to the records of Norway and Singapore’s SWFs as a warning about diversification risks; blames SWF outsourcing to asset managers for exacerbating EM volatility
Jamaica’s central bank implements next step in forex overhaul
Conducting auctions at new rate will improve transparency and efficiency of forex market, central bank says, hoping it will stem speculation and volatility
Czech exchange rate floor helped fight deflation – IMF paper
Range of methods imply the exchange rate floor was an effective measure, having been employed after hitting the zero lower bound
Riksbank welcomes higher inflation
Minutes of last monetary policy meeting caution krona has appreciated faster than previously forecast
Renminbi ‘crucial’ for reserve managers – Isabelle Strauss-Kahn
Central banks must consider how Chinese currency fits into reserves - World Bank expert
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