Oil
Commodity prices create ‘strong pressure’ to lower interest rates – paper
Policy response to commodity price fluctuations has been stronger in the US, paper finds; commodity price shocks follow two cycles, with the most recent having impacts on policy rates
Fiscal policies the answer to commodity decline in Africa – BIS paper
Counter-cyclical policies have done all that they can, paper says, adding it is now time for exchange rate and fiscal policies to bear the burden and spur growth
Sama intervenes to ease liquidity pressure on banks
Saudi central bank makes deposits worth over $5 billion at commercial banks struggling with low liquidity, and introduces new repo facilities
NBIM’s Q2 returns hit by Brexit turbulence
Second-quarter returns of 1.3% held back by European equities and UK in particular; real estate investments register second negative quarter
IMF paper examines drivers of India’s disinflation
‘Backward-looking’ expectations and domestic institutional structures amplified shocks, paper says; only 15% of India’s deflation is attributed to a decline in oil price
IMF paper offers alternative explanation for Venezuelan inflation
Working paper argues fall in oil prices combined with restrictions in foreign exchange best explains hyperinflation in Venezuela, rather than a self-reinforcing rise in expectations
Sarb deputy sees reasons for ‘cautious optimism’
‘Green shoots of recovery’ are starting to show, says Groepe; several and more fundamental patterns suggest the economy is on the mend
IMF staff urge oil-reliant countries to strengthen liquidity frameworks
Low oil prices likely to harm liquidity, raising the need for improved facilities and forecasting; risk of delayed surge in non-performing loans
Algeria’s longest serving governor dismissed
President dismisses Laksaci after 15 years of service at central bank; head of state-run Banque Extérieure d'Algérie Mohamed Loukal to take helm
Trinidad and Tobago governor predicts GDP contraction of up to 2.5%
Contraction of 2.5% expected amid falling oil prices; co-ordinated fiscal, monetary and structural reforms would increase recovery's chance of success, Hilaire says
Sama gets new governor in Saudi reshuffle
Deputy with experience at central bank and IMF takes over top post from Fahad Almubarak, as Saudi government shakes up major roles
Norway’s NBIM drops first batch of coal investments
Fund excludes 52 coal-related companies from portfolio in first “tranche”, with more planned; measuring exactly which firms fall within boundary proves tricky
Angolan authorities request help from IMF
IMF to start talks with authorities regarding an economic programme, which one analyst believes exceeds loan received after financial crisis
Bank of Mexico to send government 239 billion pesos on back of reserve gains
Some 70% of surplus to be used to pay off outstanding government debt or reduce new issuance, while the remaining money will be used to support stabilisation fund
Perceived long-term eurozone deflation risk unaffected by oil – paper
Between 2010 and 2012, perceived short-term deflation risk was “significantly” affected by oil prices, while medium-term risk was only affected between 2013 and 2015, research suggests
IMF staff raise concerns over Nigeria’s FX regime
Report voices worries about unintended consequences of FX restrictions, calling for more flexibility in exchange rate; Nigeria's authorities insist measures are temporary
Canadian economy may find ‘new balance’ at lower potential growth, Patterson says
Hit to the commodities sector likely to have knock-on effects, lowering broader investment and harming potential growth, deputy governor warns
IMF paper examines effect of ‘winning the oil lottery’
Research into the impact of oil discovery in certain municipalities in Brazil shows GDP per capita and urbanisation on the rise
Venezuela revamps foreign exchange regime
Government moves to exchange rate system, offering an official and floating rate to market participants; second sets of changes in as many years
Norges Bank organisational changes geared towards better investment
Revamp of organisational structure is mainly focused on improving the governance of the sovereign wealth fund, which delivered a return of 2.7% despite turbulence last year, annual report reveals
Angola appoints new governor as de Morais departs
Silva takes over from de Morais as part of a government reshuffle; has previously provided counsel to country’s vice-president
Norway’s pension fund may be close to peak, Olsen says
Norges Bank governor says Norway should not count on being able to build its sovereign wealth fund much further, and must brace for a difficult period of rebalancing after the oil boom
Paraguay’s Valdovinos: world has a lot to learn on macro-prudential tools
Paraguayan governor underscores importance of macro-prudential policy but says global economy still has a lot to learn; monetary policy is 'too blunt' to solve all problems
Peso depreciation casts shadow over Mexico rate decision
Central bank adamant it is not in a hiking cycle after 50bp rise; government taking steps to enforce measures on Pemex