Central Banking
The birth of modern monetary policy
For many years, the Fed has used influence on short-term interest rates to contain inflationary pressure in the US economy and promote growth and employment. The genesis of this approach and its theoretical foundation both lie in the work of Knut…
Fed Reserve Bank of New York - Annual Report 2003
The Federal Reserve Bank of New York has published its Annual Report for the year ended 2003. The US economy has experienced a steady rise in productivity growth, which offers the prospect of an extended period of higher income growth. Against this…
BoE united on decision to hold rates, 7/8 July
Minutes for the Bank of England's 7 and 8 July Monetary Policy Committee meeting released on Wednesday 21 July showed the MPC voted unanimously to keep interest rates steady at 4.5 per cent but indicated that borrowing costs would have to rise again in…
ECB Memoranda of Understanding
The ECB issued a news release on Wednesday 21 July announcing the adherence of the central banks and banking supervisors of the New Member States to the Memoranda of Understanding on High Level Principles of Co-operation in Crisis Management Situations…
Greenspan notes solid economic growth in US
In closely watched testimony to the Senate Banking Committee on Tuesday 20 July, Fed chairman Alan Greenspan said sharp price increases that may have slowed US consumer spending are "transitory" and "accounted for at least some of the observed softness…
Russian cb introduces new currency regulations
Several rules concerning currency regulation will enter into force in Russia on 1 August, the department of external and public relations of the central bank reported.
Thailand holds interest rates unchanged
The Bank of Thailand maintained its key interest rate at 1.25% on Wednesday 21 July, but said it will consider raising rates in the face of inflationary pressures.
Japan revises outlook for economic growth up
The Japanese government on Wednesday revised its forecast for economic growth for the fiscal year through March 2005 upward to 3.5 percent.
Xiaoling on China & Africa as developing countries
In a speech on 'China and Africa as developing countries' given on 25 May, Wu Xiaoling of the People's Bank of China said China is the largest developing country in the world, and Africa is the continent with the largest number of developing countries…
IMF's Prasad on growth and stability in China
In a speech on 'Growth and Stability in China: Prospects and Challenges' given on 17 April, Eswar Prasad of the IMF said what Chinese policymakers need is a potent set of tools to create the sort of economic transformation that would prepare China for…
HKMA's Topping on latest perspective on Basel II
Speech by Simon Topping, Executive Director, Banking Policy, Hong Kong Monetary Authority at the City University of Hong Kong Professional Seminar on Latest Perspective on Basel II, 19 July 2004.
SARB Bank Supervision Dep't Annual Report 2003
The South African Reserve Bank on 15 July published its Bank Supervision Department Annual Report for the year ended 2003. The year was somewhat less turbulent for the South African financial system and banking sector than the preceding two years, the…
Deutsche Bundesbank Monthly Report, June 2004
The Deutsche Bundesbank has published the English version of its June 2004 monthly report. The discernible upturn in the economy during the second half of 2003 became somewhat stronger in the first quarter of this year, the report said.
Bank of Canada keeps interest rates unchanged
The Bank of Canada announced on Tuesday 20 July that it is maintaining its target for the overnight rate at 2 per cent. The operating band for the overnight rate is unchanged, and the Bank Rate remains at 2 1/4 per cent, the bank said in a press release.
Minehan sees US inflation rise as temporary
Federal Reserve Bank of Boston president Cathy Minehan said on Monday 19 July that disappointing economic data in June was likely to be temporary and the recovery is now self-sustaining.
Serbian central bank governor to visit Sarajevo
Serbian National Bank governor Radovan Jelasic is scheduled to visit the Bosnia-Hercegovina Central Bank on Wednesday, 21 July.
Measured rate rises appropriate says Fed's Stern
Minneapolis Fed President Gary Stern said on Monday 19 July that the US economy is on track for solid growth and the Federal Reserve still intends to raise interest rates at a moderate pace.
EU Commission says EMU has brought stability
The European Commission has said in a report that the first five years of economic and monetary union have resulted in economic stability, but not sustained growth.
Retired bank grandees face grilling in BCCI trial
Monday 19 July marks the first day of the Bank of England's defence in the BCCI court case. The final judgement could still be two years away. Special CentralBankNet report.
MAS's Palmer on Basel II and beyond
In a speech on 'Basel II and beyond' given on 12 July, John Palmer of the Monetary Authority of Singapore said we should not look at the release of the final version of Basel II as the end of the process to set more risk-sensitive capital adequacy…
PBOC's Ning on China's economic development
In a speech on 'China's economic development and the current macroeconomic policy' given on 9 June, Su Ning of the PBOC said China's exchange rate reform is still underway. In light of China's current stage of economic development, performance of the…
Central Bank of Turkey - Annual Report 2003
The Central Bank of Turkey has published its Annual Report for the year ended 2003. Although the formation of a new Government partially alleviated the domestic political uncertainties, the worries over the Iraqi operation in March 2003 and the…
Fed's Bies on risk management
In a speech on 'Using Enterprise-wide Risk Management to Effectively Execute Business Strategies' given on 16 July, Susan Schmidt Bies of the Federal Reserve said credit cards and bank overdraft protection are drawing the attention of regulators because…
Chicago Fed Letter, August 2004
The latest edition of the Chicago Fed Letter for August 2004, titled 'Economy to continue cruising along,' says the outlook for 2004 is for the US economy to have its best growth in seven years, growing at a rate above potential, and leading to a fall in…