This paper covers fiscal policy tools that promote sustainability and their influence on monetary policy in Russia, the Bank of Russia's role in public debt management and main features of the domestic currency public debt market. At present Russia's budgetary circumstances are quite favourable,...

This paper focuses on the interactions between public debt policy and foreign exchange reserve management. We found that, although foreign currency debt issuance can contribute significantly to the growth of foreign exchange reserves, it can cause serious difficulties in the assessment of...

Central banks in Africa are changing as the continent becomes increasingly integrated with the global financial system. In this context, governors from major central banks met in Basel on 11-12 May 2013 to compare notes on their experiences in dealing with the challenges of increased financial...

Central banks have an incentive to monitor the fiscal position of the government for at least two reasons. First fiscal policy can constrain the implementation of monetary policy, particularly when governments call on the central bank to fund government programmes. Second, fiscal policy measures...

The increasing size and concentration of official foreign exchange reserves after years of continued expansion, especially since the Asian crisis, have led to renewed interest in the way reserve management decisions are taken and in their possible impact on financial markets. Reserve management...

On 27-29 June 2005, the BIS held its fourth Annual Conference on Past and Future of Central Bank Cooperation, as part of the Bank's 75th anniversary celebrations. The event brought together some 80 senior representatives of central banks, academic institutions and the private sector to exchange...

The papers in this volume were presented and discussed at the Autumn Central Bank Economists' Meeting held at the BIS on 15-16 October 2001. The meeting focused on recent changes in market functioning and their impact on central bank policy. A number of structural developments seem to have had a...