Central Banking staff
Follow Central Banking
Articles by Central Banking staff
Gramlich on conducting monetary policy
SPEECH - In the speech 'Conducting Monetary Policy' Edward Gramlich of the Federal Reserve discusses inflation targeting and says that a symmetrical target (e.g. Bank of England) is most successful as this allows expansionary responses to an inflation…
CentralBankNet Monday Special Feature
SPECIAL FEATURE - In this weeks special feature, the last for this year, we look back at some of the important stories from 2002 and some you may have missed. From the introduction of euro notes and coins in January to the appointment of new central bank…
BOJ Hayami central bank can't buy all JGB issues
Bank of Japan Governor Masaru Hayami reiterated Friday that the central bank will do its utmost to help the economy recover, but rejected such steps as radically increasing the amount of Japanese government bonds it buys or purchasing new types of assets.
Speculation rife on Hayami replacement
ARTICLE - A furor of speculation is blowing through Tokyo as Prime Minister Junichiro Koizumi prepares to appoint a successor to BOJ Gov. Masaru Hayami, whose 5-year term expires in March.
GCC bank plan to be taken up at forum
A proposal to set up a transnational bank with all GCC states as shareholders will be submitted to the UAE Central Bank.
Egypt's central bank chief - rates may fall again
Mahmoud Abul Oyoun, Governor of the Central Bank of Egypt (CBE) said it is likely that a new cut in the banking interest rate will be effective if the market needs this.
Croatian central bank council adopts projection
The Croatian National Bank (HNB) Council, chaired by governor Zeljko Rohatinski, on Wednesday adopted HNB's monetary policy projection and financial plan for 2003.
Fed's Poole: US to avoid deflation
William Poole, president of the Federal Reserve Bank of St. Louis, said on Friday that policymakers must be wary about deflation, but said there were ample reasons why the United States will avoid the errors that Japan made.
Report to show Japan's banks failing capital test
A comprehensive study of Japan's financial system being carried out by the International Monetary Fund will reveal that the capital adequacy of a number of Japanese banks falls below international requirements, according to a former IMF economist.
Welteke on a framework for monetary stability
SPEECH - In the speech 'An institutional framework for monetary stability' Ernst Welteke of the Deutsche Bundesbank said that even today there is no automatic means of ensuring stable money and stable markets. It is an ongoing task and it is the task of…
Bye bye, Buba
ARTICLE - This article says the ECB should scrap money supply targeting, its "first pillar" and reduce it to the role of an indicator. It also promotes a looser inflation target, with a change to a symmetrical rate perhaps as high as 3 per cent with 1…
Bies on credit availability for small businesses
SPEECH - In the speech 'Credit Availability for Small Business' Susan Bies of the Federal Reserve emphasised the importance of small businesses to the Federal Reserve saying that they are critical to the strength and vigor of the U.S. economy.
Chicago Fed National Activity Index, November 2002
REPORT - CFNAI shows economic growth remains soft in November - In November, the Chicago Fed National Activity Index (CFNAI) remained below zero for a fourth consecutive month, coming in at -0.51. The three-month moving average index, CFNAI-MA3, was at …
Bank of Japan Monthly Report, December 2002
REPORT - The Bank of Japan published its Monthly Report of Recent Economic and Financial Developments, December 2002, on 19 December. In its report the Bank says "Japan's economy has stabilised as a whole, but there is still substantial uncertainty…
ECB's Liebscher: Rates appropriate, econ improving
Austrian National Bank Governor and European Central Bank governing council member Klaus Liebscher said interest rates are appropriate for the medium term, although they could still be lowered if need be. In an interview he also defended the ECB's two…
SARB appoints Ian Plenderleith as deputy governor
The South African Reserve Bank said Thursday that it has appointed Ian Plenderleith as a deputy governor with effect from 1 January 2003. Until May 2002 this year Plenderleith was a member of the Bank of England's interest rate setting Monetary Policy…
Sweden decides on wording of euro question
Sweden has announced the wording of the question to be put in a referendum next year on whether to adopt the euro. The question is "Do you think that Sweden should introduce the euro as its currency?"
Brazil's Lula to keep monetary policy team for now
Brazil's incoming central bank chief Henrique Meirelles said on Thursday the government of President-elect Luiz Inacio Lula da Silva will avoid making drastic changes to the country's monetary policy team.
Brazil raises interest rates by 3 points to 25%
Brazil's central bank on Wednesday increased its key interest rate by 3 percentage points to 25 per cent in an effort to crush growing inflation as the government-elect pledged to press ahead with central bank reforms and austerity measures. It is the…
Exchange of new Afghan currency to end 2 January
The Afghan central bank has announced that the three-month period for exchanging the old Afghan currency for the new one will end on 2 January 2003 (12 Jadi on the Afghan calendar) and the period will not be prolonged.
Former Kenyan governor is accused of being racist
Kenya's former central bank governor Micah Cheserem was on Wednesday accused of making racist remarks. Businessman Kamlesh Pattni's lawyer alleged that Mr Cheserem told the parliamentary Public Accounts Committee that "Indians have ruined Kenya's economy…
South African Reserve Bank Press Release
PRESS RELEASE - New deputy governor appointed at South African Reserve Bank, 19 December.
Remsperger- Monetary stability Institutions matter
SPEECH - In the speech 'Monetary stability: Institutions matter' Hermann Remsperger of the Deutsche Bundesbank said the two-pillar approach of the ECB provides an excellent analytical framework. Not only allowing the ECB to integrate asset prices as an…
Nickell on house prices and household debt
SPEECH - In the speech 'House Prices, Household Debt and Monetary Policy' Stephen Nickell of the Bank of England said an interest rate reduction at present would affect house prices, household borrowing and consumption, which are already increasing…