Central Banking
Fed breaks pattern, signals replace promises
According to this recent article, the Federal Reserve's latest FOMC statement marks the end to an extraordinary 18-month period during which they telegraphed exactly what they were going to do at their next policy-making meeting.
HKMA Quarterly Bulletin, December 2005
The Hong Kong Monetary Authority published the December 2005 issue of its Quarterly Bulletin on 14 December. This issue contains the regular Half-Yearly Monetary and Financial Stability Report, which analyses recent external and domestic influences on…
USAID works to strengthen Central Bank of Iraq
This article published on Monday 19 December reports on technical assistance being provided to assist capacity building and institutional strengthening at the Central Bank of Iraq. Historically the CBI has found it difficult to implement monetary policy,…
Reserve Bank of New Zealand Bulletin, Dec 2005
The Reserve Bank of New Zealand published the December 2005 issue of its Bulletin on 20 December. The latest issue includes an article which looks at the importance of oil to the New Zealand economy and the various ways in which oil prices may affect…
Sweden's Nyberg on house price developments
In the speech 'House price developments and monetary policy' given on 19 December, Lars Nyberg of the Sveriges Riksbank warned of the possibility of falling house prices in the country.
Bank of England voted 8-1 to hold rates
Bank of England Monetary Policy Committee members voted 8- 1 to keep interest rates unchanged this month, the first split vote since August, minutes released on Wednesday 21 December showed.
Two BOJ dissenters unite, minutes show
Minutes from the Bank of Japan's November board meeting released on Wednesday 21 December showed two members united in calling for a cut in the target for excess funds in the financial system, consolidating their previously separate proposals into one.
PBOC vows to keep stable yuan
China's central bank has released a report saying it will keep the yuan stable at a 'balanced and reasonable level' but that it also sees increasing flexibility in the exchange rate.
Argentina sells bonds to Venezuela
Argentina sold $496 million in bonds to Venezuela to help boost its international reserves as it prepares to pay back the $9.8 billion it owes the International Monetary Fund.
China statistician calls yuan reforms 'successful'
China's top statistician Li Deshui said on Tuesday 20 December that China's exchange rate reform is "successful", noting that the policy "should not be changed so frequently."
Comment: Filling Fazio's shoes
Giulio Tremonti, Italy's finance minister, said in an interview on Wednesday that the person who replaces Antonio Fazio as the governor of the Bank of Italy will "capable, honest and respectable". Here is a brief look at the main candidates that are…
A question, Mr. Trichet. Why is dad out of work?
This article published on Monday 19 December looks at the education kit for schools "Price stability: Why is it important for you?" which was recently unveiled by the European Central Bank. It is simply not good enough to repeat the mantra of price…
'The Region' from the Minneapolis Fed, Dec 2005
The Federal Reserve Bank of Minneapolis has published its regular magazine, The Region, for December 2005. The latest edition contains an article "Economic research and the role of the Federal Reserve in payments" by Gary Stern. It also carries an…
Krueger on IMF's role in the modern global economy
In the speech 'At the service of the nations: The role of the IMF in the modern global economy' given on 16 December Anne Krueger of the IMF said the Fund's mandate is as relevant today as it was when the Fund was established more than 60 years ago.
Why I decided to vote against the governor: Bean
In this article published on Sunday 18 December, Bank of England Chief Economist and MPC member Charlie Bean said that he has no regrets about voting against the governor to cut interest rates and says that we may not have to wait until spring for the…
Bank of Japan Monthly Report, December 2005
The Bank of Japan published the English version of its December 2005 monthly report on 20 December. In its report the BOJ said the Japanese economy continues to recover, keeping its view unchanged from the previous month.
Bank of Portugal offloads 10 tonnes of gold
The Bank of Portugal has said it has sold 10 tonnes of gold from its reserves over the past month.
Trichet says ECB 'fully respects' Fazio's decision
The European Central Bank "fully respects" the decision of Bank of Italy governor Antonio Fazio to resign, its president, Jean-Claude Trichet, said in a statement.
Iran's central bank set to open Kyrgyzstan branch
The chairman of the Kyrgyz National Bank, Ulan Sarbanov, has discussed opening a branch of the Central Bank of Iran in Kyrgyzstan.
BCEAU leaders to meet in Niger
Heads of states from the West African Monetary Union are due to hold an extraordinary meeting on 23 December in Niamey, Niger.
Italy agrees central bank reforms
The Italian government approved reforms for the Bank of Italy on Tuesday 20 December, changing the central bank governor's lifetime post to a fixed term.
Adams says China lacks 'consensus' on yuan
The U.S. Treasury's top official for international issues, Tim Adams, said Monday 19 December that China's reticence at allowing a greater role for the market in determining the value of its currency may rest with political leaders who are yet to take a…
Comment: Latin America spurns the Fund
Last week Brazil and Argentina surprised the international community by announcing that they both intend paying off all of their outstanding debt to the IMF before the end of the year.
Fed wraps holiday statement in shade of neutral
According to this recent article, Fed Chairman Alan Greenspan has offered the markets some holiday cheer, hinting at the recent FOMC meeting that the federal funds rate had entered a neutral zone.