Central Banks
Foreign exchange origins of Japan's economic slump
ARTICLE - Ronald McKinnon from Stanford University and Kenichi Ohno from Tokyo's National Graduate Institute for Policy Studies have written an article on "The Foreign Exchange Origins of Japan's Economic Slump and Low Interest Liquidity Trap". The…
EMU not all it's cracked up to be
ARTICLE - Fabrice Collard and Harris Dellas from the Centre for Economic and Policy Research have published a paper "Exchange Rate Systems and Macroeconomic Stability". One of the article's vital conclusions is that the justification of the single…
Developments in the Japanese government bond mkt
CENTRAL BANK RESEARCH - The Bank of Japan has published a new reseach paper "Market Participants' Behavior and Pricing Mechanisms in the JGB Markets". In this paper, which is based on interviews with market participants, the authors explore various…
O'Neill mystified by Europe's complacency-FT
EUROPE - Paul O'Neill, U.S. Treasury secretary, said on Apr 19 that he was "mystified" by European leaders' claims that Europe would not be affected much by a U.S. downturn, the Apr 20 overseas edition of the Financial Times reported.
Malaysia concedes IMF role in Asia forex swap deal
MALAYSIA - Malaysia will bow to a majority decision on whether the IMF plays any role in an Asia-wide currency swap safety net aimed at protecting countries facing balance of payments problems, Prime Minister Mahathir Mohamad said.
RBI may cut India bank rate Q2 of 01/02-JP Morgan
INDIA - India's central bank, which on Apr 19 released a monetary policy statement without any changes in rates, is expected to lower its benchmark bank rate later this year, JP Morgan Securities India said in a research report.
India may cut interest rates
INDIA - India's central bank has indicated an intention to cut interest rates to help revive the slowing economy. The governor made his comments at a presentation on monetary policy for this year.
ECB says bases policy on too slow, inaccurate data
GERMANY - The European Central Bank said on Apr 19 that the data on which it based policy decisions was often not timely or accurate enough for the job.
Debelle becomes RBA head of economic analysis
AUSTRALIA - The Reserve Bank of Australia has appointed Dr Guy Debelle as head of the economic analysis department, replacing Malcolm Edey.
Nigeria's cbank up banks' cash deposit to 40%
NIGERIA - Nigeria's Central Bank on Apr 19 announced it has raised the percentage of deposits that banks must now keep in cash to 40 percent from 35 percent.
European fin mins meeting to discuss growth, ECB
EUROPE - European finance ministers meeting in Malmo this weekend have put the European Central Bank on notice that it had better explain its refusal to cut interest rates amid gathering gloom for global growth.
Tsang fights for Exchange Fund independence
HONG KONG - Financial Secretary Donald Tsang has rejected the Democratic Party's request to freeze a Hong Kong Monetary Authority plan to spend HK$4 billion from the Exchange Fund on new offices.
Singapore's Lee says Singapore $ policy unchanged
SINGAPORE - Singapore will maintain its policy of a "gently appreciating band" for the Singapore dollar and expects positive economic growth in 2001, Deputy Prime Minister Lee Hsien Loong told parliament on Apr 19.
Philippine c.bank confirms 50 bps cut in key rates
PHILIPPINES - Philippine central bank governor Rafael Buenaventura confirmed on Apr 19 that its policy-making Monetary Board decided to cut key benchmark interest rates by 50 basis points, matching the move by the U.S. Fed overnight.
Pakistan c.bank allows all banks to deal in forex
PAKISTAN - Pakistan's central bank on Apr 18 allowed all bank branches to buy and sell foreign currency from the general public.
Rationale for transparency in central banking
SPEECH - The vice chairman of the Federal Reserve, Roger Ferguson, in a speech on central bank transparency, said that a transparent central bank will not always make its decision widely predictable.
Tokyo denies intention to depreciate yen
JAPAN - The Financial Times reported on Apr 17 that Japanese officials were attempting to deny rumours that Tokyo was trying to boost its flagging economy at the expense of other Asian exporters and the US by weakening the yen.
Fed seeks female governor for board-Reuters
UNITED STATES - The Bush administration is seeking women and bankers to fill two empty posts on the powerful seven-member Fed Board of Governors, Reuters reports on Apr 18.
New Zealand lowers interest rates to six percent
NEW ZEALAND - The New Zealand Reserve Bank has cut its official cash rate by 0.25 percent to 6 percent following an inflation dip.
Fed decision unlikely to influence ECB rates
EUROPE - Euro-zone interest rates are unlikely to change in response to the Federal Reserve's half point cut in key interest rates. The ECB again defended its decision last week not to reduce rates.
Fed surprises by reducing rates to 4.5%
UNITED STATES - The US Federal Reserve on Apr 18 continued its agressive easing of monetary policy by cutting interest rates by 0.5% for the fourth time this year.
Turk cbank reforms aimed at price stability-Dervis
TURKEY - Turkey's central bank would become a transparent institution with price stability as its primary aim under the reform plan put forward by Kemal Dervis, the economy minister.
Cavallo tries to ease fears over peso re-peg plan
ARGENTINA - Argentine economy supremo Domingo Cavallo is talking to Brazilian business leaders and investors on Apr 18 to try to soothe fears over his new currency plan that unnerved Brazilian markets.
Russian cbank forex controls loosened by Duma
RUSSIA - Russia's lower house of parliament approved on Apr 18 package of measures aimed at easing central bank control over foreign currency operations.