Exchange rate
Central Bank of Chile paper finds benefits to financial exclusion
Working paper studies welfare in countries with currency pegs when access to external financial markets is restricted; finds closing capital account can increase household welfare
NBS paper measures impact of productivity differentials
National Bank of Serbia working paper studies effect of differing productivity growth between sectors and countries; finds impact on inflation and exchange rates
Strict foreign exchange rules set to stay in Ukraine, says governor
Sergei Arbuzov explains why the National Bank of Ukraine keeps a tight rein on foreign exchange transactions; says temporary easing of rules for sporting tournament will not become permanent
Bhutanese central bank warns of external imbalances
Royal Monetary Authority of Bhutan monetary policy statement outlines threats to currency peg; says long-run solution requires strengthening of macroeconomic fundamentals
Poland finalises Swiss currency swap agreement to protect banking sector
National Bank of Poland signs 'precautionary' currency swap deal with Swiss National Bank; in place to deal with liquidity pressures surrounding financing in Swiss francs
Iceland central bank governor discusses policy challenges
Már Guðmundsson reflects on difficulties that remain in removing capital controls and tackling high inflation; suggests that others could learn from the Icelandic model
RBI paper analyses exchange rate volatility transmission
Working paper assesses spillover of exchange rate volatility from international currencies to Indian rupee; finds volatility is dependent on foreign exchange rates and domestic policies
BoJ’s Shirai considers eurozone impact on Japan
Sayuri Shirai examines eurozone crisis and discusses impact on Japan; sets out three main channels through which the economy is affected
Ukraine issues commemorative Euro 2012 coins
National Bank of Ukraine reveals commemorative coins dedicated to the European Football Championship 2012; first ever half-kilo gold coin forms part of the series
ECB paper analyses impact of oil shocks on exchange rates
Working paper assesses impact of oil shocks on exchange rates between oil importers and exporters; finds no systematic appreciation pressure on oil exporters following a shock
Swiss central bank board member explains unique situation
Jean-Pierre Danthine examines SNB’s unusual monetary policy situation; says impact of unconventional measures should not be overestimated
IMF paper examines capital flow management
Working paper considers methods of managing large-scale capital flows in Czech Republic, Poland and Romania; argues capital controls should not be used
IMF paper discusses renminbi internationalisation
Working paper considers historical conditions leading to international use of currencies; finds that conditions in China suggest gradual internationalisation of renminbi
Aussie demand surges following recent RBA rate cut
The Reserve Bank of Australia’s decision to cut interest rates on May 1 led to a sharp fall in the Australian dollar, but has also caused an uptick in demand for the currency, according to FX traders and strategists in the region
IMF report backs 'appropriate' Swiss currency floor
IMF supports Swiss National Bank currency floor policy; says floor is “appropriate" and discusses relative success to date
Malawi devalues kwacha to boost economy
Malawi ends peg to dollar; hopes to speed government’s efforts to restart International Monetary Fund aid programme
SNB’s Jordan defends exchange rate intervention
Swiss central bank chief Thomas Jordan says minimum exchange rate policy for euro proving effective; adds that despite the 'floor' the Swiss franc remains "overvalued"
Sarb working paper discusses rand exchange rate
South African Reserve Bank working paper studies factors that influence the exchange rate of the rand as a free-floating currency
PBoC decision to widen trading band welcomed
Chinese central bank announces “enlarged” floating band of renminbi trading prices against the US dollar; analysts and IMF welcome decision
Currency floor breach raises questions over SNB policy
The Swiss National Bank should consider enlisting the help of top-tier banks to keep EUR/CHF above 1.20, forex traders suggest
SNB’s Jordan describes task of maintaining franc exchange limit
Thomas Jordan sets out how the Swiss National Bank has been fighting to keep the franc-to-euro exchange limit in place; explains slight slip-up last week allowing some trades to happen at lower rate
SNB set to keep rates low and maintain floor
Accommodative monetary policy likely to continue as growth slows in Switzerland; international climate and strength of currency continue to worry Swiss National Bank, according to annual report
Central Bank of Myanmar confirms currency float
Central bank announces managed currency float will commence next month; first public statement on exchange rate reform since military government left power last year