Central Banks
Deutsche Bundesbank adopts SwiftNet FileAct
According to a report on Finextra.com, Deutsche Bundesbank is to adopt SwiftNet FileAct to begin standardizing its communications system for low value payments, bringing its branches in line with Germany's national Real Time Gross Settlement as it…
German govt, Bundesbank set for gold clash
A long-simmering squabble between the German government and the Bundesbank over the use of Germany's massive gold reserves may come to the boil again as a result of new legislation drafted by the finance ministry, the Financial Times reported.
Trichet says rate hike expectations 'reasonable'
European Central Bank president Jean-Claude Trichet told a press conference on Thursday 2 February that markets' near-term expectations for ECB interest rates are 'reasonable'.
Report says Germany may create gold sale fund
Germany may create a special fund for the proceeds of Bundesbank gold sales in a move which could help ease central bank opposition to the sale of part of its huge reserves, according to a draft law quoted by Reuters on Thursday 2 February.
Merkel looks to Buba for chief economic advisor
German Chancellor Angela Merkel has recruited a top Bundesbank economist, Jens Weidmann, to advise her in economic matters, a German government spokesman said on Wednesday 1 February.
BoE legal eagle set to retire
According to the Guardian's City diary, Malcolm Glover would have retired from the Bank of England at the end of 2004 had it not been for the litigation brought by the BCCI liquidators.
Comment: Trichet's new strategy
Jean-Claude Trichet, president of the European Central Bank (ECB), on Thursday 2 February cemented expectations of a 25 basis point rate hike next month. The manner in which he has gone about flagging the move underlines the central bank's new…
UK urged to provide more long-term gilts
The UK government should issue more long-term gilts and extend its use of index-linked gilts, investors told the government in an annual consultation meeting on Wednesday 1 February.
Bond market bubble?
It is time to push beyond the "global savings glut" argument and the closely related "excess global liquidity" argument to explain the extraordinarily low level of both real and nominal long-term interest rates, according to this article published on…
Survey of foreign exchange settlement risk
The Committee on Payment and Settlement Systems said Wednesday it will carry out a survey of how banks and other selected institutions manage the risks they can incur when settling foreign exchange transactions.
Fed raises rates, drops 'measured' stance
The Federal Open Market Committee decided on Tuesday to raise its target for the federal funds rate by 25 basis points to 4-1/2 percent. In its statement the FOMC dropped "is likely" and replaced it with "may," regarding further policy firming.
Comment: Bernanke's options kept open
Subtle changes in the wording of the Fed's latest monetary policy statement leaves new chairman, Ben Bernanke, with more wiggle-room than may have been expected. Markets will become very sensitive to incoming data and will look to Bernanke's Capitol Hill…
Greenspan to become adviser to UK Chancellor
The UK Treasury on Wednesday 1 February announced that Dr Alan Greenspan KBE has agreed to be Honorary Adviser to the Chancellor of the Exchequer Gordon Brown.
Report says BoJ may extend Suda's term
The Bank of Japan has suggested that it may extend the appointment of a policy board member by giving a the official another five-year term.
Key appointments made as SARB restructures
As part of a restructuring process, two key appointments were announced by the South African Reserve Bank on Tuesday 31 January.
Norway's Bergo on monetary policy
In the speech 'Projections, uncertainty and choice of interest rate assumption in monetary policy' given on 27 January Jarle Bergo of Norges Bank said assessing uncertainty is an important part of the central bank's communication strategy.
BoE's Nickell on monetary policy
In the speech 'Monetary policy, demand and inflation' given on 31 January Stephen Nickell of the Bank of England set out his reasons for wanting an interest rate cut this month and last.
RBNZ to raise settlement cash level temporarily
The Reserve Bank of New Zealand will temporarily raise the Settlement Cash Level (SCL) from its current level of $20 million to $500 million, for value date 2 February 2006.
Comment: Nigeria's CB wins praise
In the statement accompanying its BB minus long-term credit rating for Nigeria, the rating agency Fitch this week applauded policymakers' "strong commitment to economic reform", including "measures to rationalise the banking system" implemented by the…
Fed will raise rates as Bernanke waits
The pending change in the chairmanship of the Federal Reserve won't stop the FOMC raising US interest rates by a quarter point when they meet on 31 Jan for the 14th consecutive meeting, according to this article published on Tuesday 24 January.
Barbados's Williams on foreign exchange reserves
In the speech 'Foreign exchange reserves - how much is enough?' given on 2 November Marion Williams of the Central Bank of Barbados said we need to develop new measures of foreign exchange adequacy, with some urgency, before we can draw conclusions as to…
IMF's Rajan on perspectives on global imbalances
In the speech 'Perspectives on global imbalances' given on 23 January Raghuram Rajan of the IMF called on the US to cut its fiscal deficit to help counteract global imbalances.
Russia-Belarus to have common currency from 2008
Russia and Belarus will have a common currency starting from 1 January 2008, representatives of the Interbank Currency Council said on Friday.
Buba's Weber says ECB 'ready to act' on rates
The European Central Bank is ready to act again any time if necessary on interest rates in the eurozone, Bundesbank chief Axel Weber said in a newspaper interview.