Central Banks
Fukui unsure when BoJ can change monetary policy
Governor of the Bank of Japan Toshihiko Fukui said that although the Japanese economy continues to recover, various factors cloud the outlook as to when Japan may emerge from deflation and allow the BoJ to abandon its current ultra-easy monetary policy.
HKMA's Yam says yuan likely fixed for long time
Joseph Yam, chief executive of the Hong Kong Monetary Authority, said in a speech that China is unlikely to relax controls that keep its currency tied closely to the US dollar until after it manages a soft landing for its overheated economy.
Jarai says Hungary could miss 2010 euro target
The head of the National Bank of Hungary Zsigmond Jarai said stricter economic policies need to be introduced or Hungary won't be able to adopt the euro at its current target date of 2010.
SARB, Monetary Policy Review, Nov 2004
The South African Reserve Bank has published its Monetary Policy Review for November 2004. Inflation has remained within the target range for the past 13 months. This outcome was achieved through responsible monetary and fiscal policies, improved…
Canada's Longworth on stability & predictability
In a speech on 'The Bank of Canada: Striving for Stability, Predictability, and Confidence' given on 8 November, David Longworth of the Bank of Canada said that, in all of its functions, the Bank of Canada strives for stability, predictability, and…
BNB's Quaden on prospects of the European economy
In a speech on 'Prospects and challenges of the European economy' given on 27 October Guy Quaden of the National Bank of Belgium said the challenges are known and the analyses are completed. "So I believe Europe can implement the Lisbon agenda. The…
Sweden to withdraw some older notes and coins
The Sveriges Riksbank announced on 9 November that the Riksdag (the Swedish parliament) decided on 27 October, following a proposal from the Riksbank, that some older series of banknotes and coins shall cease being legal tender after 31 December 2005.
Bank of England Inflation Report, November 2004
The Bank of England published its November 2004 Inflation Report on 10 November. In the report the Bank cut its forecast for UK economic growth in 2005 to about 2.5 per cent from 3.1 per cent and said that inflation may accelerate less than expected.
PBOC deputy says no timetable for revaluation
People's Bank of China Deputy Governor Guo Shuqing said on Tuesday 9 November, on the sidelines of the G10 meeting in Basel, that China had no timetable for a revaluation of its currency.
ECB's Issing concerned on eurozone inflation
European Central Bank (ECB) chief economist Otmar Issing said in an interview that eurozone inflation is higher than the bank would like it to be, and it is watching inflation developments with concern.
No need to change MNB council makeup says ECB
In a statement made on Tuesday 9 November, the ECB commented on planned changes to Hungary's Central Bank Act saying that "the current Monetary Council rules in force are compatible with central bank independence and provide an appropriate framework for…
Fed expected to raise rates on 10 November
The Federal Reserve was widely expected to raise US interest rates on Wednesday 10 November at the conclusion of its FOMC meeting after the unexpected boom in US job creation in October.
BOK issues report backing strong won
The Bank of Korea (BOK) has issued a report supporting the appreciation of the national currency as part of steps to promote balanced growth between domestic demand and exports.
Kennedy on the Canadian and American economies
In a speech on 'The Canadian and American Economies: Integration, Not Convergence' given on 4 November, Sheryl Kennedy of the Bank of Canada compares aspects of the Canadian and US economies, discussing their similarities and their differences. She…
S. Africa's Plenderleith on the gold market
In a speech on 'Developments in the gold market' given on 26 October, Ian Plenderleith of the South African Reserve Bank said with gold occupying such a powerful place in our emotions, I am confident that, provided we take advantage of the opportunities,…
Joint Forum report on credit risk transfer
The Joint Forum has released for consultation a report prepared by its working group on risk assessment and capital entitled Credit Risk Transfer. The report responds to a request by the Financial Stability Forum (FSF) to undertake a review of credit…
BIS's Knight on managing evolving financial risk
In a speech on 'Markets and institutions: Managing the evolving financial risk' given on 14 October, Malcolm Knight of the BIS said trends in the financial system have brought about a transformation in the nature of financial risk. These trends have put…
IMF's Rato urges Mexican structural reforms
International Monetary Fund Director Rodrigo Rato urged Mexico on Monday to carry out structural reforms, saying reforms will provide an opportunity for growth.
ECB board member warns on surging euro
Belgium's central bank chief and European Central Bank (ECB) board member Guy Quaden was quoted by daily De Tijd as agreeing that further increases in the value of the surging euro would not be desirable.
Cuba's new convertible currency introduced
The Cuban Convertible Peso, CUC, or "chavitos" as they have become known locally came into circulation on Monday 8 November, substituting the widely circulated US dollar, with the central bank saying the move would help the Cuban currency hold its value.
EU backs ECB warning on euro
The European Union's head office on Tuesday 9 November appeared to agree with comments by the European Central Bank president, warning that "excessive volatility" of the euro's exchange rate against the US dollar could damage economic growth in Europe.
UK Treasury's Brown sees recovery 'uncertainties'
UK Chancellor of the Exchequer Gordon Brown said in a speech that resilience of the global economic recovery is more uncertain in the face of rising oil prices and currency fluctuations.
Sveriges Riksbank Economic Review 3rd Quarter 2004
The Sveriges Riksbank published its Economic Review for the 3rd Quarter 2004 on 8 November. The latest issue contains three articles: How should the Riksbank's financial stability work develop?, Cash-supply efficiency and Inflation and relative-price…
Mexico on an upswing
Mexico's inflation has come down and the economy has recovered sharply, but can the central bank keep up the good work? Benedict Mander reports for CentralBankNet.