Central Banking
New governor for Iran
Tahmasb Mazaheri, a former Iranian finance minister, was appointed yesterday as head of the country's central bank.
Poland looking to join ERM2, says Skrzypek
Poland will be able to cut its general government deficit to below 3% of GDP by 2009, as pledged by the government, which would allow it to join the exchange rate mechanism ERM2 the same year, deems National Bank of Poland (NBP) governor Slawomir…
Russia hit by market turbulence
The net capital inflow to Russia hit a record $67.1 billion in the first half of 2007, the Central Bank of Russia (CBR) has said.
Gulf may escape contagion
Rasheed Al Maraj, the governor of the Central Bank of Bahrain, said Gulf markets are unlikely to see a major fallout from the slump in USsubprime mortgages as most local companies have their core businesses in the area.
Mboweni discusses role of forecasting
Tito Mboweni, the governor of the South African Reserve Bank, discussed the limitations of economic forecasting in a speech given in Johannesburg on Wednesday.
Fed's Kroszner on the 1997 Asian crisis
Randall Kroszner, a governor of the Federal Reserve, said that he would "offer some thoughts about ways to analyse and assess the impact of banking crises on real economic activity."
Bosnia and Herzegovina - Annual Report 2006
Presenting the annual report for 2006 of the Central Bank of Bosnia and Herzegovina (CBBH), Kemal Kozaric, the governor, said that 2006 had been another successful year for the central bank.
BIS Quarterly Review
The Bank for International Settlements (BIS) published the 'BIS Quarterly Review' on 3 September. It gave an overview of recent developments in financial markets, before turning in more detail to highlights from the latest BIS data on international…
BoE holds rates, aids markets
The Bank of England voted on Thursday to keep the base rate at 5.75% after offering the previous day to inject extra funds into the money markets next week if liquidity problems persist.
ECB holds rates, offers injection
The European Central Bank (ECB) decided Thursday to keep its benchmark rate at 4%, after promising extra liquidity to the markets Wednesday.
Ex-Fed governor Gramlich dies
Former Federal Reserve governor Edward Gramlich has died of leukemia. He was 68. Gramlich served the Fed from 1997 to 2005.
Bank of Canada holds rates
The Bank of Canada said on 5 September that it is maintaining its target for the overnight rate at 4.5%. The operating band for the overnight rate is unchanged, and the bank rate remains 4.75%.
Credit crunch has "sown seeds of downturn"
Jon Moulton, a well-known private equity investor, said that the credit crunch had " sown the seeds of a major downturn," the Financial Times reported.
Fed's Beige Book published
"Outside of real estate, reports that the turmoil in financial markets had affected economic activity during the survey period were limited," the Fed said in its latest "Beige Book" on economic conditions, featuring reports from the 12 regional Fed…
MAS - Annual Report 2006-2007
Presenting the annual report for 2006-2007 of the Monetary Authority of Singapore (MAS), Goh Chok Toy, the chairman of the central bank, said 2006 was a significant year for Singapore and MAS.
Globalisation's impact on UK inflation
The author of this paper uses the International Monetary Fund's new Global Economy Model (GEM) to estimate the importance of various factors, which are used to explain the differences in the trends in core inflation and relative prices in the UK, the…
Japanese deputy discusses housing
Kazumasa Iwata, a deputy governor of the Bank of Japan, discussed links between the housing market and monetary policy at a symposium sponsored by the Federal Reserve Bank of Kansas City on 1 September.
OECD sings praises of central banks
Jean-Philippe Cotis, the chief economist of the OECD, had warm words for central banks Wednesday when he presented the organisation's interim assessment of the global economy in between the spring and autumn editions of the Economic Outlook.
Fed's Lacker "unconvinced" of need for cut
Jeffrey Lacker, the president of the Richmond Federal Reserve intimated that he was not yet convinced of the necessity for a cut in the Fed's overnight policy rate, and said that, although he would back a cut if necessary, he remained wary of inflation.
Israel launches same-day clearing system
The Bank of Israel launched its real-time gross settlement system (RTGS) for bank transfers on 3 September. This is part of the central bank's reforms of Israel's payment and clearing systems.
Australia keeps benchmark rate unchanged
As widely expected, the Reserve Bank of Australia left its overnight cash rate target unchanged on Wednesday at an 11-year high of 6.5%. The central bank had previously raised borrowing costs on 8 August, the first move since November last year.
Thailand encourages e-payment
The Bank of Thailand plans to reduce cash payments and cheque payments by promoting e-payment with consumers and the public and private sectors.
ECB rate setting analysed
This paper, published by the Institute for Monetary and Financial Stability, uses the ordered-probit technique and variables noted in the European Central Bank's (ECB's) Monthly Bulletin to investigate how the central bank sets rates.
Bank of Guyana - Annual Report 2006
Lawrence Williams, the governor of the central bank, said that, after recording a decline of 1.9% in 2005, Guyana's economy rebounded in 2006 to register real economic growth of 4.7%, exceeding the 4.3% target for the year.