Central Banks
Iceland considering inflation target for two years
ICELAND - Iceland adopted an inflation target on Mar 28, 2001. Mar Gudmundsson, chief economist of the central bank, said to CentralBankNet that discussions about an inflation target had been going on for two years.
Zambia cbank-debt relief conditions must be met
ZAMBIA - Zambia's central bank warned on Mar 30, 2001 that the southern African country faced a very difficult environment if it failed to meet conditions for a $3.8 billion debt relief package.
Belarus, Russia can adopt single currency by 2005
RUSSIA - Viktor Gerashchenko, head of the Russian Central Bank, said during his visit to Mahilyow on Mar 30 that Belarus and Russia could adopt a single currency before 2005 provided there were necessary economic conditions.
Measurement of price indices-ECB seminar Nov 01
CENTRAL BANK SEMINAR - The ECB/CEPR are hosting a joint seminar on "Issues in the Measurement of Price Indices" in November/December 2001. It is being organised by MIT's Ernst Berndt, ECB head of research Vitor Gaspar and Dietmar Harhoff from Munich…
Macroeconomic Instability and Coordination
BOOK - Axel Leijonhufvud, Professor of Economics at the University of California, has published a book "Macroeconomic Instability and Coordination", a collection of selected essays. There is a press release by the publishers Edward Elgar and a list of…
'Does Money Matter?' by US Fed Governor Meyer
SPEECH - US Federal Reserve Board governor Laurence H. Meyer gave an excellent and wide-ranging speech on Mar 28, 2001 titled "Does Money Matter?". He says monetarism supeficially appears to play no role in the conduct of monetary policy in many…
ECB keeps rates at 4.75%
EUROPE - The European Central Bank maintained interest rates at 4.75% at its Governing Council meeting on Mar 29, 2001, refusing to follow recent rates cuts of the Federal Reserve and Bank of Japan.
Norges Bank to introduce 2.5% inflation target
NORWAY - Norway's government on Mar 29, 2001 introduced a 2.5% inflation target for the country's central bank, in line with 'international practice' to raise the transparency of monetary policy and facilitiatate communications.
BoF appoints Pikkarainen to head operations dept
FINLAND - Mr Pentti Pikkarainen has been appointed head of the Bank of Finland's market operations department, effective 1 May 2001.
Iceland floats krona, adopts 2.5% inflation target
ICELAND - On Mar 27, 2001, Iceland decided to float the krona and adopt a 2.5% inflation target. The krona has come under much pressure in recent weeks most recently on Mar 26, forcing the central bank to intervene in the markets to maintain the currency…
Pakistan cbank concerned Afghans using rupee-FT
PAKISTAN - A sharp rise in the amount of Pakistani rupee in circulation has prompted Pakistan's central bank to begin an inquiry into the increasing use of the currency in neighboring Afghanistan, senior bank officials said on Mar 28, 2001, according to…
Lithuania cbank approves 2000 financial statements
LITHUANIA - At its board meeting on Mar 29, 2001, the Bank of Lithuania approved its financial statements for 2000, reporting profits for the year of LTL 126.2 million.
CNB bill to increase bank's accountability-fin min
CROATIA - During a debate in parliament on the new Croatian National Bank bill, deputy finance minister Damir Kustrak said that the bank's independence would be increased but at the same time it would have to be more accountable to parliament.
Financial mkt implications of the US debt paydown
CENTRAL BANK RESEARCH - The dwindling supply of US treasuries is worrying not only the financial markets but also Federal Reserve chairman Alan Greenpsan, one of the reasons he has given his support for Bush's $1.6 trillion tax cuts. In a New York Fed…
Computer support for reserves managers-Nugee
RESERVE MANAGEMENT - Deciding on the right level of computer support for reserve managers in a world of fast changing technology often makes it preferable to outsource some IT provision, says John Nugee, former head of reserve management at the Bank of…
Ex-Bundesbank chief Poehl - time ripe for ECB cut
EUROPE - Former Bundesbank President Karl Otto Poehl thinks the European Central Bank should cut interest rates in the face of slowing economic growth, he told a Swiss newspaper in an interview published on Mar 28, 2001.
Euro-MP says Czechs must change central bank law
CZECH REPUBLIC - The chairwoman of a European Parliament committee said on Mar 28 that a new Czech law increasing politicians' influence over the central bank must be amended to bring it into line with European Union treaties.
Irish cbank sees 2001 growth slowing to 7%
IRELAND - Ireland's central bank said on Mar 28, 2001 it expected the booming Irish economy to experience a slowdown in 2001 GNP growth to around 7.0%, compared to growth of 9.75% in 2000.
BoK criticises govt for interfering in mon policy
SOUTH KOREA - The Bank of Korea has criticized the government for its regular interference in the country's monetary polices.
Outgoing Slovenia c.banker warns against inflation
SLOVENIA - Slovenia's outgoing central bank governor France Arhar said on Mar 28, 2001 the country should limit the growth of wages to battle high inflation.
BOE Julius to leave central bank in 2 months-FT
UNITED KINGDOM - DeAnne Julius, one of the most dovish members of the Bank of England's rate-setting Monetary Policy Committee, is poised to leave the central bank in two months.
Poland cuts interest rates by 100 bp
POLAND - Poland's Monetary Policy Council (MPC) cut its interest rates on Mar 28, 2001 by 100 basis points to between 17 and 21 percent, the National Bank of Poland said in a statement.
S.Africa govt says gradual reduction of NOFP best
SOUTH AFRICA - South Africa's Treasury said on Mar 28, 2001 it was committed to steadily reducing its uncovered forward foreign exchange exposure and would not borrow massively abroad to do so.
Malaysia's cbank annual report-growth 6% in 2001
MALAYSIA - Malaysia's economy will expand by around 6% in 2001 with the help of the new 3 billion ringgit supplementary budget announced Mar 27, 2001, the central bank said in its annual report Mar 28.