No country for gold men Nov 14, 2009
So the MPC [monetary policy committee] must look to the medium term when inflation is determined by the path of nominal spending relative to the supply capacity of the economy. To do that the MPC must restore the level of money spending to a path consistent with eliminating the margin of spare capacity, and ensuring that the outlook for inflation is in line with the 2% target. (Asia Times Online)
World Bank 00004000president: inflation a risk to recovery Nov 13, 2009
The bank's monetary policy committee said in a statement that it will stick to its "accommodative policy stance for the time being with an emphasis on sustaining the recovery of economic activity." The wording was broadly similar to last month's statement. SINGAPORE -- Asian economies must handle their monetary and currency policies carefully to avoid unleashing a wave of potentially destabilizing inflation, World Bank President Robert Zoellick said Friday. (Fresno Bee -- Business)
Australian jobs surge; jobless rate at 5.8 percent Nov 12, 2009
The bank's monetary policy committee said in a statement that it will stick to its "accommodative policy stance for the time being with an emphasis on sustaining the recovery of economic activity." The wording was broadly similar to last month's statement. World stocks fall as US jobless rate hits 10. (Fresno Bee -- Business)
UK recovery 'only just starting' Nov 12, 2009
The Bank's rate-setting Monetary Policy Committee (MPC) also kept UK interest rates on hold at 0. 5% for the eighth month in succession. (BBC News -- Business)
Pound Trades Near Three-Month High Against Dollar Before Inflation Report Nov 11, 2009
The Monetary Policy Committee will indicate early rate hikes are unlikely, and also leave the door open for more quantitative easing if necessary, , a strategist at the bank in Singapore, wrote today in a report. With the Bank of Englands policy view having stabilized for now, we think downside for sterling based on policy differentials alone is limited. (Bloomberg -- UK)
Recovery Looks Like `L' Without Job Growth: David Blanchflower Nov 10, 2009
(, a former member of the Bank of Englands Monetary Policy Committee, is professor of economics at Dartmouth College and the University of Stirling. The opinions expressed are his own. (Bloomberg -- Columnists)
* Monetary chaos once again rears its ugly head Nov 7, 2009
The Bank of Englands Monetary Policy Committee (MPC) has often been presented as a pioneer in making monetary policy transparent. But, from an early stage, the transparency that resulted from the early publication of who voted for and against rate increases led to a public identification of members of the Committee as hawks or doves. (Taipei Times, Taiwan -- World)
Savers suffering from low rates Nov 6, 2009
The Bank of England's Monetary Policy Committee held the Bank rate at 0. 5% today for an eighth successive month. (BBC News -- Business)
Bank pumps $41B into UK economy Nov 6, 2009
(FT) -- The Bank of England's monetary policy committee voted on Thursday to expand its vast program to pump cash into the UK economy by 25bn ($41bn), in a sign that it remains worried about the outlook in spite of incipient signs of recovery. As expected, the Bank left interest rates unchanged at 0. (CNN -- World)
BoE set to pump billions into UK economy - again Nov 6, 2009
"The BoE's Monetary Policy Committee today voted to maintain the official bank rate paid on commercial bank reserves at 0.50 pe 00004000 r cent," the central bank said in a statement. "The committee also voted to continue with its program of asset purchases financed by the issuance of central bank reserves and to increase its size by STG25 billion to STG200 billion ($A363.44 billion," it added. (Sydney Morning Herald -- Business)
Bank of England Faces Key Stimulus Decision Nov 5, 2009
The bank's monetary policy committee began its monthly two-day meeting on Wednesday, a day before it announces its latest decision on interest rates and quantitative easing, its strategy of stimulating the economy by inflating the money supply. Markets are waiting to see if the amount will be increased, and if so, by how much. (ABC News -- Business)
Press Release: Statement at the Conclusion of an Article IV Mission to Mauritius Nov 4, 2009
The Monetary Policy Committee (MPC), whose establishment in 2006 was a major step in enhancing the monetary policy framework, appropriately lowered the key policy interest rate last year and earlier this year in the face of weakening activity. Pending further indications on economic prospects, the interest rate should be maintained at its current level, remaining vigilant should inflationary pressures arise as the world economy recovers. (IMF News)
Nigeria: Central Bank Wants Banks to Report Politicians' Deals Nov 4, 2009
The banking watchdog boss, Mallam Sanusi Lamido Sanusi, also said yesterday at the end of the Monetary Policy Committee (MPC) meeting in Abuja that the CBN might soon start buying margin loans to boost lending. The proposed banking regulation, which is a draft manual on anti-money laundering, published on the CBN website, will require banks to report large movements of cash between accounts by PEPs. (allAfrica.com)
The week ahead Nov 3, 2009
THE Bank of England s monetary policy committee meets on Thursday November 5th to consider how to respond to Britain's ongoing recession. Despite slashing interest rates to 0. (The Economist)
Mohi-uddin Heading to Asia for UBS Stays Dollar Bull as Growth Accelerates Nov 2, 2009
Mohi-uddin, who studied under former Bank of England Monetary Policy Committee member at the London School of Economics, said the dollar is unlikely to lose favor among Asian central banks even if it weakens in the next two years. The depth of U.S. capital markets, the lack of strong alternatives and the political importance of America to the region mean the dollar will remain the worlds reserve currency, he said. (Bloomberg -- Asia)
Iceland eases krna strain Nov 1, 2009
While "capital controls are expected to remain in effect for some time, targeted measures allowing partial conversion should reduce outflow pressures significantly", said the monetary policy committee of Sedlabanki. "These measures should facilitate further convergence" of the exchange rates. (Business Report, South Africa)
Economic Outlook: Bank faces quandary Oct 31, 2009
Mervyn King, the governor of the Bank of England, and his colleagues on the monetary policy committee face a quandary this week. They have to decide whether to extend the UKs asset purchase scheme or wait to see if the measures taken so far prove effective in defeating the credit crunch. (FT.com -- Markets)
Household lending in positive territory Oct 30, 2009
Hart said the figures might prompt an interest rate cut when the Reserve Bank's monetary policy committee meets next month. But he believed a cut could be counterproductive unless it went hand in hand with other measures to improve competitiveness and promote savings. (Business Report, South Africa)
Bank Negara leaves OPR unchanged at 2% Oct 29, 2009
KUALA LUMPUR: Bank Negara left the overnight policy rate (OPR) unchanged at 2% after its monetary policy committee meeting yesterday. In a statement yesterday, Bank Negara said the outlook for the global economy continued to be uncertain, with recovery likely to be slow and uneven in view of the ongoing adjustments. (The Star Online, Malaysia -- Business)
UK policy maker dismisses risk of high inflation Oct 27, 2009
LONDON: There is no evidence that the policy of pumping money into the economy known as quantitative easing will trigger unacceptably high inflation, a member of the Bank of England's monetary policy committee said Monday. Adam Posen said in a speech in London that the unprecedented injection into the money supply would help put the British economy on the road to recovery - although it could be a rocky and unpredictable ride. (The Star Online, Malaysia -- Business)
Pound Declines as U.K. May Maintain Economic Stimulus Measures; Gilts Rise Oct 24, 2009
All nine members of the banks Monetary Policy Committee opted to keep asset purchases unchanged at their September and October meetings amid signs of an economic recovery. Governor said in an opinion piece in Scotlands Herald newspaper as recently as two days ago that rates will rise at some point and it would be wise to take this into account. (Bloomberg -- UK)
Q&A: GDP explained Oct 24, 2009
GDP is the principal means of determining the health of the UK economy and is used by the Bank of England and its Monetary Policy Committee (MPC) as one of the key indicators in setting interest rates each month. So for example, if there are concerns the rate of GDP growth is too great and could be inflationary, the MPC is more likely to consider raising interest rates. (BBC News -- Business)
South Africa: Central Banks Holds Rates Steady Oct 24, 2009
SA would emerge from recession at the end of this year, but the anticipated recovery was seen as "tentative" by the Bank's monetary policy committee. Meanwhile Finance Minister Pravin Gordhan told a conference in Cape Town that SA's economy probably contract ed 2% this year, in line with consensus forecasts. (allAfrica.com)
Record recession for UK economy Oct 24, 2009
As the next Monetary Policy Committee (MPC) meeting, at which quantitative easing decisions are taken, is not until 4 November, that would leave it with a week with no extra cash to pump into the economy. The figures were "awful with no positive news" according to James Knightley at ING.. (BBC News -- UK)
Sell Sterling Against Australian Dollar After GDP Drop, Standard Bank Says Oct 24, 2009
The GDP data doesnt help so we expect more quantitative easing at the next monetary policy committee meeting. . (Bloomberg -- UK)
South Africa Reserve Bank keeps interest rates on hold Oct 23, 2009
Mboweni said the economy was recovering, albeit slowly, while the overall risks to inflation had not changed much from the monetary policy committee meeting in September. He warned, however, about the impact of big power price hikes. (Business Report, South Africa)
Mboweni 'feels good' Oct 23, 2009
Out-going governor of the SA Reserve Bank (SARB) Tito Mboweni said he felt "good" after delivering the rates decision of the Monetary Policy Committee for the last time on Thursday. Mboweni (50) will leave the SARB next month after a decade as governor, declining an offer from President Jacob Zuma to serve a third term. (iAfrica.com)
Theater Move to Post Office Irks Irish Oct 23, 2009
The pound soared yesterday on news that the Bank of Englands Monetary Policy Committee (MPC) had. Breaking News. (Newsmax)
China May Add 11 Million Jobs This Year as Economic Recovery Gathers Pace Oct 23, 2009
the academic member of the central banks monetary policy committee, said yesterday in an interview in Toronto that the fiscal stimulus must continue for another year to allow for a full recovery in 2011. . (Bloomberg -- Asia)
No mercy from Mboweni Oct 23, 2009
The South African Reserve Bank's (SARB's) Monetary Policy Committee (MPC) on Thursday decided to keep the repo rate unchanged at 7. 0 percent. (iAfrica.com)
Pound soars on Bank meeting notes Oct 22, 2009
The pound has rallied after the Bank of England said its monetary policy committee voted 9-0 earlier this month not to pump more cash into the economy. The pound got as high as up 1. (BBC News -- Business)
Can the World Agree on a Stimulus Exit Plan? Oct 22, 2009
"An unruly rush to the exits is no better in a global financial crisis than in a crowded theater," wrote Adam Posen, a member of the Bank of England's Monetary Policy Committee, in the Financial Times in September. Though governments are aware of the dangers of an uncoordinated exit, they also prefer to keep their options open since they must also address domestic political concerns. (Time.com)
South Africa: Repo Rate Likely to Remain Unchanged Oct 22, 2009
Pretoria Economist have predicted that the repo rate will remain unchanged when the Reserve Bank's Monetary Policy Committee (MPC) makes its decision later today. Reserve Bank Governor Tito Mboweni, who is to be replaced by Gill Marcus next month, will announce the MPC's decision at 3pm. (allAfrica.com)
King moots breaking up banks Oct 22, 2009
" King gave no indication in his speech whether the central bank would expand its bond-purchase programme next month. The bank's rate-setting monetary policy committee has lowered the benchmark rate to record low of 0.5 percent this year. King wrote in Scotland's Herald newspaper yesterday that interest rates were "extremely low" and warned Britons to prepare for increases "at some point". He did not know when rates would return to "more normal levels", but said "it would be wise to take this... (Business Report, South Africa)
Sterling gains on firm tone from Bank Oct 22, 2009
As widely forecast, the minutes revealed that the nine-strong monetary policy committee earlier this month. EDITORS CHOICE. (FT.com -- Markets)
South Africa: Monetary Policy Committee Meets in Pretoria Oct 21, 2009
com: South Africa: Monetary Policy Committee Meets in Pretoria (Page 1 of 1) ... Monetary Policy Committee Meets in Pretoria ... Pretoria The Reserve Bank's Monetary Policy Committee (MPC) will kick off a two-day meeting in Pretoria today to discuss whether the repo rate should be changed considering the current economic climate. (allAfrica.com)
Farewell gift from Tito? Oct 21, 2009
There has been speculation on whether the Reserve Bank's monetary policy committee will decrease interest rates on Thursday. The MPC sat on its hands in an announcement made on 29 September that left the repurchase rate unchanged at seven percent. (iAfrica.com)
Bank of England warns economic recovery path not smooth Oct 21, 2009
Economists said the comments, reported in the Financial Times newspaper over the weekend, suggested that the asset purchase program could be extended when the central bank's nine-member monetary policy committee meets next month ... He added that the monetary policy committee would continue to make its decision month by month. (The Star Online, Malaysia -- Business)
Double blow expected to strain consumers' pockets Oct 20, 2009
The Reserve Bank's monetary policy committee (MPC) is unlikely to make a further cut in its 7 percent repo rate on Thursday, after a 5 percentage point reduction since December last year. And, next week, Finance Minister Pravin Gordhan is expected to announce a much bigger budget deficit than the one projected by his predecessor Trevor Manuel at the time of the February budget. (Business Report, South Africa)
Mboweni ready for last meeting Oct 20, 2009
Tito Mboweni will chair his last meeting of the Reserve Bank's monetary policy committee (MPC) starting tomorrow. The governor has served two terms and is due to retire next month. (Business Report, South Africa)
Financial system yet to recover: UK official Oct 19, 2009
BEIJING, Oct. 19 -- The Bank of England must continue its policy of quantitative easing (QE) because the financial system has yet to recover fully, United Kingdom Monetary Policy Committee member Adam Posen said Sunday. He said that regulators should consider limiting the size of banks to avoid a repeat of the credit crisis. (Xinhuanet, China)
Pound at three-week high on QE relief Oct 16, 2009
Monetary policy committee member told the Financial Times that the asset purchase programme was having the scale and speed of impact that we would have hoped for when we started in March. EDITORS CHOICE. (FT.com -- Markets)
Why Investors Should Bet Against the Dollar Oct 13, 2009
Three days after the Reserve Bank of Australia unexpectedly raised interest rates, the monetary policy committee of South Korea's central bank held a meeting. The Oct. 9 gathering was closely followed because the Australian move raised expectations that other central banks would also tighten. (Time.com)
Pound Declines on Interest-Rate Outlook; Lloyds Cuts Forecast for Currency Oct 10, 2009
The Bank of Englands nine-member Monetary Policy Committee left its bond-purchase program unchanged at 175 billion pounds yesterday. The Committee expects the announced program to take another month to complete, it said in a statement accompanying the decision. (Bloomberg -- UK)
The Lost Generation Oct 10, 2009
Governments should act now before the damage gets even worse, argues David G. Blanchflower, an economist at Dartmouth College who recently served on the Monetary Policy Committee of the Bank of England. He's not sure what will work, but he favors trying everything from subsidizing education and training to cutting minimum wages for young people and trainees. (BusinessWeek)
Global oil demand seen rising amid recovery Oct 9, 2009
The Bank of Korea announced that its monetary policy committee decided to keep the benchmark seven-day repurchase rate at 2 percent at a monthly policy meeting. The decision was in line with the expectations. (Fresno Bee -- Business)
BoE keeps ultra-loose policy, Nov key Oct 9, 2009
Focus has now switched to the November meeting when the Monetary Policy Committee will have new economic forecasts, though most analysts do not expect the BoE will change policy then either given Britain may now be emerging from recession. "Right now we believe they will announce no further additions to the purchase programme in November, but much will depend on the economic news between now and then," said George Buckley, chief UK economist at Deutsche Bank. (India Times)
Bank of Korea Keeps Key Rate at Record Low Oct 9, 2009
The Bank of Korea announced that its monetary policy committee decided to keep the benchmark seven-day repurchase rate at 2 percent at a monthly policy meeting ... The bank's monetary policy committee, however, in a statement on the decision stuck to similar wording used last month, saying that it would keep in place its "accommodative policy stance for the time being." It cited lingering "uncertainty as to the economic growth path.". (ABC News -- Wire)
UK interest rates remain on hold Oct 9, 2009
Analysts were in agreement that the key issue was now whether QE does end next next month, or whether the Bank's Monetary Policy Committee announces after its October meeting that it will be extended. "It is as yet early days in gauging the effect of the QE programme so far, but companies are still facing serious constraints in their financing, so the Bank must take no risks in ending the programme prematurely," said CBI chief economic adviser Ian McCafferty. (BBC News -- Europe)
BOE's `False Dawn' Concern May Prompt Bigger Bond Plan Debate, Gieve Says Oct 8, 2009
The Monetary Policy Committee will keep the asset purchase plan at 175 billion pounds ($278 billion) at their decision today, according to all 42 economists in a. The immediate risk that theyll be very aware of is a false dawn, said Gieve, who left the central bank at the end of February. (Bloomberg -- UK)
Tories want 'best' migrants in UK Oct 7, 2009
CBI director general Richard Lambert said that when he was a member of the Bank of England's Monetary Policy Committee, which sets UK interest rates, "we had no idea about the flow of immigrants into our country and what was happening to inflation as a result. Not a clue". The Monetary Policy Committee, he added "at the time was flying blind". (BBC News -- Europe)
Global markets speculate on rate rising cycle Oct 6, 2009
In South Africa the focus is still on whether there will be a final rate decrease from the current 7 percent level when the Reserve Bank's monetary policy committee (MPC) meets in two weeks time, after a 5 percentage point cut since December. The country lags other economies and there is pressure on the MPC to make a further cut. (Business Report, South Africa)
To cut or not to cut? Oct 5, 2009
"We expect inflation will be back in range early next year and the Monetary Policy Committee has shown sensitivity towards economic growth. If the recovery does falter, then we could be in for another 50 basis point cut," she said. However, Absa Capital's economists said in a note after the release of the credit data that from a monetary policy perspective there is very little evidence of demand-driven inflationary pressures, where the main risks to the inflation outlook emanate from cost-push... (iAfrica.com)
Pound Falls Against Dollar as Stocks Drop Amid Economic Recovery Concern Oct 4, 2009
The Bank of Englands nine-member Monetary Policy Committee was unanimous in leaving its asset-purchase program at 175 billion pounds at its Sept. 10 meeting. King had pushed for an increase to 200 billion pounds in August. (Bloomberg -- UK)
Nigeria: Farida's Call for Psychiatric Test Unfortunate - Senate President Oct 4, 2009
Moghalu as the Deputy governor of Central Bank of Nigeria (CBN) and five members of the apex bank's Monetary Policy Committee (PMC), while the senate committee on Niger Delta is to screen Mr. Joe Jakpa as a member of the NDDC.. comments. (allAfrica.com)
Off with their blinkered heads Oct 1, 2009
A few weeks ago, three more of her majesty's loyal subjects at the LSE, among the Tim Besley, a member of the Bank of England's monetary policy committee, also apologized and begged their sovereign for forgiveness. "Everyone seemed to be doing their job properly on its own merit. And according to standard measures of success, they were often doing it well ... the failure was to see how collectively this added up to a series of interconnected imbalances over which no single authority had... (Asia Times Online)
Lead indicator points to frail recovery: economist Sep 25, 2009
Bishop saw the July data as "a strong argument" for a half percentage point cut in the Reserve Bank's repo rate at next month's meeting of the monetary policy committee (MPC). The MPC held the repo rate at 7 percent on Tuesday after 5 percentage points of cuts since December. (Business Report, South Africa)
Bank of England sees recovery, warns of false dawn Sep 24, 2009
So even as all nine officials on the Monetary Policy Committee agreed not to expand the money supply program - dubbed quantitative easing - any further in September, they did not rule out a future increase. The quantitative easing program, in which the central bank buys assets from banks to flush the system with cash, was increased in August by STG50 billion ($93. (Sydney Morning Herald -- Business)
BOG Holds Benchmark Interest Rate at 18.5% Sep 24, 2009
The Monetary Policy Committee (MPC) on Wednesday held the prime rate at 18. 5 per cent, citing signs of improvement and stablisation in the economy. (Ghana Web, Ghana)
SARB stutters Sep 24, 2009
The Monetary Policy Committee (MPC) of the SA Reserve Bank (SARB) left interest rates unchanged on Tuesday. The key repo rate remained at seven percent while the prime rate stayed at 10. (iAfrica.com)
Kenya: Economy May Not Meet 3.5 Percent Target Sep 24, 2009
And in another meeting on Wednesday, the Monetary Policy Committee (MPC), the country's top economic advisory body, also pointed to an expected slowdown in growth. In statement relayed to newsrooms, the committee, which had met to review the country's economy and lay out policies to accelerate its growth, said agriculture, livestock and energy dependent sectors have been adversely affected by the drought. (allAfrica.com)
Deficit on the decline - Governor Sep 24, 2009
Speaking at a press conference after a meeting of the Monetary Policy Committee, Dr Acquah said the overall budget operations for the first eight months of the year resulted in a narrow cash deficit (including grants) of GH901. 55 million (4. (Ghana Web, Ghana)
Ghanas economy stabilizing ... Sep 24, 2009
Addressing a press conference at the Banks headquarters in Accra, out-going governor, Dr. Paul Acquah, who was giving his final press conference as chairman of the central banks Monetary Policy Committee (MPC) said, latest surveys show more positive assessment of the general macroeconomic outlook; and a rebound in both business and consumer confidence, with some downward revision of inflation expectations. According to him, data from the Banks Composite Index of Economic Activity (CIEA)... (Ghana Web, Ghana)
Mboweni keeps interest rates unchanged Sep 23, 2009
"The monetary policy committee is of the view that the risks to the inflation outlook appear to be fairly evenly balanced," Mboweni told a news conference after the policy meeting ended. "Given the current policy stance, inflation is expected to continue moderating and to return to within the inflation target range during the forecast period.". (Business Report, South Africa)
It's property time! Sep 23, 2009
The Reserve Bank has probably cut interest rates for the last time this year, which means it is time for cautious or hesitant home buyers to take the leap and enter the market, said Brian Falconer, CEO of Colliers Residential on Tuesday, in response to the decision by the bank's Monetary Policy Committee to hold the interest rate at seven percent. Falconer said since December R3555 had been put back in the pockets of bondholders for each million loaned. (iAfrica.com)
