Central Banking
ECB Paper on hedge funds and financial stability
The ECB Paper "Hedge funds and their implications for financial stability", published on 26 August, provides an overview of the hedge fund industry, mainly from a financial stability and European angle.
Greenspan on the Fed and the future
In closing remarks to the Jackson Hole symposium given on 27 August, Fed chairman Alan Greenspan said he will miss debates on the conduct of monetary policy with members of the Federal Open Market Committee.
Financial Stability Forum to meet in London
The Financial Stability Forum announced on Tuesday 30 August that it will hold its fourteenth meeting on 8-9 September in London.
PBOC to change currency design
China's central bank said it will adopt a new design for its currency note, the yuan, to reduce counterfeiting of the new edition of notes which will start circulation on Wednesday 31 August.
Report says Fazio ready to accept limited term
Bank of Italy governor Antonio Fazio is ready to accept a reform of the central bank and the introduction of limited tenure for his post, the daily Il Corriere della Sera said, citing sources close to the governor.
Comment: Playing Yuan Politics (31 Aug)
How significant is last month's announcement by the Chinese monetary authorities that it is to drop the dollar peg for the yuan in favour of a basket of currencies?
Experiences of inflation targeting
A new IMF paper examines the experiences of inflation targeting countries and presents a number of "stylised facts" and conclusions for policy makers.
Strong demand for euronotes
The euro has received a good deal of flak recently, but in cash terms it seems people can't get enough of Europe's single currency as the value of euro banknotes in circulation soared past €500 billion in the second quarter of 2005.
What remains of the SGP?
Franz-Christoph Zeitler, a member of the executive board of Deutsche Bundesbank, delivered a speech at the Salzburg seminar, a high-profile meeting place of international leaders, at which raised the question "What remains of the Stability and Growth…
Comment: Summer roundup
For subscribers returning to their offices after the summer break - and for anybody wishing to catch breath before the autumn season - here is a check list of topics that have bubbled to the surface recently and are likely to remain of concern to central…
Rupiah sinks on oil-price rise
The Indonesian rupiah has sunk to its lowest level since January 2002, following a week of rapid depreciation. Burhanuddin Abdullah, governor of Bank Indonesia, vowed to continue to defend the rupiah.
Kenya committee to advise on monetary operations
The Central Bank of Kenya will benefit from expert advice on how to implement monetary policy, following the establishment of a Monetary Policy Advisory Committee on August 24.
Greenspan on the central banker's art
Alan Greenspan attributed the recent increase in asset values to investors' willingness to accept lower compensation for risk, as part of his opening remarks to the annual central bank symposium in Jackson Hole.
The yuan's stable float
Noises and signals continue to emerge from China about reforms to the exchange rate regime, but the central bank still appears to have a firm grip on the value of the yuan.
NY Fed to host credit derivatives powwow
The Federal Reserve Bank of New York is to hold a meeting with major banks to discuss issues in the credit derivatives market in September.
Peru's strong 2004
December 2004 saw Peru celebrate its 42nd consecutive month of economic growth with a "significant improvement in the principal macroeconomic indicators," according to the central bank in its report for the year.
Taiwan's 2004 in review
A combination of economic expansion, rising prices and negative real rates led Taiwan's central bank to shift its monetary policy stance and raise rates in 2004, writes the governor, Fai-nan Perng, in the annual report.
Comment: Central banks scrutinize staff costs
How do central banks compare on staff costs? Central Banking Publications has compiled some figures for a group of countries (mainly OECD) using central banks' annual reports.
Fazio faces strike ultimatum
The union representing the majority of staff at the Bank of Italy has threatened to call a strike unless Antonio Fazio, the central bank's governor, resigns over the Antonveneta affair.
Filipino rates unmoved despite inflation threat
The Philippines central bank held interest rates steady at its August monetary policy meeting, despite inflation which is expected to be above-target in 2005 and 2006.
Brazil looks to strengthen AML regime
A bill has been presented to the Brazilian Congress which would bolster anti money laundering rules and give the central bank more control over transactions.
Sweden leaves interest rate unchanged
The Swedish Riksbank kept the repo rate unchanged at 1.5% at its meeting on 23 August. CPI inflation remains low at 0.3% in the year to July, but it is expected to return to the target level of 2% over the next two years.
SARB annual report
In remarking upon "another successful year for the South African Reserve Bank", Tito Mboweni, the governor, painted a rosy picture of the current state of the country's economy in delivering the SARB's 2005 annual report.
Nigeria in record forex sale
The Central Bank of Nigeria offered $500 million to banks in the foreign exchange market on 23 August, in its largest ever sale of foreign exchange.