Imports
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
Nigerian president tells central bank to change forex policy
Central bank defends industrial subsidies and says border has been closed to prevent smuggling
The eurozone’s eastern conundrum
Bulgaria and Croatia expect a net positive effect as they take final steps to join the euro, while the Czech Republic, Hungary and Poland remain reluctant
Colombian exchange rate shocks are asymmetric – central bank paper
Impact of 2014 drop in Colombian peso lends support to “dominant currency” theory, authors say
Lebanese central bank faces audit as crisis deepens
Inflation is spiralling and IMF talks have yet to result in a bailout package
Is SDR issuance the best way to support low-income economies?
Economists and policy-makers are increasingly discussing the option as a way to boost liquidity in the fight against Covid-19
US exporters hit by Trump’s import tariffs – Fed paper
Firms making 80% of US exports affected by tariffs on input goods, researchers find
Advanced economies’ inflation more synchronised – Bank of Spain paper
Headline inflation rates are more highly correlated than core inflation, authors find
RBA and Bank of Korea expand local currency swap agreement
The initial deal was signed in 2014 and has been renewed every three years