News
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…
Kenyan inquiry hears of spying claims
The commission inquiring into the Goldenberg affair in Kenya heard testimony from a witness this week that a sophisticated intelligence system was in place at the central bank of Kenya, according to a report by The Daily Nation. The central bank's head…
Peru's central bank chief may face fraud charges
A Peruvian congressional commission voted 6-1 in favour of recommending Congress bring fraud charges against central bank of Peru governor Javier Silva Ruete last Tuesday, according to a Reuters report. The matter refers to Ruete's alleged sponsoring of…
Computer games central bankers play
Computer games aren't just for kids, central bankers play them too. This article published by Bloomberg looks at the recent trend for monetary policy games on central bank web sites. The Bank of Finland has recently developed its own game which Matti…
T&T central bank faces racism case
A powerful organisation of people of Indian origin is to sue the central bank of Trinidad and Tobago, it is reported by PTI. The case apparently centres on Selwyn Cudjoe, a member of the central bank's board of directors, who reportedly made several…
Kansas Fed's Hoenig appointed to Kauffman board
The Ewing Marion Kauffman Foundation's board has named Federal Reserve Bank of Kansas City President Thomas Hoenig as a director, effective immediately, reports the Business Journal. The Foundation supports programs in entrepreneurship and education in…
Calls for RBA board to be 'rejigged'
A National Party Senator has called for the Reserve Bank of Australia's board to be "rejigged" following the RBA's recent rate rise, ABC News reports. He called for the make-up of the Reserve Bank board to be broadened with more rural representation than…
Oct. minutes of Federal Open Market Committee
The Federal Reserve on 11 December released the minutes of its FOMC meeting of 28 October. Federal Reserve policy-makers expressed concerns at their October meeting that the battered job market might not fully recover until at least 2005 even if the…
Letter to Mervyn King from the UK Chancellor
Letter sent to the Governor of the Bank of England, Mervyn King, on the remit for the Monetary Policy Committee and the new inflation target, 10 December. There is also an annex on the new inflation target and the monetary policy framework.
Currency peg puts heat on China's economy: Fed
Federal Reserve chairman Alan Greenspan said on Thursday 11 December that China's currency peg with the US dollar may need to end if it is to prevent its economy from overheating. In a speech to the World Affairs Council of Dallas, reported by Bloomberg,…
Switzerland's monetary policy unchanged
The Swiss National Bank has left interest rates unchanged as it aims to keep the strong Swiss franc in check. The bank said in a statement reported by AFP that the signs of an economic recovery in Switzerland were growing.
Yuan undervalued by 30 pct or more: Japan's Kuroda
China could face a serious asset price bubble or inflation if it does not increase the value of the yuan. Former top Japanese policymaker Haruhiko Kuroda told an IMF seminar, according to a Reuters report: "If the current exchange rate regime is…
Korean central bank OKs reserves proposal
The Bank of Korea said on Thursday 11 December that it would agree to requests by the government to entrust part of the central bank's foreign exchange reserves to a newly proposed state-managed agency, according to a report by joonjang Ilbo. The bank…
Fed minutes suggest low rates until 2005
The Federal Reserve's latest FOMC minutes released on Thursday 11 December, reinforced their regular statement that interest rates could remain low for a "considerable period" saying that they should not raise interest rates until they saw concrete signs…
Kazakhstan to create financial market regulator
Kazakhstan National Bank Chairman, Grigory Marchenko, has said the central bank has decided to establish a special agency to regulate the Kazakhstan financial market, subordinate to the President, in January 2004, according to a report by the Times of…
SARB MPC cuts repo rate by 50 points to 8%
The South African Reserve Bank has cut interest rates to 8 per cent, reports Business day. This brought the total amount of rate cuts to 550 basis points since the first cut this year was announced on June 12.
IMF sees US growth sprinting ahead of eurozone
IMF chief economists Raghuram Rajan has told a German newspaper that the International Monetary Fund had increased its previous forecast for US growth by 0.1 percentage points to 4.0 percent, according to an AFP report.
RBI to set up new payment board
The Reserve Bank of India is to set up a board for payment and settlement systems to provide efficient governance and best practices in risk management, reports the Business Standard. This would ensure that all payments and settlements in the country are…
Bulgaria National Bank gets new network system
The National Bank of Bulgaria will use the technology from Sydney-based Integrated Research (IR) to monitor and manage the national ATM network, according to a report by FinExtra.
CNB governor Tuma says Czech FX reserves too high
Czech National Bank governor Zdenek Tuma said on Wednesday 10 December that Czech foreign currency reserves are too high and were not expected to fall significantly in the near future, reports Interfax. According to Tuma, the central bank cannot reduce…
CBC vows to maintain its independence
Central Bank of China governor Perng Fai-nan has pledged never to implement any measures violating the regulations of the Central Bank of China Law, according to a report by the China Post. Perng made the pledge when he was questioned about the CBC's…
Federal Reserve leaves rates unchanged
The Federal Reserve kept interest rates unchanged at its meeting on Tuesday. In a statement it retained the phrase "considerable period" in reference to its accommodative monetary policy. The FOMC also said the threat of deflation was receding.
ECB no comment on FX intervention rumours
Market rumours that the ECB intervened in the foreign exchange markets were met with a 'no comment' answer on Wednesday 10 December, according to Reuters.
Rate hikes could deflate bubbles - Sweden's Nyberg
Deputy governor of the Sveriges Riksbank Lars Nyberg said on Wednesday 10 December that central banks could use interest rates to prick asset price bubbles. In a speech at an event arranged by the Bank of Indonesia in Jakarta he said that in his view…