Central Banks
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.
Examining monetary policy press conferences
This ECB working paper studies how explanations of monetary policy decisions at press conferences are perceived by financial markets, and finds that ECB press conferences provide substantial additional information to financial markets beyond that…
Trichet says monetary policy still accommodative
Speaking to the European parliament on Monday, Jean-Claude Trichet, the president of the ECB, said monetary policy was accommodative even after the recent quarter-point rate rise.
King warns on inflationary pressures
Mervyn King served notice that rates may have to rise even though the Bank of England sees inflation as likely to drop back this year from March's breach of the 3% target.
Williams gets second term as T&T governor
The Central Bank of Trinidad & Tobago reappointed Ewart Williams for a second five-year stint as governor a month before his contract was due to run out.
Prospects for India's economy - Reddy
The Reserve Bank of India will try contain inflation at close to 5%, said Dr Y.V. Reddy, the central bank's governor, in a speech in Chile.
Fed's Hoenig on recent economic developments
US economic conditions will improve in the coming months, said an optimistic Tom Hoenig, CEO of the Kansas City Fed.
Ireland's Hurley on monetary policy
Ireland has benefited from the euro, explained John Hurley, the governor of the Central Bank of Ireland, but challenges remain in dealing with rising credit growth and housing prices.
Weber on monetary policy and communication
Communication is an important element in fostering the effectiveness of monetary policy, explained Axel Weber, the president of Germany's Bundesbank.