Monetary Policy

Indonesian Wahid's advisers say rethink c.bank law

Prominent foreign advisers to Indonesia's embattled president, including ex-Fed chairman Paul Volcker, urged him to stick with the IMF and to drop current proposals to revamp the central bank law which have become a nasty thorn in relations with the Fund.

Cbanks should be pre-emptive - Fed's Gramlich

U.S. Federal Reserve Governor Edward Gramlich said on Feb 20, 2001 central banks had to move preemptively given the time it took for their actions to feed through to the economy. He advocated the use of forward-looking, flexible, inflation targetting as…

India economy can grow at least 8 pct per yr-RBI

India's central bank chief said on Feb 20, 2001 said he was confident the country could post annual growth of at least eight percent in the medium term. He added the economy was resilient enough to handle external and internal shocks such as last month's…

N Korea to take Chinese approach to development

Lim Dong-won, director of North Korea's National Intelligence Service said on Feb 20 that the communist government would pursue a Chinese-style policy of separating politics from economy to introduce a market economy, while maintaining the socialist…

Turkish market opens 4.95 quadrillion lira short

The Turkish market opened a massive 4.95 quadrillion lira ($7 billion) short after banks rushed to foreign on Feb 19 draining nearly one fifth of the country's international reserves due to a row between the government and the president.

BoE pressed to publish dissent on forecasts

Pressure is mounting on the Bank of England to make its inflation forecasts more transparent despite recent attempts by the central bank to make public the divergent views of its policymakers. The Bank's quarterly inflation forecast is closely watched by…

Monetary Policy in a Cashless Society-P. de Grauwe

Paul De Grauwe and Claudia Costa have published in association with the Centre for Economic and Policy Research a discussion paper titled "Monetary Policy in a Cashless Society". Their main conclusion is that the central bank will lose its traditional…

Greek cbank warns of inflationary pressures-paper

Greece's central bank believes the government's target of average 2.3 percent inflation in 2001 may be beyond reach if inflationary pressures in the domestic economy are not reined in, Greek newspaper To Vima reported on Feb 18, 2001. Citing sources, To…

Fraga says Brazil's economy is not overheating-pap

Brazil is not growing beyond its means, Central Bank President Arminio Fraga said in an interview published on Feb 18, 2001, just days after Latin America's biggest economy posted its fastest growth rate in five years. Official data released on Feb 14…

Bank of Uganda Mutebile warns on statistics

Uganda's central bank governor, Emmanuel Tumusiime Mutebile, has warned politicians against interfering with the compilation of statistics. He said independence of the Uganda Bureau of Statistics (UBOS) is the only way correct indicators of the economy…

ECB'S Welteke assumes U.S. still wants strong dlr

European Central Bank council member Ernst Welteke said on Feb 17, 2001 that he could imagine the United States would remain interested in a strong dollar, according to a spokesman for the central banker. Welteke said a strong dollar policy would help…

BoE's George says may have to pen inflation letter

Bank of England Governor Sir Edward George said on Feb 17, 2001 it was possible inflation in Britain would stray a full point away from its target, meaning he would have to write to the government explaining why. UK inflation currently stands at its…

Duisenberg can draw satisfaction from G7 meeting

For European Central Bank President Wim Duisenberg, Feb 17 meeting with the G7 godfathers of global finance in Palermo must have been a thoroughly satisfying experience. None of the finance ministers from the Group of Seven leading industrial countries…

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