Reserves
Is this time different for Argentina?
Reserve shortage and overvalued currency cast a pall over an otherwise successful stabilisation campaign
Chile launches programme to shore up FX holdings
Central bank aims to increase reserves by 40% and reduce role of foreign currency credit lines
More independent central banks take on greater risk – ECB paper
Low rates, tighter fiscal policy and good growth accompanied by higher risk-taking on balance sheets
Book notes: Making money work, by Matt Sekerke and Steve H Hanke
This book provides a critique of the post-crisis monetary and financial system, proposing changes that deserve to be broadly read
Kazakh central bank denies it is adding crypto to reserves
National Bank of Kazakhstan says “no decision has been made” on strategic crypto reserve
BoE and Treasury’s ‘productive tension’ over stablecoins
Experts say Reeves’s bullishness and Bailey’s more bearish stance on assets may be all to the good
Botswana increases pula crawl rate to defend reserves
Central bank will also charge lenders higher margins to access FX
Tobias Adrian on the integrated policy framework amid tariff shocks
The IMF’s financial counsellor speaks about policy reaction functions to supply and demand shocks, scenario-based analyses, Treasury market dynamics and emerging market resilience
Central banks need common accounting standard – Honohan
Former Irish central bank governor calls for policy-makers to report portfolios at fair value
Brics leaders push for multilateral payments solutions
Central bank governors and finance ministers also call for reform of Bretton Woods institutions
Boris Vujčić on Croatia’s economic journey, the digital euro and the Governing Council
The Croatian National Bank (HNB) governor speaks with Christopher Jeffery about managing financial risks, the pros and cons of euro adoption, payment system reform and the use of real-time data
Eastern Caribbean Central Bank posts record profit for 2024–25
Monetary authority says tally exceeds previous record by 57%
Geopolitical ructions and the role of the dollar
Implications of the new US administration’s policies for the international monetary system and central banks
No changes to Fed swap lines, Lagarde worried about ‘truth’ – panel
Fed, ECB, BoE, BoJ and BoK governors discuss tariffs, stablecoins, r*, scenario analyses and the future
IMF disburses additional $500m to Ukraine
Central bank governor welcomes “positive news from Washington” as country passes latest EFF review
The future of money
Central banks may require more flexible inflation targets and facilitate wider payments interoperability to maintain trust and the ‘singleness’ of money. By Sethaput Suthiwartnarueput
Finland’s Välimäki on the ECB’s monetary policy framework review
Bank of Finland board member Tuomas Välimäki discusses the benefits of a ‘hybrid’ balance sheet model to provide dependable structural liquidity without distorting markets
Ex-OCC chief Michael Hsu on the impact of an America-first agenda
The former acting comptroller of the currency speaks with Christopher Jeffery about the future of the US Treasury market, Fed independence, financial de-regulation, the Genius Act and international co-operation
BoE responds to criticism on interest payments
Governor defends monetary policy tools following attacks by political party
Global macro shifts: can emerging markets navigate a fragmented world?
Franklin Templeton expects certain emerging markets to benefit during the realignment of global political and trading blocs
Paraguay’s Carvallo Spalding on resilience and cutting its inflation target
The Central Bank of Paraguay (BCP) governor speaks about lowering the inflation target to 3.5%, opening up to foreign investors and promoting inclusion through digital payments
US Basel III delay to 2026 seen as almost inevitable
Reprioritisation and leadership changes cast doubts on timing of new proposals
European reserve managers express optimism over ESG
Panellists at Central Banking Summer Meetings celebrate sector’s maturity over past decade