News
Euro rate not major target for ECB says Issing
European Central Bank chief economist Otmar Issing said that the euro foreign exchange rate is not a major target of the ECB's monetary policy strategies but does play an important role in the assessment of price risk.
Russia not to vary currency policy after G7 meet
Russian Central Bank First Deputy Chairman Oleg Vyugin said on Monday 9 February that the bank saw no reason to change its currency policy following last weekend's Florida meeting of the Group of Seven finance ministers and central bank governors.
Currency volatility a growth risk says G7
Exchange rates should be flexible and avoid excess volatility, the Group of Seven (G7) industrial nations said at the weekend.
PBC rejects renminbi revaluation talk
An official at the People's Bank of China has refuted speculation in local media that it may be planning to revalue the renminbi this coming March, allowing China's currency to rise by 5% against the U.S. dollar.
CNB's Tuma sees higher inflation this year
Czech inflation will tick higher this year due to changes in the value added tax agreed by the ruling coalition last week, Central Bank Governor Zdenek Tuma said on Sunday 8 February.
Forex curbs staying in Venezuela, but may be eased
Venezuela will keep its year-old currency controls in place, boosting its foreign reserves, but the government will try to make them more flexible, President Hugo Chavez said on Sunday 8 February.
Central bank chiefs open Hong Kong meeting
Central bank governors began a two-day meeting in Hong Kong Sunday to exchange views on the latest global economic and financial situation as well as exchange rates regimes and plans to combat terrorist financing in the region.
Brazil's Meirelles scotches resignation rumours
Rumours originating in New York this week suggested that Brazilian central bank president Henrique Meirelles was about to resign.
Brash fires Maori MP who criticised his speech
Last week we reported New Zealand National Party Maori MP Georgina te Heuheu's criticism of "Maori bashing" in a speech made by the party's leader, and former governor of the RBNZ, Don Brash. But Brash defended his speech and this week fired the MP.
Ireland names candidate for ECB position
Ireland's Finance Minister Charlie McCreevy proposed Michael Tutty this week as the country's nominated candidate to sit on the Executive Board of the European Central Bank.
Coin chaos in Vietnam as children eat them
The State Bank of Vietnam's recent issue of three new coins turned to disaster when children started eating them after mistaking them for sweets.
Macfarlane's credit card bill rumpus
Australia's newspapers went into overdrive this week after one was able to obtain RBA governor Ian Macfarlane's American Express statements under a "Freedom of Information request". The bank was forced to defend Macfarlane's $249,000 credit card bill,…
Economic outlook 'mixed' at Chicago Fed
Chicago Fed president Michael Moskow gave his first speech of 2004 on Tuesday. But while we're sure he got his message across loud and clear, the bank's own website reported it with a spelling mistake in the title. Or is the US economy in more of a…
'Capitalism is not working'
Former US Treasury Secretary Paul O'Neill's recent book "The Price of Loyalty" contains various quotes attributed to Alan Greenspan. Although his comments on President Bush got much publicity recently, what the Fed maestro had to say was largely…
Gerashchenko's appeal fails
Russia's Supreme Court rejected an appeal from former central bank chairman Viktor Gerashchenko on Friday 6 February over refusal by the Central Electoral Commission to register him a candidate in the upcoming presidential election.
BOK governor to attend BIS meeting
Bank of Korea Governor Park Seung plans to leave for Hong Kong on Sunday 8 February to attend the Asian Central Bank Governors' Meeting held by the Bank for International Settlements (BIS).
Malaysia's Zeti: ringgit peg 'not misaligned'
Malaysia's central bank governor Zeti Akhtar Aziz said on Friday 6 February that the 3.80 to the US dollar ringgit peg is appropriate and that the Malaysian currency is "not misaligned".
CBK 'made history' by posting Sh7 bn loss
The Central Bank of Kenya made a Sh7 billion loss in 1993, described by a witness on Thursday 5 February as abnormal because it was uncharacteristic of a central bank to make losses.
Waring begins RNBZ role
With a Christmas delivery of bulk reports and background material, Professor Marilyn Waring has unofficially started her appointment to the board of the Reserve Bank of New Zealand, reported Massey University's 'Massey News'.
Fed's changes to payments system risk statement
The Federal Reserve Board on Thursday 5 February announced that, beginning in July 2006, it will require Reserve Banks to release interest and redemption payments on securities issued by government-sponsored enterprises and international organizations.
Sveriges Riksbank lowers repo rate by 0.25%
At its meeting on Thursday, 5 February, the Executive Board of the Swedish central bank decided to lower the repo rate from 2.75 to 2.50 per cent.
Argentina's Lavagna to meet IMF's Koehler
Argentine Economy Minister Roberto Lavagna will meet IMF Managing Director Horst Koehler in Miami on Monday 9 February to discuss the second review of a $13.3 billion loan deal, an economy ministry source said on Thursday.
G7 ministers prepare for meeting
Finance ministers of the rich G7 nations are converging on Florida for a weekend meeting that analysts say will produce little concensus.
Bank of England raises rates to 4%
The Bank of England's Monetary Policy Committee voted on Thursday 5 February to raise the Bank's repo rate by 0.25 percentage points. In a statement the MPC highlighted the 'more broadly based' world economic recovery but judged the change was need to…