Monetary policy
Central Bank of the Philippines holds policy rate
Governor pledges further increases if necessary as central bank raises inflation forecast
RBNZ holds policy rate but revises up projection
Central bank expects rate to stay higher for longer and raises estimate of neutral rate
Uganda cuts rate for first time since 2021
Central bank head refuses to comment on World Bank decision to halt funding
Bank of Russia raises rates in emergency meeting
Board says domestic demand is boosting depreciation’s effects as Putin adviser criticises governor
Should the ECB worry about divergent inflation?
Economists say widening readings across eurozone show lingering effect of energy price shock
Argentine central bank intervenes after Milei win
BCRA hikes rate 2,100bp and devalues peso after central bank opponent leads primary elections
Man on a mission: Axel van Nederveen, swaps evangelist
EBRD treasurer spreads the good word about local currency derivatives markets
China’s new lending slumps to lowest since 2009
Analysts believe PBoC has limited room to cut interest rates amid current yuan weakness
Focus is needed on improving central bank forecasts
Charles Goodhart believes tougher action over forecasting errors is preferable to policy-maker performance-related pay
Bank of Mexico holds rates
Board decides not to follow Chile and Brazil’s rate cuts despite falling inflation
Too early to declare victory over inflation, says RBA’s Lowe
Outgoing governor warns sticky services inflation could shift Australians’ expectations
DRC orders huge policy rate rise at unscheduled meeting
Increase is needed to combat accelerating currency depreciation and inflation, MPC says
RBI holds main rate as food prices drive inflation surge
Indian central bank imposes cash ratio on banks as Das says food-driven shock may be temporary
China slips into deflation
Risk of Japan-style deflation exists but can be avoided, analyst says
Bank of Ghana clarifies losses after Reuters report
Research director explains $5.4 billion loss for 2022 mainly due to debt restructuring
BoJ board member says sustained 2% inflation within reach
Firms may have become more willing to raise wages, some policy-makers noted in July meeting
When £1 is not £1
Gabriel Stein examines the risks from introducing a CBDC should its value diverge from that of physical currency and bank deposits
Bundesbank cuts remuneration of government deposits to 0%
Measure could further reduce availability of high-quality collateral in the eurozone
Fed rate hikes propel ‘crypto cycle’ – IMF paper
Monetary policy more correlated with institutional investment in tech than finance
Brazil split decision not a problem for central bank credibility
Central bank voted 5–4 for larger-than-expected cut
Time to pay policy-makers based on their performance
The remuneration framework for central bankers needs reform amid failures to hit inflation targets, argues David Bholat
Rates round-up: Ukraine cuts rate for first time since invasion
Thailand, Egypt and North Macedonia tighten policy; Georgia joins Ukraine in easing
IMF’s Selassie calls for ‘pragmatism’ on exchange rates
Official challenges idea that resisting depreciation is always the best policy
Brazil makes first rate cut in cycle
Board divides 5–4 over size of reduction, with majority backing larger 50bp option