Exchange rate
IMF sees strong dollar shaping global recovery
IMF chief economist sees benefits in exchange rate movements at launch of World Economic Outlook, but warns sharp alterations could ignite international tensions if they persist
Singapore dollar ticks up as MAS holds fire
Monetary Authority of Singapore leaves exchange rate policy unchanged despite falling prices in January and February, cites tight labour market
Mozambican central bank balances food import pressures with domestic industry concerns
Bank of Mozambique holds interest rates as it comes under pressure over the value of its currency; accused of artificially propping up the value of the metical
FX regulator probes AUD spike prior to policy announcement
Australia's authorities look into sudden moves in the Australian dollar's value ahead of RBA monetary policy announcements
Olsen: Norway needs lower labour costs
Norges Bank governor Øystein Olsen argues labour costs must be brought into line with those of Norway’s trading partners to support a rebalancing of the economy away from oil
SNB’s Zurbrügg: negative rates having ‘desired effect’
Governing board member says negative interest rates are influencing the money and capital markets as intended, noting the exchange rate has also started to normalise since the January decision
Bascand says RBNZ more alert to risks
Deputy governor says new risk management framework has improved central bank’s ability to deal with risk; discusses reserves management policy and ‘open relationship’ with government
BIS paper weighs effectiveness of FX intervention strategies
Intervention to reduce volatility or to lean against exchange rate movements each come with distinct costs and benefits, working paper finds
SNB balance sheet could not have coped with peg defence, says Jordan
Chairman says decision to abandon Swiss franc ceiling avoided huge losses and monetary policy impairment; central bank slashes inflation forecast but does not follow Riksbank’s rate cut
Denmark eases pressure on banks but stays tough on krone peg
National Bank of Denmark raises limits on current account deposits to ease pressure on banks after forex interventions, but stresses speculators will lose if they continue to attack the krone peg
Bank of Uganda explains currency dynamics
Central bank attributes depreciation of the shilling against the dollar to both the strengthening of the US currency and the increase in demand for the greenback to fund imports and pay dividends
Nalm Europe: Scope for improved risk modelling, says RBNZ’s Bascand
Central bank has already gone some way towards revamping its financial management but there is ‘scope to improve further’, deputy governor tells Central Banking conference in London
Turkey intervenes in FX markets as lira slide continues
Central bank caught between shrill government rhetoric and jumpy markets, cutting FX deposit rates and launching liquidity operations in an attempt to halt the sliding lira
Carney targets 'strategic’ approach to market intelligence
BoE governor Mark Carney sheds light on some of the recent changes to the way the central bank gathers market intelligence in Treasury Select Committee hearing
Hryvnia back from brink despite central bank U-turn
Central bank manages to stem Ukrainian currency’s free-fall despite adding to market chaos with volte-face on foreign exchange controls; two failed banks enter liquidation
Israel and Turkey cut rates, hinting at further easing
Bank of Israel eases with one eye on the appreciating shekel; Turkey stands by its ‘cautious’ stance on interest rate cuts with 25bp reduction
Azerbaijan devalues currency by a third
Central bank follows up last week’s decision to abandon its peg in favour of a currency basket by devaluing the manat by 34% against the US dollar
Central Bank of Nigeria abandons FX window
Latest attempt to halt the sliding currency sees central bank cease to offer foreign exchange auctions, but interventions continue in the interbank market
Jordan laments ‘significantly overvalued’ franc
Some of the ‘overshooting’ that occurred in the wake of the SNB’s decision to withdraw its currency cap has been corrected, but Jordan argues the franc is still too strong
PBoC report reveals extent of liquidity interventions
Quarterly monetary policy report reveals massive injections of liquidity to support the money supply as outward capital flows continue to accelerate
Venezuela fleshes out details of new floating exchange rate
Venezuela’s central bank will introduce a new free-float exchange rate, allowing people and companies to freely buy and sell dollars; economists say it will lead to depreciation
Belarus eyes policy overhaul
National Bank of the Republic of Belarus says it will exercise ‘tight control’ over the money supply in an effort to shackle inflation; questions over where this leaves exchange rate peg
Ukrainian hryvnia drops 30% after central bank action
Currency in freefall after National Bank of Ukraine scraps subsidised forex auctions and simultaneously increases its key discount rate by 550bp
Denmark cuts rate for third time in 11 days
Danish central bank cuts its deposit rate for the third time since the Swiss National Bank decided to abandon its exchange rate commitment; rate now sits at -0.5%