News
Accra tipped to host WAMZ central bank
A random sample of the views of finance ministers, governors and technical advisors of the West African Monetary Zone meeting in Accra concluded that "Ghana is very well placed to becoming the base for the central bank of the WAMZ group."
ECB official unconcerned with euro's strength
Otmar Issing, chief economist of the European Central Bank, said in an interview that the current level of the euro "corresponds to its long-term average". "It is essentially back where it started," he said.
NBC to select auditor for Russian central bank
Russia's National Banking Council will choose an auditor for the Russian central bank on 24 December. There are seven applicants for auditing the central bank's financial statements.
Belgian shareholders to pursue central bank claim
Representatives of minority shareholders in Belgium's central bank said Wednesday they plan to take the case to the European Court of Justice in Luxembourg. They plan to pursue their claim to a share in the capital gains earned from the bank's assets,…
Gold at $400 seen as a factor in central bank pact
According to a report by reuters, a Group of Seven official who has been involved in initial gold talks but did not wish to be identified has said that the feeling (among central bankers) is that with gold near $410, or above $400, there's less concern…
Argentina leader slams IMF, others over debt
Nestor Kirchner criticised the IMF on Tuesday after reports the Fund might delay aid payments to Argentina over the government's hard-line stance as it restructures privately held debt. The Argentine president said he would not cave in to pressure to…
SF Fed says regional economy on the upswing
The San Francisco Fed said in its quarterly update on Tuesday that information from District contacts suggests that the pickup in employment is not transitory but indicative of a more fundamental change in business conditions. The San Francisco Fed has…
Norges Bank reduces interest rates
Norway's central bank (Norges Bank) made a shock cut in interest rates of 0.25 percent points to a record low of 2.25 percent on Wednesday to help revive the sluggish oil-backed economy. It was the eighth cut this year from a high of 7.0 percent.
Review of BoJ's asset-backed securities purchase
The Bank of Japan said on 16 December that it is reviewing the conditions for its purchase of asset-backed securities and will report the result at the next Monetary Policy Meeting.
BoJ leaves policy unchanged, sees slow recovery
The Bank of Japan left its monetary policy unchanged on Tuesday 16 December, reports AFP. It also released its December monthly report saying that it expects the Japanese economy to continue its export-led recovery at a slow pace. Most parts of the…
U.S. inflation still no worry - Fed's Broaddus
In a speech on Monday 15 December Richmond Fed president Alfred Broaddus said a short-term rise in inflation would be nothing to worry about and the prospects of deflation were lower than a few months ago. "Accommodative monetary policy could mean, could…
IMF: Israel's monetary policy too conservative
An evaluation of the Israeli economy by an IMF delegation has concluded that interest rates can continue to fall as the economy is under deflationary pressure, noted the Israel Business Agency, but cuts should be gradual and monetary policy should be…
Zimbabwe to announce new monetary policy
The new governor of the Reserve Bank of Zimbabwe, Gideon Gono, is due to announce a new monetary policy on Thursday 18 December, according to all Africa News. Economists say he has two options: one being to leave the situation to find its own levels or…
IMF agrees to extend Brazil's credit deal
The IMF said on Monday 15 December that it has given Brazil a 15-month extension of its $34 billion loan agreement and will provide $6.6 billion in new funding, according to Associated Press. The Fund also agreed to Brazil's request for more time to…
OECD welcomes back Nauru
The Organisation for Economic Cooperation and Development has removed Nauru from its list of uncooperative tax havens, reports AAP. Nauru announced in June that its tax haven operation was out of business.
Boston Fed's Minehan: Inflation pressures low
Cathy Minehan, president of the Boston Fed, said on Tuesday 16 December that the economic recovery seems to be "picking up steam", according to Reuters, and she suggested the Federal Reserve is content to watch the firming economy, without acting on…
Mexico markets may fall on new tax plan - Ortiz
Mexico's central bank Governor Guillermo Ortiz said on Monday 15 December that a new tax proposal by the opposition could push Mexican financial markets lower, according to Reuters. "A new proposal is being formed and if this proposal contains negative…
Chicago Fed conf. sees US GDP up 4.1 pct in 2004
The Chicago Fed's Economic Outlook Symposium forecast an economic growth rate of 4.1 per cent for the US next year, Reuters reports. Chicago Fed senior economist William Strauss said the consensus outlook among conference participants was for the…
US's Taylor-unsure if IMF will OK Argentine loan
US Treasury Undersecretary for International Affairs John Taylor said on Friday 12 december that it was too soon to tell whether Argentina would win approval for the next instalment of its IMF loan, according to a Reuters report. "There is no way at this…
Brussels stands by legal threat over pact row
Gerassimos Thomas, spokesman for EU monetary affairs commissioner Pedro Solbes, has said according to AFP that the European Commission's position has not changed on the ECOFIN decision to postpone any sanctions against Germany and France for breaking the…
Foreign c banks' slow buying of U.S. debt - Fed
Figures released by the Federal Reserve showed purchases of US debt slowed by foreign central banks last week, according to Reuters. Total holdings of Treasuries and agencies for foreign central banks rose just $102 million to hit another record at just…
IMF met Iraqi officials on rebuilding central bank
Agustin Carstens, IMF Deputy Managing Director, said on Friday 12 December thatthe IMF was working with Iraqi finance officials in Jordan to help with the rebuilding of the central bank and was providing technical assistance, according to Reuters.
Trinidad and Tobago select RTGS provider
The Central Bank of Trinidad and Tobago has awarded a contract to LogicaCMG to implement a Real Time Gross Settlement (RTGS) system and Government Securities Settlement system, reports PRNewswire. The governor of the central bank said, "The…
3,491 opt for early retirement at RBI
The Reserve Bank of India's early retirement scheme, which was introduced recently, has attracted 3,491 applications, according to a Rediff report. The scheme closes at the end of December with official sources saying the "RBI introduced the early…