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Deutsche Bundesbank Monthly Report, January 2005
The Deutsche Bundesbank published the English version of its January 2005 Monthly Report on 14 February. "The available indicators continue to suggest only weak overall production growth in the final months of last year," the bank said in the report.
Canada's Kennedy on household debt
In a speech on 'Getting a perspective on household debt: Separating myth from reality' given on 15 February, Sheryl Kennedy of the Bank of Canada examines the likely implications of the rising debt burden of Canadian households.
A slow boat to yuan devaluation
This article says China is probably a decade away from a free floating yuan and full-blown capital liberalization. A more realistic option, it says, would be a two-stage program that involves a widening of the yuan trading band and the adoption of a…
Japan's economy enters recession
The yen fell against the dollar after a government report showed Japan's economy entered recession for the fourth time since 1991.
ECB says Eurosystem currency reserves unchanged
The European Central Bank said net foreign currency reserves in the euro system were unchanged at 154.9 bln eur in the week ending Feb 11.
Sri Lanka's cb says aid will cover tsunami cost
Reconstruction work and foreign aid will more than offset the economic losses Sri Lanka suffered following the December tsunamis disaster, the central bank said.
Li says China hopes to join FATF
A People's Bank of China official said on Wednesday 16 February that the country hopes to become a full member of the Financial Action Task Force, a global body that develops policies to combat money laundering and terrorist financing.
MOF: Japan to halt yen gain should China revalue
Japan would sell yen should the currency rise in response to a revaluation of China's yuan, according to three former Japanese currency chiefs and a Ministry of Finance official.
Federal Reserve's Monetary Policy Report, Feb 2005
Presenting the Federal Reserve's Monetary Policy Report to the Congress on Wednesday 16 February, Alan Greenspan said in the seven months since he last testified before the Committee, the US economic expansion has firmed, overall inflation has subsided,…
Bank of England Inflation Report, February 2005
The Bank of England published its February 2005 Inflation Report on 16 February. In the report the Bank raised its forecast for economic growth and inflation over the next two years after manufacturing rebounded and commodity prices rose.
PNG's Kamit on liberalisation of forex controls
In a speech on 'Central bank initiatives - liberalisation of foreign exchange control' given on 7 December (published 26 Jan), L Wilson Kamit of the Bank of Papua New Guinea said that the liberalization of foreign exchange controls is one more step…
SNB's Tornare on technical aspect of new banknotes
In a speech on 'Technical aspects of a new banknote series' given on 2 February, Roland Tornare of the Swiss National Bank said the design of banknotes has to meet various requirements. The banknotes must guarantee a high degree of security and satisfy…
BIS: Inflation targeting, asset prices, imbalances
This BIS Working Paper published on 10 February attempts to conceptualize the debate regarding the role of asset prices and perceived financial imbalances in the formation of monetary policy from the perspective of theoretically optimal policy responses.
Russia 'not in a position' to fight strong ruble
The central bank of Russia is "not in a position" to combat the strengthening of the ruble because it may stoke inflation, said Oleg Vyugin, a former first deputy chairman of the Central Bank and now head of the Federal Service for Financial Markets.
ECB official says interest rates may have to rise
Christian Noyer suggested the European Central Bank is moving closer to raising interest rates, the International Herald Tribune reported on Tuesday 15 February.
BOK holds rates, sees signs of recovery
The central Bank of Korea kept its key interest rate unchanged at a record low 3.25 percent on Tuesday 15 February, citing accelerating inflation amid signs of a much-awaited economic recovery.
BOJ to maintain policy until CPI shows gains
The Bank of Japan will maintain its policy of keeping interest rates at almost zero and pumping cash into the economy until core consumer prices show stable gains, central bank Governor Toshihiko Fukui said on Tuesday 15 February.
RBI's Reddy concerned over capital inflows
Reserve Bank of India (RBI) governor YV Reddy has voiced his concern over managing large inflows of foreign capital.
IMF gold sales - Why it will be a non-event
This article considers the idea of the IMF selling off some of its gold reserves and using it to give poor nations debt relief. It says the IMF should instead return the gold to member nations or at least use the gold as a reserve asset as it was meant…
Reforming the Stability and Growth Pact
The IMF published a Discussion Paper "Reforming the Stability and Growth Pact" on Tuesday 15 February. The paper says that few changes to the rules seem necessary, but the Excessive Deficit Procedure needs a stronger focus on policies rather than…
Minneapolis Fed: Avoiding monetary policy mistakes
The Federal Reserve Bank of Minneapolis Quarterly Review December 2004 article 'Avoiding significant monetary policy mistakes' by Gary Stern and Preston Miller deduces properties of optimal monetary policies based on modern theory and standard empirical…
Launch of Malaysia's Financial Mediation Bureau
In a speech given on 20 January Dr Zeti Akhtar Aziz of the Central Bank of Malaysia said the scope of the Financial Mediation Bureau has been expanded to cover Islamic banks and development financial institutions, as well as selected payment system…
Korea's banknotes set for new look
Korea's banknotes are to get a radical overhaul to curb rising forgery. The Bank of Korea said Monday 14 February it plans to incorporate high-tech features in the new notes, including holograms.
Iran, Tajikistan discuss banking cooperation
Representatives from the central banks of Iran and Tajikistan on Friday 11 February discussed possible areas where they could increase banking cooperation.