Monetary policy
E-krona adviser on offline trials, legislative changes and rollouts of CBDCs
Sveriges Riksbank’s Johan Schmalholz speaks about latest CBDC developments on sidelines of Central Banking’s Windsor training series
GCC central banks follow Fed by reducing rates
Saudi Arabia, UAE and Bahrain opt for 25bp cuts, while Qatar loosens by 30bp
Banxico working paper tackles ‘loan puzzle’
Study finds that banks increase credit to low-delinquency sectors following policy tightening
Fed makes post-presidential election rate cut
Chair Powell stresses Trump’s election as president will have no effect on policy in the near term and he has no plans to resign at Trump’s request
Europe’s central banks diverge on monetary policy
Norway holds, while Albania, Czech Republic and Sweden proceed with cuts
Bank of England cuts policy rate to 4.75%
Policy committee votes by 8–1 to reduce bank rate by 25bp
Brazil maintains tightening stance with 50bp hike
Policy committee cites strength of economy and external uncertainty as reasons for unanimous decision
Thailand delays selection of central bank chair
Decision follows warning against political interference from four former governors
BoJ holds policy rate
Central bank highlights need to monitor US economic developments and domestic data
Combining central banking orthodoxy with innovation
Sergiy Nikolaychuk argues the future of central banking centres on adaptability as well as independence
Savings dampen monetary policy effectiveness – Fed paper
Central banks should track excess saving at a high frequency, authors recommend
Policy tightening reduces labour productivity and presence – paper
Lower participation and labour supply have inflationary effects, Bank of Canada authors find
Thai government and BoT agree to keep inflation target intact
Central bank and government reach price goal consensus despite a year of tensions
Mamo Mihretu on the radical reform of central banking in Ethiopia
Ethiopian governor speaks about simultaneous monetary policy and exchange rate reform, opening the country’s financial system and a fundamental reset for Africa’s second most populous economy
PBoC launches new reverse repo operations
Injections via new liquidity tool could help offset maturing central bank loans to banks in fourth quarter
Norges Bank governor explores monetary policy trade-offs
Demand channel requires greater unemployment than currency channel, Bache argues
Russia hikes rates by 200bp
Central bank is forced to update its outlook in face of soaring inflation
Bank of Canada cuts policy rate by 50bp
Governor says further cuts likely as bank puts emphasis on keeping inflation stable
ECB could go below r* when setting policy, says Panetta
Bank of Italy governor says eurozone has to return to “normal way of doing monetary policy”
How to allocate rate hikes ‘keeps me awake 24/7’, says BoJ’s Ueda
Governor reflects on past steps in policy normalisation and Japan’s ageing population
Bangladesh Bank raises interest rate to 10%
New governor makes third consecutive hike as bank attempts to tame inflation
Hungary holds rates again after September cut
Geopolitics prompt “careful, patient” monetary policy, says deputy governor
Bank of Thailand official calls for more flexible inflation targeting
Deputy governor says excessive policy fine-tuning can be counterproductive
IMF warns central banks not to keep policy ‘too tight for too long’
Chief economist calls for “triple pivot” as global economic outlook shifts