Central Banks
Monetary policy is not the force it was
This article suggests monetary policy does not have much to do with money. There is hard evidence that bank lending is quantitatively the most important channel through which monetary policy affects the economy, but this should not be reassuring it says…
Poland: c bank head calls for public spending cut
National Bank of Poland governor Leszek Balcerowicz said on Tuesday 5 Augustthat unless the necessary cuts in public spending are introduced the current economic recovery in Poland could be short lived, according to the PAP news agency.
Cyprus c bank to lift exchange rate restrictions
The Central Bank of Cyprus has said it will lift, with immediate effect, certain exchange restrictions earlier than the deadline agreed on with the EU., according to the Cyprus News Agency. The restrictions lifted concern current international exchanges,…
Fogel to head Bank of Israel advisory committee
Israel's Finance Minister Binyamin Netanyahu has recommended establishing an advisory committee to the Bank of Israel to be headed by Aharon Fogel, the Jerusalem Post reports. Fogel is known as one of the most outspoken critics of Bank of Israel Governor…
Greenspan holds his own
In his recent testimony to Congress, Alan Greenspan has "reached a new low" according to a certain Congressman Sanders. By apparently suggesting that manufacturing doesn't matter, Greenspan had "insulted tens of millions of American workers".
Franco faces new accusations
Oh, this fickle world! Once praised by his compatriots for his hand in hauling Brazil out of the mire in 1997, and even named central banker of the year by Euromoney as a consequence, the tide has turned for Gustavo Franco.
New vice-governor in Belgium
Seasoned politician Luc Coene has been appointed as the new vice-governor of the National Bank of Belgium. He was previously the prime minister Guy Verhofstadt's right hand man, acting among other things as his chief of staff.
An original career change
After a career in central banking, what is there left? A certain feeling of emptiness has been known to haunt ex-central bankers, which some have attempted to relieve by immersing themselves in academic studies, while others have resorted to the soothing…
RBA keeps interest rates unchanged at 4.75%
The Reserve Bank of Australia keep interest rates unchanged on Wednesday 6 August for the 14th month running, according to Bloomberg. RBA governor Ian Macfarlane said in June he was prepared to lower interest rates unless global demand recovers.
Finance minister becomes governor in Peru
How will Javier Silva measure up as the new governor of Peru's central bank? Previously the country's finance minister, Silva stepped into the breach to replace Richard Webb after the latter's resignation on account of unworkable disagreements between…
Central Bank of Aruba - Annual Report 2002
The Central Bank of Aruba has published its Annual Report for the year ended 2002. In the President's statement AR Caram said despite the ongoing recession in Aruba, final consumptive spending in real terms increased by an estimated 2 percent during 2002…
Bermuda Monetary Authority - Annual Report 2002
The Bermuda Monetary Authority has published its Annual Report for the year ended 2002. In the Chairman's statement Cheryl-Ann Lister said the year has seen the successful completion of a key stage in the Authority's continuing development. At one level,…
Bank of Italy - Annual Report 2002
The Bank of Italy has published its Annual Report for the year ended 2002. In the first half of 2002 world economic activity accelerated, sustained in the leading industrial countries by the expansive stance of monetary and budgetary policy, the Annual…
Goodbye, yellow brick road
An article in the Financial Times places Federal Reserve Chairman Alan Greenspan in the world of the Wizard of Oz. For the time being, it says, the Fed's goal is to ward off deflation; if that means straying from the Yellow Brick Road of policy orthodoxy…
Iraqi central bank seeks transfer of frozen assets
Faleh Salman, the acting governor of the Central Bank of Iraq has requested all frozen assets of the former Iraqi government be transferred to a development fund set up at the New York Federal Reserve, Reuters reported.
Japan's Takenaka to meet Greenspan
Japanese Economics Minister Heizo Takenaka was due to begin a five day visit to the Unites States on Tuesday, AFX Asia said. His schedule includes a meeting with Fed chairman Alan Greenspan.
Japan says economy is recovering, ups assessment
The Japanese government's monthly economic report expressed optimism referring to "signs of change" in the worlds second largest economy. A partial recovery in Japan's stock market and increased exports. Bank of Japan deputy governor Toshiro Muto said …
Belarus to issue non-cash Russian rubles
The central banks of Belarus and Russia have reached agreement over issuing non- cash Russian rubles in Belarus, proportionate to GDP. The meeting of the Interbank Currency Council on 1 August was attended by the presidents of both central banks, a…
Bank of Spain cautiously optimistic on economy
Spain's GDP rose to an annual rate of 2.2% in the second quarter, the Bank of Spain's quarterly report showed Monday. The Bank said that the pick-up was largely thanks to the improved global outlook, robust consumer spending and low interest rates,…