Exchange rate
National Bank of Serbia reports on ‘dinarisation’ strategy
Quarterly report gives overview of National Bank of Serbia’s efforts to encourage use of dinar; finds that local currency as a share of total lending and deposits fell in the second quarter
Bank of Thailand governor explains changed policy stance
Prasarn Trairatvorakul says increases in interest rate were put on hold following floods and eurozone uncertainty; warns rates could go either way
IMF paper tests portfolio rebalancing impact on exchange rates
Working paper studies effect of changes to equities portfolios in driving adjustments in exchange rates; finds higher stock market returns cause depreciation of currency
IMF paper studies impact of US interest rates on sub-Saharan Africa
Working paper assesses degree to which exchange rates in sub-Saharan Africa respond to changes in US interest rates; finds movements depend on openness of capital account
ECB paper warns of capital control externalities
Working paper examines spillover from tax on capital inflows into Brazil; identifies significant direct impact amplified by signalling effects
National Bank of Serbia moves to shore up confidence
Executive board raises interest rates and increases dinar reserve requirements; Serbian government says new budget being prepared as IMF delegation arrives
SNB reveals scale of latest foreign exchange purchases
Swiss National Bank posts large increase in foreign exchange holdings from June to July; purchases represent efforts by central bank to prevent safe-haven flows into country
Swiss National Bank posts profit in first half of year
Latest figures show central bank made a profit in first half of the year; majority of gains come from holdings of foreign currency purchased to maintain minimum exchange rate against euro
Curacao and Sint Maarten governor discusses central bank co-operation
Emsley Tromp says co-ordinated action by central banks is particularly important in emerging markets; outlines four areas where closer ties would be beneficial
IMF paper finds changing resilience of emerging markets to financial shocks
Working paper assesses net change in ability of emerging markets to absorb financial shocks; says improved economic fundamentals are offset by vulnerabilities due to inflexible exchange rates
Central Bank of Iceland chief warns of foreign exchange intervention risks
Már Guðmundsson discusses problems posed by free-floating exchange rates; says central bank actions to lean against capital flows may fragment financial system
ADB economist moots idea of common currency in Asia
Principal economist at Asian Development Bank says common currency possible in ‘long run’; panellists outline possibilities for greater Asian economic integration
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