Central Banks

Balassa-Samuelson revisited

A new paper from the Bank for International Settlements finds that Balassa-Samuelson effects are clearly present in 11 euro accession countries and that these explain around 24% of inflation differentials vis-a-vis the euro area.

MPC minutes: Egypt

The Central Bank of Egypt's Monetary Policy Committee decided to keep rates unchanged at 11.5% owing to high inflation, the minutes of the meeting on 25 December explained.

India's central bank cuts again

The Reserve Bank of India cut rates by a percentage point for the second time in less than a month and eased deposit requirements for commercial banks in a bid to limit the impact of the financial crisis.

Euro adds to Slovakia's New Year celebrations

Slovakia became the 16th country to join the Eurosystem on New Year's Day, an achievement few predicted would happen so soon after it joined the European Union less than five years ago.

Obama nominee underlines change at the Fed

The nomination of Daniel Tarullo, law professor at Georgetown University and regulation expert, to the Board of Governors of the Federal Reserve provides early evidence of the way the central bank is being reshaped in the aftermath of the financial…

Iraq to cut rates

The Central Bank of Iraq has announced that it will reduce its key policy rate by 1 percentage point to 14%, starting next year.

Raza nominated to replace Akhtar

Saleem Raza, a former executive at Citigroup, has been nominated as the new governor of the State Bank of Pakistan, after the unexpected resignation of Shamshad Akhtar.

Italy names first female board member

Anna Maria Tarantola, the managing director of the Bank of Italy's banking and supervision unit, will replace Antonio Finocchiaro in the new year as deputy director-general at the central bank. In doing so, she will become the first woman to sit on the…

Eurosystem continues to shed staff

The number of central bankers in the 16 national central banks that now make up the Eurosystem stands at 46,123, a fall of 17.9% since 2003, reveals the 2009 edition of Central Banking Publications' Central Bank Directory.

China bids to breathe life into ailing economy

The People's Bank of China has cut its key lending and borrowing rates for the fifth time in three months in its quest to shore up faltering growth in the world's fourth largest economy. However, the move met with disappointment from market participants,…

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