Monetary policy
Bank of Russia cuts policy rate as oil and pandemic crises deepen
Elvira Nabiullina says central bank may cut again as it forecasts major recession in 2020
Riksbank unveils details of local bond purchases
Swedish central bank to buy up to Skr5 billion from Kommuninvest i Sverige
Bank of Japan steps up stimulus with unlimited JGB purchases
BoJ drops limit on government debt and quadruples corporate bond cap, but it is unclear if purchases will actually increase
Ukraine central bank cuts policy rate sharply
NBU says failure to agree IMF deal is main risk, as bank administrators sue oligarch
Pandemics can depress natural rates for multiple decades – SF Fed
Real wages tend to rise gradually for 30 years after pandemics, data stretching back to 1340s shows
Turkey continues easing cycle with 100bp cut
Policy-makers see oil shock creating room for stronger easing
Bank of Mexico cuts rates in emergency meeting
Central bank unveils set of measures to boost liquidity amounting to $30.5 billion, 3.3% of GDP
Book notes: Crisis spaces, by Costis Hadjimichalis
“Don’t buy this book, unless you are a dedicated Marxist”
Proposed changes to law could damage independence – Swedish central bank
Lawmakers’ proposal would hinder crisis management capability, Sveriges Riksbank says
Shadow banking increases need for asset purchases – ECB paper
Large non-bank financial sectors can impair transmission of monetary policy, paper finds
Central Bank of the Philippines cuts rates at emergency meeting
Emergency move brings central bank's rate cuts this year to 125 basis points
The Belt and Road Initiative 2020 Survey – A more sustainable road to growth?
The third annual Belt and Road Initiative (BRI) survey reveals that central banks view BRI investment as sustainable compared with other forms of external debt, particularly given it is often proportionally less significant. Despite growing global trade…
Bank of Canada unveils new purchasing programmes
Monetary policy report analysis shows economy could shrink by roughly 30% in Q2
Uzbekistan central bank cuts rates by 100bp
Emergency meeting loosens policy in response to pandemic and energy price fall
Sarb cuts rates to historic low
Unanimous decision comes as growth outlook and inflation forecasts revised; South Africa’s risk profile has increased
Transfer season
Trade frictions with the US have caused a mass industrial transfer to China’s neighbours. Zhou Chengjun, IFF Academic Committee member and inspector of the Macro‑prudential Policy Bureau of the People’s Bank of China, says that shouldn’t stop China…
National Bank of Poland cuts rates to record low of 0.5%
Central bank includes state-guaranteed bonds in its asset purchase programme
BIS paper finds little evidence of ‘liquidity trap’
Monetary policy remains effective even very close to the lower bound, economists find
Bank of Mexico lacks scope to counter Covid-19 – minutes
Officials highlight limited scope to lower rates below 6.5% without stoking inflation
Is the ESM the eurozone’s best weapon against Covid-19?
Eurobonds face economic and political hurdles, say former officials
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
Should the Fed be next to implement yield curve control?
The Reserve Bank of Australia is now the second G20 central bank trying to control longer-term interest rates. Could the Fed be next?
The long march to global growth
Liang Tao, vice-chairman of the China Banking and Insurance Regulatory Commission, says that China’s growth is fuelling innovation and modernisation, but financial regulation and governance needs to be tightened up for China to take its place at the top…