Monetary Policy
Norway's Bergo on the Petroleum Fund
In a speech on 'The effect of the Petroleum Fund on the Norwegian economy' given on 22 October, Jarle Bergo of Norges Bank said that oil is a major component of the Norwegian economy - with all the advantages and disadvantages this entails. Oil gives us…
Chicago Fed conf. sees US GDP up 4.1 pct in 2004
The Chicago Fed's Economic Outlook Symposium forecast an economic growth rate of 4.1 per cent for the US next year, Reuters reports. Chicago Fed senior economist William Strauss said the consensus outlook among conference participants was for the…
US's Taylor-unsure if IMF will OK Argentine loan
US Treasury Undersecretary for International Affairs John Taylor said on Friday 12 december that it was too soon to tell whether Argentina would win approval for the next instalment of its IMF loan, according to a Reuters report. "There is no way at this…
Brussels stands by legal threat over pact row
Gerassimos Thomas, spokesman for EU monetary affairs commissioner Pedro Solbes, has said according to AFP that the European Commission's position has not changed on the ECOFIN decision to postpone any sanctions against Germany and France for breaking the…
Foreign c banks' slow buying of U.S. debt - Fed
Figures released by the Federal Reserve showed purchases of US debt slowed by foreign central banks last week, according to Reuters. Total holdings of Treasuries and agencies for foreign central banks rose just $102 million to hit another record at just…
IMF met Iraqi officials on rebuilding central bank
Agustin Carstens, IMF Deputy Managing Director, said on Friday 12 December thatthe IMF was working with Iraqi finance officials in Jordan to help with the rebuilding of the central bank and was providing technical assistance, according to Reuters.
3,491 opt for early retirement at RBI
The Reserve Bank of India's early retirement scheme, which was introduced recently, has attracted 3,491 applications, according to a Rediff report. The scheme closes at the end of December with official sources saying the "RBI introduced the early…
Peru's central bank chief may face fraud charges
A Peruvian congressional commission voted 6-1 in favour of recommending Congress bring fraud charges against central bank of Peru governor Javier Silva Ruete last Tuesday, according to a Reuters report. The matter refers to Ruete's alleged sponsoring of…
Computer games central bankers play
Computer games aren't just for kids, central bankers play them too. This article published by Bloomberg looks at the recent trend for monetary policy games on central bank web sites. The Bank of Finland has recently developed its own game which Matti…
T&T central bank faces racism case
A powerful organisation of people of Indian origin is to sue the central bank of Trinidad and Tobago, it is reported by PTI. The case apparently centres on Selwyn Cudjoe, a member of the central bank's board of directors, who reportedly made several…
Kansas Fed's Hoenig appointed to Kauffman board
The Ewing Marion Kauffman Foundation's board has named Federal Reserve Bank of Kansas City President Thomas Hoenig as a director, effective immediately, reports the Business Journal. The Foundation supports programs in entrepreneurship and education in…
Calls for RBA board to be 'rejigged'
A National Party Senator has called for the Reserve Bank of Australia's board to be "rejigged" following the RBA's recent rate rise, ABC News reports. He called for the make-up of the Reserve Bank board to be broadened with more rural representation than…
Greenspan-Capitalism and the role of globalization
In a speech on 'Capitalism and the role of globalization' given on 11 December, Alan Greenspan of the Federal Reserve said debates on the pros and cons of market capitalism have waged for generations. The collapse of the Soviet empire, and with it…
Oct. minutes of Federal Open Market Committee
The Federal Reserve on 11 December released the minutes of its FOMC meeting of 28 October. Federal Reserve policy-makers expressed concerns at their October meeting that the battered job market might not fully recover until at least 2005 even if the…
Letter to Mervyn King from the UK Chancellor
Letter sent to the Governor of the Bank of England, Mervyn King, on the remit for the Monetary Policy Committee and the new inflation target, 10 December. There is also an annex on the new inflation target and the monetary policy framework.
Currency peg puts heat on China's economy: Fed
Federal Reserve chairman Alan Greenspan said on Thursday 11 December that China's currency peg with the US dollar may need to end if it is to prevent its economy from overheating. In a speech to the World Affairs Council of Dallas, reported by Bloomberg,…
Switzerland's monetary policy unchanged
The Swiss National Bank has left interest rates unchanged as it aims to keep the strong Swiss franc in check. The bank said in a statement reported by AFP that the signs of an economic recovery in Switzerland were growing.
Yuan undervalued by 30 pct or more: Japan's Kuroda
China could face a serious asset price bubble or inflation if it does not increase the value of the yuan. Former top Japanese policymaker Haruhiko Kuroda told an IMF seminar, according to a Reuters report: "If the current exchange rate regime is…
Fed minutes suggest low rates until 2005
The Federal Reserve's latest FOMC minutes released on Thursday 11 December, reinforced their regular statement that interest rates could remain low for a "considerable period" saying that they should not raise interest rates until they saw concrete signs…
ECB Monthly Bulletin, December 2003
The European Central Bank published its December 2003 Monthly Bulletin on 11 December. The ECB maintained its forecast for 2003 inflation at 2.1pc, but lowered its forecast for 2005 inflation to 1.6pc from 1.7pc. But it repeated that official interest…
ECB's Solans on importance of MFI interest rates
In a speechon 'The importance of MFI interest rates for the Eurosystem and the general public' given on 10 December, Eugenio Domingo Solans of the ECB said the aim of the new set of MFI interest rate statistics is to provide a comprehensive, detailed and…
SARB MPC cuts repo rate by 50 points to 8%
The South African Reserve Bank has cut interest rates to 8 per cent, reports Business day. This brought the total amount of rate cuts to 550 basis points since the first cut this year was announced on June 12.
IMF sees US growth sprinting ahead of eurozone
IMF chief economists Raghuram Rajan has told a German newspaper that the International Monetary Fund had increased its previous forecast for US growth by 0.1 percentage points to 4.0 percent, according to an AFP report.
CBC vows to maintain its independence
Central Bank of China governor Perng Fai-nan has pledged never to implement any measures violating the regulations of the Central Bank of China Law, according to a report by the China Post. Perng made the pledge when he was questioned about the CBC's…