Monday April 21, 2008 - 14:38:05 GMT
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CEP News - www.economicnews.ca
Lower U.S. Interest Rates Could Adversely Affect BOF's Revenue, Says Noyer
09:59 04/21 (CEP News) Frankfurt - Speaking at a news conference in
Paris announcing record profits for the Bank of France on Monday,
French central bank Governor Christian Noyer said that lower interest
rates in the U.S. could adversely affect the French central bankâ€™s
revenue for 2008 as the U.S. dollar remains a main element in the
central bankâ€™s forex reserves.
Noyer, also a member of the
European Central Bankâ€™s Governing Council, found credit conditions were
favourable for French companies, adding that the central bankâ€™s credit
conditions were still relatively dynamic and finance conditions in
France were slightly better than in the rest of the euro zone.
However, Noyer acknowledged the slowdown in property lending.
Earlier in the day, the Bank of France reported â‚¬2,317 billion in net
profits in 2007, the highest in 35 years, due to increases in
investment returns and spending controls.
Previous market commentary suggests Noyer is neutral on inflation and growth.
By Todd Wailoo, [email protected], edited by Nancy Girgis, [email protected]
(END) Â©CEP Newswires - Â©CEP News Ltd. 2008. All Rights Reserved. www.economicnews.ca
Related recent stories: (09:49 04/21) Lower U.S. Interest Rates Could Adversely Affect BOF's Revenue, Says Noyer (09:11 04/21) ECB's Liebscher Sees No Room for Rate Cuts Despite Predominant Growth Risks (Update) (06:22 04/21) UK Economy Heading for "Painful Adjustment", Says E&Y ITEM Club
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