Central Banking staff
Follow Central Banking
Articles by Central Banking staff
Basel Committee publish implementation update
The Basel Committee published its newsletter No. 4 on Tuesday 1 February. The purpose of this update is to inform the banking industry, the supervisory community and other interested parties about the work that is under way within the Basel Committee's…
Norges Bank keeps interest rate unchanged at 1.75%
At its monetary policy meeting on 2 February, Norges Bank's Executive Board decided to leave the sight deposit rate unchanged at 1.75 per cent. The Executive Board said it did not see any clear alternatives to leaving the interest rate unchanged.
BSP chief says economy still fragile
Although the peso and share prices have soared to new highs, Governor Rafael Buenaventura of the Bangko Sentral ng Pilipinas (BSP) said the government still has a lot of work to do to put the economy on a firm footing.
Nigeria may move from dollar reserves
The Central Bank of Nigeria may consider reducing Nigeria's exposure to the United States dollar by moving the country's reserve towards the pound sterling and euro as a result of the continuing decline in the value of the dollars, a press report in…
South Africa urged to avoid rand intervention
A senior World Bank economist on Monday 31 January praised the South African Reserve Bank's strategy of cautiously accumulating foreign reserves and said a deliberate weakening of the rand could have negative consequences for the economy.
POBC sees gradual move to market interest rates
The People's Bank of China said on Tuesday 1 February thatit will proceed with establishing a market-oriented interest rate regime in a series of gradual moves timed to ensure the viability of the commercial banks.
Japan sees G7 currency stance staying unchanged
There is likely to be be no call for a change in global foreign exchange rates, a senior Japanese finance ministry official said on Tuesday 1 February.
Banking structures in the new EU Member States
The European Central Bank published a report on Banking structures in the new EU Member States on Tuesday 1 January. The publication has been prepared by the Banking Supervision Committee of the European System of Central Banks.
Norway's Bergo on inflation targeting
In a speech on 'The basis for inflation targeting' given on 21 January, Jarle Bergo of Norges Bank said that the lesson from Nobel Prize winners Kydland and Prescott was that economic policy can achieve better results if the authorities can commit…
Sweden's Heikensten on economy & monetary policy
Sveriges Riksbank Governor Lars Heikensten spoke at a meeting on the current state of the economy and monetary policy on 21 Janaury. He said developments in the financial markets are largely in line with the assessment in the previous Inflation Report.
Fed's Bies on the economy and retirement savings
In a speech on 'The economy and challenges in retirement savings' given on 18 January, Susan Schmidt Bies of the Federal Reserve said she foresaw a moderation of inflationary trends, which would allow the Fed to continue being "measured" in raising…
Poole on The outlook: Mississippi and the nation
In a speech on 'The outlook: Mississippi and the nation' given on 20 January, William Poole of the Federal Reserve Bank of St. Louis said US price pressures appear well controlled, but the Federal Reserve will move aggressively to protect low inflation…
The Maastricht inflation criterion
According to the ECB Working Paper "The Maastricht inflation criterion: How unpleasant is purgatory?" the Maastricht inflation criterion, designed in the early 1990s to bring "high-inflation" EU countries in line with "low-inflation" countries prior to…
Turkey to introduce inflation targeting early 06
Turkey's central bank will shift to a formal policy of inflation targeting from early 2006, its governor Sureyya Serdengecti told a conference.
China official says not ready to revalue currency
China is not ready to revalue its currency and needs time to find a new foreign exchange regime, state media reported Monday, citing comments by government officials.
Greenspan lost credibility says Soros
Speaking at the World Economic Forum in Davos, George Soros the billionaire investor said Federal Reserve Chairman Alan Greenspan has lost credibility for driving US interest rates to a four-decade low and promoting tax cuts.
ECB's Weber says dollar risk to global outlook
European Central Bank Governing Council member Axel Weber said on Saturday 29 January that the US current account gap is unlikely to narrow this year, putting stress on the US dollar which is risky for the global economy.
ECB's Gonzalez-Paramo on financial integration
In a speech on 'Financial integration and economic growth. Lessons from the European experience' given on 28 January, Jose Manuel Gonzalez-Paramo of the ECB said in effectively promoting financial integration, Europe has shown that public policies can…
BofE Payment Systems Oversight Report
The Bank of England published its first annual Payment Systems Oversight Report on Monday 31 January. The Report sets out the Bank's role and objectives in relation to oversight of UK payment systems.
South Africa's upgraded banknotes issued Tuesday
The South African Reserve Bank (SARB) will issue the first upgraded banknotes on 1 February. The upgraded banknotes have several improved security features, which will make it easier for the public to distinguish between good banknotes and counterfeit…
Norges Bank's foreign exchange purchases
Norges Bank said on Monday 31 January that it will not purchase foreign exchange for the Government Petroleum Fund in February.
The Bank of England Quarterly Model
The Bank of England published a book on Monday 31 January - The Bank of England Quarterly Model - which contains details of the new macroeconomic model developed for use in preparing the Monetary Policy Committee's (MPC) quarterly economic projections.
Boca Raton statement likely to be kept at G7
US Treasury Undersecretary John Taylor said on Friday 28 January the Group of Seven is likely to keep the same statement on foreign exchange at its meeting next week as it did in Boca Raton, Florida last year.