Reserves
Maurice Obstfeld on the trade war’s damage to the monetary system
The former IMF chief economist speaks about Trump’s chaotic economic policies, the erosion of Fed independence and dollar stability, difficult policy trade-offs for central banks, and the threat to the Bretton Woods institutions
Central banks must rethink their accounting treatment of money
Biagio Bossone and Massimo Costa call for money to be accounted for as equity for the issuer and as a public asset for the economy
Ukraine’s Andriy Pyshnyy on the US minerals deal, ongoing reforms and post-war plans
The National Bank of Ukraine’s governor speaks about managing inflation, financial sector reform, FX reserves, international aid and actions in the event of a peace deal
Fed official: SLR tweaks likely unbundled from Basel III
Complexity of endgame proposals means any leverage ratio changes will probably be proposed separately
NY Fed and BIS explore monetary policy in a tokenised world
Project Pine’s smart contracts are designed so central banks can adapt them to their currencies and frameworks
Book notes: Smart money: how digital currencies will win the new Cold War, by Brunello Rosa with Casey Larsen
This alarmist book, although lacking nuance, provides a lucid account of how CBDCs could play a decisive role in geopolitical dominance
Brazil and China agree currency swap line
BCB says it is in talks to establish similar arrangements with other central banks
‘This is not a wobble’: Brunello Rosa on the path to de-dollarisation
Digital currencies will play a central role as China challenges US hegemony, says economist
Knot becomes ‘cautious believer’ in euro internationalisation
DNB chief says EU’s institutions must be robust and its finances sustainable if it’s to attract investors
Nasdaq Calypso: central bank reserve and monetary policy management
A complete and modern solution to conducting reserve management and monetary policy on a single automated platform
The implications of IFRS 18 for central banks
The new accounting rule on presentation and disclosure in financial statements may require changes in reporting practices and systems, complicating consistency and materiality considerations
Rewriting the monetary balance sheet
Biagio Bossone and Massimo Costa write that a new accounting approach is needed for central banks and commercial money in the digital age
IMF agrees $20 billion loan deal with Argentina
Fund disburses $12 billion immediately as BCRA moves currency regime to managed float
Central banks shore up reserves against fallout from tariffs
Officials prepare to protect FDI and conduct FX interventions, Reserve Management Trends survey finds
Libya devalues currency as public spending soars
Declining oil revenues and excess demand for FX have eroded reserves, central bank says
Nabiullina: still Putin’s most effective general
Even Russia’s enemies say its central bank governor has played a bad hand well. But for how much longer?
Riksbank reshuffles strategic asset allocation
Dollar-denominated holdings increase while euro takes backseat in new “holistic approach"
Bosnia and Herzegovina makes U-turn on gold – report
CBBH bought two tonnes in 2024, having sold 1.5 tonnes in 2023
Over 40% of central banks lack formal recapitalisation agreement
Ten banks were recapitalised in the past year
One in five central banks pays unrealised gains to government
Most central banks have a formal agreement in place for sharing profits with government
Effects of ‘Mar-a-Lago accord’ are ‘highly speculative’ – BdF deputy
Agnès Bénassy-Quéré casts doubt on proposed collaboration to deliberately devalue dollar
Central Banking Awards 2025: final winners announced
Last group of awards includes governor of the year and lifetime achievement
US dollar dominance: beyond the ‘exorbitant privilege’
Biagio Bossone argues that dollar ‘seigniorage’ extends into the very structure of global finance and its ‘exorbitant privilege’ is worth up to $804 billion annually