GDP
Banknotes: July to September 2022
A round-up of news and salient issues that have affected central bankers in the past three months
Guatemala and Dominican Republic raise rates
DR says inflation is “moderating” and economy is strong; Guatemala notes second-round effects
Will the dollar remain the world’s reserve currency?
Bank of Russia sanctions are unlikely to undermine the US dollar’s central role in reserve portfolios. But a relative decline in US economic weight and technological innovation are benefiting other currencies
Bank of Mexico’s battle to restore price stability
Despite presidential attacks, former officials say a solid institutional framework preserves central bank autonomy – likely a key asset in the battle against inflation
Gontareva on Ukraine’s funding, NBU policy and reconstruction
Former NBU governor Valeria Gontareva speaks about donor funding shortfalls, NBU policy and financial stability challenges, Nabuillina and the seizing of Russian assets, and post-conflict rebuilding and modernisation
Turkish central bank shocks with 100bp rate cut
Rogoff describes move as “nuts”, as official inflation neared 80% in July
How central bank mistakes after 2019 led to inflation
Central banks must acknowledge their own mistakes and outline concrete steps to restore the public’s confidence in their ability to ensure price stability, write Graeme Wheeler and Bryce Wilkinson*
Romania continues tightening cycle with 75bp rise
Eighth consecutive increase comes as headline inflation passes 15%
Czech central bank halts tightening
Many had expected new governor and board to take dovish turn
Inflation offers route to unconventional policy exit
Asset purchases and negative rates can be reversed, but Fed/ECB policy divergence raises major risks
Costa Rica makes largest hike since 2010
Central bank predicts that inflation will not reach its target range until 2024.
Kazakhstan orders 50bp rate rise
Unlike neighbours, Kazakhstan continues tightening with eight hikes since last July
Sarb orders largest rate rise since 2002
MPC orders 75bp increase as currency weakens and inflation surges
Uzbekistan lowers key rate by 100bp
Central Asian country follows Russia in reversing rate increases from start of invasion of Ukraine
Myanmar orders halt to foreign debt payments
Authorities order wider range of partly foreign-owned companies to sell FX to central bank
Bank of Uganda raises rates 100bp at unscheduled meeting
Move is second increase in as many months as governor’s post remains unfilled
Uruguay continues ‘contractionary’ monetary policy
Eighth consecutive rate hike is smallest since last November
Bank of Israel orders biggest rate rise since 2011
Central bank continues “monetary contraction” as Israel faces fifth election since 2019
Colombia announces largest-ever rate increase
Central bank orders 150bp rise, while president-elect announces next finance minister
Williams also expects US to avoid recession this year
Unemployment will likely rise to 4% as growth slows due to tightening process, says NY Fed head
Book notes: Two hundred years of muddling through, by Duncan Weldon
Insights into UK economic history offer lessons for today’s policy-makers
Atlanta Fed revises growth estimate downward
This quarter has the possibility of officially beginning a US recession
Peter Nicholl on rebuilding Bosnia’s central bank
The former RBNZ deputy governor speaks with Dan Hardie about how he tackled financial instability in the aftermath of a war
Bank of Korea raises policy rate again
Policy-makers expect high inflation for rest of year