Central Banking
Sveriges Riksbank Economic Review 4th Quarter 2004
The Sveriges Riksbank published its Economic Review for the 4th Quarter 2004 on Thursday 3 February. The latest issue contains an address by the Riksbank Governor "A decade of inflation targeting".
Yemen holds course on money laundering
The Central Bank of Yemen held a training course on 30 January, on combating money laundering, using electronic banking processes, and investment funds.
China rejects US threat on yuan
A threatened US bill which would give China six months to revalue its exchange rate before facing sanctions was criticised by the Foreign Ministry as the wrong way to handle the situation.
Bank of Mexico sets minimum loan rate
The central bank of Mexico has set a minimum overnight rate to banks for the first time since 1998, suggesting it may adopt an interest-rate targeting system similar to the Fed.
Norges Bank keeps interest rate unchanged at 1.75%
At its monetary policy meeting on 2 February, Norges Bank's Executive Board decided to leave the sight deposit rate unchanged at 1.75 per cent. The Executive Board said it did not see any clear alternatives to leaving the interest rate unchanged.
Basel Committee publish implementation update
The Basel Committee published its newsletter No. 4 on Tuesday 1 February. The purpose of this update is to inform the banking industry, the supervisory community and other interested parties about the work that is under way within the Basel Committee's…
Update on initiatives to combat money laundering
The Joint Forum published an update to "Initiatives by the BCBS, IAIS and IOSCO to combat money laundering and the financing of terrorism" on Tuesday 1 February. Compiled from contributions by each of the three Secretariats, it focuses on recent guidance…
Central Bank of Ireland, Quarterly Bulletin 1/2005
The Irish central bank published its first Quarterly Bulletin of 2005 on Tuesday 1 February. The Bulletin reports that the outlook for the Irish economy in 2005 remains positive; the Bank is forecasting GNP growth for 2005 of about 4.75 per cent (GDP 5…
Bollard on New Zealand's potential growth rate
In a speech on 'New Zealand's potential growth rate' given on 28 January, Alan Bollard of the Reserve Bank of New Zealand said that if we want to see New Zealand's GDP per capita grow at the same rate over the next decade as it did in the previous ten…
G7 wants to reuse old forex language says Taylor
John Taylor, US Treasury undersecretary for international affairs, has said that the G7 finance ministers and central bank governors want to stick to the script on foreign exchange developments that was first used at a meeting in Boca Raton in February…
Germany expects few ex rate developments at G7
The German government does not expect any significant developments on exchange rate policies at the upcoming Group of Seven (G7) meeting of industrialised nations, AFX quoted sources as saying.
Fed expected to raise rates on 2 Feb
Federal Reserve policymakers were widely expected to agree on a quarter-point increase in interest rates on Wednesday 2 February. The Federal Open Market Committee was expected to issue a statement at the conclusion of the session at about 2015GMT.
BB to introduce automated cheque clearing system
The Bangladesh Bank (BB) is introducing an automated cheque clearing system in its clearing house to quicken the process and boost transactions in commercial banks.
Bank of Japan bill auction fails
The FT reported on Wednesday 2 February that the Bank of Japan failed to attract enough offers in a bill-buying operation for the first time in nearly two and a half years.
Poole on The outlook: Mississippi and the nation
In a speech on 'The outlook: Mississippi and the nation' given on 20 January, William Poole of the Federal Reserve Bank of St. Louis said US price pressures appear well controlled, but the Federal Reserve will move aggressively to protect low inflation…
Fed's Bies on the economy and retirement savings
In a speech on 'The economy and challenges in retirement savings' given on 18 January, Susan Schmidt Bies of the Federal Reserve said she foresaw a moderation of inflationary trends, which would allow the Fed to continue being "measured" in raising…
Sweden's Heikensten on economy & monetary policy
Sveriges Riksbank Governor Lars Heikensten spoke at a meeting on the current state of the economy and monetary policy on 21 Janaury. He said developments in the financial markets are largely in line with the assessment in the previous Inflation Report.
Norway's Bergo on inflation targeting
In a speech on 'The basis for inflation targeting' given on 21 January, Jarle Bergo of Norges Bank said that the lesson from Nobel Prize winners Kydland and Prescott was that economic policy can achieve better results if the authorities can commit…
Banking structures in the new EU Member States
The European Central Bank published a report on Banking structures in the new EU Member States on Tuesday 1 January. The publication has been prepared by the Banking Supervision Committee of the European System of Central Banks.
Japan sees G7 currency stance staying unchanged
There is likely to be be no call for a change in global foreign exchange rates, a senior Japanese finance ministry official said on Tuesday 1 February.
POBC sees gradual move to market interest rates
The People's Bank of China said on Tuesday 1 February thatit will proceed with establishing a market-oriented interest rate regime in a series of gradual moves timed to ensure the viability of the commercial banks.
South Africa urged to avoid rand intervention
A senior World Bank economist on Monday 31 January praised the South African Reserve Bank's strategy of cautiously accumulating foreign reserves and said a deliberate weakening of the rand could have negative consequences for the economy.
Nigeria may move from dollar reserves
The Central Bank of Nigeria may consider reducing Nigeria's exposure to the United States dollar by moving the country's reserve towards the pound sterling and euro as a result of the continuing decline in the value of the dollars, a press report in…
BSP chief says economy still fragile
Although the peso and share prices have soared to new highs, Governor Rafael Buenaventura of the Bangko Sentral ng Pilipinas (BSP) said the government still has a lot of work to do to put the economy on a firm footing.