Central Banking
Ireland's cb admit sflaw in housing model
The Central Bank of Ireland has admitted that the housing model used to produce its first financial stability report last week is flawed. Reports said the current model does not take adequate account of the effect on lenders of a shock to the Irish…
Former governors to give evidence in BCCI case
The Bank of England will call on former governors as it resumes the defence of its role in the collapse of the Bank of Credit and Commerce International.
Corruption allegations against Zimbabwe's Gono
The Reserve Bank of Zimbabwe has been rocked by allegations of corruption with reports that the Governor, Gideon Gono, has been personally recruiting staff without advertising vacant positions, ZWNews reported this week.
Euromoney award goes to Argentina's Prat-Gay
At the IMF/World Bank meetings in Washington on October 3, Euromoney will present its central bank governor of the year award for 2004 to Alfonso Prat-Gay of Argentina. Request a free trial to view this article from Euromoney's September issue.
BOK sees salaries soar
The Bank of Korea said in a report to the National Assembly that average annual salary has jumped by 46 percent in the last four years.
Bomb threat at SARB
The South African Reserve Bank's head office received a telephoned bomb threat from an anonymous caller between 12 and 12.30 on Friday 17 September, but national payment systems and market operations were not affected.
SARB, Quarterly Bulletin, September 2004
Inflation pressures in the Southern African Development Community (SADC) region are expected to subside somewhat on account of sustained policy discipline and improved food-supply conditions in most parts of the subcontinent, the South African Reserve…
Revisions to Fed's policy on payments system risk
The Federal Reserve Board announced on Thursday 23 September that it has revised its Policy Statement on Payments System Risk (PSR policy) concerning interest and redemption payments on securities issued by government-sponsored enterprises (GSEs) and…
Chicago Fed National Activity Index, August 2004
The Chicago Fed National Activity Index was +0.19 in August, down sharply from an upwardrevised +0.53 in July. The drop in the monthly index was due to smaller positive contributions from production-related data and, to a lesser extent, housing and…
FOMC Minutes, 10 August
Minutes from the Federal Reserve's 10 August FOMC meeting released on 24 September showed that with interest rates so low and inflation rising, Fed officials saw the need in coming quarters for a "significant" number of interest rate rises.
Switzerland's last tranche of gold sales
In spring 2000, the Swiss National Bank began selling that part of the gold reserves no longer required for monetary policy purposes. The sales - which will total 1,300 tonnes - have to date been effected according to the agreement on gold sales…
Fed won't let budget gap push up prices- Gramlich
Federal Reserve Board Governor Edward Gramlich said on Thursday 23 September that credible monetary policies can prevent large government budget gaps from stoking inflation, and expressed optimism that would be the case in the United States.
Japan to issue anti-counterfeit banknotes
Japan will issue what are described as the world's most advanced anti-counterfeit banknotes on 1 November.
China's Wen says no plan for imminent rate rise
China's Premier Wen Jiabao has ruled out the possibility of an imminent rise in interest rates and added that the country would consider its own macroeconomic situation and inflation before making any decision on rates.
NBP's relations with government 'heating up'
Relations between Poland's government and the central bank's Monetary Policy Council (RPP) are likely to heat up again, Interfax reported, after Economy and Labor Minister Jerzy Hausner called the current monetary policy "improper," saying it threatened…
Removal of BOZ governor 'should be by tribunal'
In a written submission to Zambia's Constitution Review Commission, the governor of the Bank of Zambia Dr Caleb Fundanga said the removal of a central bank governor from office should be by a tribunal constituted by the Chief Justice.
Philadelphia Fed Business Outlook Survey, Sep 2004
According to the firms surveyed for the Philadelphia Fed's Business Outlook Survey, September 2004, activity in the region's manufacturing sector continues to improve. Although the indicator for general activity fell from its August reading, indicators…
Sweden's Heikensten on monetary policy
In a speech on 'The economic situation and monetary policy' given on 20 Septembe,r Lars Heikensten of the Sveriges Riksbank said the bank's current inflation forecast may have to be revised upwards in the light of higher oil prices, a slightly stronger…
Resolving US financial intermediaries
In the Atlanta Fed Working Paper "Resolving large financial intermediaries: Banks versus housing enterprises", the authors examine issues surrounding the possible failure of Fannie Mae or Freddie Mac. Finding parallels between resolving insolvent large…
After Alan Greenspan, who?
This article looks at some of the favourites to replace Alan Greenspan as Chairman of the Federal Reserve when he steps down. Because of the Fed chairman's enormous influence on the U.S. economy and global financial markets, the selection will be among…
Federal Reserve raises US rates
The Federal Open Market Committee decided on Tuesday 21 September to raise its target for the federal funds rate by 25 basis points to 1-3/4 percent. In its press release the FOMC said despite the rise in energy prices, inflation and inflation…
Norges Bank keeps interest rates unchanged
Norges Bank's Executive Board decided on Wednesday 23 September to leave interest rates unchanged. Norges Bank's key interest rate, the sight deposit rate, therefore remains at 1.75 per cent. The overnight lending rate also remains unchanged.
Bank of England voted 9-0 to hold rates in Sept
The Bank of England said on Wednesday 22 September that it voted 9-0 to hold rates at 4.75 per cent in its 8 and 9 September MPC meeting. The Bank noted that recent labour market data was "surprisingly weak," though inflationary pressures were still…
ECB chief sees recovery, warns on deficit easing
European Central Bank president Jean-Claude Trichet told the Eurpoean Parliament on Wednesday 23 September that the eurozone economy was on track for modest further growth next year but condemned proposals to ease budget rules as "dangerous".