Monetary Policy

IMF to cut world growth forecast sharply

The deputy head of the International Monetary Fund said on Jan. 27, 2001, the IMF may cut its 2001 world growth forecast to around 3.5 percent from 4.2 percent and warned Japan had little scope to spur growth soon. Stanley Fischer, first deputy managing…

ECB rates on hold for now, Fed moves key - Welteke

The European Central Bank's interest rate policy is on hold for the time being, though another sharp cut from the U.S. Federal Reserve would force European policymakers to carefully assess their stance, Bundesbank President ECB board member Ernst Welteke…

Fraga says Brazil not that affected by US slowdown

A slowdown in the U.S. economy won't have a major impact on Brazil, in part because of the diversity of Brazil's export markets, central bank governor Arminio Fraga said Jan. 26. "Scenarios of economic deceleration, without a major crisis or anything…

Mexico Ortiz sees 2001 inflation 6.5% despite VAT

Official Mexican inflation targets for 2001 won't be changed whatever the impact of a value-added tax to be imposed shortly on certain goods, central bank governor Guillermo Ortiz said Jan. 26, 2001. Mexico is to impose VAT on food and medicines by an…

Riksbank new board member is economist, ex-MEP

Kristina Persson, an economist and former MEP, was appointed on Jan. 26, 2001, to fill a vacant seat on the Swedish Riksbank central bank's seven-member board of governors, which sets monetary policy, the bank said. Persson, 55, who has worked at the…

Cyprus cbank leaves base rate unchanged at 7.0 pct

Cyprus's central bank left its key interest rate steady at 7.0 percent at a board meeting on Jan. 26 as expected, a senior manager said. "The board of the central bank decided to adopt the recommendation of the monetary advisory committee to leave the…

Czech house wants cbank aim cut from constitution

The lower house of the Czech parliament agreed on Jan. 26, 2001, to cut the central bank's policy aim out of the constitution, a part of a wider revamp of central bank laws by the country's two main parties.But the constitutional amendment is expected to…

Brash -Svensson report due 'within next few weeks'

A New Zealand government-appointed independent review into the country's monetary policy making will publish its findings within a few weeks, Reserve Bank Governor Don Brash said on Jan. 26, 2001.The one-man review is being conducted by Lars Svensson,…

Greenspan surprises with support for tax cuts

Federal Reserve Board Chairman Alan Greenspan delivered some surprising support for President George W. Bush's call for a $1.6 trillion tax cut, saying tax cuts will benefit the economy in the long run."In today's context, where tax reduction appears…

Portugal cbank warns govt on wages, inflation

Portugal's central bank on Jan. 25 delivered a slap on the wrist to the Socialistgovernment for raising state sector wages too much, saying itposed a risk to inflation. "The main risk to inflation forecasts comes from salariesand it would be extremely…

Czech cbank cuts inflation fcast, leaves rates

The Czech central bank board, in the face of weaker price pressures, discussed the possibility of a rate cut at its regular weekly board meeting on Jan. 25 but left rates unchanged, vice-Governor Ludek Niedermayer said. Monetary department chief Ales…

Israel's Barak backs cautious monetary policy

Prime Minister Ehud Barak said on Jan. 25 he supports the Bank of Israel's cautious interest rate policy despite calls from the business sector for sharper rate cuts. "I think this (Alan) Greenspan type of cautious, carefully weighed policy of the Bank…

Ukraine c.bank desperately seeking t-bill buyers

Ukraine's central bank said on Jan. 25, it plans to increase loans to commercial banks secured on treasury bills this year in a move aimed at reviving the domestic debt market. The market has been at a virtual standstill since Russia's 1998 financial…

Manila cuts interest rates

The Central Bank of the Philippines decided Jan. 25, 2001, to implement a further cut of 50 basis points in both the overnight borrowing and lending rates to 12.0 percent and 14.25 percent, respectively. The bank's move to cut interest rates, which takes…

Lithuanian cbank okays draft bill for litas repeg

Lithuania's central bank said on Jan. 25 its board approved a draft amendment to law aimed at clearing the path for a shift in the litas currency's peg to the euro from the dollar without devaluation."The main goal of this amendment is to ... give…

Indonesia plans talks with IMF, World Bank

Indonesia will hold talks with top IMF and World bank officials during the World Economic Forum (WEF) in Davos to determine if it can secure funds to help prop up its shattered economy. Chief economics minister Rizal Ramli is due to meet World Bank chief…

Ex-BOJ Wakatsuki - No return to zero rates

The Bank of Japan (BOJ) is likely to keep the key short-term rate target at 0.25 percent for some time, and a return to providing free money was improbable, former BOJ director Mikio Wakatsuki said on Jan. 25. "I think the BOJ will keep the key short…

IMF stresses need for BI independence

The International Monetary Fund (IMF) reiterated on Jan. 25, 2001, the importance of maintaining the independence of Bank Indonesia and its monetary policy to ensure the recovery of the country's economy. "It's important for Indonesia to maintain the…

Colombia cbank sees 01 inflation 7.6% vs 8.0% goal

Colombia's central bank projects inflation to fall to 7.6% this year and 6.9% in 2002, according to the body's December 2000 inflation report, released on Jan. 26, 2001. The 2001 figure is down from the official goal of 8.0% and year 2000 final result of…

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