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Foreign Central Banks 18 ••••••• Foreign Central Banks Percent, daily Trillions of yen Trillions of yen 7 MONETARY POLICY TARGETSa –35 39 BANK OF JAPANb 6 –30 36 5 –25 Current account balances (daily) Bank of England 33 4 –20 Current account balances 30 3 –15 European Central Bank 27 2 –10 1 –5 24 Federal Reserve 0 0 21 –1 5 18 –2 10 15 Excess reserve balances –3 15 Bank of Japan 12 –4 20 9 –5 25 Current account less required reserves 6 –6 30 –7 35 3 –8 40 0 04/01 10/01 04/02 10/02 04/03 10/03 04/04 10/04 04/05 4/1/01 10/1/01 4/2/02 10/2/02 4/3/03 10/3/03 4/3/04 10/3/04 4/4/05 African Currency Unions Central bank Member countries West African Economic and Bank of the West Benin, Burkina Faso, Cote d’Ivoire, Guinea-Bissau, Monetary Union African States Mali, Niger, Senegal, Togo Economic and Monetary Bank of the Central Cameroon, Central African Republic, Chad, Community of Central Africa African States Republic of the Congo, Equatorial Guinea, Gabon Common Monetary Area South African Lesotho, Namibia, South Africa, Swaziland Reserve Bank West African Monetary Zonec The Gambia, Guinea, Ghana, Liberia, Sierra Leone, Nigeria a. Federal Reserve: overnight interbank rate. Bank of Japan: a quantity of current account balances (since December 19, 2001, a range of quantity of current account balances). Bank of England and European Central Bank: repo rate. b. Current account balances at the Bank of Japan are required and excess reserve balances at depository institutions subject to reserve requirements plus the balances of certain other financial institutions not subject to reserve requirements. Reserve requirements are satisfied on the basis of the average of a bank’s daily balances at the Bank of Japan starting the sixteenth of one month and ending the fifteenth of the next. c. Postponed from July 1, 2005 to December 1, 2009. SOURCES: Board of Governors of the Federal Reserve System; Bank of England; Bank of Japan; European Central Bank; and www.banknotes.com. As expected, the Federal Open Market Rejection of the proposed Euro- pegged to the euro and guaranteed Committee raised its overnight fed- pean constitution, inability to agree by the Bank of France but accepted eral funds rate target from 3% to on a multiyear budget for the Euro- only in its own region. The South 3.25% at the end of June. The Bank pean Union, and actual or potential African Reserve Bank administers the of England’s repo rate, maintained breaches of the Union’s debt and rand for the Common Monetary at 4.75% in early June, has been deficit guidelines triggered only inci- Area, although each of the other unchanged since August of last year. dental concerns about the euro’s three members still issues its own In mid-June, the Bank of Japan durability as the common currency of currency pegged to the rand. The retained its target for current account European nations. Anglophone nations of the West balances at ¥30–¥35 trillion, where Commitment to a common cur- African Monetary Zone recently post- it has stood since January 2004. The rency is not unique to Europe. Three poned for four years the introduction European Central Bank left its de- actual and one intended common of the common eco currency, which posit, repo, and loan rates unchanged currency areas operate in Africa. will operate on a par with the CFA at 1%, 2%, and 3% respectively, levels Each parallel central bank of the West franc and be administered by a West first established in June 2003. African and Central African states African Central Bank. FRB Cleveland • July 2005 administers its own CFA franc that is.
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