Imports
Ghana hikes rates again as inflation passes 40%
Governor says country faces “huge financing gap” as government uses central bank credit
Rates round-up: Pakistan adds 100bp to main rate
Central banks raise rates in Kenya, Congo and Iceland
IMF recommends using reserves ‘prudently’ to offset dollar strength
Floating currencies, IMF precautionary lines and reactivation of Fed swap lines among possible measures
IMF approves ‘food shock window’
Temporary measure will help countries deal with food insecurity
IMF approves $3.8 billion for Argentina
Country has met most key targets, but 2022 inflation now projected to top 100%
Four more African central banks raise rates
Ghana raises policy rate to highest level since 2017, plus hikes in Uganda, Sierra Leone and Tunisia
Ukraine: the challenges for central banks
Rules on the weaponisation of money would help to protect a ‘public good’ amid geopolitical splits in a testing environment for central banks, write Gavin Bingham, Paul Fisher and Andrew Large
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
Is money growth really the main inflation culprit?
Jakob de Haan and Jan-Egbert Sturm take a closer look at inflation in the eurozone and Switzerland
The case for restoring the role of monetary aggregates
Tim Congdon argues that a surge in money supply in response to Covid-19 sparked heightened inflation and central banks need to refocus their attention on monetary aggregates
Bank of Ghana denies rationing FX
Bloomberg made claim in June article citing swelling fuel import bills
Tanzania’s current account deficit more than doubles YoY
Deficit reached $3.7 billion in May, as country turns to IMF for support
Bangladesh Bank orders second rate hike
Central bank publishes monetary policy for 2022–23
IMF approves $4 billion payment for Argentina
Country passes first IMF review, but reserves have declined in recent weeks
China loans Pakistan central bank $2.3 billion
Ailing country in talks with IMF as foreign exchange shortage crimps fuel purchases
Costa Rican authorities tell president reserves are sufficient
Chaves had complained of “very few reserves” at Davos
RBI extends Sri Lanka swap line
Island nation defaulted amid debt, currency and balance of payment crises
Outsider arts: how Russia might adapt to sanctions
The history of the USSR and actions by other sanctioned countries may give clues to Russia’s next moves
Diego Labat on policy normalisation, capital flows and tech challenges
The Central Bank of Uruguay governor speaks with Christopher Jeffery and Ben Margulies about governance, financialisation, flexible rates versus capital controls, payment upgrades and CBDCs
Alternative data fuels central bank research
Important research areas include monetary transmission, exchange rates, digitisation, SMEs and climate change, against the backdrop of Covid
Emerging nations turned to FX interventions during pandemic
Central banks in emerging nations were twice as likely to implement FX interventions than their peers in advanced economies
Sri Lanka central bank imposes capital controls
Measure restricts exports of foreign currency as government faces debt challenge
Cuba bars dollar cash deposits
Country struggling with sanctions as inflation spirals
Terms of trade shocks not symmetric – BoE paper
Developing countries particularly vulnerable to export shocks, study finds