Central Banking
Bank of Italy - annual report
The Bank of Italy released its 2006 annual report on 31 May. On the occasion of the release, Mario Draghi, the governor of the central bank, commented on the Italian economy, saying that although its rate of growth is still one of the lowest in the euro…
Nishimura sees third quarter inflation rise
Kiyohiko Nishimura, a board member of the Bank of Japan, says inflation is likely to rise in October this year.
Canadian growth beats central bank forecast
The growth of the Canadian economy during the first quarter of this year was stronger than the central bank expected official statistic released on 31 May revealed. The upside shock appears to have sealed the case for rate hikes later this year.
UK's Blanchflower explains voting behaviour
In a speech on 30 May David Blanchflower, member of the Bank of England's Monetary Policy Committee, said that he voted to raise rates for the first time since joining the MPC in June 2006 because he wanted to indicate to the public the Bank's intention…
Inflation breaches SARB's target
South Africa's targeted CPIX inflation has breached the South African Reserve Bank's 3% to 6% inflation target for the first time since August 2003.
Zoellick to replace Wolfowitz at World Bank
American president George W. Bush has named Robert Zoellick, a former US trade representative, as a replacement for Paul Wolfowitz as president of the World Bank.
Johnson leaves the Fed
Karen Johnson, director of the Division of International Finance at the Federal Reserve Board, will step down after nearly a decade in this position.
Euro lending and money growth slows
The European Central Bank's current tightening cycle appears to be starting to make its mark. Mortgage lending growth in the eurozone has slowed to the lowest for more than three years.
Rates up in Norway and Malta, Poland steady
The central banks of Norway and Malta raised interest rates on 30 May, while rates remained unchanged in Poland.
Why worry about inflation? - Sri Lankan deputy gov
In this speech W.A. Wijewardena, Deputy Governor of the Central Bank of Sri Lanka, explains why "inflation is undoubtedly the public enemy number one."
The benefits of the SARB's transparency
This IMF Working Paper suggests that the increased transparency of monetary policy in South Africa since the late-1990s has helped to improve the accuracy of inflation and interest rate forecasts.
Australia's payments system review
The Reserve Bank of Australia formally initiated a consultation process for the review of its payments system on 29 May, with the release of a paper titled 'Reform of Australia's Payments System: Issues for the 2007/08 Review.'
Central Bank of Bahamas - Annual Report
Released in May, the Central Bank of Bahamas' annual report looks back at monetary policy as well as the broader economic environment affecting the island economy over the course of 2006. Looking ahead for 2007, the report provides details of a projected…
India's Reddy seeks lower inflation
Reserve Bank of India governor Y.V. Reddy says curbing inflation while managing the transition to a higher-growth path was the central bank's "overarching policy challenge."
RBNZ's Bollard gets second term
New Zealand's finance minister, Michael Cullen, reappointed Alan Bollard for a second five-year term, the Reserve Bank announced.
South Africa's Mboweni outlines inflation threats
Tito Mboweni, the governor of the South African Reserve Bank, has identified union-driven salary disputes and increasing food and oil prices as the main threats to the current inflation outlook in the country.
Rates on hold in Canada, Slovakia and Malaysia
A number of central banks have announced this week that interest rates will remain unchanged. Rates will remain on hold in Canada, Slovakia and Malaysia.
Israeli rates cut again
The Bank of Israel has cut interest rates by 25 basis points to 3.5%. The decision, announced on 28 May, comes as inflation remains below the central bank's 1 to 3% inflation target.
Ingves: The Riksbank and the Swedish economy
In this speech, Stefan Ingves, the governor of the Swedish Riksbank, outlines the recent changes the central bank has made to its communications strategy.
New IMF Survey
The latest IMF Survey includes articles on the Fund's role in exchange rate surveillance, the conclusions of its most recent "Global Financial Stability Report", and the economic outlook for Belgium, the Middle East and Central Asia.
CB independence under threat in New Zealand
According to this note by a New Zealand-based economic research company, Allan Bollard, the governor of the Reserve Bank of Zealand, has adopted an experimental "go for growth" monetary policy strategy. A move away from this approach could make the…
Bini Smaghi on "secondary objectives"
In his speech 'With or Without Prejudice to Price Stability? , Lorenzo Bini Smaghi, a member of the Executive Board of the European Central Bank, discusses what the central bank can do to achieve its so-called secondary objectives of monetary policy.
Henrique Meirelles: central banking natural
This article, from the International Herald Tribune, says Henrique Meirelles, the governor of the Central Bank of Brazil, has quickly mastered the central bankers' art of elusive communication.
New challenges for central bankers
In this speech, Ajith Nivard Cabraal, governor of the Central Bank of Sri Lanka, says central bankers need to look beyond a single price index in the objectives to ensure economic and price stability.