Central Banking
IMF paper on managing director appointments
A new paper from the Independent Evaluation Office of the IMF looks back at the history of appointing managing directors at the Fund.
ECB's July Monthly Bulletin
The July edition of the "Monthly Bulletin" of the European Central Bank, realeased on 12 July, contains articles on interpreting monetary developments over the last three years, and the recycling of oil revenues.
Papademos on euro adoption in Malta and Cyprus
In this speech, Lucas Papademos, the vice-president of the European Central Bank, discusses the adoption of the euro in Malta and Cyprus. The two island economies will adopt the euro on 1 January 2008.
Bank of Japan stays put
The Bank of Japan left its benchmark interest rate unchanged at 0.5% on Thursday. Only one board member, Atsushi Mizuno, opposed the decision and voted for a rate rise.
Korea raises rates to tame money growth
The Bank of Korea lifted raised interest rates by a quarter percentage point to 4.75% on 12 July. It was the first increase in Korean rates since August 2006.
Twin move leaves Philippine policy "neutral"
The Philippine central bank announced a sharp reduction of rates from 7.5 to 6% on 12 July. The move was, however, accompanied by the abolition of a policy of paying lower interest on large deposits with the central bank.
Fed's Warsh on hedge fund risks
Addressing the House's Committee on Financial Services, Kevin Warsh, a member of the board of governors of the Federal Reserve, set out what the Fed sees as the risks hedge funds pose to the financial system.
Draghi sees more efficiencies from bank mergers
Mario Draghi, the governor of the Bank of Italy, says the market expects further savings as banks in Italy consolidate. Speaking at the meeting of the Italian Banking Association in Rome on 11 July, Draghi said savings would come from unifying IT systems…
Ireland's three-year strategic plan
The Central Bank of Ireland on Wednesday published its three-year strategic plan.
BoE's Sentance on monetary policy and business
Andrew Sentence, an external member of the Bank of England's Monetary Policy Committee (MPC) said on 10 July that the benefits to businesses from sound monetary policy "lie not in a temporary respite from higher interest rates, but in achieving a…
Central bank sees "soft landing" for Irish housing
With Ireland's economy set fair, the property market is heading for a soft landing, says John Hurley, the governor of Ireland's central bank.
Opiokello on Uganda and Basel II
David Opiokello, the deputy governor of the Bank of Uganda, said "The key element that countries should consider before moving on to Basel II is whether a good baseline supervisory system is in place," in a speech delivered on 3 July in Kampala.
Expectations not perfectly anchored, says Bernanke
Ben Bernanke, the chairman of the Federal Reserve, says inflation expectations in the United States remain "imperfectly anchored", even if they seem much better anchored now than they were a few decades ago.
Euro appreciation reflects strength, says Stark
Jurgen Stark, an executive board member of the European Central Bank (ECB), says the euro's recent appreciation to a record high against the dollar reflects the strength of the region's economy.
Venezuela launches two-pronged inflation attack
Venezuela's central bank is raising interest rates and reserve requirements for banks in an effort to stem inflation. "These measures seek to provide incentives for national saving and adjust liquidity levels, with the goal of growing in a more stable…
Million-dollar-a-minute growth in Chinese reserves
The People's Bank of China accumulated foreign exchange reserves at an average rate of just over $1 million per minute in the first six months of 2007. The central bank said on 11 July that reserves had grown by $266.3bn to $1.33 trillion between January…
Bank of Canada raises raises rates to 4.5%
The Bank of Canada has raised interest rates by 25 basis points despite its currency's recent appreciation again the US dollar which has taken it to its strongest level in 30 years against the greenback. The Bank of Canada said economic growth and…
Gieve says more to be done to hit inflation target
For the second time in as many weeks, John Gieve, the deputy governor of the Bank of England, has suggested that the central bank's Monetary Policy Committee (MPC) has not done enough to bring inflation back to its 2% target.
Malaysian ringgit not misaligned: Dr Zeti
The ringitt, Malaysia's national currency, is not misaligned and reflects fundamentals in the economy, said the governor of Malaysia's central bank, Dr Zeti Akhtar Aziz.
Weak integration in Asian bond markets
Integration in Asian bond markets has been weak and has stalled since 2003, argues a research paper from Hong Kong's central bank.
Strauss-Kahn gets EU boost for top Fund job
Dominique Strauss-Kahn, the former French finance minister, looks set to become the next managing director of the International Monetary Fund (IMF) after receiving the support of the finance ministers of the European Union (EU). The current managing…
Local currency bond markets risks lower
Exposure to currency depreciation risk has declined in most emerging market economies, according to a report on "Financial stability and local bond markets" published on 9 July by the Committee on the Global Financial System.
Barbados' Williams on exchange controls
Speaking at the opening of a new bank in Barbados, the governor of the central bank, Marion Williams, set out plans to end 35 years of exchange controls in the country.
Chicago Fed on subprime mortgages
A recent article by the Chicago Federal Reserve argues that the subprime mortgage market is facing substantial problems, as measured by delinquency rates, while the prime mortgage market is experiencing more typical delinquency rates, close to historical…