Central Banks
Turkish CB identifies financial stability concerns
The Central Bank of Turkey believes that the way in which the country weathered the storm following the financial turmoil the country experienced in June and July last, demonstrates the resilience of the Turkish economy.
Brazil continues intervention policy
The Central Bank of Brazil will continue its policy of buying American dollars on the spot market to bolster its foreign exchange reserves.
Fed announces FOMC's 2008 schedule
The US Federal Reserve, the American central bank, on 1 June announced the tentative schedule for next year's Federal Open Market Committee meetings.
No more gold sales for ECB
The European Central Bank announced on 1 July that it has no intention to sell more gold this year.
Fed minutes reveal worries over inflation, housing
The minutes of the latest monetary policy meeting of the Federal Reserve contained few surprises, but underlined the fact that policymakers remained concerned about an "upward drift in inflation expectations".
Sweden's Rosenberg on interest rates
External price pressure and expectations of improvements in productivity were the reasons why Irma Rosenberg, a first deputy governor at Sweden's Riksbank, voted for rates to stay on hold at the monetary policy meeting at the start of the month, she said…
Governor's deciding vote sees Czech rates up
The Czech Central Bank raised interest rates by a quarter of a percentage point to 2.75% on 31 May. The central bank's board was split, with three members voting for the hike and three for leaving rates unchanged. It then fell to governor, Zdenik Tma, to…
Nishimura sees third quarter inflation rise
Kiyohiko Nishimura, a board member of the Bank of Japan, says inflation is likely to rise in October this year.
UK's Blanchflower explains voting behaviour
In a speech on 30 May David Blanchflower, member of the Bank of England's Monetary Policy Committee, said that he voted to raise rates for the first time since joining the MPC in June 2006 because he wanted to indicate to the public the Bank's intention…
Inflation breaches SARB's target
South Africa's targeted CPIX inflation has breached the South African Reserve Bank's 3% to 6% inflation target for the first time since August 2003.
Zoellick to replace Wolfowitz at World Bank
American president George W. Bush has named Robert Zoellick, a former US trade representative, as a replacement for Paul Wolfowitz as president of the World Bank.
Johnson leaves the Fed
Karen Johnson, director of the Division of International Finance at the Federal Reserve Board, will step down after nearly a decade in this position.
Euro lending and money growth slows
The European Central Bank's current tightening cycle appears to be starting to make its mark. Mortgage lending growth in the eurozone has slowed to the lowest for more than three years.
Rates up in Norway and Malta, Poland steady
The central banks of Norway and Malta raised interest rates on 30 May, while rates remained unchanged in Poland.
The benefits of the SARB's transparency
This IMF Working Paper suggests that the increased transparency of monetary policy in South Africa since the late-1990s has helped to improve the accuracy of inflation and interest rate forecasts.
Australia's payments system review
The Reserve Bank of Australia formally initiated a consultation process for the review of its payments system on 29 May, with the release of a paper titled 'Reform of Australia's Payments System: Issues for the 2007/08 Review.'
India's Reddy seeks lower inflation
Reserve Bank of India governor Y.V. Reddy says curbing inflation while managing the transition to a higher-growth path was the central bank's "overarching policy challenge."
RBNZ's Bollard gets second term
New Zealand's finance minister, Michael Cullen, reappointed Alan Bollard for a second five-year term, the Reserve Bank announced.
South Africa's Mboweni outlines inflation threats
Tito Mboweni, the governor of the South African Reserve Bank, has identified union-driven salary disputes and increasing food and oil prices as the main threats to the current inflation outlook in the country.
Rates on hold in Canada, Slovakia and Malaysia
A number of central banks have announced this week that interest rates will remain unchanged. Rates will remain on hold in Canada, Slovakia and Malaysia.
Israeli rates cut again
The Bank of Israel has cut interest rates by 25 basis points to 3.5%. The decision, announced on 28 May, comes as inflation remains below the central bank's 1 to 3% inflation target.
Bini Smaghi on "secondary objectives"
In his speech 'With or Without Prejudice to Price Stability? , Lorenzo Bini Smaghi, a member of the Executive Board of the European Central Bank, discusses what the central bank can do to achieve its so-called secondary objectives of monetary policy.
The importance of monetary aggregates
This ECB working paper presents a strong argument in favour of using monetary aggregates as an analytical tool for predicting future inflation.
New Riksbank Financial Stability Report
The Swedish Riksbank released its latest Financial Stability Report on 24 May. The central bank concludes that "profitability of the Swedish banks has continued to rise" and that they are in "a good position to cope with unexpected negative events."