Reserves
Renminbi in focus: diversification and internationalisation
Bank of China (Hong Kong) comments on the case study interviews conducted by Central Banking and discusses China’s GDP growth and renminbi internationalisation, the renminbi as a financing currency and its role in cross-border settlement
Armenia’s Galstyan calls for a new framework to tackle uncertainty and nonlinearities
Favours risk-management approach to policy and less emphasis on baseline forecasts that give false assurances
Namibia increases policy rate by 50bp
Central bank shadows South Africa’s hike last week to preserve currency link
Ghana hikes rates again as inflation passes 40%
Governor says country faces “huge financing gap” as government uses central bank credit
Banknotes: October to December 2022
A round-up of news and salient issues that have affected central bankers in the past three months
Bank of Canada posts first quarterly loss in its history
“We do not make policy to maximise our income,” says Macklem
Rates round-up: Pakistan adds 100bp to main rate
Central banks raise rates in Kenya, Congo and Iceland
Chile’s Costa on tackling inflation, forex interventions and nowcasting
Chilean governor discusses stubbornly high prices, Fed spillovers, reserve buffers, retail CBDC and unconscious bias
China cuts reserve requirement ratio for banks
Change to ratio will release funds for banks to help hard-hit industries, says the PBoC
The long and short of it: a brave new world order and dollar reserves
Arnab Das, global macro strategist at Invesco, explores the possibility of an international monetary system going back to the future, with the US less economically and geopolitically dominant
Costa Rica receives first loan under IMF’s green programme
Country is “excellent candidate” for Resilience and Sustainability Facility, says IMF official
Bank of Israel reserves increase by almost $3 billion in October
Asset revaluations boost the institution’s portfolio to almost $189 billion
Central bank assets enjoy ‘99%’ immunity
Why central bank assets possess legal immunity – but not from sanctions
Central banks’ gold demand hits record level
Purchases in 2022 reach 673 tonnes, higher than in any full year since 1967
Dominican Republic signals possible end to hikes
Board orders 25bp rise but says policy rate has reached “appropriate level”
Egypt raises policy rate and floats currency
Central bank decisions come as IMF signs preliminary deal for further $3 billion loan
Liquidity dependence may hamper QE exit
Expanding reserves may prove perilous for financial stability, with maximum danger during QT, writes Viral Acharya
SNB withdraws record sum from Fed’s swap line
Swiss central bank taps $11 billion but reasons for its operations are unclear
Podcast: the effect of monetary policy on reserve management
Global rise in inflation is having an impact on central banks' reserve strategies
ADB gives crisis-hit Pakistan $1.5 billion loan
Asian Development Bank extends aid as extensive floods add to major economic problems
Argentina holds rates for first time this year
Central bank says core inflation decelerating, but official figures show headline figure rising
Hong Kong sets up investment company using HKMA funds
Analysts draw parallels between the new company and Singapore’s sovereign wealth fund Temasek
Independence white paper outlines possible Scottish central bank
Proposals map out “the process of establishing a Scottish pound”
IMF recommends using reserves ‘prudently’ to offset dollar strength
Floating currencies, IMF precautionary lines and reactivation of Fed swap lines among possible measures