Monetary Policy
Bank split on QE extension, governor outvoted
Minutes show Bank of England’s Monetary Policy Committee voted six-to-three in favour of £50 billion extension. Others in favour of extension to £200 billion
Turkey cuts to fresh low
Central Bank of Turkey chops a half point off key rates, indicates further cuts to come
Chile rate cuts compensate for commercial charges
Central Bank of Chile looks at the evolution of consumption and commercial lending rates
Angola says no devaluation in sight
Central Bank of Angola’s deputy governor says the central bank will withstand “speculative drive” to devalue the kwanza
Peru’s Velarde’s plays down BRIC currencies
Central Reserve Bank of Peru’s Julio Velarde on the future of the international monetary order
UK delivers inflation surprise
United Kingdom’s July inflation figures show prices rose more than expected, but sharp decline predicted in coming months
Sri Lanka shocks with rate hold
Central Bank of Sri Lanka surprises market with unchanged rates
Zambia’s Fundanga: media key in monetary policy
Bank of Zambia’s Caleb Fundanga says media critical in the successful execution of monetary policy
Flexible exchange rate better for welfare
Bundesbank investigates the welfare ranking of exchange rate regimes
Pakistan cuts against Fund advice
State Bank of Pakistan cuts rates, against International Monetary Fund advice, as inflation slows
Central Bank of Iceland – Monetary Bulletin 2009/3
Central Bank of Iceland says liberalisation of capital flows will happen by the beginning of November
Czech National Bank – Inflation Report
Czech National Bank says inflation will fall further but remain positive this year
SARB shocks markets with half-point cut
South African Reserve Bank surprises analysts expecting rate hold
France and Germany out of recession
Analysts taken by surprise as data show eurozone’s two largest economies returned to growth in the second quarter
BoJ forerunner of unconventional policy: Shirakawa
Bank of Japan’s Masaaki Shirakawa says economists attitudes towards unconvential monetary policy have changed since the Japanese crisis
Brazil president intervenes in monetary policy
Lula says further rate cuts “desirable”
Denmark cuts to halt krone rise
National Bank of Denmark lowers lending rate by a tenth of a percentage point. Iceland holds to promote appreciation
European Central Bank - Monthly Bulletin August
European Central Bank’s Monthly Bulletin justifies keeping key rates on hold
Fed action spurs market recovery
Federal Open Market Committee statement boosts wave of positive sentiment
Bank will consider cutting interest on reserves
Mervyn King says Bank of England will “certainly” look into lowering remuneration on reserves held in central bank coffers
France blames 80s monetary policy for poor growth
Banque de France asks whether permanent and gradual shifts in monetary policy were responsible for a protracted period of depressed activity in the euro area over the past decades
Bank risk affects monetary policy channels
European Central Bank says bank risk plays an important role in determining banks’ loan supply and in sheltering it from the effects of monetary policy changes
IMF plays down quantitative-easing fears
International Monetary Fund says evidence on the effectiveness of Bank of England’s quantitative easing is moderately encouraging
ECB looks to soothe deflation fears
European Central Bank’s Jean-Claude Trichet and Lucas Papademos comment on the Governing Council’s decision to keep the key interest rates unchanged