Sanctions
Gontareva on Ukraine’s funding, NBU policy and reconstruction
Former NBU governor Valeria Gontareva speaks about donor funding shortfalls, NBU policy and financial stability challenges, Nabuillina and the seizing of Russian assets, and post-conflict rebuilding and modernisation
Russian banks set to use digital ruble in 2024
Cross-border integration with “friendly countries” planned to bypass Swift
Ukraine’s wartime economy faces possible crisis
Foreign donors must increase financing of Ukrainian government, NBU ex-governor and current government adviser argue
Prominent economists call on US to unfreeze Afghan reserves
Stiglitz among those calling on US to ease humanitarian crisis despite Taliban rule
Cuban regime to buy foreign currency near market rates
Move cuts peso’s dollar exchange rate by four-fifths after Cubans protest over shortages
Book notes: Harry White and the American creed, by James Boughton
This book offers a deeper understanding of the hugely influential IMF founder and his work, but fails to resolve espionage charges
US targets North Korean crypto hacking
Treasury seeks co-operation to better enforce sanctions on North Korea and Russia
IMF chief economist says geopolitics is undermining dollar dominance
Sanctions may have triggered a reassessment of dollar assets, says Pierre-Olivier Gourinchas
Filipe Dinis on Bank of Canada’s cyber strategy and tackling cyber risks
The Canadian central bank’s chief operating officer calls for heightened vigilance, more collaboration, info sharing and tabletop exercises, and less reliance on similar, siloed systems
Banknotes: April to June 2022
A round-up of news and salient issues that have affected central bankers in the past three months
Russian central bank lowers rates to pre-war level
Nabiullina warns tighter oil sanctions could still have serious impact on economy
Ukrainian debt holders brace for restructure
Investors could see a 40% haircut on the bonds, though final figure will depend on complex talks
Bank of Russia cuts rates again
Central bank says inflationary pressures are falling but economy faces considerable constraints
The green agenda dilemma
Central banks face a choice over whether to support national energy independence or climate goals, amid calls from some parties for higher inflation targets
Cuban central bank to license crypto service providers
Resolution may encourage greater use of virtual currencies for remittances
Bank of Russia continues unwinding giant rate hike
Central bank cuts rate 300 basis points to 14%, in second reduction this month
BIS figures show banks cutting Russia exposures
Exposures down almost half since Russia annexed Crimea in 2014
NBU restricts crypto purchases to stem capital outflows
Ukraine continues to accept bitcoin, ethereum and tether for war effort
Andrew Bailey acknowledges risk of ‘over-tightening’
Senior economists discuss how to avoid stagflation during a fragile moment for the global economy
BCEAO governor becomes vice-president of Côte d’Ivoire
Ecowas president Jean-Claude Brou in line to take over as central bank governor
Russian central bank cuts interest rate and lifts some restrictions
Effect of sanctions on Russian economy unclear, commentators say
Is a bond market crisis imminent?
Central banks need careful action and a good dose of luck if they are to avoid financial instability
Fractures in the monetary system
Seizure of Bank of Russia assets likely to have long-term implications for international system
Abu Dhabi wealth fund to “pause” Russia investments
Mubadala CEO calls Ukraine war “a travesty”, but fund has small Russia exposure