Central Banks
US treasury points to dangers of sovereign wealth
Clay Lowery, acting under-secretary for international affairs at the US treasury, has asked the International Monetary Fund and the World Bank to compile best-practice guidelines for sovereign wealth funds.
Reaction to King's loss of MPC vote
Less of a threat to the governor's credibility and more a sign of what is to come, was the conclusion observers drew from Mervyn King being in the minority at the MPC meeting in June.
Minutes of Polish monetary policy meeting
The minutes set out the committee's reasons for rejecting a quarter-point rate hike at the meeting three weeks ago, in favour maintaining the cost of borrowing at 4.25%.
Taiwan raises rates again
Taiwan's central bank raised its benchmark interest rate - the discount rate on 10-day loans to banks - by a quarter percentage point to 3.125% today.
China cool on IMF policy shift
The People's Bank of China reacted coolly to the change in the International Monetary Fund's currency monitoring policies (see our news item, 19 June).
BoJ to continue gradual rate hikes
The minutes of the May 16-17 board meeting of the Bank of Japan confirmed the view of members that the central bank should continue to raise interest rates gradually, in line with growth and inflation prospects.
Del Cueto nominated as Mexican deputy governor
The Mexican president, Felipe Calderon, has proposed Roberto del Cueto as the deputy governor of the country's central bank for a seven-year term on 20 June.
Riksbank's Monetary Policy Report
Published the day Sweden's central bank raised rates, the report sets out the Riksbank's thinking behind the rise and its assessment that that the repo rate will need to be around 4% at the end of the year
King outvoted over rates increase again
The Monetary Policy Committee (MPC) of the Bank of England narrowly defeated governor Mervyn King at their policy meeting in June, voting 5-4 to keep the rate unchanged at 5.5%. This was the second time that the governor was on the losing end of an MPC…
Sweden raises key rate - and more to come
Sveriges Riksbank, Sweden's central bank raised its benchmark interest rate on 20 June for the eighth time in 18 months, this time lifting the repurchase rate by a quarter point to 3.5%, the highest level for over four years.
New governor for Slovenian central bank
After a months-long deadlock the parliament of Slovenia has finally approved a new central bank governor. The new governor is Marko Kranjec, an economics professor and financial expert who was the country's first finance minister.
Central Bank of Iceland clears rate confusion
The Central Bank of Iceland has issued a statement in which it "underlined" that its new representation of interest rates implies "no change in policy rates."
Botswana's rates cut to 14.4%
The Bank of Botswana has cut the country's interest rates by 50 basis points to 14.5%, on the improved outlook for inflation.
Russian central bank cuts discount rate
The central bank of Russia cut its discount rate from 10.5% to 10% on 19 June.
ECB's Weber acknowledges risks to price stability
Risks to price stability will continue while the average inflation rate in 2007 and 2008 are above the European Central Bank's inflation guidelines, Axel Weber a member of the central bank's governing council said in an interview over the weekend.
Kenya's central bank cuts key rate to 8.5%
The Central Bank of Kenya cut one of its key interest rates to 8.5 from 10% in an attempt move it further in line with other policy rates.
Japanese rates on hold
The Bank of Japan's Monetary Policy Committee decided on 15 June, by a unanimous vote, to leave interest rates at 0.5%.
Rates on hold in Chile
Chile's central bank held its overnight lending rate unchanged for a fifth month in a row, but suggested that higher interest rates may be necessary later this year as inflation accelerates.
The political economy of the MPC - Tucker
In this keynote address to a conference on "Inflation Targeting, Central Bank Independence and Transparency" at the University of Cambridge, Paul Tucker, a member of the Bank of England's Monetary Policy Committee (MPC), discusses the political economy…
Russian central bank to keep profits
Amendments to the Russian central bank law have been sent from the State Duma to the government for conciliation. If approved, the amendments will cancel the requirement that the central bank transfers 50% of its annual profits to the federal budget.
ECB's June Financial Stability Review
The European Central Bank published its June 2007 Financial Stability Review on 15 June. The report notes that "profitability in both the banking and insurance sectors has been improving" and "the financial system was again tested by the third…
New head for Boston Fed
Eric Rosengren will become president and chief executive officer of the Federal Reserve Bank of Boston on 23 July. He will succeed Cathy Minehan who retires after 13 years as president of the Boston Fed, and nearly 40 years of service in the Federal…
"I'm still around," Gono warns currency dealers
The Governor of the Reserve Bank of Zimbabwe, Gideon Gono, has had to dismiss rumours that he is in bad health after illegal foreign currency dealers celebrated his alleged demise.
Stevens raises inflation spectre
Inflation is more likely to rise during 2008 than to recede, according to Glenn Stevens, the Governor of the Reserve Bank of Australia.