Monetary Policy
RBNZ Monetary Policy Statement, March 2005
The Reserve Bank of New Zealand increased interest rates by 25 basis points to 6.75 per cent on Thursday 10 March. Speaking at the release of the March 2005 Monetary Policy Statement, RBNZ Governor Alan Bollard said with the economy remaining very strong…
Garganas calls for sharp fall in deficit and debt
Bank of Greece Governor Nicholas Garganas told a parliamentary committee on Wednesday 9 March that Greece's economy does not face a crisis, but the government must try to lower budget deficits and public debt even sooner than mandated by the European…
Fed's Moskow says rates have room to rise
Chicago Fed President Michael Moskow said on Wednesday the Federal Reserve can continue raising interest rates at a measured pace, but with less slack in the U.S. economy, it must be vigilant on inflation.
CNB's Tuma on central bank forecasting
In the speech 'Forecasting and its role as an information source in the decision-making of the central bank' given on 18 February Zdenik Tuma of the Czech National Bank discusses the role market forecasts can play as an information source in the decision…
Sweden's Rosenberg on economic activity, inflation
In a speech given on 24 February Irma Rosenberg of the Sveriges Riksbank said even though there has been some uncertainty over economic activity it has in fact continued to develop strongly.
IMF's Rato on the Palestinian National Authority
In a speech given on 1 March, Rodrigo de Rato of the International Monetary Fund predicted the Palestinian Authority's economic plan would lead to growth.
Basel Accord and credit slowdown in Latin America
The IMF Working Paper 'Did the Basel Accord cause a credit slowdown in Latin America?' tests whether the adoption of the Basel Accord by Latin American and Caribbean countries was responsible for the serious slowdowns in credit growth experienced by…
Fed's Bernanke on the economic outlook
In the speech 'The economic outlook' given on 8 March Ben Bernanke of the Federal Reserve said the US economy was off to a solid start this year and that core inflation should stay in a zone that allows the Fed to raise interest rates at a "measured"…
ECB's Mersch against pact dilution
European Central Bank council member Yves Mersch has criticised larger European governments for trying to relax the budget-deficit rules underpinning the euro.
Russia reports record gold reserves
The Central Bank of Russia has announced that gold or hard currency reserves soared 7.7 per cent to a record $134.15 billion in January-February 2005.
Trichet: ECB ready to act on rates as necessary
The European Central Bank is ready to raise interest rates to prevent inflationary pressures building whenever that proves necessary, ECB president Jean-Claude Trichet said Wednesday in a speech.
China's fin min says ex rate at a reasonable level
China's finance minister Jin Renqing said Wednesday the exchange rate is at a reasonable level and is "in line" with the country's current conditions.
Stability pact talks in deadlock
Jean-Claude Juncker, the Luxembourg chairman of talks on reform of the EU's budget rules, has warned that a deal might not be possible.
Central Bank of Iran - Annual Report 2003-2004
The Central Bank of Iran has published its Annual Report for the year ended 1382 (2003/2004). Investment and employment exceeded projections during the year, according to the annual report. Structural reforms appear to have been the main driving force…
Exits from heavily managed exchange rate regimes
This IMF Working Paper finds that in the past 25 years or so, almost all exits to more flexible exchange rate regimes were followed by a depreciation of the exchange rate, and that exits were about evenly divided between disorderly and orderly cases.
It's open season on the Reserve
This article published on Monday 7 March looks at the Reserve Bank of Australia's decision to raise interest rates last week for the first time since December 2003. It is perhaps the most significant breakdown in trust and harmony between Canberra and…
Federal Reserve Bulletin, Winter 2005
The Federal Reserve's Bulletin for Winter 2005 includes the article 'Indexes of the foreign exchange value of the dollar' which discusses several practical aspects of the design and implementation of the Federal Reserve Board's exchange rate indexes -…
Sweden's Persson: Globalisation and low inflation
Deputy Governor Kristina Persson of the Sveriges Riksbank spoke on Tuesday 8 March at an annual conference on the subject of globalisation and Sweden's low inflation. In the speech she said Sweden has had much to gain from increased global integration,…
US's Snow puzzled by criticism of Greenspan
US Treasury Secretary John Snow said on Monday 7 March that he was puzzled by harsh words used to describe Federal Reserve Chairman Alan Greenspan over his support for the Bush administration's proposals to overhaul Social Security.
Stability pact talks making "good progress"
EU Finance Ministers called an emergency negotiating session in the early hours of Tuesday morning, 8 March, on the stability and growth pact rules after marathon talks broke up without an agreement.
ADB looking forward to Turkey hosting meeting
The Asian Development Bank said on Tuesday 8 March that it is looking forward to Turkey hosting the Bank's next Annual Meeting in Istanbul.
Tanigaki says BOJ and gov't want deflation end
The Japanese government and the Bank of Japan share the same view on interest rates and both want to end deflation, Finance Minister Sadakazu Tanigaki told a press conference in Tokyo on Tuesday 8 March.
S. Africa could have single currency by 2016
A plan to better integrate markets of southern African countries may lead to a single currency managed by a single central bank by 2016.
BIS Quarterly Review, March 2005
The Bank for International Settlements published its March 2005 Quarterly Review on Monday 7 March. In the report the BIS said that Asian banks have reduced the share of deposits held in US dollars in favour of other currencies like the euro.