BIS Quarterly Review, September 2023

With global inflation falling, investors focused on the growth outlook and its policy implications.

BIS Quarterly Review  | 
18 September 2023
PDF full text (1.8 MB)  |  82 pages
Media briefing on the BIS Quarterly Review, September 2023 (00:35:42)
18 Sep 2023 BIS Quarterly Review, September 2023

Claudio Borio and Hyun Song Shin summarise the September 2023 Quarterly Review and answer journalists' questions about financial market developments and the economic outlook.


With the end of the interest rate hiking phase in sight, investors focused on macroeconomic developments and their policy implications.


Special features

Bank positions in FX swaps: insights from CLS

A combination of CLS data with BIS statistics shows banks' FX swaps positions alongside the currency mismatches on their balance sheets. 


Unpacking international banks' deposit funding

Authors:  Bryan Hardy and Sonya Zhu

This feature examines international banks' deposit funding – traditional deposits, repos and interbank lending. We lay out a framework to interpret the observed evolution in the level and composition of this funding.  


Interest rate risk management by EME banks

Banks' management of interest rate risk depends on their business model as well as the environment in which they operate. 


CP and CDs markets: a primer

Commercial paper (CP) and certificates of deposits (CDs) are important short-term funding instruments for both financial and non-financial entities. We describe the origins and evolution of these markets in major jurisdictions.