Monetary Policy
Most central banks around the world adjust monetary policy by raising or lowering interest rates. Singapore's Monetary Authority takes a fundamentally different approach. Instead of setting a benchmark rate, the MAS manages monetary policy by controlling the level and rate of appreciation or depreciation of the Singapore dollar
Monetary Policy
Something significant is happening to the architecture of global trade, and it is moving faster than most policymakers anticipated. What is often called deglobalisation is more accurately described as a targeted recalibration. Certain sectors, technologies, and supply chains are being reorganised around geopolitical priorities rather than cost efficiency alone. This
Monetary Policy
While central banks in Europe, Canada, and parts of Asia were cutting rates through 2025, most African central banks were moving in the opposite direction, raising rates sharply or holding them at levels that make borrowing painfully expensive for businesses and households. In 2026, that divergence is widening. Zimbabwe maintains
Monetary Policy
Central bank digital currencies are no longer a future concept. In 2026, they are live infrastructure in some of the world's most significant economies, and the gap between leaders and followers is widening rapidly. The Central Bank of the UAE officially launched the Digital Dirham for retail use
Monetary Policy
Canada's Bank of Canada held its overnight rate at 2.25% at its April 2026 meeting, and the message from the Governing Council was deliberate in its ambiguity. The bank refrained from giving clear direction on future rates, cited an "uncertain geopolitical backdrop," and acknowledged that
Monetary Policy
Australia came into 2026 expecting rate relief. The Reserve Bank had cut three times in 2025 and borrowers with variable rate mortgages had finally started to breathe a little easier after the aggressive hiking cycle of 2022 to 2024. Then inflation came back, and the RBA changed direction again. The
Monetary Policy
The European Central Bank's decision to hold its deposit facility rate at 2% on April 30, 2026, was widely expected. What was not expected to generate as much attention is the conversation happening inside the Governing Council about whether that 2% will be the bottom of the rate
Monetary Policy
The Bank of England voted 8 to 1 to keep its benchmark Bank Rate unchanged at 3.75% in April 2026. One member voted to raise rates to 4%. That split says something about where the debate inside Threadneedle Street currently sits. UK inflation has been moving in the wrong
Monetary Policy
Shin Hyun Song was barely out of his inauguration ceremony as Bank of Korea Governor when the policy calculus he will spend his four year term navigating became clear. Rising oil prices from the Iran conflict are simultaneously pushing inflation higher and threatening to slow economic growth. He told markets
Monetary Policy
The European Central Bank kept its three key interest rates unchanged at its April 30 meeting, and the statement that followed made clear this was not a comfortable hold. The Governing Council acknowledged that upside risks to inflation and downside risks to growth have both intensified. In plain terms, Europe
Monetary Policy
Mexico is navigating one of its more complex policy moments in years. Banxico paused and held the policy rate at 7.00%, pursuing its 3% inflation target in a context where the peso has remained strong and the central bank is moving cautiously. Mexico's inflation was running at
Monetary Policy
Two of Europe's most closely watched central banks kept rates unchanged last week, but neither did so with any great confidence. The Bank of England kept its base rate unchanged at 3.75%. In its accompanying statement, the Monetary Policy Committee noted that the outlook for energy prices