Monetary Policy

Has the fourth euro entry test already been passed

UK - In all the coverage of Gordon Brown's Mansion House speech on Wednesday night, it went largely unnoticed that he had in effect declared that one of the five tests for euro entry had been passed. Friday's Financial Times picked up on the story.

Speech by Edward George, Bank of England, 26 Jun

SPEECH - In his annual Mansion House speech George gave a strong signal that interest rates would not be raised at next week's meeting of the Bank of England's monetary policy committee and welcomed the fall in the pound against the euro.

Russian Duma overrides bank law veto

RUSSIA - Russia's State Duma has overridden the Federation Council's veto on the law on the Central Bank [CBR], with 389 deputies voting for the original version of the bill, while 300 votes would be enough to make the decision.

ECB Working Paper No. 155

RESEARCH - ECB Working Paper 'Youth unemployment in the OECD: demographic shifts, labour market institutions, and macroeconomic shocks' by Juan F. Jimeno and Diego Rodriguez-Palenzuela, June 2002. It gauges the relevance of the relative size of…

The slowdown of HK dollar broad money growth

RESEARCH - The Hong Kong Monetary Authority has published research on 'The Slowdown of Hong Kong Dollar Broad Money Growth' by Kitty Lai and Joanna, Yen Ling Shi. It examines the factors leading to the slowdown of broad money growth from about 5% in…

Ahady plans new currency for Afghanistan

AFGHANISTAN - The new head of the Afghan central bank, Anwar Ahady, has announced his plans to increase the nominal value of the afghani by a thousand with a view to promoting financial stability and attracting foreign investment.

RB of New Zealand criticised by finance minister

NEW ZEALAND - The Reserve Bank of New Zealand's management of monetary policy came under attack from the country's finance minister Michael Cullen today when he alleged that it was failing to interpret the bank's written policy agreement with the…

BOJ intervenes again to defend tumbling dollar

JAPAN - The Bank of Japan intervened three times overnight to bolster the dollar, spending an estimated $5 billion. This intervention, its sixth daily dollar-buying move since late May and the second this week, was in reaction to the dollar's decline…

Ignatyev wants stronger ruble

RUSSIA - Sergei Ignatyev, chairman of the Central Bank of Russia, on Tuesday reaffirmed his desire for a stronger ruble, saying that the bank is adopting a policy that implies a "gradual inflation decline and a certain appreciation of the ruble to…

Aldo Pignanelli named new Argentine cb president

ARGENTINA - Argentina's President Eduardo Duhalde has appointed central bank vice-president Aldo Pignanelli as chairman of the bank after Mario Blejer resigned on Friday, the government said in a statement. Pignanelli has been vice-president since March…

Eurosystem currency reserves up by 1.3bn eur

GERMANY - The ECB said eurosystem net foreign currency reserves rose 1.3bn eur to 257.6bn in the week ending June 21. The rise was due to an increase of 3.7bn eur in receivables from the IMF, whereas other holdings in foreign currency decreased by 2.5bn…

BOJ intervenes to shore up dollar

JAPAN - The Bank of Japan stepped into the foreign exchange market Monday to shore up the dollar, which at one point rose by more than 1 yen to 122.80. The dollar later returned to the 121 yen level, as the invervention was seen as relatively modest. The…

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