Central Banks
Minutes from the Sveriges Riksbank Meeting, 19 Oct
The Sveriges Riksbank published the minutes from its 19 October Executive Board meeting on 31 October. The slowdown in the Swedish economy at the beginning of the year was temporary and growth in private consumption had started to increase, the minutes…
CB of Ireland's Financial Stability Report 2005
The Central Bank of Ireland published its annual Financial Stability Report on Tuesday 1 November. The Report concludes that the Irish banking system is in a good state of health and is reasonably well placed to cope with adverse developments in the…
Fed raises rates, maintains 'measured' pace
The Federal Open Market Committee decided on Tuesday 1 November to raise its target for the federal funds rate by 25 basis points to 4 percent. In its statement the FOMC kept its 'measured' stance for removing policy accommodation and warned that energy…
Norges Bank increases interest rates by 0.25%
Norges Bank's Executive Board decided on Wednesday 2 November to raise the sight deposit rate by 0.25 percentage point to 2.25 per cent with effect from 3 November. Output growth is high and may in isolation suggest a more rapid increase in the interest…
PBOC to expand yuan settlement operations in HK
China's central bank will allow expanded yuan-denominated business in Hong Kong after technical preparations are completed, the People's Bank of China said on Tuesday 1 November.
ECB's Issing on money's role in monetary policy
In the speech 'The role of money in the monetary policy strategy of the ECB' given on 28 October Otmar Issing of the ECB said the acceleration in eurozone M3 money supply growth seen over the past year is likely to increase inflation pressures in the…
Sweden's Heikensten: Monetary policy and academics
In the speech 'Monetary policy and the academics' given on 28 October Lars Heikensten of the Sveriges Riksbank said there is no doubt that the problems central bankers face and the practical experiences they gain also have been, and still are, an…
Venezuela's Chavez plans $5 bn reserves spend
Venezuelan President Hugo Chavez said in a TV broadcast that he plans to take an additional $5 billion in reserves from the central bank next year in order to boost spending on various projects.
PBOC issues new rules on electronic payments
The People's Bank of China has issued new rules regarding electronic payments designed to minimize transaction risk.
China forex reserves expected to hit $820 bn
China's foreign exchange reserves are expected to total $820 billion by the end of 2005 on strong trade inflows, an economist at a government think tank said.
Comment: Japan sees return to normal
Japan's monetary policymakers yesterday delivered another instalment of what is becoming an increasingly confident message: after seven years of deflation, they expect prices to start rising again early next year.
Bank of Israel lowers pay for new workers
The Bank of Israel will pay new workers 30 per cent less than current employees, under an agreement reached between the central bank, its workers union and the Finance Ministry.
Brazil central bank workers end month long strike
Brazil's central bank employees resumed work this week after a one month strike which delayed the release of important macroeconomic data.
Iceland's Oddsson waives pension rights
David Oddsson, former prime minister and new governor of the Central Bank of Iceland, has declined to take up a retirement pension for his 13 years as prime minister and one year as foreign minister.
Interview with PBOC's Xiang Junbo
In a recent interview People's Bank of China deputy governor, Xiang Junbo, said the central bank has been undergoing institutional changes. The establishment of the PBOC Shanghai Head Office is an important step to improve the central bank system and to…
Bernanke steps into Greenspan's shoes
Although Ben Bernanke was nominated as Fed chairman this week, he has shown in the past that he isn't a fan of the conservative dress code favoured by central bankers. Bernanke surprised George W Bush by wearing a pair of tan socks with a dark suit to a…
Central bankers welcome Fed nominee
Following Ben Bernanke's nomination to succeed Alan Greenspan as chairman of the Federal Reserve, central bankers were out in force this week to welcome the move.
Interview with RBI governor YV Reddy
In an interview published on Wednesday 26 October, Reserve Bank of India governor Yaga Venugopal Reddy said baby steps are the fashion of the day. Nowadays, in monetary policy, no one takes big steps.
Interview with Ben Bernanke
In an interview published on Tuesday 25 October, but conducted before his nomination to the Fed, Ben Bernanke said that there was so far little reason to fear that the sharp rise in energy prices would feed through into wider inflation.
IMF Paper on international reserves
The IMF Working Paper "International reserves: Precautionary vs. mercantilist views, theory, and evidence" compares the importance of precautionary and mercantilist motives in the hoarding of international reserves by developing countries.
Legal aspects of European System of Central Banks
The European Central Bank published a book on Wednesday 26 October . The book contains a collection of articles on the European Union and the ESCB, the Eurosystem, monetary law, central bank independence and central bank statutes as well as on financial…
RBNZ increases OCR to 7 per cent
The Reserve Bank of New Zealand increased the Official Cash Rate (OCR) by 25 basis points to 7.00 per cent on Thursday. RBNZ governor Alan Bollard said medium term inflation risks remain strong.
SARB Financial Stability Review, September 2005
The South African Reserve Bank has published the September 2005 edition of its Financial Stability Review. In its latest report the SARB said the global financial system remained resilient during the first half of 2005, despite global economic growth…
Rato on IMF's role in global financial stability
In the speech 'The role of the IMF in safeguarding global financial stability' given on 21 October Rodrigo de Rato of the IMF said the last two decades have witnessed tremendous change in the global financial system.