Monetary Policy
BSP wins ruling on pay increases
The Bangko Sentral ng Pilipinas has been freed by the Supreme Court to raise staff salaries to levels more aligned with the private sector.
Banker named favourite for BSP top job
Former Far East Bank president OV Espiritu could be favourite to succeed Rafael Buenaventura at the Philippines central bank (BSP), the Philippine Daily Inquirer reported this week.
Bank of Canada Monetary Policy Report Update
The Bank of Canada released its Update to the October Monetary Policy Report on 27 January. The Canadian economy is expected to operate a little further below its full production capacity in 2005, according to the update.
Greenspan to testify on economy, policy 16 Feb
Federal Reserve Chairman Alan Greenspan will testify on the U.S. central bank's semiannual report on monetary policy Feb. 16 before the Senate Banking Committee, the panel said on Friday.
Iran-Hong Kong cbs explore mutual ties
Officials from the Hong Kong Monetary Authority and Iran's central bank explored ways of mutual cooperation on Friday 28 January.
Markets focus too much on dollar says Weber
The financial markets are putting too much focus on the declining dollar, Bundesbank President Axel Weber said Friday 28 January.
Boca Raton statement likely to be kept at G7
US Treasury Undersecretary John Taylor said on Friday 28 January the Group of Seven is likely to keep the same statement on foreign exchange at its meeting next week as it did in Boca Raton, Florida last year.
The Bank of England Quarterly Model
The Bank of England published a book on Monday 31 January - The Bank of England Quarterly Model - which contains details of the new macroeconomic model developed for use in preparing the Monetary Policy Committee's (MPC) quarterly economic projections.
South Africa's upgraded banknotes issued Tuesday
The South African Reserve Bank (SARB) will issue the first upgraded banknotes on 1 February. The upgraded banknotes have several improved security features, which will make it easier for the public to distinguish between good banknotes and counterfeit…
ECB's Gonzalez-Paramo on financial integration
In a speech on 'Financial integration and economic growth. Lessons from the European experience' given on 28 January, Jose Manuel Gonzalez-Paramo of the ECB said in effectively promoting financial integration, Europe has shown that public policies can…
ECB's Weber says dollar risk to global outlook
European Central Bank Governing Council member Axel Weber said on Saturday 29 January that the US current account gap is unlikely to narrow this year, putting stress on the US dollar which is risky for the global economy.
Greenspan lost credibility says Soros
Speaking at the World Economic Forum in Davos, George Soros the billionaire investor said Federal Reserve Chairman Alan Greenspan has lost credibility for driving US interest rates to a four-decade low and promoting tax cuts.
China official says not ready to revalue currency
China is not ready to revalue its currency and needs time to find a new foreign exchange regime, state media reported Monday, citing comments by government officials.
Turkey to introduce inflation targeting early 06
Turkey's central bank will shift to a formal policy of inflation targeting from early 2006, its governor Sureyya Serdengecti told a conference.
Bulgaria's central bank sees forex reserves rise
Bulgaria's central bank (BNB) currency reserves as of last Friday increased to the equivalent of leva (BGN) 13.704 billion from BGN12. 759 a week earlier, the bank said.
RBNZ leaves interest rates unchanged
The Reserve Bank of New Zealand left interest rates unchanged at 6.50 per cent on Thursday. RBNZ governor Alan Bollard said the tightening in monetary policy over the past year currently looks sufficient to keep medium term inflation pressures in check.
BoE paper on low inflation since 1999
In a paper published on Thursday 27 January, 'Why has inflation been so low since 1999?', Bank of England Monetary Policy Committee member Stephen Nickell said looking to the future, there seems no reason why UK domestic goods price inflation will fall…
Chicago Fed National Activity Index, Dec 2004
The Chicago Fed National Activity Index (CFNAI) for December 2004 was +0.39, up markedly from +0.05 in November. Three of the four broad categories of indicators that comprise the index made positive contributions in December, while the employment…
Report says Fed to consider inflation target
Federal Reserve policy-makers will next week discuss whether to set a numerical objective for inflation and, if so, what it should be, the Wall Street Journal reported on Thursday 27 January.
PBOC's Zhou says China open to yuan discussion
People's Bank of China governor Zhou Xiaochuan was reported as saying that China is open to discussing the yuan exchange rate at the upcoming G7 finance ministers meeting but will not be pressured on any appreciation.
Latvia ready to link to euro, official says
A Finance Ministry official was quoted as saying that Latvia is ready to link its currency to the euro in a two-year test period prior to adopting the single currency.
Brazil's COPOM ready to raise rates if necessary
Brazil's central bank is ready to raise interest rates and will accelerate increases if necessary to control inflation, according to the minutes of its COPOM meeting held last week released on Thursday 27 January.
ECB's Issing says recovery still on track
Economic recovery in the euro zone remains on track, with the pace of growth set to accelerate later this year, European Central Bank chief economist Otmar Issing said in a speech on Wednesday 26 January.
When monetary tools start to lose their edge
This article asks what central bankers do when their monetary tools begin to lose their edge. This may be a question that the Federal Reserve is having to address at the moment, it says. The Federal Reserve's challenge seems to be that the linkage…