Central Banking
Slovakian rates on hold
The board of Narodna Banka Slovenska, the central bank of Slovakia, decided keep current interest rates on hold after a meeting of the monetary policy committee.
IMF on euro area policies
A report by the International Monetary Fund on euro area policies, released on 31 July, said that the outlook for the region was the best in years, but stabilising inflation below 2% may imply further gradual tightening of monetary policy.
Philippines: e-rediscouting system
In a speech made on the launch of an electronic rediscounting system, Amando Tetangco Jr, governor of the central bank of the Philippines, said that the system would expand access to credit of countryside areas in the Mindanao region.
ECB on downward wage rigidity
A study published by the European Central Bank (ECB) on 31 July, has found that the number of industries affected by downward nominal wage rigidity in OECD countries increased between the 1970s and 1990s.
Geithner: challenges of global integration
Timothy F. Geithner, president of the Federal Reserve Bank of New York, said that there is growing concern in the US about long-term challenges facing the country, such as the perceived shift in the locus of economic growth away from the US toward Asia.
Italy: annual report 2006
The Italian economy grew at around 1.8% (deflators) in 2006, supported by strong world demand and a cyclical upturn in the euro area.
IMF's Rato on capital flows
In a speech given on 28 July Rodrigo de Rato, managing director of the International Monetary Fund, said that imposing direct limits or controls on capital inflows sets central banks and private financial institutions against each other.
China lifts reserve requirement ratio
The People's Bank of China, the country's central bank, raised the amount that lenders are required to hold in reserve for the ninth time in 13 months.
Kuwait lets dinar fall again
Kuwait allowed the dinar to depreciate against the dollar for the second straight working day on Sunday July 29, this time by 0.05%.
Colombia raises rates
Colombia's central bank raised the overnight interbank rate by a quarter of a percentage point to 9.25%, the highest level since 2001.
Turkish central bank urges spending reduction
The governor of Turkey's central bank, Durmus Yilmaz, said that the bank had found "gaps" in the country's budget forecasts during the recent election campaign, and urged the government to cut its spending.
New president of Chicago Fed
The Federal Reserve Bank of Chicago today announced that Charles L. Evans will become the bank's ninth president and CEO as of September.
Interview with governor of Iraqi central bank
Asharq Al-Awsat, a leading Arab English-language newspaper, has published a far-reaching interview with Dr Sinan Al-Shabibi, the governor of Iraq's central bank. Some of the main points are summarised below.
Fed's latest Beige Book
The latest Beige Book of the American Federal Reserve suggests that, on balance, the world's largest economy continues to expand on a balanced path. The report gave very little clues as to the extent and timing of future interest changes.
Al-Sayari on Saudi banking industry
In this speech, Hamad Saud Al-Sayari, the governor of Saudi Arabian Monetary Agency, says the central bank is currently directing the kingdom's banks towards the adoption of Basel II standard by 1st January 2008.
Paper on reserve accumulation
This paper suggests that while the hoarding of foreign exchange reserves by emerging-market economies could initially be explained primarily in terms of "self insurance" against global shocks, this explanation increasingly falls short.
Developments in Asian insurance markets
This this speech, Low Kwok Mun, the executive director for insurance regulation at the Monetary Authority of Singapore, considers what Asian countries can do to ensure that they attract the required talent in the insurance industry.
Gambian central bank governor quits
The governor of Gambia's central bank, Famara Jatta, has left the country to take up the less prestigious position of representative of the African Development Bank (ADB) in Sudan.
Bank of Mexico chief pans welfare programmes
Guillermo Ortiz, governor of the Bank of Mexico, called for a reform of the country's labour laws and said that welfare programmes encouraged the poor not to take regular jobs.
Front-runners to succeed Canada's Dodge
Who will succeed David Dodge when he retires as governor of the Bank of Canada in January 2008? The two favourites are the senior deputy governor, Paul Jenkins, and ex-central banker Mark Carney, now a senior associate deputy minister of finance, but…
Nigerian central banker becomes finance minister
The president of Nigeria, Umaru Yar'Adua, appointed Shamsuddeen Usman, a deputy governor at the country's central bank since 1999, as finance minister.
How competition policy affects banks - report
A new report from the ECB finds that as competition policy strengthens banks' share prices rise, but those of non-financial firms fall.
Trichet: no complacency on sub-prime markets
In an interview Jean-Claude Trichet, president of the European Central Bank, said he remained cautious of the crisis of the sub-prime market in the United States.
Fed's Braunstein on fair lending
Sandra F. Braunstein, director of the division of consumer and community affairs of the US Federal Reserve Board, gave testimony on fair lending and the Home Mortgage Disclosure Act on 25 July.