Central Banks
SNB's Tornare on technical aspect of new banknotes
In a speech on 'Technical aspects of a new banknote series' given on 2 February, Roland Tornare of the Swiss National Bank said the design of banknotes has to meet various requirements. The banknotes must guarantee a high degree of security and satisfy…
PNG's Kamit on liberalisation of forex controls
In a speech on 'Central bank initiatives - liberalisation of foreign exchange control' given on 7 December (published 26 Jan), L Wilson Kamit of the Bank of Papua New Guinea said that the liberalization of foreign exchange controls is one more step…
Bank of England Inflation Report, February 2005
The Bank of England published its February 2005 Inflation Report on 16 February. In the report the Bank raised its forecast for economic growth and inflation over the next two years after manufacturing rebounded and commodity prices rose.
Federal Reserve's Monetary Policy Report, Feb 2005
Presenting the Federal Reserve's Monetary Policy Report to the Congress on Wednesday 16 February, Alan Greenspan said in the seven months since he last testified before the Committee, the US economic expansion has firmed, overall inflation has subsided,…
MOF: Japan to halt yen gain should China revalue
Japan would sell yen should the currency rise in response to a revaluation of China's yuan, according to three former Japanese currency chiefs and a Ministry of Finance official.
Li says China hopes to join FATF
A People's Bank of China official said on Wednesday 16 February that the country hopes to become a full member of the Financial Action Task Force, a global body that develops policies to combat money laundering and terrorist financing.
Sri Lanka's cb says aid will cover tsunami cost
Reconstruction work and foreign aid will more than offset the economic losses Sri Lanka suffered following the December tsunamis disaster, the central bank said.
ECB says Eurosystem currency reserves unchanged
The European Central Bank said net foreign currency reserves in the euro system were unchanged at 154.9 bln eur in the week ending Feb 11.
Japan's economy enters recession
The yen fell against the dollar after a government report showed Japan's economy entered recession for the fourth time since 1991.
Minneapolis Fed: Avoiding monetary policy mistakes
The Federal Reserve Bank of Minneapolis Quarterly Review December 2004 article 'Avoiding significant monetary policy mistakes' by Gary Stern and Preston Miller deduces properties of optimal monetary policies based on modern theory and standard empirical…
Reforming the Stability and Growth Pact
The IMF published a Discussion Paper "Reforming the Stability and Growth Pact" on Tuesday 15 February. The paper says that few changes to the rules seem necessary, but the Excessive Deficit Procedure needs a stronger focus on policies rather than…
IMF gold sales - Why it will be a non-event
This article considers the idea of the IMF selling off some of its gold reserves and using it to give poor nations debt relief. It says the IMF should instead return the gold to member nations or at least use the gold as a reserve asset as it was meant…
RBI's Reddy concerned over capital inflows
Reserve Bank of India (RBI) governor YV Reddy has voiced his concern over managing large inflows of foreign capital.
BOJ to maintain policy until CPI shows gains
The Bank of Japan will maintain its policy of keeping interest rates at almost zero and pumping cash into the economy until core consumer prices show stable gains, central bank Governor Toshihiko Fukui said on Tuesday 15 February.
BOK holds rates, sees signs of recovery
The central Bank of Korea kept its key interest rate unchanged at a record low 3.25 percent on Tuesday 15 February, citing accelerating inflation amid signs of a much-awaited economic recovery.
ECB official says interest rates may have to rise
Christian Noyer suggested the European Central Bank is moving closer to raising interest rates, the International Herald Tribune reported on Tuesday 15 February.
Russia 'not in a position' to fight strong ruble
The central bank of Russia is "not in a position" to combat the strengthening of the ruble because it may stoke inflation, said Oleg Vyugin, a former first deputy chairman of the Central Bank and now head of the Federal Service for Financial Markets.
Bernanke on inflation in Latin America: A new era?
In the speech 'Inflation in Latin America: A new era?' given on 11 February, Ben Bernanke of the Federal Reserve said he could not gauge the chances for the Fed adopting a numerical target for inflation.
SF Fed's Yellen on the U,S. economic outlook
In a speech on 'The U.S economic outlook' given on 11 February, Janet Yellen of the Federal Reserve Bank of San Francisco said the U.S. economy is on track for sustainable above-trend growth, and with monetary policy still accommodative, interest rates…
SARB's Monetary Policy Committee statement
In a statement released on Thursday 10 February South African Reserve Bank governor Tito Mboweni said that over the longer term there are a number of developments which could also lead to a favourable inflation outcome.
IMF Symposium: Whither development economics?
The International Monetary Fund is holding a Symposium on Wednesday 16 February titled "Whither development economics?" Five leading scholars will elaborate their perspectives on development economics, following which there will be a debate between the…
Papademos: Price stability risk has risen recently
European Central Bank vice president Lucas Papademos has said medium-term risks for price stability in the eurozone have increased recently.
ECB's Wellink: rising real estate prices a concern
ECB Governing Council member Nout Wellink, also Dutch central bank president, said in an interview that rising asset prices in the real estate sector in the US and in some countries in the euro zone are a cause for concern.
Issing praises RBNZ's Bollard
European Central Bank chief economist Otmar issing has singled out New Zealand's Reserve Bank governor, Alan Bollard, for his innovative thinking on asset price bubbles.