Monetary policy
Central banks report high levels of independence
Institutions across regions and income groups report significant autonomy from political interference
Kganyago continues push to lower Sarb inflation target
Economists back South Africa’s central bank governor, but finance minister remains sceptical
Australia moves forward with ‘ample reserves’ framework
RBA raises price of short-term repo and encourages lenders to recycle liquidity in private markets
Colombia holds rates amid government pressure for cuts
Banrep board divided after three new members join; country’s president says decision “unacceptable”
Over 40% of central banks lack formal recapitalisation agreement
Ten banks were recapitalised in the past year
Ghana raises rates to 28% despite fall in inflation
Central bank also points to credit risks in banking sector
Some central banks report pressure to change monetary policy
Central banks mention financial and political factors impacting independence
ECB monetary policy spills over to US – Chicago Fed study
Resulting appreciation of dollar causes US leveraged loan investors to demand more compensation
Ethiopia holds rates to tame inflation
Central bank says it aims to reduce figure from 15% to single digits in “medium term”
Hungary holds rates amid continuing upside risks to inflation
MNB points to geopolitical and trade uncertainty in explaining first policy decision under new governor
PBoC tweaks lending facility as framework reform continues
Chinese central bank phases out MLF’s role in monetary policy by allowing dynamic pricing
BIS paper links long-term rates decline to FOMC meetings
Study finds 70% of drop in rates in G10 countries is due to market moves close to Fed meetings
Turkey raises overnight lending rate in emergency move
Central bank tries to protect lira after opposition figure’s arrest triggers fall in currency
Iceland and Switzerland cut rates, while Sweden holds
Central banks highlight global developments and high levels of uncertainty
Central Banking Awards 2025: final winners announced
Last group of awards includes governor of the year and lifetime achievement
FOMC holds rates amid uncertainty and stagflation risks
Fed chair Jay Powell says inertia also a factor as committee opts for caution
Denmark will reach r* this year – central bank
National Bank of Denmark continues 26-month streak of non-intervention in FX market
Financial market infrastructure services: Nasdaq
Nasdaq has added a monetary operations portal to its cloud-based reserves services as part of its growing integrated suite
Insurers play key role in monetary transmission – IMF paper
Authors show sensitivity to long end of yield curve is “causally connected” to risk premia
Forward guidance ‘partly to blame’ for inflation – panel
ECB should do more scenario planning, revise collateral rules and incorporate Taylor principles
ECB framework needs ‘few tweaks’ – panellists
Digital euro is “even more important” in the wake of Trump CBDC ban, says BdF governor
Bank of Canada cuts rates by 25 basis points
Monetary policy “cannot offset the impacts of a trade war”, says central bank
Pakistan pauses easing cycle after six consecutive rate cuts
Central bank says high core inflation could still drive up overall price levels, despite fall in headline figure