Growth
CBRT battles external imbalance with dwindling reserves
Turkish central bank loses battle to keep lira under 7 as reserves shrink, but pressures may be easing
RBA holds rate and reveals forecast scenarios
Cash rate target remains at 0.25%; RBA maintains three-year bond yield target at 0.25%
Dominican Republic governor opposes ‘inadmissible’ pension proposal
Allowing workers to withdraw savings could create long-term crisis, Héctor Valdez Albizu warns
Bank Negara Malaysia cuts rate as global outlook darkens
Fresh easing measures come as central bank foresees “particularly challenging” first half of year
MAS rolls out second relief package for individuals
Individuals can defer repayments of student and car loans as MAS aims to ease debt burden amid growing uncertainty
Lower refinancing can dampen economic recovery – Fed research
US mortgage refinancing activity remained muted after falling during 2008 crisis, researchers find
Debts, deficits, central banks and inflation
Forrest Capie and Geoffrey Wood ask what insights history can provide for central banks and governments managing abrupt, large increases in debt
Covid-19 could cut eurozone GDP by 5%, 8% or 12% in 2020 – ECB
ECB publishes alternative scenarios for the uncertain economic outlook created by the pandemic
Can growth in developing Asia be made more sustainable?
The structure of the global economy will be reshaped by Covid-19, and what happens in Asia will be crucial, writes Philip Turner
Fed predicts ‘unprecedented’ economic shock
Policy on hold as Q2 may see data “worse than any data we have seen”, Powell warns
Private sector banker appointed Bank of Namibia chief
President acknowledges long-standing deputy might have felt “passed over” for role
Lowe tells Australians to prepare for biggest contraction since 1930s
Uncertainty and movement restrictions have hampered spending and increased unemployment
Mass testing ‘would end crisis’ – Bullard
Government should foot bill for Covid-19 test production, Bullard says
Canadian governor sees ‘robust’ recovery in third quarter
Poloz says major shock to growth will probably be followed by “swift” recovery
Trump’s NAFTA replacement could harm car production – Dallas Fed research
Authors say Mexico could face biggest loss from USMCA deal
Policy-makers making risky ‘one-round bet’ on Covid-19 – El-Erian
Former Pimco chief worried about readiness and ability of policy-makers to tackle a ‘second wave’ of infections
Bank of Canada unveils new purchasing programmes
Monetary policy report analysis shows economy could shrink by roughly 30% in Q2
IMF projects deepest recession since Great Depression
Global growth could contract by between -3% and -6% this year, a combined loss of output of $9 trillion for 2020 and 2021
El-Erian on Covid-19 policy risks, ‘zombie’ markets and central bank capture
Former Pimco chief says Fed move into high yield is a step too far, new rules needed on leverage and false liquidity, and narrow window emerges for central banks to shed some of their policy load
Sarb cuts rates to historic low
Unanimous decision comes as growth outlook and inflation forecasts revised; South Africa’s risk profile has increased
World Bank says sub-Saharan Africa destined for first recession in 25 years
Growth could fall as low as -5.1% as largest economies struggle with Covid-19 repercussions
Kosovan central bank rolling out response to coronavirus shock
Governor Fehmi Mehmeti says economy is vulnerable but the central bank is taking action
Banque de France predicts 6% economic contraction
Confinement laws have had a significant impact on activity
Bank of Israel launches targeted lending operations
Central bank offers cheap loans to banks as part of Covid-19 response package; research department estimates point to major growth impact from virus