Central banks across four continents are redefining their operating frameworks, with the RBA, SNB, CBRT and Riksbank all signalling shifts in how they manage liquidity and rates.

The RBA's move to a demand-driven reserves regime marks the end of an era of abundant liquidity, as the central bank shrinks its balance sheet and discontinues the open repo facility that was designed for a scarcer reserves environment. This shift towards a leaner operational framework is echoed by the SNB, where a board member's willingness to cut rates below zero signals a potential return to negative rates, and by the CBRT's resumption of one-week repo auctions after a suspension. The Riksbank's hold, despite beating its own growth forecast, adds to the picture of central banks recalibrating their policy stances as supply shocks fade.