Central Banking
Tanigaki says Japan's economy recovering
Japanese Finance Minister Sadakazu Tanigaki reiterated on Thursday 5 May that the country's consumers are powering economic recovery and vowed to press on with fiscal reforms, although moderate deflation continued to pose a problem.
US and Chinese officials to meet on yuan issue
Officials from the People's Bank of China plan to meet on Monday 9 May with US Treasury Department officials for continuing discussions relating to various financial issues including China's pegged exchange rate system.
Nigeria appoints deputy governor after resignation
The Central Bank of Nigeria announced on Tuesday 3 May that Dr Obadiah Mailafia will replace Mrs Wahir Mshelia as the Deputy Governor for Policy on Monday 9 May. Mshelia resigned last week with press reports suggesting there were 'strong indications' she…
Brazil's Supreme Court upholds partial immunity
The Supreme Federal Court on Thursday 5 May upheld the decision to give Brazil's central bank President Henrique Meirelles immunity from prosecution from common courts in an ongoing illegal tax and forex transaction case against him, local media reported.
Central Bank of Ireland, Quarterly Bulletin 2/2005
Ireland's central bank published its second Quarterly Bulletin for 2005 on Wednesday 4 May. The Bulletin reports that Ireland should enjoy continued strong economic growth in 2005 and 2006 but faces potential problems from the high price of oil and the…
Fed Reserve Bank of St Louis Review, May/June 2005
The latest edition of the St Louis Fed's Review for May-June 2005 includes the articles "Monetary policy and commodity futures" and "Using implied volatility to measure uncertainty about interest rates".
Romania's Isarescu on inflation targeting
In a speech on 'Inflation targeting - international experience and Romania's prospects' given on 30 March (published 26 April), Mugur Isarescu of the National Bank of Romania said Romania is in a good position to pursue disinflation by adopting an…
Swiss National Bank - Annual Report 2004
The Swiss National Bank has published its Annual Report for the year ended 2004. The SNB's financial results for 2004 registered a distributable profit of CHF 20.7 billion, as compared with CHF 2.3 billion a year earlier.
Greenspan on risk transfer and financial stability
In a speech on 'Risk transfer and financial stability' given on 5 May, Alan Greenspan of the Federal Reserve said the huge mortgage holdings of home finance giants Fannie Mae and Freddie Mac pose risks to the liquidity of the derivatives market where…
Tokyo urges China to act 'responsibly' on reserves
Japanese Finance Minister Sadakazu Tanigaki said that Japan will manage its foreign-exchange reserves to help create stability rather than maximize profit and called on China and South Korea to also act "responsibly."
Speculation makes yuan shift difficult says China
China's Finance Minister Jin Renqing said excessive speculation that the yuan will be allowed to appreciate is making it harder for the government to loosen the currency's peg to the US dollar.
FATF head to be at anti-money laundering seminar
Head of the Financial Action Task Force (FATF) Jean-Louis Fort will take part in a seminar on combating money laundering and terrorist financing conducted by the Russian central bank in June.
Bank of Italy claims impartiality over Antonveneta
The Bank of Italy has said it was fair with Banca Popolare di Lodi and ABN Amro Holding NV in their battle to take over Banca Antonveneta SpA, according to a letter sent to EU commissioner for the internal market Charlie McCreevy published by the daily…
Asia set to boost currency attack defences
Japan, China and South Korea are set to join forces to bolster Asia's defences against currency speculators despite diplomatic tensions that had threatened to derail economic cooperation.
BoJ: Outlook for Economic Activity & Prices Apr 05
The Bank of Japan has published the English version of its April 2005 Outlook for Economic Activity and Prices report. The report says Japan's economy remains on a recovery trend, despite a recent pause due partly to adjustments in production and…
Federal Reserve raises rates to 3%
The Federal Open Market Committee decided on Tuesday 3 May to raise its target for the federal funds rate by 25 basis points to 3 per cent. In its statement the FOMC said monetary policy remained "accommodative" and that it expected to continue removing…
IMF Working Paper on international reserves
The IMF Working Paper "A fiscal price tag for international reserves" examines the (quasi-)fiscal impact of the (opportunity) cost of international reserves. The paper suggests that while most countries made money on their reserves during 1990-2001, most…
Fischer on Israel's economy and challenges ahead
In the speech 'A brief look at Israel's economy and the challenges ahead' given on 1 May, Stanley Fischer of the Bank of Israel said the right economic policy is essential for the economy's ability to grow rapidly. There are, however, other factors…
Thailand's Nijathaworn on developing bond market
In a speech on 'Developing the bond market - a central bank perspective' given on 29 March (published 28 April), Bandid Nijathaworn of the Bank of Thailand said we have been tasked with the responsibility to develop an active secondary market. The Bank…
Asian central banks set to gather for ACU meeting
Heads and representatives of central banks from ten countries, including India, will visit Pakistan later this month to attend an annual meeting of the Asian Clearing Union, an official of the State Bank of Pakistan said on Tuesday 3 May.
BSP likely to hold rates steady, says Tetangco
The Philippines central bank will likely keep its benchmark overnight interest rates unchanged during its policy meeting on Thursday 5 May , despite the quarter percentage point hike in US interest rates, deputy governor and officer-in-charge Amando…
Bank of Italy rejects criticism in bank takeover
The Bank of Italy launched a counter-attack on Wednesday 4 May against EU regulators, analysts and press reports that claim the Italian central bank and its governor, Antonio Fazio, have favoured Banca Popolare di Lodi in a banking takeover.
ECB rate cut still not an option says Trichet
European Central Bank president Jean-Claude Trichet ruled out a cut in ECB interest rates on Wednesday 4 May in response to the recent slowdown in euro zone growth. Trichet was speaking at the ECB's press conference after euro zone interest rates were…
Danmarks Nationalbank, Monetary Review 1st Q 2005
The Danmarks Nationalbank's Monetary Review for the First Quarter 2005 includes the articles: Risks on settlement of large payments, The 10-year yield spread between Denmark and Germany, Relations between stock prices and bond yields and Hedge funds in…