Interest rates
BoJ paper finds noisy reference rate can create volatility
Working paper studies effect of reference rates on stabilising or destabilising interbank markets; finds noise in rates reported by large banks can feed volatility and impair monetary policy
Ingves defends position on rate-setting
Sveriges Riksbank governor insists in the absence of other instruments monetary policy should deal with potential risks of household indebtedness
Malawi minutes explain rate rise
Interest rate increased by 400 basis points as inflation hits 30.6% and the Malawian currency depreciates ‘faster than expected’
Fed paper examines commodity price correlation
Study find lower interest rates capable of smoothing price divergences
Interest rate cut finally passes in Poland
Polish central bank’s monetary policy council agrees to cut rates by 25 basis points to 4.5%, after proposed cut mentioned in fourth successive meeting
Bank of England MPC unanimously rejects QE
Minutes from the Monetary Policy Committee’s meeting show debate about the potential effects of further asset purchases; unanimous vote to maintain programme level and hold interest rate
Nigeria commits to tight monetary stance
Interest rate held at 12% despite decline in growth and core inflation
Interest rates ‘too blunt’ to address financial stability, says Chilean governor
Chile’s Rodrigo Vergara says rates are often not the most efficient instrument to tackle financial stability issues
BIS’s Caruana warns of low interest rates risk
Jaime Caruana says low interest rates have created a ‘first-mover disadvantage’ that prevents rates rising and could fuel financial instability
Svensson sheds light on Riksbank division
Sveriges Riksbank deputy governor explains schism in central bank’s monetary policy committee; says choice of repo-rate path is flawed
External members again dominate Hungary’s monetary council
The council’s four external members outvote the governor and his two deputies for the third consecutive meeting, minutes show
Fed could extend asset purchases, minutes show
Some FOMC members say additional asset purchases likely to be needed next year to generate sustained improvement in labour market
Icelandic rates raised as 2013 growth prospects strengthen
Inflation is lower than monetary policy committee expected; likely to be offset by spare capacity and low exchange rate
Russia holds interest rate as indicators stabilise
Russian central bank board of directors say inflation has fallen to 6.4% and economic activity has slowed
Europe more fiscally balanced than US, Japan and UK, says Draghi
ECB president says euro area has made ‘amazing’ progress with fiscal consolidation
Kenya eases policy with 200bp rate cut
Central bank says financial stability has created conditions for monetary policy to be gradually eased; interest rates cut by 5.5 percentage points in two months
Riksbank minutes reveal further rate cut rejected
Board members vote to hold interest rate at 1.25% despite two deputies' reservations
BoJ paper evaluates zero interest rates in 1990s
Bank of Japan study considers the impact of zero interest rates and quantitative easing during the 1990s; says it had expansionary effects
Zambia rate rise to suppress excess liquidity
Bank of Zambia monetary policy committee increases interest rate to combat a range of inflationary pressures
IMF study analyses Asian monetary policy channels
Research published by the IMF examines monetary policy transmission mechanisms in Asia; questions whether interest rates are determined by global factors
Uganda cuts rates to 12.5% in bid to spur domestic economy
Bank of Uganda cuts benchmark rate to 12.5% in bid to boost domestic growth as inflation falls within medium-term target
Finland paper advocates partial commitment to inflation targeting
Bank of Finland study warns of dangers involved in ‘over-committing’ to interest rate adjustments in reaction to price changes; suggests short-term reactions may be appropriate
Korean governor wants domestic demand boost
At the latest Bank of Korea financial council meeting, Kim Choongsoo calls for increase in long-run domestic demand; bank presidents raise concerns over SME business environment
Poland minutes show further monetary policy division
Polish Monetary Policy Council split on decision to hold interest rate at 4.75%; third successive meeting where interest rate cuts are proposed but rejected