Monetary Policy
Zimbabwe limits currency holdings
Zimbabwe has outlawed of individuals holding cash exceeding five million Zimbabwean dollars (US$6,250) in another attempt to halt the cash crisis, reports the Sunday Times in South Africa.
Arminio Fraga hedges his bets
Investors have been scrumming to get a piece of the action as Arminio Fraga, Brazil's ex-central bank governor and former employee of George Soros, is starting his own hedge fund. "It's going well," says Fraga, and great things are expected, according to…
Indian economy on the mend, says Jalan
Outgoing governor of India's central bank, Bimal Jalan, believes that strong economic fundamentals will clear the way for a higher growth rate and ease the way to full convertibility of the rupee, according to Asia Pulse.
Paper: monetary policy rules with uncertainty
What happens to Taylor rules when uncertainty in the economy increases? A recent paper by Gabriel Srour of the Bank of Canada addresses this question and analyses how the rule changes when uncertainty and time lags increase.
European lawmaker calls for action on euro fakes
Christa Randzio-Plath, chair of the European Parliament's Committee on Economic and Monetary Affairs, has called for an "urgent and concerted" effort to tackle counterfeits euro banknotes. These have included a €300 note.
No intervention to halt peso slide
The central bank of the Philippines did not intervene in the currency markets on Friday morning, August 15, despite the peso's dipping below the level of 55 to the dollar, said Amando Tetangco Jr, a deputy governor, according to INQ7.net.
RBI cautious over foreign borrowing
The Reserve Bank of India sounded a note of caution over unlimited access to short-term external commercial borrowings by businesses to fund working capital and other domestic requirements, according to a report by rediff.com.
MAS to push ahead with bond issue
Despite concerns from some investors that the market is saturated,the Monetary Authority of Singapore announced that it intends to go ahead with plans to issue a new 15-year government bond, reports ChannelNewsAsia.
SARB cuts interest rate by one percentage point
Tito Mboweni, South African Reserve Bank governor, said the committee had to strike a "careful balance" in determining monetary policy, according to allafrica.com, as he explained yesterday's one percentage point cut in interest rates.
UAE central bank profit falls by 50%
The net profit of the central bank of the United Arab Emirates fell by over 50%for the year 2002 to Dh528 million from Dh1.1 billion in 2001, according to a report by Menaf.com. The central bank cited a sharp fall in the bank's treasury operations,…
Guillermo Ortiz on financial reform
The governor of Mexico's central bank discusses the disappointing results of the "first-generation" reforms of the Washington consensus and emphasizes the importance of "second-generation reforms", concentrating on constructing the the right…
Bank of Japan's Monetary Policy Meeting Minutes
Minutes of the Bank of Japan's Monetary Policy Meeting on 25 June 2003, released 13 August. Members exchanged views on a numerical target for price stability. One member stressed that the Bank should make a stronger commitment to overcome deflation, and…
Bank of Japan's Monetary Policy Meeting Minutes
Minutes of the Bank of Japan's Monetary Policy Meeting on 14 and 15 July 2003, released 13 August. A different member said that the main feature of the Bank's policy commitment was that the policy duration changed flexibly, and thus the expected duration…
Norges Bank comments on key rate reduction
Norges Bank held a press conference on 13 August after its decision to reduce the key rate by 1.0 percentage point. Developments in the Norwegian and international economy since the previous monetary policy meeting have been approximately in line with…
RBA Conference on Asset Prices and Monetary Policy
The Reserve Bank of Australia's 2003 conference, 'Asset Prices and Monetary Policy', will be held at the H.C. Coombs Centre for Financial Studies, in Sydney on 18 and 19 August 2003. The conference will focus on the implications of asset price booms for…
Reserve Bank of New Zealand Amendment Act
The Reserve Bank of New Zealand's Amendment Bill will change the RBNZ's arrangements slightly. The key governance change is that the Governor no longer chairs the Bank's Board of Directors, the chair being a non-executive director appointed by the non…
Fed's Bies on effective corporate governance
In a speech on 'Effective Corporate Governance and the Role of Counsel' given on 10 August Susan Schmidt Bies of the Federal Reserve said in today's environment, regulators, lawmakers and shareholders are looking for providers of legal services to be…
RBA's Macfarlane: Financial Stability Discussion
In his Introduction to a Panel Discussion on Financial Stability: Consilium given on 9 August Ian Macfarlane of the Reserve Bank of Australia said because of the improvement in banks' risk management and bank supervision, we have not even been close to…
BSP comments on suspension reports
Press release from the Philippines central bank, Bangko Sentral ng Pilipinas (BSP), 14 August, on media reports that court of appeals ordered suspension of central bank officials.
Philippine court suspends central bank chief
Rafael Buenaventura, governor of the Philippines central bank, has been suspended from the bank for a year, according to a report by Channel1NewsAsia. The Court of Appeals on Wednesday 13 April found Mr Buenaventura and four other central bank officials …
Germany in recession as Eurozone stagnates
The German economy fell into a technical recession after data showed a second successive quarter of negative growth in the three months to the end of June, Reuters reports.
Persson tells Swedes euro won't hit welfare scheme
With the September referendum on the euro fast approaching, the Financial Times reports that Swedish prime minister Goran Persson has moved to reassure Swede's that their generous welfare programmes would not be damaged by euro membership.
India may ease some rules on rupee trading
Reserve Bank of India governor Bimal Jalan, speaking at the Forex Association of India. said that the RBA could loosen rules on currency trading, according to Bloomberg. He also said that "Convertibility continues to be a desirable objective for all…
Mboweni remains upbeat on inflation
Speaking at a press conference following the South African Reserve Bank's two-day Monetary Policy Committee meeting on Thursday 14 August, Tito Mboweni said that not only did the inflation outcome improve over the past two months, but the inflation…