Foreign exchange
Lebanese governor in emergency meeting as crisis grows
Currency reported to have lost 50% of value this week as exchanges ignore central bank orders
Appetite for renewed Fed dollar swap lines in doubt
With up to $300bn of positions nearing expiry, some say FX swap market can meet banks’ funding needs
IMF should issue more SDRs – Brazilian governor
Brazil’s recovery will be crucially affected by external factors, Campos Neto tells Central Banking
BoE’s Hauser: Covid-19 forced “largest and fastest” actions ever
Executive director gives blow-by-blow account of how the BoE tackled the Covid-19 crisis in the markets
Central banking enters a new era
Central banks face a delicate balancing act to preserve their reputations as they evolve into ‘buyers of last resort’ and some of their actions appear functionally equivalent to ‘monetary financing’
IMF gives Chile access to $24 billion credit line
Country is exposed to major risks from pandemic despite strong economic record, Georgieva says
Campos Neto on reforming Brazil’s economy amid Covid-19 distress
The Central Bank of Brazil governor speaks about how Brazil is managing fallout from the coronavirus pandemic, the benefit of large reserves, his plans to deploy emergency asset purchases and why he favours extending the IMF’s SDR funding
The complex art of reserve management
The coronavirus lockdown represents another inflection point for central banks seeking to optimise the management of their $12 trillion in FX reserves
BIS launches round-the-clock banking with Mexican dealing room
Dealing room expands BIS presence in the Americas as part of “Innovation 2025” strategy
Qatar bolsters Turkey’s shrinking reserves
Agreement sees Qatar add $10 billion to Turkey’s reserves via swap agreement
Lebanese central bank official arrested over currency allegations
Currency crisis deepens as prime minister and central bank trade accusations
Chile requests flexible credit line from IMF
IMF’s Georgieva says she will recommend Chile receives access to $24 billion credit line
Hong Kong’s Exchange Fund reports record loss in first quarter
State fund’s assets lose $11 billion and investment chief warns of further losses
Book notes: In the combat zone of finance, by Svein Harald Øygard
A fascinating and readable book for those charged with maintaining financial stability and interested in a new perspective on institutional efficiency
Dominican Republic governor opposes ‘inadmissible’ pension proposal
Allowing workers to withdraw savings could create long-term crisis, Héctor Valdez Albizu warns
Zimbabwean central bank cuts rates and attempts currency controls
RBZ loosens policy as IMF predicts massive contraction in GDP for already-weakened country
Lebanese PM asks for IMF aid as dispute with central bank grows
Governor at centre of massive economic crisis appears to condemn PM’s words as “slander”
Colombia reduces rates as economy faces sharp recession
Central bank reduces rate by 50 basis points to 3.25%, GDP expected to fall by 10% in Q2
Libra’s Disparte on big tech’s move into digital currency
Libra Association vice-chair Dante Disparte speaks about the decision to abandon a multi-currency reserve, stress-testing a global payment network and how the Facebook-backed body still has 3 billion customers in its sights
Swiss central bank reports record quarterly losses
SNB loses $39.1 billion as falls in equities wipe out gains on Swiss franc positions and gold holdings
Lebanese central bank tries to stem currency crisis
Central bank unfreezes dollar accounts at sharply reduced rate as future of banking sector is unclear
Bank of Mexico rejects president’s request for early funds transfer
Central bank issues rare statement saying it must respect legal procedure for transferring funds
IMF approves $1.4 billion transfer for Pakistan
Aid should be used to finance budget and bolster foreign reserves, IMF executive board says
Transfer season
Trade frictions with the US have caused a mass industrial transfer to China’s neighbours. Zhou Chengjun, IFF Academic Committee member and inspector of the Macro‑prudential Policy Bureau of the People’s Bank of China, says that shouldn’t stop China…