Credit expansion slows down in October Nov 12, 2009
By the end of October, the broad money supply, or M2, grew 29. 42 percent year on year to 58. (People's Daily Online, China)
Suriname-2009 Article IV Consultation Concluding Statement of the IMF Mission Nov 3, 2009
Similarly, broad money growth, after cresting at 33 percent in 2008Q1, decelerated to 8 percent in 2009Q1, before picking up to 19 percent in August 2009. Since 2007, the CBvS has kept the effective reserve requirement on domestic currency deposits at 15 percent and that on foreign currency deposits at 33. (IMF News)
Indian market worth the premium: CLSA Nov 3, 2009
We saw that in Japan, we have seen that in the US in the past year, but you dont see broad money supply or credit aggregates expanding. So, in the US today, you have a big pickup in the monetary base, but bank lending is declining on an annualised basis. (India Times)
Eurozone lending contracts for the first time: ECB Oct 28, 2009
"There are still few signs that the ECBs unlimited provision of liquidity to banks is prompting any pick up in eurozone broad money and lending," Capital Economics economist Ben May commented. Growth in lending has slowed since December 2007, and initially was the result of weaker demand as the economy cooled off and went into recession. (Yahoo! Asia News)
Finance and Economic Growth, Remarks by First Deputy Managing Director John Lipsky Oct 20, 2009
Scholars from a variety of perspectives found evidence suggesting significant growth-enhancing effects from financial development, typically measured in terms of either credit or broad money measures relative to GDP. Increasingly, policy proposals to encourage financial systems development moved to center stage, for example in the World Bank s Doing Business Indicators, which include several proxies for the efficiency of credit contracts. Two other research streams also contributed to the shift... (IMF News)
Goldman's Tilton Says Fed Has Time to Shrink Balance Sheet as Credit Slows Sep 23, 2009
The deceleration of broad money and credit growth suggests little risk of inflation in the near term. . (Bloomberg)
Press Release: IMF Executive Board Approves US$21.5 Million PRGF Arrangement for the Union of the Comoros Sep 22, 2009
Press Release: IMF Executive Board Approves US$21. 5 Million PRGF Arrangement for the Union of the Comoros. (IMF News)
Public Information Notice: IMF Executive Board Concludes 2009 Article IV Consultation with the Socialist People’s Libyan Arab Jamahiriya Sep 22, 2009
Broad money growth accelerated to about 48 percent in 2008, reflecting the substantial increase in net foreign assets and the rapid increase in public expenditure, including on-lending by the Specialized Credit Institutions(SCIs). The latter accounted for almost 50 percent of outstanding credit. (IMF News)
Money-supply data: Narrow success, broad concerns Sep 9, 2009
Second, there are likely to be lags between the implementation of the policy and growth in broad money. Banks have to be confident enough to lend and companies and individuals must want to borrow. (The Economist)
Trichet: Crisis Not Over Yet; Recovery to Be Uneven Sep 5, 2009
Trichet said Friday that the timing of an exit strategy from special measures will also depend on developments in broad money aggregates that, under normal circumstances, serve as a guide for future inflation ... "The exit strategy, in the end, will need to be invoked at the precise time in which the traditional link between broad money and our provision of liquidity to the banking system will reestablish itself," Trichet said ... Growth in M3 broad money in the euro zone slowed to a record low... (SmartMoney)
Global economic crisis contracting - Duffuor Aug 26, 2009
The Finance Minister said broad money supply expanded moderately by 1. 9 per cent in the first quarter and by 2. (Ghana Web, Ghana)
Biological tweakto Adam Smith Aug 12, 2009
Then in 1993, Greenspan abandoned monetary targets, allowing broad money supply to expand rapidly. Since politicians also liked rapidly expanding money supply and low interest rates, they "fixed" the price statistics in 1995-96 through the Boskin Commission, inventing the fictitious "hedonic pricing" by which improvements in computer processor power speeds were allowed to feed through directly into lower price indexes. (Asia Times Online)
The borrowers return Jul 31, 2009
He says it is vital to identify whether the collapse in broad money growth since the onset of the credit crunch and particularly in lending to the non-financial sector is cyclical or secular. You have viewed your allowance of free articles. (FT.com -- Markets)
RBI lives up to its reputation Jul 29, 2009
Year-on-year broad money growth is 20% and likely to grow further as a consequence of the RBIs open market operations. In a scenario where GDP is expected to grow at 6%, even assuming an upward bias, the kind of growth in money supply should be more than adequate to oil the wheels of the economy. (India Times)
'RBI may keep rates unchanged' Jul 27, 2009
There is significant excess liquidity in the system, broad money (M3) growth has been relatively steady at about 20% yoy, financial conditions are extremely loose with our GS-FCI has loosening by 550 bps since November while credit spreads have fallen to pre-September levels and more importantly, inflation is showing a sequential uptick, especially in the various CPI indices. For all these reasons, we expect the RBI to stand pat, said Tushar Poddar, Vice President Economist, Goldman Sachs... (India Times)
Unusual times call for Bernanke measures Jul 26, 2009
The surge in the monetary base, which consists of currency and bank reserves, does not necessarily translate into broad money growth. (Republican Congressman Ron Paul, the Texas libertarian who would like to do away with the Fed, wasn't buying. (Business Report, South Africa)
Public Information Notice: IMF Executive Board Concludes Article IV Consultation with Ghana Jul 19, 2009
This expansion continues to reflect local deposit mobilization, with broad money up 28 percent on the same basis ... Velocity of broad money. (IMF News)
Public Information Notice: IMF Executive Board Concludes 2008 Article IV Consultation with Djibouti Jul 10, 2009
Broad money growth slowed down to 9. 6 percent due to a lower accumulation of banks foreign assets. (IMF News)
Press Release: IMF Executive Board Approves US$1.57 Billion Stand-By Arrangement for Bosnia and Herzegovina Jul 9, 2009
Press Release: IMF Executive Board Approves US$1. 57 Billion Stand-By Arrangement for Bosnia and Herzegovina. (IMF News)
Inflation up a tad, but still negative Jun 26, 2009
The growth in broad money (M3)an indicator of liquidity in the systemwas over 20% year-on-year in May, way above the central banks target of 17. Read business stories in. (India Times)
Revival brings back inflation fears Jun 17, 2009
The growth in broad money (M3) was over 20% on a year-on-year basis in May, way above the central banks target of 17%, hinting at the excess liquidity in the system. While recovery is not yet visible on the export front, industrial production is beginning to do better and an improvement in domestic and global investment climate is happening. (India Times)
Public Information Notice: IMF Executive Board Concludes 2009 Discussion on Common Policies of Member Countries of the Eastern Caribbean Currency Union May 22, 2009
In percent of broad money ... 4/ In relation to broad money at the beginning of the period. (IMF News)
Press Release: IMF Executive Board Completes First Review Under Serbia's Stand-By Arrangement and Increases Financial Support to 2.9 Billion May 16, 2009
Press Release: IMF Executive Board Completes First Review Under Serbia's Stand-By Arrangement and Increases Financial Support to 2. Free Email Notification. (IMF News)
Press Release: IMF Executive Board Approves 12.9 Billion Stand-By Arrangement for Romania May 5, 2009
Press Release: IMF Executive Board Approves 12. 9 Billion Stand-By Arrangement for Romania. (IMF News)
Ghana Wrestles with Her Bretton Woods Suitors Apr 30, 2009
For instance Dr. Duffuor mentions the subsequent sharp growth in M2+ (the measure of broad money supply, inclusive of foreign currency deposits) as one of the buttressing empirical factors. But it would be easy to point to another macro-critical indicator: the currency/M2+ ratio, which appears to have experienced only stable growth, suggesting that no disproportionate impact on inflationary liquidity was evident. (Ghana Web, Ghana)
How Kufuor Destroyed Ghana's Economy Apr 28, 2009
Since the introduction of the new Ghana cedi by the past NPP government; the cedi has witnessed a significant depreciation in its value"- Dr. Kwabena Duffuor Billions of dollars spent to prop up the Ghana cedi between July 2007 and December 2008, yet the currency lost 31% of its value "The currency had depreciated significantly long before the advent of the NDC Government,"- Finance Minister. By William Sarpong The past New Patriotic Party (NPP) Administration has been accused for being... (Ghana Web, Ghana)
Public Information Notice: IMF Executive Board Concludes 2008 Article IV Consultation with the Czech Republic Apr 15, 2009
Free Email Notification. Receive emails when we post new items of interest to you. (IMF News)
Nigeria: CBN Cuts Interest Rate to Boost Lending Apr 9, 2009
Soludo said provisional data indicated that broad money (M2) declined by 1. 14 per cent in February 2009 over the end-December 2008 level. (allAfrica.com)
Press Release: IMF Executive Board Approves US$229.2 Million Stand-By Arrangement for Mongolia Apr 2, 2009
The shock to the economy has also led to a retrenchment of credit; broad money has fallen by 14 percent since mid-2008, and the banking system came under stress. Program Summary. (IMF News)
Beyond the dollar Apr 1, 2009
Broad money supply, whether measured. by M2 or the St Louis Fed's MZM, has risen at annual rate of 17% in the six months through March 16, before the start this week of the Fed's potentially hyper-inflationary purchase of US$300 billion of Treasury bonds over the next six months. (Asia Times Online)
Questions and Answers on the IMF Pakistan Program Apr 1, 2009
Despite improved confidence, credit and broad money demand growth have been somewhat slower than originally envisaged. The end-December fiscal deficit target, which proved challenging, was achieved through a combination of revenue and expenditure measures. (IMF News)
Assigning the blame Mar 25, 2009
With broad money supply increasing at an annual rate of more than 15% even before this latest extravaganza, all hope of monetary moderation has been lost. The late Fed chairman William McChesney Martin famously defined the Fed's job as "taking away the punchbowl just as the party gets going". (Asia Times Online)
Few Red Flags Over Ghana's Budget Mar 11, 2009
As if on cue Broad Money swelled by 40% (compared to 36% in 2007 another expansionary year), according to the Minister, on a basis of trade and consumption. Confronted with what appeared to them to be an overheating economy, Dr. Duffuor and his team appear to have relegated single-digit inflation from the foreground to a medium-term goal; and prioritized current account deficit reduction, fiscal management strengthening, coordination of fiscal and monetary policy and the... (Ghana Web, Ghana)
* Chinas long-term economic test Mar 8, 2009
Stimulated by the relaxed monetary policies, the decreasing rate of growth of Chinas broad money supply X M2 X stopped at 14. 8 percent last November and rebounded to 18. (Taipei Times, Taiwan -- World)
Now for something different Mar 6, 2009
On the face of it, the M4 measure of broad money (cash and deposits) has been growing fast ... By contrast, the broad money held by households has risen at a worryingly slow rate over the past year, and holdings by private non-financial firms have actually been dropping (see chart) ... That in itself would raise the broad money supply as the central bank pays for its purchases from institutional investors such as insurance companies. (The Economist)
Key figures in gov't work report by Chinese premier Mar 5, 2009
-- The government will increase the broad money supply by about 17percent and grant over five trillion yuan in additional loans. -- The central government will allocate 130 billion yuan for recovery and reconstruction in regions affected by the May 12 earthquake last year. (Xinhuanet, China)
Press Release: IMF Executive Board Approves US$3.8 Million PRGF Arrangement for São Tomé and Príncipe Mar 4, 2009
Strengthening and deepening the financial sector and improving the investment climate should be given high priority," Mr. Portugal said. The PRGF is the IMF's concessional facility for low-income countries. PRGF-supported programs are based on country-owned poverty reduction strategies. These strategies are adopted after an inclusive process involving civil society and development partners and articulated in a Poverty Reduction Strategy Paper (PRSP). This is intended to ensure that... (IMF News)
Inflation: Hidden Giant Waiting to Attack? Feb 22, 2009
Evidence shows that the broad money supply (M3) is back on the rise, including growth in the required reserves at depository institutions, hinting that the velocity of money is rising again (aka lethargic rabbits start running), with some believing that double digit inflation may be seen later this year. Adding to the problem is the fact the Federal Reserve may begin monetizing Treasury debt due to the likely drop off of foreign demand in US Treasuries, which we are already seeing. (Motley Fool)
Zimbabwe has no plan to adopt rand - Gono Feb 11, 2009
Gono gave no updated inflation figures in his policy statement, but did say that broad money supply growth had risen from 81 000 percent in January last year to 658 billion percent in December, according to the Zimbabwe Independent. This is an indication of the rate at which the central bank is printing money - at a time when the real economy is shrinking. (Business Report, South Africa)
Press Release: IMF Executive Board Approves US$50 Million Disbursement to the Federal Democratic Republic of Ethiopia Under the Exogenous Shocks Facility Feb 9, 2009
"The authorities are urged to continue to implement their adjustment policies forcefully. This would enhance the basis for sustainable economic growth. In the current global economic environment, there are significant risks that exports, remittances, and foreign direct investment may fall short of expectations. If this proves to be the case, additional policy tightening will be needed to preserve the viability of the balance of payments. "Together with stepped-up assistance from Ethiopia's other... (IMF News)
Press Release: IMF Approves ?402.5 million Stand-By Arrangement for Serbia Feb 9, 2009
Press Release: IMF Approves 402. 5 million Stand-By Arrangement for Serbia. (IMF News)
