Reserve Bank of New Zealand (RBNZ)
RBNZ reports NZ$111m loss
Reserve Bank of New Zealand makes loss after appreciation in New Zealand dollar, slashes dividend payment to government
RBNZ, NZX ink MoU on connected clearing system
Reserve Bank of New Zealand agrees with Wellington-based stock exchange on separate but connected clearing and settlements systems
RBNZ advances new regulatory framework
Reserve Bank of New Zealand broadens financial oversight over non-bank activity; says expiry of retail deposit guarantee scheme will balance risks
RBNZ: carry trade reversed depreciation in NZD
Reserve Bank of New Zealand study shows high yielding currencies gradually offset declines in New Zealand dollar during crisis
RBNZ’s Spencer: monetary policy will have more bite
Reserve Bank of New Zealand deputy governor Grant Spencer says cautious lending means monetary policy will have more bite than in previous years
Money market rate best policy target: BIS research
Bank for International Settlements research finds lower macroeconomic volatility where central banks use money market rather than repo rate as policy target
Settlement system gets go-ahead from RBNZ
Reserve Bank of New Zealand and Securities Commission give “statutory backing” country’s third settlement system; system a joint venture between central bank and stock exchange operator
Impact of pledge to keep rates on hold unclear: Bank of Canada
Canadian central bank research says conditional commitment to keep rates low has had mixed effect; study shows pledge lowered interest rates on government bonds, but findings not statistically strong
NZ’s Bollard: goods tax to have temporary inflationary effect
Reserve Bank of New Zealand governor Alan Bollard says recent tax on goods and services will only have temporary effect on inflation
New Zealand mulls lightening banks’ reporting load
Reserve Bank of New Zealand seeks to remove doubling in reporting requirements and bring standards for Kiwi banks in line with international practice; mooted changes expected to reduce compliance cost
Cross-border collateral may alleviate dollar funding strains: Emeap
Executives’ Meeting of East Asia Pacific Central Banks says crisis revealed shortcomings in regional money markets; swaps deals, cross-border collateral could alleviate some problems
Four former governors join Central Banking’s advisory board
Joseph Yam, Y.V. Reddy, Don Brash and Ludek Niedermayer join Central Banking Publications editorial advisory board
External debt could prove perilous: NZ’s Bollard
Reserve Bank of New Zealand governor Alan Bollard cautions that the country faces external debt imbalances; calls for deficits to be slashed below 5% of GDP
Surveying inflation credibility
Jannie Rossouw, Vishnu Padayachee and Fanie Joubert compare the methodologies of inflation credibility surveys conducted in New Zealand, South Africa and Sweden
Rate round-up: Brazil hikes, most hold, Russia cuts
Brazil raises policy rate to 9.5%, Russia cuts to 8.25%; United States, Poland and New Zealand hold
Shirakawa slams inflation-targeting 'fixation'
Bank of Japan governor blames single-minded use of inflation targets for the growth of credit bubbles, says price levels alone do not show health of the economy
Canada scraps commitment to hold rates; signals hike
Bank of Canada drops conditional commitment to hold overnight rate at 0.25%; pledge one of a number made by central banks to soothe markets’ nerves
RBNZ finds strong co-movement in inflation
Paper from New Zealand's central bank indicates category specific factors account for large co-movement in inflation among internationally traded commodities
RBNZ: inflation targeting no guarantee of stability
Reserve Bank of New Zealand Monthly Bulletin shows more than targeting inflation alone is needed to ensure macroeconomic stability
Rate round-up
Swiss, New Zealand, Korean and Peruvian central banks all opt to hold rates
NZ makes credit ratings mandatory for non-banks
Governor Alan Bollard deems ratings useful for investors
Inflation targeting the best available option: RBNZ’s Bollard
Reserve Bank of New Zealand governor Alan Bollard says although the method has not always ensured stability, it is better than the alternatives
Rate decisions this week
Majority of central banks to vote this week hold rates constant though dissent voiced in the US and South Africa; Philippines and India tighten, Hungary loosens