Abdul Aziz Al Ghurair Quotes

The RBI is interacting with the banks every day.

And let the Fed sell bonds to bring bank reserves back down to required reserve levels, so we have restraint on bank lending and bank issuances of liability.

The job of the Central Bank is to worry.

Every central banker in the world pays attention to credit growth, but not in the U.S.

There's no other job in public life that is like chairman of the Fed.

Everyone may have some advise for the RBI. Some may advise, 'Cut your lending rates and raise the deposit rate.' How will a bank function? We take a medium term view. The bank has an 80-year-old history. I don't want to destroy it for a few decisions.

Central banking often comes across as obscure and complicated, and we try to help the public understand what we do.

When they so-called 'target the interest rate', what they're doing is controlling the money supply via the interest rate. The interest rate is only an intermediary instrument.

There's no hidden secrets going on in the Federal Reserve...

The Fed is the greatest hedge fund in history.

There is no entity in the world that controls our lives more than the Federal Reserve System

The Fed has one power that is unique to it alone: it enables the creation of money out of thin air. Sometimes it makes vast new amounts. Sometimes it makes lesser amounts. The money takes a variety of forms and enters the system in various ways. And the Fed does this through techniques such as open-market operations, changing reserve ratios, and manipulating interest rates, operations that all result in money creation.

I know very well about the necessary level of reserves of the Central Bank as well as the purpose.

Throughout the 19th century, when there was a laissez-faire mentality and insufficient regulation, you had one crisis after another. Each crisis brought about some reform. That is how central banking developed.

There is a European Central Bank, of course, established and it has the structure similar to the Federal Reserve system, not precisely the same but similar.

Since World War II, inflation - the apparently inexorable rise in the prices of goods and services - has been the bane of central bankers.

The Federal Reserve Act requires the Federal Reserve to report annually on its operations and to publish its balance sheet weekly.

The Fed is the major U.S. firefighter. It's not the Treasury. It's not the Congress. We certainly saw that vividly in 2008.

All the Federal Reserve can do is make loans against collateral.

Obviously, I haven't succeeded in defusing the political concerns about the Fed.

Among other objectives, liquidity guidelines must take into account the risks that inadequate liquidity planning by major financial firms pose for the broader financial system, and they must ensure that these firms do not become excessively reliant on liquidity support from the central bank.

The Congress has had an uneasy relationship with banks and bankers since Alexander Hamilton. It took the United States until 1913 to set up a central bank. The Federal Reserve earned its hard-won independence over years of effort.

The Federal Reserve has never suffered any losses in the course of its normal lending to banks and, now, to primary dealers.

Interest rates are used to achieve overall economic stability.

At the most basic level, a central bank must be clear and open about its actions and operations, particularly when they involve the deployment of public funds.