Central Banking
No intervention to halt peso slide
The central bank of the Philippines did not intervene in the currency markets on Friday morning, August 15, despite the peso's dipping below the level of 55 to the dollar, said Amando Tetangco Jr, a deputy governor, according to INQ7.net.
RBI cautious over foreign borrowing
The Reserve Bank of India sounded a note of caution over unlimited access to short-term external commercial borrowings by businesses to fund working capital and other domestic requirements, according to a report by rediff.com.
MAS to push ahead with bond issue
Despite concerns from some investors that the market is saturated,the Monetary Authority of Singapore announced that it intends to go ahead with plans to issue a new 15-year government bond, reports ChannelNewsAsia.
SARB cuts interest rate by one percentage point
Tito Mboweni, South African Reserve Bank governor, said the committee had to strike a "careful balance" in determining monetary policy, according to allafrica.com, as he explained yesterday's one percentage point cut in interest rates.
UAE central bank profit falls by 50%
The net profit of the central bank of the United Arab Emirates fell by over 50%for the year 2002 to Dh528 million from Dh1.1 billion in 2001, according to a report by Menaf.com. The central bank cited a sharp fall in the bank's treasury operations,…
Jalan on exchange rate policy
In a speech given at the 14th National Assembly of Forex Association, the governor of the Reserve Bank of India, Dr Bimal Jalan, mused on the central bank's exchange rate policy. The present system is by no means an ideal one. However, like the old…
Guillermo Ortiz on financial reform
The governor of Mexico's central bank discusses the disappointing results of the "first-generation" reforms of the Washington consensus and emphasizes the importance of "second-generation reforms", concentrating on constructing the the right…
The ECB's mission statement
Five years after its creation the ECB has decided it needs a mission statement. Its main objective is, of course, price stability, with "integrity, competence, efficiency and transparency" as its watchwords. But there is no place in the two paragraphs,…
Bank of Japan's Monetary Policy Meeting Minutes
Minutes of the Bank of Japan's Monetary Policy Meeting on 25 June 2003, released 13 August. Members exchanged views on a numerical target for price stability. One member stressed that the Bank should make a stronger commitment to overcome deflation, and…
Bank of Japan's Monetary Policy Meeting Minutes
Minutes of the Bank of Japan's Monetary Policy Meeting on 14 and 15 July 2003, released 13 August. A different member said that the main feature of the Bank's policy commitment was that the policy duration changed flexibly, and thus the expected duration…
Norges Bank comments on key rate reduction
Norges Bank held a press conference on 13 August after its decision to reduce the key rate by 1.0 percentage point. Developments in the Norwegian and international economy since the previous monetary policy meeting have been approximately in line with…
RBA Conference on Asset Prices and Monetary Policy
The Reserve Bank of Australia's 2003 conference, 'Asset Prices and Monetary Policy', will be held at the H.C. Coombs Centre for Financial Studies, in Sydney on 18 and 19 August 2003. The conference will focus on the implications of asset price booms for…
Reserve Bank of New Zealand Amendment Act
The Reserve Bank of New Zealand's Amendment Bill will change the RBNZ's arrangements slightly. The key governance change is that the Governor no longer chairs the Bank's Board of Directors, the chair being a non-executive director appointed by the non…
Fed's Bies on effective corporate governance
In a speech on 'Effective Corporate Governance and the Role of Counsel' given on 10 August Susan Schmidt Bies of the Federal Reserve said in today's environment, regulators, lawmakers and shareholders are looking for providers of legal services to be…
RBA's Macfarlane: Financial Stability Discussion
In his Introduction to a Panel Discussion on Financial Stability: Consilium given on 9 August Ian Macfarlane of the Reserve Bank of Australia said because of the improvement in banks' risk management and bank supervision, we have not even been close to…
The role of central bank money in payment systems
The role of central bank money in payment systems raises a number of questions this CPSS Paper says. For example, which institutions should have accounts at the central bank? What services should central banks provide to meet the needs of account holders…
BSP comments on suspension reports
Press release from the Philippines central bank, Bangko Sentral ng Pilipinas (BSP), 14 August, on media reports that court of appeals ordered suspension of central bank officials.
Philippine court suspends central bank chief
Rafael Buenaventura, governor of the Philippines central bank, has been suspended from the bank for a year, according to a report by Channel1NewsAsia. The Court of Appeals on Wednesday 13 April found Mr Buenaventura and four other central bank officials …
Germany in recession as Eurozone stagnates
The German economy fell into a technical recession after data showed a second successive quarter of negative growth in the three months to the end of June, Reuters reports.
Persson tells Swedes euro won't hit welfare scheme
With the September referendum on the euro fast approaching, the Financial Times reports that Swedish prime minister Goran Persson has moved to reassure Swede's that their generous welfare programmes would not be damaged by euro membership.
India may ease some rules on rupee trading
Reserve Bank of India governor Bimal Jalan, speaking at the Forex Association of India. said that the RBA could loosen rules on currency trading, according to Bloomberg. He also said that "Convertibility continues to be a desirable objective for all…
Mboweni remains upbeat on inflation
Speaking at a press conference following the South African Reserve Bank's two-day Monetary Policy Committee meeting on Thursday 14 August, Tito Mboweni said that not only did the inflation outcome improve over the past two months, but the inflation…
Russian state eyes central bank profits
Russia's 2004 draft budget proposes to let the central bank keep 20 percent of its profits, down from the current level of 50 percent, according to The Moscow Times. However First Deputy Central Bank Chairman Oleg Vyugin said in an interview "We do not…
Federal Reserve keeps interest rate at 1 percent
Holding the federal funds rates at 1 percent Tuesday 12 August, the FOMC said the risk of inflation becoming undesirably low is likely to be the predominant concern for the foreseeable future. In these circumstances it said that policy accommodation can…