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 * Highlights
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 * 



LATEST

 * Reserves


PHILIPPINE CENTRAL BANK WILL CUT FX INTERVENTIONS, GOVERNOR SAYS


“WE’VE BEEN INTERVENING A BIT TOO MUCH”, REMOLONA SAYS, AS OFFICIALS WORK ON NEW
FRAMEWORK

 * 05 Jan 2024
 * 

PHILIPPINES AND HONG KONG HOLD RATES

 * 14 Dec 2023
 * 

PHILIPPINE CENTRAL BANK DELIVERS OFF-CYCLE RATE HIKE

 * 26 Oct 2023
 * 

PHILIPPINE CENTRAL BANK SHIFTS TO VARIABLE RATE REPO AUCTION

 * 08 Sep 2023
 * 

 * Monetary Policy

VIETNAM UNLIKELY TO RAISE RATES THIS YEAR, DEPUTY GOVERNOR SAYS

Central bank may extend debt rescheduling as government demands higher credit
growth

 * 05 Jan 2024
 * 

 * Central Banks

RUSSIAN AND IRAN CENTRAL BANKS INCREASE CO-OPERATION

Sanctioned countries agree to use own currencies for trade as lenders set up
credit line

 * 05 Jan 2024
 * 

BENCHMARKING

45%

of central bank respondents favour semi-structural forecasting models

0.61 PERCENTAGE POINTS

median forecast error at the quarterly horizon for headline inflation

43.7%

average time devoted to research topics by research economists globally

 * Fintech

US MONETARY POLICY DRIVES DEFI CREDIT CYCLES, HKMA STUDY FINDS

Automatic liquidation could amplify shocks and trigger runs, author say

 * 05 Jan 2024
 * 

 * Economics

ECB PAPER EXAMINES LARGEST CURRENCY AREAS’ POLICY SPILLOVERS

Researchers study how foreign monetary policy shocks affect US, eurozone and
Japan

 * 05 Jan 2024
 * 

 * Financial Stability

PBOC RAMPS UP FUNDING SUPPORT FOR POLICY BANKS

Biggest monthly increase for cheap loan funding in over a year likely to target
property sector

 * 04 Jan 2024
 * 

 * People

FIRST WOMAN APPOINTED AS BOSNIAN CENTRAL BANK GOVERNOR

Years of deadlock end after politicians agree to Jasmina Selimović’s appointment

 * 04 Jan 2024
 * 

 * Monetary Policy

BOOK NOTES: WE NEED TO TALK ABOUT INFLATION, BY STEPHEN KING

A short, sensible book that highlights key issues – and might make a good,
belated Christmas gift!

 * 04 Jan 2024
 * 

 * Monetary Policy

INFLATION RISES IN GERMANY AND FRANCE

German statistical office says energy price rise partly driven by base effects
from earlier subsidy

 * 04 Jan 2024
 * 

 * Financial Stability
 * 14 Dec 2023


GHANA’S ERNEST ADDISON ON THE CHAIN OF EVENTS THAT LED TO A LOSS OF $5 BILLION


THE BANK OF GHANA GOVERNOR SPEAKS ABOUT MONETARY FINANCING, ‘INDEPENDENCE’ AND
THE OFFLINE E-CEDI

FOCUS REPORT: A NEW ERA FOR FIXED INCOME

 * Fixed Income


FIXED INCOME IN A NEW ERA


GLOBAL RESERVE LEVELS ARE RECOVERING FROM A SERIES OF UNPRECEDENTED ECONOMIC
SHOCKS. IN THE NEW INTEREST RATE ERA, BONDS BECAME MORE APPEALING AS YIELDS
ROSE. BUT THEY ALSO COME WITH THE RISK OF DEVALUATION AS ABOVE-TARGET INFLATION
PERSISTS. MANY…

 * 30 Nov 2023
 * 
 * 


 * Fixed Income

A TURNING POINT FOR RESERVE MANAGERS?

After many central banks’ reserves declined in 2022, how should managers
evaluate their fixed income investment policies in an uncertain period following
years of unprecedented shocks?

 * 30 Nov 2023
 * 

 * Fixed Income

FIXED INCOME IN RESERVES

Central Banking speaks to four officials about their fixed income investments
and how monetary policy and inflation interact with reserve management.

 * 17 Nov 2023
 * 

 * Fixed Income

THE LONG AND SHORT OF IT: CENTRAL BANKING CASE STUDIES IN POINT

Invesco comments on the case study interviews conducted by Central Banking for
this report, and key reserve challenges such as global high inflation and
balance sheet dynamics in emerging and advanced economies.

 * 30 Nov 2023
 * 
 * 

 * Fixed income in a new era

This report highlights decision-making frameworks and fixed income investment
policies used by reserve managers worldwide to meet the demands of a new
interest rate era.

Read more
EDITOR'S CHOICE

 * Economics

ECONOMICS BENCHMARKS 2023 REPORT – TENTATIVE STEPS ON AI

The benchmarks show some small steps to increase AI use, and shed light on
broader reforms to modelling, governance and more

 * By Daniel Hinge and Temple Asaju

 * Fixed Income

A TURNING POINT FOR RESERVE MANAGERS?

After many central banks’ reserves declined in 2022, how should managers
evaluate their fixed income investment policies in an uncertain period following
years of unprecedented shocks?

 * By Joasia E. Popowicz

 * Monetary Policy

THE ECCB’S TIMOTHY ANTOINE ON CURRENCY UNION, COOPERATION AND DCASH 2.0

The ECCB governor speaks with Christopher Jeffery about maintaining a currency
zone, addressing climate and cyber risks, the decline in correspondence banking
and lessons learned from issuing a retail CBDC

 * By Christopher Jeffery

 * Currency

CURRENCY BENCHMARKS 2023 – MODEL BANKS ANALYSIS

Data reveals how advanced and emerging market central banks structure their
currency operations

 * By Daniel Hinge and Temple Asaju

BENCHMARKING

 * Economics


CENTRAL BANKS ADAPT FORECASTS WITH FINANCIAL SECTOR AND OTHER CHANGES


HOST OF CHANGES TO MODELLING INCORPORATE FINANCIAL CHANNELS, NUANCED
EXPECTATIONS AND MORE

 * 08 Dec 2023
 * 

 * Benchmarking

INFLATION FORECAST ERRORS MODERATE AFTER SURGE IN 2022

 * 07 Dec 2023
 * 

 * Economics

HIGH INCOME CENTRAL BANKS ALLOCATE MOST TIME TO RESEARCH

 * 06 Dec 2023
 * 

Read more

MOST READ

 1. CBDCs are unlikely to be successful
 2. Finance ministry rep: a guest, a partner or an intruder?
 3. Memory shapes inflation expectations, study finds

 1. Book notes: We need to talk about inflation, by Stephen King
 2. ECB paper analyses indirect channels of interbank contagion
 3. Banknotes: October to December 2023

 1. Israeli governor warns over war spending after rate cut
 2. Former PBoC official jailed for 16 years for corruption
 3. PBoC ramps up funding support for policy banks

EVENTS

CENTRAL BANKING SPRING MEETINGS

 * 05 Mar 2024 - 06 Mar 2024

 * Cape Town, South Africa

Find out more

CENTRAL BANKING AWARDS

 * 12 Jun 2024

 * London, UK

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CENTRAL BANKING SUMMER MEETINGS

 * 12 Jun 2024 - 13 Jun 2024

 * London, UK

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BIG DATA

 * 12 Mar 2024 - 14 Mar 2024

 * Virtual

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LEGAL RISKS

 * 19 Mar 2024 - 21 Mar 2024

 * Virtual

Find out more

CENTRAL BANK BALANCE SHEETS

 * 26 Mar 2024 - 28 Mar 2024

 * Virtual

Find out more
BRIEFING ROOM

OFFICIAL RECORD

INFLATION RISES IN GERMANY AND FRANCE

HKMA PROPOSES STRICT STABLECOIN REGIME

CHILE CUTS RATES FOR FOURTH CONSECUTIVE MEETING

RESEARCH

ECB PAPER EXAMINES LARGEST CURRENCY AREAS’ POLICY SPILLOVERS

US MONETARY POLICY DRIVES DEFI CREDIT CYCLES, HKMA STUDY FINDS

BIS PAPER EXPLORES INTERACTION OF MACRO-PRU AND CAPITAL CONTROLS

SPEECH

FCA OFFICIAL CONFIRMS END OF ‘TEMPORARY PERMISSIONS REGIME’

JAMAICA ‘TWIN PEAKS’ LAW COMING IN 2025, OFFICIAL SAYS

RIKSBANK’S BUNGE WARNS WEAK KRONA BOOSTS INFLATION

COMMENT

 * Foreign Exchange

MANAGING RESERVES AMID CLIMATE CHANGE AND HOME-SHORING

 * By Gary Smith
 * 

 * Unconventional monetary policy

DEFENDING THE BASIS

 * By Joseph Wang
 * 

 * Financial Stability

DATA SHARING AS A POLICY INTERVENTION

 * By David Bholat
 * 

OUR TAKE

 * Financial Stability

POLICY-MAKING AMID WAR IN GAZA

 * By Christopher Jeffery
 * 

 * Digital currencies

A ‘UNIFIED LEDGER’ AND THE FUTURE OF MONEY

 * By Christopher Jeffery
 * 

 * Financial Stability

RULE-SETTERS NEED TO HEED THEIR OWN ADVICE

 * By Christopher Jeffery
 * 

 

CENTRAL BANKING JOURNAL: DECEMBER 2023

 * Financial Stability


POLICY-MAKING AMID WAR IN GAZA


BANK OF ISRAEL HAS IMPLEMENTED A TEXTBOOK CRISIS RESPONSE, BUT UNCERTAINTY
REMAINS

 * By Christopher Jeffery
 * 

 * Monetary Policy

JOACHIM NAGEL ON THE ECB’S TERMINAL RATE, FISCAL POLICY, MODEL RELEVANCE AND THE
DIGITAL EURO

 * By Christopher Jeffery and Victor Mendez-Barreira
 * 

 * Operating framework

CORRIDOR, FLOOR, OTHER: ARE OPERATING FRAMEWORKS FIT FOR THE FUTURE?

 * By Daniel Hinge
 * 

 * Monetary Policy

THE ECCB’S TIMOTHY ANTOINE ON CURRENCY UNION, COOPERATION AND DCASH 2.0

 * By Christopher Jeffery
 * 

 * Unconventional monetary policy

THE PREDICAMENT OF BLOATED CENTRAL BANK BALANCE SHEETS

 * By Gavin Bingham, Paul Fisher and Andrew Large
 * 

Read the full issue

AWARDS


CENTRAL BANKING FINTECH REGTECH GLOBAL AWARDS 2023


CENTRAL BANKING’S SIXTH ANNUAL FINTECH REGTECH GLOBAL AWARDS SHOWCASE THE
GROUND-BREAKING PROJECTS UNDERTAKEN WITHIN THE CENTRAL BANKING COMMUNITY

 * 14 Jun 2023
 * 



CENTRAL BANKING AWARDS 2023 – THE WINNERS IN FULL

Awards recognise extraordinary achievements by central banks and their partners
in the past year

 * 27 Mar 2023
 * 

ARTIFICIAL INTELLIGENCE INITIATIVE: EUROPEAN CENTRAL BANK

Central Banking FinTech RegTech Global Awards 2023

 * 14 Jun 2023
 * 

CENTRAL BANKING AWARDS 2023: GALLERY

See the winners from the big night, including leading figures from across the
industry who came to pick up their awards

 * 04 Sep 2023
 * 

 
VIDEO AND PODCASTS

 * Currency

PODCAST: CASH IN THE PAYMENTS LANDSCAPE



 * 22 Dec 2022
 * 
 * 

 * Monetary Policy

PODCAST: THE ‘GLOBAL UNSYNCING’



 * 21 Dec 2022
 * 
 * 

 * Monetary Policy

PODCAST: THE ECB’S COLLATERAL FRAMEWORK EXPANSION



 * 20 Dec 2022
 * 
 * 

 * Regtech & Suptech

PODCAST: MAPPING ENTITY RELATIONSHIPS



 * 19 Dec 2022
 * 
 * 

BOOK REVIEWS

 * Monetary Policy

BOOK NOTES: WE NEED TO TALK ABOUT INFLATION, BY STEPHEN KING

 * 

 * Economics

BOOK NOTES: THE ECONOMIC GOVERNMENT OF THE WORLD 1933–2023, BY MARTIN DAUNTON

 * 

 * Economics

BOOK NOTES: ECONOMISTS IN THE COLD WAR, BY ALAN BOLLARD

 * 

 * Banknotes

BOOK NOTES: THE CONTINENTAL DOLLAR, BY FARLEY GRUBB

 * 

SPONSORED CONTENT

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These articles were paid for by contributing third parties. Click here for more
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FIXED INCOME IN A NEW ERA

 * 
 * 

THE LONG AND SHORT OF IT: CENTRAL BANKING CASE STUDIES IN POINT

 * 
 * 

FIXED INCOME FACTOR PORTFOLIOS FOR INSTITUTIONAL INVESTORS

 * 
 * 

FROM DEBATE TO DILEMMA: SHOULD RESERVE MANAGERS DIVERSIFY WHEN RATES ARE HIGH?

 * 
 * 

BUILDING FUTURE-PROOF CYBER SECURITY IN THE FINANCIAL SYSTEM

 * 
 * 

HOW ADVANCED AI THREATENS BANKING SECURITY SYSTEMS

 * 
 * 

COMBATTING THE EVER-CHANGING CYBER THREATS IN BANKING

 * 
 * 

A SUPTECH TRANSFORMATION: USING TECH TO SUPPORT THE FULL SUPERVISORY LIFECYCLE

 * 
 * 

PODCAST: CASH IN THE PAYMENTS LANDSCAPE

 * 
 * 

PODCAST: THE ‘GLOBAL UNSYNCING’

 * 
 * 

 * 
 * 



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