Central Banking
U.S. inflation still no worry - Fed's Broaddus
In a speech on Monday 15 December Richmond Fed president Alfred Broaddus said a short-term rise in inflation would be nothing to worry about and the prospects of deflation were lower than a few months ago. "Accommodative monetary policy could mean, could…
IMF: Israel's monetary policy too conservative
An evaluation of the Israeli economy by an IMF delegation has concluded that interest rates can continue to fall as the economy is under deflationary pressure, noted the Israel Business Agency, but cuts should be gradual and monetary policy should be…
Zimbabwe to announce new monetary policy
The new governor of the Reserve Bank of Zimbabwe, Gideon Gono, is due to announce a new monetary policy on Thursday 18 December, according to all Africa News. Economists say he has two options: one being to leave the situation to find its own levels or…
IMF agrees to extend Brazil's credit deal
The IMF said on Monday 15 December that it has given Brazil a 15-month extension of its $34 billion loan agreement and will provide $6.6 billion in new funding, according to Associated Press. The Fund also agreed to Brazil's request for more time to…
OECD welcomes back Nauru
The Organisation for Economic Cooperation and Development has removed Nauru from its list of uncooperative tax havens, reports AAP. Nauru announced in June that its tax haven operation was out of business.
Boston Fed's Minehan: Inflation pressures low
Cathy Minehan, president of the Boston Fed, said on Tuesday 16 December that the economic recovery seems to be "picking up steam", according to Reuters, and she suggested the Federal Reserve is content to watch the firming economy, without acting on…
Mexico markets may fall on new tax plan - Ortiz
Mexico's central bank Governor Guillermo Ortiz said on Monday 15 December that a new tax proposal by the opposition could push Mexican financial markets lower, according to Reuters. "A new proposal is being formed and if this proposal contains negative…
CentralBankNet Monday Special Feature
To be published on Tuesday 16 December, the new edition of The Financial Regulator includes an interview with Jaime Caruana, governor of the Bank of Spain and chairman of the Basel Committee on Banking Supervision. CentralBankNet presents an exclusive…
BoJ's Fukui on the current economic situation
In a speech on the current economic situation and the route to sustainable growth given on 8 December, Toshihiko Fukui of the Bank of Japan said Japan's economy is starting to recover gradually, after a period of generally flat economic activity that…
Nyberg on financial stability surveillance
In a speech on 'Financial stability surveillance, Some Swedish experience' given on 10 December, Lars Nyberg of the Sveriges Riksbank said central banks need to acquire a better understanding of how the banks manage their liquidity, how they select their…
Caruana on the New Basel Capital Accord
In a speech to the Fifth Meeting of the Asian Program of the Institute of International Finance given on 17 November, Jaime Caruana, Chairman of the Basel Committee on Banking Supervision, said three words have guided our work on the New Accord, namely…
Switzerland's Hildebrand on global economy
In a speech on 'Monetary Policy in a Global Context' given on 8 October, Philipp Hildebrand of the Swiss National Bank said the economic and monetary policy outlook for the United States and Switzerland at this moment is centred around the hope for a…
Norway's Bergo on the Petroleum Fund
In a speech on 'The effect of the Petroleum Fund on the Norwegian economy' given on 22 October, Jarle Bergo of Norges Bank said that oil is a major component of the Norwegian economy - with all the advantages and disadvantages this entails. Oil gives us…
Chicago Fed conf. sees US GDP up 4.1 pct in 2004
The Chicago Fed's Economic Outlook Symposium forecast an economic growth rate of 4.1 per cent for the US next year, Reuters reports. Chicago Fed senior economist William Strauss said the consensus outlook among conference participants was for the…
US's Taylor-unsure if IMF will OK Argentine loan
US Treasury Undersecretary for International Affairs John Taylor said on Friday 12 december that it was too soon to tell whether Argentina would win approval for the next instalment of its IMF loan, according to a Reuters report. "There is no way at this…
Brussels stands by legal threat over pact row
Gerassimos Thomas, spokesman for EU monetary affairs commissioner Pedro Solbes, has said according to AFP that the European Commission's position has not changed on the ECOFIN decision to postpone any sanctions against Germany and France for breaking the…
Foreign c banks' slow buying of U.S. debt - Fed
Figures released by the Federal Reserve showed purchases of US debt slowed by foreign central banks last week, according to Reuters. Total holdings of Treasuries and agencies for foreign central banks rose just $102 million to hit another record at just…
IMF met Iraqi officials on rebuilding central bank
Agustin Carstens, IMF Deputy Managing Director, said on Friday 12 December thatthe IMF was working with Iraqi finance officials in Jordan to help with the rebuilding of the central bank and was providing technical assistance, according to Reuters.
Trinidad and Tobago select RTGS provider
The Central Bank of Trinidad and Tobago has awarded a contract to LogicaCMG to implement a Real Time Gross Settlement (RTGS) system and Government Securities Settlement system, reports PRNewswire. The governor of the central bank said, "The…
3,491 opt for early retirement at RBI
The Reserve Bank of India's early retirement scheme, which was introduced recently, has attracted 3,491 applications, according to a Rediff report. The scheme closes at the end of December with official sources saying the "RBI introduced the early…
Kenyan inquiry hears of spying claims
The commission inquiring into the Goldenberg affair in Kenya heard testimony from a witness this week that a sophisticated intelligence system was in place at the central bank of Kenya, according to a report by The Daily Nation. The central bank's head…
Peru's central bank chief may face fraud charges
A Peruvian congressional commission voted 6-1 in favour of recommending Congress bring fraud charges against central bank of Peru governor Javier Silva Ruete last Tuesday, according to a Reuters report. The matter refers to Ruete's alleged sponsoring of…
Computer games central bankers play
Computer games aren't just for kids, central bankers play them too. This article published by Bloomberg looks at the recent trend for monetary policy games on central bank web sites. The Bank of Finland has recently developed its own game which Matti…
T&T central bank faces racism case
A powerful organisation of people of Indian origin is to sue the central bank of Trinidad and Tobago, it is reported by PTI. The case apparently centres on Selwyn Cudjoe, a member of the central bank's board of directors, who reportedly made several…