Russia-Ukraine conflict
Madagascar raises rates 90bp
Central bank expects economy to grow but speaks of troubling global conditions
Armenia orders 25bp interest rate hike
High inflation prompts central bank to continue postwar tightening cycle
Costa Rica makes largest hike since 2010
Central bank predicts that inflation will not reach its target range until 2024.
Ukraine seeking $15 billion IMF loan, NBU governor says
Supreme court backs central bank against oligarch in bitter dispute over banking clean-up
Ghana seeks IMF aid as reserves dwindle
Government secures Afreximbank loan and MPC holds rate despite inflation nearing 30%
Kazakhstan orders 50bp rate rise
Unlike neighbours, Kazakhstan continues tightening with eight hikes since last July
Bank of Russia cuts rates, but Nabiullina warns of volatility
Governor says inflation and currency are volatile, and “geopolitical situation” is creating uncertainty
Nepal hikes rates and constricts credit
Himalayan country confronts rising inflation and strained reserves
Uzbekistan lowers key rate by 100bp
Central Asian country follows Russia in reversing rate increases from start of invasion of Ukraine
US inflation: it’s mainly global
Steve Kamin analyses the pre-existing conditions that impacted inflation in the US and elsewhere
Poland law would fund coal benefit with central bank’s profit
National Bank of Poland remitted 95% of profits to government in 2020
Nigeria raises policy rate by 100bp
MPC cites external tightening and conflict as sources of rising inflation
Bank of Ghana denies rationing FX
Bloomberg made claim in June article citing swelling fuel import bills
BoE flags global risks in ‘opaque’ commodities market
LME disruption reveals “highly leveraged” participants within financial system
Riksbank carries out largest rate rise since 2000
Swedish central bank says chances of wage-price spiral have increased
Top central bankers admit inflation models fell short
Reliance on Phillips curve and demand-driven models may have created blind spots
US targets North Korean crypto hacking
Treasury seeks co-operation to better enforce sanctions on North Korea and Russia
IMF approves $4 billion payment for Argentina
Country passes first IMF review, but reserves have declined in recent weeks
Bank of Mexico orders largest-ever rate hike
Mexico matches Fed as inflation continues well above target
Zimbabwe central bank negotiates lower bread prices
Russia-Ukraine war and weak currency bring misery to southern African country
IMF chief economist says geopolitics is undermining dollar dominance
Sanctions may have triggered a reassessment of dollar assets, says Pierre-Olivier Gourinchas
Hong Kong and Taiwan raise rates
HKMA raises rates by 75bp, but local banks don’t follow, while Taiwan increases by 12.5bp
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