Reserves
Global gold demand weakens despite central bank surge
WGC figures show Q1 demand was its lowest for 10 years, though central banks bought more
Official reserve management in the 21st century
A lack of operational clarity and reluctance to view reserve portfolios holistically have prevented optimal, rules-based approaches to reserve management becoming commonplace. BlackRock‘s Terrence Keeley, Stuart Jarvis and Michael Palframan explain how…
IMF tells Vanuatu central bank to tighten monetary policy
Excess liquidity starting to put pressure on prices, as inflation is expected to reach 4.8% in 2018
SNB loses $6.9 billion in Q1
Higher interest rates reduced the value of sovereign bonds
Argentina’s governor reflects on reserve management rebuild
After liberalising the exchange rate in 2016, the country adopted new asset-allocation strategies
The Bank of Italy’s approach to risk-based budgeting
The financial crisis blurred the lines between Anglo-Saxon and continental European central bank models, presenting challenges when treating both the sources of risk and risk-bearing capacity using financial and accounting budgeting techniques
Kganyago on central bank independence and future plans for the IMFC
The South African Reserve Bank governor spoke with Christopher Jeffery at the Central Banking Awards about the South Africa’s new president, the importance of operational independence and key targets for the IMFC
The IFF China Report 2018: The Belt and Road Initiative
China’s signature Belt and Road Initiative (BRI) now includes 71 countries, with trillions of dollars of investment allocated. Leading Chinese and international policymakers explain how BRI efforts are progressing. This section includes an inaugural…
A route to economic growth – The Belt and Road Initiative 2018 survey
To mark the fifth anniversary of the Belt and Road Initiative (BRI), the IFF – in collaboration with Central Banking – conducted its inaugural Belt and Road Survey of central banks from more than 25 countries and regions. The survey examines BRI…
Video Q&A: Elliot Hentov, State Street Global Advisors
Elliot Hentov, head of economic policy and research at State Street Global Advisors, discusses the challenges around reserve tranching and reserve diversification for central banks, highlighting their impact in developed markets and how they are being…
Rising rates seen as main risk by reserve managers
High asset prices and the halting and withdrawal of bond-buying programmes pose challenges
Former governor: Life lessons from Taiwan
Perng Fai-nan, former governor of the Central Bank of the Republic of China (Taiwan), shares key insights upon accepting Central Banking’s Lifetime achievement award
Return on foreign assets partly offsets trade imbalances – research
Emerging economies can recover from current account disequilibrium faster than reserve currency issuers
IMF warns Tunisia over inflation, deficit and currency
Central bank may have to hike rates further, IMF executive board says
SNB achieved record profits in 2017
Acquisitions of euros and dollars via foreign exchange interventions yielded 91% of the gains; SNB reshapes portfolio with greater share of equities and riskier bonds
Venezuela pays off $2.1 million debt to Chile
Struggling Latin American country honours debt repayments under Reciprocal Payments and Credit Agreement, after missing payment in 2017
Bank of Israel profits from rising equities – market operations director
Andrew Abir says Israeli central bank has benefited from rising US equities
SNB struggles to end ultra-loose policy regime
The Swiss central bank’s hopes of normalising policy are being held back by weak expectations, a strong currency and policy actions abroad
Norwegian SWF invested $1.9 billion in unlisted real estate in 2017
The fund obtained a 7.5% return in a part of its portfolio that amounts to $28 billion
Algerian monetary financing may stoke inflation, warns IMF
In September 2017, Algiers resorted to central bank financing of budget deficits
Divestments based on ethical grounds reduce returns of Norway’s fund
The exclusions trimmed cumulative returns on the equity index by 3.3% since 2004
Tunisia raises rates by 75bp to tackle inflation
First hike under new governor comes as prices rose year-on-year by 7.1% in February
Financial regulation powers pose new threats to central banks – Kganyago
Emerging markets are better equipped to deal with capital flows, Sarb governor says
Dudley goes against Trump’s protectionist line
New York Fed president criticises protectionism as Donald Trump steps up rhetoric; questions value of excessive reserves accumulation