International Monetary Fund (IMF)
IMF says PMA not a central bank yet
The IMF has said in a press conference that the Palestine Monetary Authority is "not a central bank yet in that their role really is, at the present time, confined to banking supervision and also the holding of required reserves to banks operating in…
G10 ministers and CB governors meet in Dubai
Ministers and central bank governors of the Group of Ten met in Dubai and despite an improvement in the overall economic outlook, drew attention to the "significant internal and external imbalances that persist, which could weigh on the sustainability of…
IMFC statement on IMF and the global economy
Communique of the International Monetary and Financial Committee of the IMF Board of Governors which highlights the importance of "more balanced growth with orderly adjustment", "sustained and vigorous structural reforms" and "continued focus by the IMF…
IMF/World Bank meeting in Dubai
The IMF/World Bank meetings which begin in Dubai on Saturday 20 September are being held for the first time in an Arab country. Over the weekend thousands of participants from 184 countries will gather at the Dubai International Convention Centre. The…
IMF launches website in Arabic
The International Monetary Fund (IMF) on September 11 launched an Arabic language section of its website that provides information about the IMF in Arabic.
US Treasury head praises IMF-Argentina deal
US Treasury Secretary John Snow said on Thursday September 11 that he supported the IMF and Argentina for having reached a new three-year financial deal. He said, "I think we have come out with a pretty good agreement" although analysts widely condemned…
Rogoff on globalization and global disinflation
In the speech 'Globalization and Global Disinflation' given on 29 August Kenneth Rogoff of the IMF said the greatest threat to today's low inflation would be a reversal of the modern trend towards enhanced central bank independence, particularly if trend…
Horst Kohler to visit China, Malaysia, Thailand
IMF Managing Director Horst Kohler will visit China, Malaysia, and Thailand in early September to discuss challenges confronting the region; and reinforce the IMF's continued engagement with Asia.
IMF Survey on global economic outlook
The latest IMF survey has been issued, which states that following its Article IV consultation with the US it concluded that "a durable economic upswing was not a foregone conclusion", raising concerns about fiscal sustainability.
Towards a better SDDS
The IMF's SDDS is a good idea, but poorly executed argue Steve Hanke and Matt Sekerke. The authors suggest an alternative accounting standard for central banks.
Why central banks need capital
While in theory central banks do not need capital, in practice they do. But there is no agreement yet on how to target or access their capital requirements. Robert Pringle reports.
IMF warns Netherlands of risks to a recovery
The IMF has warned that substantial risks remained to economic recovery in the Netherlands, according to a report by Reuters. It forecast the economy could pick up from later this year and grow 1.4 percent in 2004.
Argentina's Lavagna sees draft IMF deal this week
Speaking last week on the three-year loan pact to replace a $6.8 billion IMF emergency agreement that expires on 31 August, Argentine Economy Minister Roberto Lavagna told reporters "The IMF is now working in Buenos Aires and probably we'll have…
IMF urges Ireland to reduce inflation
In its annual review of the Irish economy the IMF called on the government to cut inflation and improve competitiveness, according to RTE News. In a statement, the Minister for Finance, Charlie McCreevy, welcomed the IMF assessment.
IMF urges US action on deficit as economy improves
In an annual review of the United States the IMF said the lacklustre US economy looks set to pick up speed but the record budget deficit must be tackled, according to Reuters.However, the report said the recovery has thus far been uneven and that…
Kenneth Rogoff - Escape from global deflation
In an article published in the Nihon Keizai Shimbun, Kenneth Rogoff of the IMF said the odds of global deflation are not high, but if it were to set in, the world's central banks have the tools needed to address the problem. The path out, however, is…
Exits from pegged regimes: An empirical analysis
The IMF Working Paper 'Exits From Pegged Regimes: An Empirical Analysis' analyses the determinants of exits from pegged regimes, where exits involve shifts to more or less flexible regimes, or adjustments within the existing regime. The results confirm…
Dollarization of the banking system: Good or bad?
The IMF Working Paper 'Dollarization of the Banking System: Good or Bad?' assesses the benefits and risks associated with dollarization of the banking system. The authors find that the credibility of macroeconomic policy and the quality of institutions…
IMF Working Paper on central bank independence
The IMF Working Paper "A Political Agency Theory of Central Bank Independence" proposes a theory to explain why, and under what circumstances, a politician gives up rent and delegates policy tasks to an independent agency. The authors apply this theory…
Meltzer magic
Allan Meltzer and the dear old Bretton Woods twins haven't always been on the best of terms. As he told Central Banking journal barely a year and a half a go: the world bank's inefficiencies were a "scandal"; in many of its activities it "contributes…
Quote of the week from Hormats
"Had there been an IMF in the 1850s to insist that the United States create a strong central bank, its advice would have been bitterly resisted by many Americans".
IMF report argues for dollar peg change in Jordan
An IMF working paper has recommended Lebanon and Jordan carefully consider pegging their currencies to the euro or for a peg to a basket of currencies, as opposed to the current US dollar peg, according to the Daily Star. "Both Lebanon and Jordan are…
IMF urges Argentine reforms but approves loan
IMF managing director Horst Koehler has said Argentina comfortably met its fiscal and monetary targets as the final tranche in the $3bn (£1.8bn) aid package was approved, according to a BBC report.
Uzbekistan get IMF backing for convertibility plan
Horst Kohler assured Uzbekistan, reports Uzbek Television, that the IMF's staff are ready to provide the necessary assistance in regard to Uzbekistan taking on obligations arising from Article 8 of the IMF Charter by the end of 2003.