Monetary Policy
Philippines central bank joins the BIS
The Philippines central bank has joined the BIS, AFP reports. Deputy governor Alberto Reyes said "Membership in the BIS will give the Philippines a voice among the world's central bankers and allow the country to recommend measures affecting the banking…
Interview with IMF Chief Economist Raghuram Rajan
The new Chief Economist at the International Monetary Fund Raghuram Rajan said in an interview, published by Business Week Online, that the IMF is extremely strong in its views on exchange rates, monetary policy, and fiscal policy and that "I suspect my…
Brazil's central bank halves economic forecast
The Banco Central do Brazil has slashed its forecast for economic growth by more than half for this year to 0.6%, according to the Financial Times. The central bank also said it expected year-end inflation to reach 8.9 per cent, down from previous…
Heikensten on the Swedish economy, monetary policy
In a speech on 'The Swedish economy and monetary policy' given on 29 September Lars Heikensten of the Sveriges Riksbank said the outlook for economic activity and inflation has not changed much since August. For Sweden, it seems likely that the economy…
BoJ's Muto on the Battle against Deflation
In the speech 'Battle against Deflation' given on 26 September Toshiro Muto of the Bank of Japan said exchange rate stability remains an important goal for Japan, in the wake of the G7 statement. He added that Japan was ready to act in the event of…
Gjedrem on developments in the Norwegian economy
In a speech on 'Developments in the Norwegian economy and banks' given on 25 September Svein Gjedrem of Norges Bank said the two-track economy, with high household income growth and problems in the corporate sector, is also reflected in developments in…
Fed Res Bank of San Francisco - Annual Report 2002
The Federal Reserve Bank of San Francisco has published its Annual Report for the year ended 2002. The Annual Report said the District refocused its payments business strategy to streamline operations, gain efficiencies, and control costs by realigning…
HKMA and Insurance Authority sign MoU
The Hong Kong Monetary Authority and the Insurance Authority (IA) have signed a Memorandum of Understanding(MoU) which aims to enhance the co-operation, exchange of information and mutual assistance between the two authorities.
Philadelphia Fed Business Review, 3rd Quarter 2003
The Federal Reserve Bank of Philadelphia has published its regular Business Review for the Third Quarter 2003. In the first article President Santomero examines whether inflation targeting makes sense for the U.S. Other articles examine changes in the…
EU sees more signs of economic recovery
The EU's third quarter economic report released on Tuesday 30 September expressed optimism in the euro zone economy but warned of risks to the recovery, reports Associated Press. "Recent data have begun to send out encouraging signals suggesting that the…
Eurozone inflation remains above 2.0pc
Provisional figures for eurozone inflation released on Tuesday 30 September showed that the rate remained above the ECB's target at 2.1%, according to BizWorld. Ireland had the highest rate of inflation in August, at 3.9pc, followed by Greece and Spain…
PBOC clarifies policy role and responsibilities
The People's Bank of China spelled out its monetary policy role and gave a detailed description of its responsibilities in a fourteen point statement posted on its web site on Tuesday 30 September and reported by China Daily. The statement specified its…
South Korea relaxes rules on credit cards
In a move designed to boost the recession-hit economy, South Korea relaxed credit card rules on Tuesday 30 September, according to AFP, allowing firms to extend the maturity of loans while putting off next year's deadline to bring their cash advances…
IMF: Bank of Israel independence will help growth
IMF first deputy managing director Anne Krueger expressed great interest in the proposed changes in the Bank of Israel Law last week in a meeting with Governor David Klein, according to a report by Globes Online. She said that, based on the IMF's…
Mboweni calls for clarity on SARB's duties on rand
Tito Mboweni has called for the South African Reserve Bank's constitution to be changed so that the central bank's objectives can be clarified, according to a report by Business Day. Mboweni insisted that the bank's primary objective was to achieve price…
Should central banks regulate credit card schemes?
Yes, according to Australia's federal court, which has just ruled that Visa and MasterCard should be subject to regulation by the Reserve Bank of Australia. In this weeks Monday Special CentralBankNet examines the impact of the case.
Fed's Greenspan on Financial Education
In a speech on 'Financial Education' given on 26 September Alan Greenspan of the Federal Reserve said the financial marketplace has grown increasingly complex since the era four decades ago when all Americans needed to know was how to write a check and…
Interview with BIS General Manager Malcolm Knight
In an interview conducted on 25 September, Bank for International Settlements general manager Malcolm Knight said "It would be likely that Basel II would assign India a sovereign risk weight of 50 percent instead of the 100 percent it receives under the…
Minehan on the current state of the US economy
In a speech given on 25 September Cathy Minehan of the Federal Reserve Bank of Boston said the robust growth most analysts expect for this quarter and next seems assured, and that should help sustain the economy next year. "There are downside risks to be…
San Francisco Fed on Robert Parry's retirement
San Francisco Fed statement, 25 September, on Robert Parry's decision to retire in June 2004. The Chairman of the Board of Directors said "Bob's leadership of the Bank, his contributions to the communities we serve, and his monetary policy expertise will…
Persson: Swedish economy after the EMU referendum
Deputy Governor of the Sveriges Riksbank Kristina Persson gave a speech on 29 September at the Business Economists club in Sundsvall under the heading "The Swedish economy after the EMU referendum". She said in the longer term, her personal conviction is…
Boston Fed's Minehan: recovery should be sustained
In her first detailed comments on the economy since March, Federal Reserve Bank of Boston President Cathy Minehan said, according to Reuters, that consumer spending seems to be on pace to grow by 4 percent this quarter, and business spending should…
Economist Franco Modigliani dies aged 85
Franco Modigliani, winner of the Nobel Prize for Economics in 1985, has died aged 85, according to the Financial Times. Modigliani made major contributions to macroeconomics - particularly the "life-cycle" savings hypothesis and taught at MIT from 1962…
Tito Mboweni addresses threats to inflation target
South African Reserve Bank Governor Tito Mboweni said on Friday 26 September, according to Finance 24, that the SARB still had much to do to conquer inflation expectations in the country, which at between 8% and 9% were currently far higher than the…