Imbalances
How central bank mistakes after 2019 led to inflation
There is a need to acknowledge errors and take concrete action to restore confidence in policy-making
Non-bank access to RTGS systems still rare
Only a handful of central banks allow non-bank users
Pakistani governor steps down as term expires
Government chose not to renew Reza Baqir’s term
Central bank of the year: Bank of Korea
South Korea’s central bank was the first developed-world central bank to tighten policy to address inflationary risks
IMF signs off on Pakistan aid despite ‘exceptionally high’ risks
Central bank reserves are low and fiscal spending breached limits, but recovery is proving strong
Saudi Arabia boosts Pakistan’s reserves
Package from Saudi development fund comes as Pakistan’s balance of payments issues ease
Sri Lankan central bank raises rates as reserves run low
CBSL says it is seeking foreign funding as external balance faces “multitude of challenges”
An assessment of the ECB’s strategy review
Aspects of the framework raise challenges for implementation and credibility, while climate change inclusion may politicise the institution
A rebuttal of Philip Turner’s criticism of the BIS ‘house view’
Critiquing Philip Turner’s occasional paper, ‘The new monetary policy revolution: advice and dissent’
RBI’s Das: pandemic improved India’s external balance
Boom in software business helped shore up current account and boost RBI reserves, governor says
IMF grants Tonga $10 million emergency loan
Fund’s Article IV report expresses concern about banking sector; predicts GDP contraction
IMF staff lay ground for $1.8 billion loan to Costa Rica
Staff set terms for three-year loan as high debt and Covid-19 take toll
Hernández de Cos on ECB policy, crises responses and Basel reform
Spanish governor says ECB ready to boost stimulus and Basel reforms not diminished by Covid-19 exceptions
Monetary unions in the making in Africa
EAC, Ecowas and SADC can adopt practical steps learned from the EMU
NBG paper develops early warning system for external risks
Georgia’s current account deficit and dollarisation create vulnerabilities, authors say
Barbados governor hits back at AML ‘blacklisting’
Action by EU is “pernicious” amid pandemic and IMF programme, says Cleviston Haynes
Banking sector resilience ‘likely to be tested’ – IMF’s Adrian
Fund’s stability report says vulnerabilities are high and rising, creating difficult policy choices
Fed feeling its way with new inflation framework
Average inflation targeting is broadly dovish, and could see rates stay lower for even longer
Detail matters when monitoring external imbalances – IMF research
Gross external debt is one of the clearest signs of vulnerability, study finds
IMF economists call for action on global imbalances
“Excessive” imbalances exist in 40% of cases, though they have narrowed slightly
BoE and FCA move to tackle systemic risks in open-ended funds
Mark Carney says issues are “increasingly appreciated” in global discussions
‘Sectoral’ counter-cyclical buffer could boost resilience, says Basel Committee
Targeted tool would have a narrower impact on segments of the market
SBP looks back on tough year for Pakistan
Lack of fiscal consolidation hampered central bank’s crisis response, annual report says