Central Banks
Bank of England MPC Minutes 3/4 December 2003
Minutes of the Bank of England's Monetary Policy Committee Meeting were released on 17 December for the meeting of 3 and 4 December 2003. Eight members of the MPC thought that rates should remain at 3.75 per cent while Sir Andrew Large, one of the Bank…
NBC to select auditor for Russian central bank
Russia's National Banking Council will choose an auditor for the Russian central bank on 24 December. There are seven applicants for auditing the central bank's financial statements.
Belgian shareholders to pursue central bank claim
Representatives of minority shareholders in Belgium's central bank said Wednesday they plan to take the case to the European Court of Justice in Luxembourg. They plan to pursue their claim to a share in the capital gains earned from the bank's assets,…
Gold at $400 seen as a factor in central bank pact
According to a report by reuters, a Group of Seven official who has been involved in initial gold talks but did not wish to be identified has said that the feeling (among central bankers) is that with gold near $410, or above $400, there's less concern…
Argentina leader slams IMF, others over debt
Nestor Kirchner criticised the IMF on Tuesday after reports the Fund might delay aid payments to Argentina over the government's hard-line stance as it restructures privately held debt. The Argentine president said he would not cave in to pressure to…
SF Fed says regional economy on the upswing
The San Francisco Fed said in its quarterly update on Tuesday that information from District contacts suggests that the pickup in employment is not transitory but indicative of a more fundamental change in business conditions. The San Francisco Fed has…
Norges Bank reduces interest rates
Norway's central bank (Norges Bank) made a shock cut in interest rates of 0.25 percent points to a record low of 2.25 percent on Wednesday to help revive the sluggish oil-backed economy. It was the eighth cut this year from a high of 7.0 percent.
Nyboe Andersen on Denmark's fixed-exchange-rate
In a speech to the Danish Bankers Association given on 3 December, Bodil Nyboe Andersen of the Danmarks NationalBank said that in the years since the early 1980s, Denmark has experienced a number of currency crises, but the fixed-exchange-rate policy has…
Review of BoJ's asset-backed securities purchase
The Bank of Japan said on 16 December that it is reviewing the conditions for its purchase of asset-backed securities and will report the result at the next Monetary Policy Meeting.
History will remember Chairman Greenspan
By reacting forcefully from 2001 onwards, Alan Greenspan prevented the Federal Reserve from making a third big blunder and set the stage for the current turnaround, this article in The Business Times says. "The Fed can never deliver the economy into…
BoJ leaves policy unchanged, sees slow recovery
The Bank of Japan left its monetary policy unchanged on Tuesday 16 December, reports AFP. It also released its December monthly report saying that it expects the Japanese economy to continue its export-led recovery at a slow pace. Most parts of the…
U.S. inflation still no worry - Fed's Broaddus
In a speech on Monday 15 December Richmond Fed president Alfred Broaddus said a short-term rise in inflation would be nothing to worry about and the prospects of deflation were lower than a few months ago. "Accommodative monetary policy could mean, could…
IMF: Israel's monetary policy too conservative
An evaluation of the Israeli economy by an IMF delegation has concluded that interest rates can continue to fall as the economy is under deflationary pressure, noted the Israel Business Agency, but cuts should be gradual and monetary policy should be…
Zimbabwe to announce new monetary policy
The new governor of the Reserve Bank of Zimbabwe, Gideon Gono, is due to announce a new monetary policy on Thursday 18 December, according to all Africa News. Economists say he has two options: one being to leave the situation to find its own levels or…
IMF agrees to extend Brazil's credit deal
The IMF said on Monday 15 December that it has given Brazil a 15-month extension of its $34 billion loan agreement and will provide $6.6 billion in new funding, according to Associated Press. The Fund also agreed to Brazil's request for more time to…
OECD welcomes back Nauru
The Organisation for Economic Cooperation and Development has removed Nauru from its list of uncooperative tax havens, reports AAP. Nauru announced in June that its tax haven operation was out of business.
Boston Fed's Minehan: Inflation pressures low
Cathy Minehan, president of the Boston Fed, said on Tuesday 16 December that the economic recovery seems to be "picking up steam", according to Reuters, and she suggested the Federal Reserve is content to watch the firming economy, without acting on…
Mexico markets may fall on new tax plan - Ortiz
Mexico's central bank Governor Guillermo Ortiz said on Monday 15 December that a new tax proposal by the opposition could push Mexican financial markets lower, according to Reuters. "A new proposal is being formed and if this proposal contains negative…
CentralBankNet Monday Special Feature
To be published on Tuesday 16 December, the new edition of The Financial Regulator includes an interview with Jaime Caruana, governor of the Bank of Spain and chairman of the Basel Committee on Banking Supervision. CentralBankNet presents an exclusive…
BoJ's Fukui on the current economic situation
In a speech on the current economic situation and the route to sustainable growth given on 8 December, Toshihiko Fukui of the Bank of Japan said Japan's economy is starting to recover gradually, after a period of generally flat economic activity that…
Switzerland's Hildebrand on global economy
In a speech on 'Monetary Policy in a Global Context' given on 8 October, Philipp Hildebrand of the Swiss National Bank said the economic and monetary policy outlook for the United States and Switzerland at this moment is centred around the hope for a…
Norway's Bergo on the Petroleum Fund
In a speech on 'The effect of the Petroleum Fund on the Norwegian economy' given on 22 October, Jarle Bergo of Norges Bank said that oil is a major component of the Norwegian economy - with all the advantages and disadvantages this entails. Oil gives us…
Chicago Fed conf. sees US GDP up 4.1 pct in 2004
The Chicago Fed's Economic Outlook Symposium forecast an economic growth rate of 4.1 per cent for the US next year, Reuters reports. Chicago Fed senior economist William Strauss said the consensus outlook among conference participants was for the…
US's Taylor-unsure if IMF will OK Argentine loan
US Treasury Undersecretary for International Affairs John Taylor said on Friday 12 december that it was too soon to tell whether Argentina would win approval for the next instalment of its IMF loan, according to a Reuters report. "There is no way at this…