Central Banking staff
Follow Central Banking
Articles by Central Banking staff
Koizumi calls for more 'effective' monetary policy
Junichiro Koizumi, Japan's prime minister, on Wednesday called on the Bank of Japan to adopt a more "effective" monetary policy but the central bank ignored his call, leaving its policy unchanged in a unanimous decision.
Kazakh national bank to up gold purchases in 2003
The Kazakhstan National Bank plans to increase gold purchases on the domestic market in 2003. The Bank's net gold and foreign currency reserves totalled 2.981bn dollars in December 2002.
The governor's performance hits a new low
ARTICLE - An article published in the Jerusalem Post on Tuesday criticised Bank of Israel governor David Klein for apparently laying the blame for Israel's 6.5 percent inflation rate on the government.
Norges Bank reduces interest rates again
Norway's central bank cut its key interest rates by 50 basis points as expected on Wednesday and signalled more cuts were likely to dampen the effects of a global downturn on the oil-backed economy.
Norges Bank Press Conference
PRESS CONFERENCE - Norges Bank's Executive Board decided today to reduce the key rate, the sight deposit rate, by 0.5 percentage point with effect from Thursday, 23 January.
Hamalainen on how the ECB manages the euro
SPEECH - In the speech 'How the European Central Bank manages the euro and what is in store for 2003' Sirkka Hamalainen of the European Central Bank expressed concern over the widely-held perception that monetary policy can solve very different stability…
Gjedrem on Norway's changing economy
SPEECH - In the speech 'Norway's changing economy' Svein Gjedrem of Norges Bank said history shows that low unemployment cannot ultimately be achieved through high inflation. A monetary policy that contributes to inflation does not create higher economic…
Bank of Japan Press Release
PRESS RELEASE - Announcement of the Bank of Japan Monetary Policy Meeting decisions (unchanged), 22 January.
Bank of England Monetary Policy Committee Minutes
MINUTES - Minutes of the Bank of England's Monetary Policy Committee Meeting released on 22 January for the meeting of 8 and 9 January 2003. The same pattern of voting was seen at this meeting as in the previous two meetings. The nine MPC members voted…
The folly of inflation targets
ARTICLE - This article says that the Bank of Japan should explain what it is intending to do to end deflation and that this will be the first step in defending its threatened independence.
BOJ under pressure to target inflation
ARTICLE - As Hayami's term is about to come to an end speculation not only mounts as to his successor but whether the Bank of Japan should introduce an inflation target under the new leadership.
Jewish groups protest outside ECB building
Representatives of German Jewish groups protested against pro-Palestinian remarks by Gretta Duisenberg on Monday outside the European Central Bank, where her husband Wim Duisenberg is the president.
Brazil targets inflation of 8.5 percent in 2003
Brazil's central bank said on Tuesday it would steer monetary policy to target a year-end inflation rate of 8.5 percent, more than double its original goal but still below market forecasts for 2003.
Shiokawa puts deflation on center stage
Deflation is an issue for the entire government to tackle, Japan's Finance Minister Masajuro Shiokawa said Tuesday, reversing his earlier stance that the price declines of the last four years are the responsibility of the central bank.
Lithuania may replace litas with euro in 2006
The Bank of Lithuania governor, Reinoldijus Sarkinas, said on Monday he saw no obstacles to Lithuania adopting the euro as its national currency in 2006 or early 2007.
Japan, Indonesia agree currency swap deal
Japan and Indonesia have agreed on a bilateral rupiah-dollar swap arrangement aimed at ensuring stability in the currency market by supplying short-term liquidity, the two countries said in a joint statement.
Tougher Swiss banking rules
Switzerland has introduced more stringent rules on account identities in a renewed attempt to counter accusations that its tight bank secrecy laws encourage foreign tax evaders, terrorists and money launderers to hide their money in Swiss bank accounts.
BMA - Bahrain building on finance hub success
Bahrain is building on its unprecedented success as a banking and financial centre, delegates heard the BMA's governor say at an international conference on Monday.
Bank of Canada Press Release
PRESS RELEASE - Bank of Canada keeps target for the overnight rate at 2 3/4 per cent, 21 January.
Belgium seeks ECB post for bank critic De Grauwe
Belgium is stepping up its campaign to secure a seat on the board of the European Central Bank by nominating Paul De Grauwe, an academic who has criticized the bank for failing to promote growth. De Grauwe recently ran for the job of vice-president of…
Bergo on challenges facing the Norwegian economy
SPEECH - In the speech 'Challenges facing the Norwegian economy' Jarle Bergo of Norges Bank said it should be possible for us to live well with petroleum, but it will require our addressing a number of challenges. The varying inflow of revenues must be…
Edward George at the Scottish Bankers Dinner
SPEECH - In a speech Sir Edward George of the Bank of England said it would be unwise to set monetary policy on the basis of the worst possible outcome. Risks to the economy, including a sharp fall in consumer spending and a house price crash, "need to…
Extracts from an interview with Toshihiko Fukui
INTERVIEW - In an interview Toshihiko Fukui, a favourite to become the next governor of the Bank of Japan, says he has a great interest in inflation targeting. But if it was introduced it must be done in such a way as not to weaken discipline.