Central Banking
Iran and Bahrain link ATM systems
The Iranian ATM system has been connected to that of Bahrain, allowing the customers of Bahraini banks to use the ATM machines in Iran and vice versa.
Serb central bank upbeat on IMF warning
Radovan Jelasic, governor of Serbia's central bank, predicted on Tuesday 16 August that the government would react positively to warnings from the International Monetary Fund that its loan arrangement was in jeopardy.
Growth rate in Korea at second-lowest: ADB
Korea's economic growth rate for 2006 will be the second-lowest out of a dozen Asian economies, the Asia Development Bank predicted in a report.
Copom holds Selic at 19.75% with no bias
The monetary policy committee of the Brazilian central bank announced Wednesday 17 August after its two-day meeting that, as expected, it is holding Selic (base rate) unchanged at 19.75% annually with no bias.
Comment: Views on King's gambit
Here is a roundup comments on the Bank of England's publication of the minutes of the latest MPC meeting, which revealed that, for the first time in the committee's history, the governor voted with the minority (see yesterday's CentralBankNet).
BIS's Knight on the global economy
In the speech 'The global economy: so far so good?' given on 8 July (published 11 August) Malcolm Knight of the BIS analyses recent global macroeconomic trends.
Oil-market frenzy and the Fed
This editorial by The Washington Times, published on Tuesday 16 August, says the job of the Federal Reserve has become far more complicated today. Today, following years in which international financial markets have been increasingly integrated, global…
Deutsche Bundesbank Monthly Report, July 2005
The Deutsche Bundesbank published the English version of its July 2005 Monthly Report on 9 August. Germany's economy probably did not grow in the second quarter as negative net exports offset stronger domestic demand, the report said.
Bank of England MPC Minutes, 3 & 4 August
The minutes from the 3 & 4 August meeting of the Bank of England's Monetary Policy Committee published on Wednesday 17 August showed governor Mervyn King and three other top officials voted against this month's decision by the nine member MPC to cut…
Review of the IMF's Transparency Policy
The Executive Board of the International Monetary Fund (IMF) discussed the IMF's transparency policy on 20 June 2005, based on a staff report entitled 'Review of the Fund's Transparency Policy'.
World Bank projects China's growth to slow
China's economic growth will fall to about 8 percent in 2006 from 9 percent this year as domestic demand declines, the World Bank predicted Wednesday 17 August.
Singapore, UAE sign MOU on securities markets
The Monetary Authority of Singapore (MAS) said on Tuesday 16 August that it has signed a Memorandum of Understanding (MOU) with the Emirates Securities and Commodities Authority (ESCA) of the United Arab Emirates (UAE).
SNB says rates won't stay low for long
A recovery in the Swiss economy will probably take interest rates higher sooner rather later, according to a central bank board member in a newspaper interview published on Wednesday 17 August.
Colombian central bank to sell reserves to govt
Colombia's central bank said on Tuesday 16 August that it will sell more foreign reserves to the government, in a similar deal to a $1.25-billion sale carried out earlier this year to pay off a debt.
Poland's Walesa: EU membership of limited value
Lech Walesa has said European Union membership has failed to improve living standards enough or increase the nation's influence in EU policymaking.
Comment:Test for Mervyn King's communication skill
What does yesterday's revelation that the top brass of the Bank of England's MPC were outvoted at August's monetary policy meeting imply for the market's view of future interest movements in the UK? And what does it tell us about the institutional set-up…
Paper: Central bank credibility during ERM crisis
Financial markets embed expectations of central bank policy into asset prices. The Working Paper "Assessing central bank credibility during the ERM crises: Comparing option and spot market-based forecasts" from the Center for Financial Studies compares…
Bank of Japan Monthly Report, August 2005
The Bank of Japan published the English version of its August 2005 monthly report on 11 August. The BOJ upgraded its outlook of the economy, saying exports and wages were picking up.
PNG's Bakani on financial system reform
In the speech 'Financial system reform in Papua New Guinea' given on 23 June (published 15 August), Loi Bakani of the Bank of Papua New Guinea said the Bank of PNG is in a process of establishing a legal framework for the microfinance industry and will…
Why China has to revalue more
This article suggests another reason for China's recent decision to revalue the renminbi. Rather than bowing to international pressure to end the trade advantage it received, it suggests China's attempts to engineer a soft landing for its economy simply…
Phil Fed's Survey of Professional Forecasters
The Federal Reserve Bank of Philadelphia published its Second Quarter 2005 Survey of Professional Forecasters on 15 August. The economy in the second half of the year looks stronger now than it did three months ago, according to 53 forecasters surveyed.
Romania's central bank reports inflation falling
Romania's central bank governor said on Monday 15 August that the economy was growing strongly and he expected inflation to fall in the third quarter of this year.
Bank Indonesia says rupiah rate 'realistic'
Bank Indonesia governor Burhanuddin Abdullah said the 2006 draft budget assumption of the rupiah's average exchange rate next year at 9,400 to the US dollar is "realistic".
Malaysia to play key role in financial integration
Malaysia can play a significant role in integrating East Asian financial markets such as developing the Asian Bond Market (ABM), Asian common currency and the proposed Asian bond banks, economics professor Dr S. Ghon Rhee said.