Debt
IMF approves $3.8 billion for Argentina
Country has met most key targets, but 2022 inflation now projected to top 100%
Four more African central banks raise rates
Ghana raises policy rate to highest level since 2017, plus hikes in Uganda, Sierra Leone and Tunisia
Default risks for Australian homeowners rising, RBA says
Some borrowers could see negative disposable income, but risk is not yet systemic
Ukraine: the challenges for central banks
Rules on the weaponisation of money would help to protect a ‘public good’ amid geopolitical splits in a testing environment for central banks, write Gavin Bingham, Paul Fisher and Andrew Large
UN body warns central banks could set off global recession
UNCTAD report calls for price controls rather than rate hikes
Bank of Uganda denies government broke law on loan repayment
Opposition says government borrowed more than $2 billion, but central bank rejects claim
Quantitative tightening: missed opportunities
Treasuries and central banks must think harder about balance sheet policies, says Philip Turner
Senior BIS official highlights risks to Asian economies
Chief Asia-Pacific representative warns of increased debt levels in Asia
Some new monetary frictions
Negative net interest is set to hit Fed earnings with monetary and fiscal policy implications
IMF says it will not provide loans for Zimbabwe
Fund urges central bank to cease “quasi-fiscal operations” as official inflation reaches 285%
Inflation: what went wrong, and why?
Charles Goodhart and Manoj Pradhan detail three theories on the causes of high inflation, as well as their implications for policy responses
BoE hikes rates 50bp as fiscal policy increases uncertainty
Divided MPC approves rate increase, but several members call for more aggressive hike
Argentine president names Pesce to full six-year term as governor
Moves comes as IMF reaches preliminary agreement on next loan tranche
Morocco’s Jouahri on inflation, forex reform, digitalisation and sustainability
The Central Bank of Morocco governor speaks with Christopher Jeffery about Covid-19 policies, Fed tightening, BIS membership, regional co-operation and financial inclusion
Financial Stability Benchmarks 2022 report – executive summary
Data sheds light on how central banks are dealing with risks to stability
Bolivian legislators ask to inspect gold reserves
Opposition politicians claim government wants to monetise and spend gold
Banknotes: July to September 2022
A round-up of news and salient issues that have affected central bankers in the past three months
IMF signs off on $1.3bn package for Zambia
Executive board urges Bank of Zambia to rebuild reserves and tackle bad debts
Will the dollar remain the world’s reserve currency?
Bank of Russia sanctions are unlikely to undermine the US dollar’s central role in reserve portfolios. But a relative decline in US economic weight and technological innovation are benefiting other currencies
IMF says Sri Lanka must reform central bank law for $2.9bn bailout
Government must end monetary financing and give central bank autonomy, fund says
US household debt rising across the board
Delinquencies for subprime loans are approaching their pre-pandemic proportion
Book notes: The money minders, by Jagjit S Chadha
This book acts as an invaluable primer on money-credit-fiscal theory and practice
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
Ghana emergency MPC meeting ends with 300bp increase
Country in renewed IMF talks as inflation spirals and currency falters