Sovereign debt
National debt will push up US interest rates – Dallas Fed research
Long-term rates could rise more than 1.5 percentage points over next 30 years, say authors
BoE’s Benjamin on market resilience, non-bank liquidity and the modern financial system
The UK central bank’s executive director for financial stability strategy and risk speaks about leverage in the gilt repo market, minimum haircuts and central clearing, and securing liquidity to where it’s needed
Is this time different for Argentina?
Reserve shortage and overvalued currency cast a pall over an otherwise successful stabilisation campaign
Sovereign bond yields affected by weather disasters – BIS paper
Countries with higher per capita carbon emissions also face greater borrowing costs
Geopolitical ructions and the role of the dollar
Implications of the new US administration’s policies for the international monetary system and central banks
Trends in reserve management 2025: survey results
Insights on strategies in anticipation of tariffs, interest rate divergence and geopolitical risk, FX diversification and de-dollarisation, as well as bitcoin in reserves, FX interventions and gold
IMF director calls for transparency in sovereign debt
Georgieva says opaque financing can contribute to debt crises in emerging economies
German and Spanish governors criticise US policies
Nagel defends Fed independence, while Escrivá cautions against excessive deregulation
IMF agrees $20 billion loan deal with Argentina
Fund disburses $12 billion immediately as BCRA moves currency regime to managed float
Tunisia’s president ‘gambling’ with central bank
Analysts say ruler’s attempts to erode bank’s independence create serious risks for economy
IMF: $44bn loan deal to Argentina fell short of expectations
Monetary policy’s effects limited as central bank suffered heavy cashflow losses, evaluation finds
The UK is not suffering another Truss shock
The increase in gilt yields is a long way from the turmoil of 2022, writes Jagjit Chadha. But it does highlight flaws in the use of fiscal rules
Unfunded fiscal spending leads to lower real rates – research
Deglobalisation could limit ability of monetary policy to control inflation, says author
Book notes: Default: the landmark court battle over Argentina’s $100 billion debt restructuring, by Gregory Makoff
Required reading amid current high sovereign debt, global tensions and the urgent need for climate finance
BIS highlights market ‘uneasiness’ over bond issuance
Claudio Borio says fiscal outlook worldwide is “acutely worrying”
Nandalal Weerasinghe on Sri Lanka’s IMF programme, central bank reforms and road to recovery
The Central Bank of Sri Lanka governor speaks about his return from retirement to aid Sri Lanka’s structural reforms and recapitalisation, reinforce central bank independence and develop financial resilience
Working group minutes: reserve managers chafe at constraints
Officials at several central banks say limited investment universe restricts room for manoeuvre
US debt sustainability and central bank balance sheet dynamics
Higher interest rates are putting pressure on central bank profits and may increase supply of government debt, especially during quantitative tightening. Will central banks be required to issue bonds?
Mamo Mihretu on the radical reform of central banking in Ethiopia
Ethiopian governor speaks about simultaneous monetary policy and exchange rate reform, opening the country’s financial system and a fundamental reset for Africa’s second most populous economy
Governors weigh macroeconomic risks at G30 event
Officials from Netherlands, South Africa, BIS and more consider debt, inflation and climate change
IMF cuts fees amid high rates and record borrowing
Fund judges its capital to be strong enough to allow more generous approach
Reserve Benchmarks 2024 – model banks analysis
New breakdowns reveal differences in central bank reserves management by size and economic group
More CCPs would not avert US Treasuries crisis – BIS study
However, economists say central clearing could still improve market functioning
Sri Lanka reaches new agreement to restructure debt
Central bank involved in reaching deal, which came two days before presidential election