Growth
Riksbank cuts rates in face of slowdown
Executive board votes to cut benchmark interest rate by 25 basis points to 1% and revise down forward guidance on rates; some members say actions should have gone further
Pakistani minutes show weak economy but low inflation
State Bank of Pakistan minutes show low level of private-sector credit and declining foreign investment behind stagnant economy; inflation lower than expected
Liikanen urges government to strengthen public finances
Bank of Finland governor says public debt reduction is threatened by lower-than-expected economic growth
IMF paper studies SME financing as source of Japanese recovery
Research says restructuring small and medium-sized enterprises and deepening capital markets in Japan would better boost recovery than costly government support
Central Bank of West African States boosts growth estimates
Monetary policy committee praises member states’ investment in agriculture and infrastructure; holds benchmark interest rate
PMA annual report shows economic mismatch between Gaza and West Bank
Palestine Monetary Authority says growth in Gaza Strip ran four times faster than in the West Bank in 2011, but economic gap between regions persists
Oman GDP grows by 22.7% for second year in row
Annual report says domestic demand and higher crude oil prices catalysed growth
ECB lowers growth and inflation forecasts
ECB and BoE hold benchmark interest rates; Mario Draghi warns economic weakness will continue into next year, while inflation is likely to fall below its 2% target
Kosovan annual report notes inflation jump
Inflation and economic growth rate both increase in 2011; bank lending to households rises by 17.7%
RBA cuts rates to three-year low
Reserve Bank of Australia lowers rates despite growth near to trend and inflation likely to overshoot target in short run; dollar strengthens against greenback
Bank of Uganda annual report emphasises adaptation to tough times
Annual report for 2011/12 suggests move to ‘inflation targeting lite’ framework helped bring a spike in inflation under control
Bank of Albania – Annual Report (2011)
Bank of Albania 2011 Annual Report highlights a growing economy and inflation kept in check at 3.5%
Sarb’s Mminele highlights risks to emerging markets from QE
Daniel Mminele says unconventional monetary policy has complicated policy-making for emerging market central banks
Austria’s Nowotny advocates new growth strategy for emerging Europe
Ewald Nowotny says explosive, capital-driven growth model has been discredited in the wake of the financial crisis; suggests more sustainable model is needed
Fed’s Beige Book finds ‘measured’ improvement despite hurricane damage
Survey of economic sentiment maintains cautious optimism in the US in face of hurricane damage and rising fears over ‘fiscal cliff’
BoJ’s Shirai examines link between demographics and monetary policy
Sayuri Shirai says the Bank of Japan has been forced to respond to the twin challenges of an ageing population and a string of economic crises, making monetary policy-making difficult
Bank Indonesia chief says economy strong despite signs of bubbles
Darmin Nasution says Indonesian growth rate ‘one of the highest in the world’, although signs of a property bubble may be emerging
Shirakawa deflects criticism over off-target inflation
BoJ chief says Japan needs stronger growth potential for effect of loose monetary policy to feed through fully; urges government to take action
Bernanke steps up pressure for action on fiscal cliff
Fed chairman warns of damaging effects of uncertainty over ‘fiscal cliff’ on the economy; says plan for long-term debt sustainability would reinforce confidence and promote recovery
RBA’s Stevens plays down Australian growth problems
Glenn Stevens calls talk of an end to the mining boom ‘over-hyped’, while the Chinese economy is not as weak as feared and there are some signs of a recovery in domestic demand
National Bank of Rwanda highlights payments progress
The number of ATMs, points of sale and debit cards in use has grown rapidly
Bank of Portugal forecasts economic contraction of 1.6% in 2013
The Portuguese inflation rate is expected to fall below 1% as the economy contracts next year
Latin American fiscal rules 'have helped some countries'
A study by the Bank of Spain finds the adoption of fiscal rules has helped some Latin American countries to reduce procyclical fiscal policy. But the rules are no panacea
RBA’s ability to forecast put on trial
Discussion paper finds RBA forecasts inflation more accurately than GDP growth