News
Chicago Fed's Moskow: Rates to stay low
Michael Moskow said on Thursday 13 November, according to Reuters, that the Federal Reserve plans to keep interest low for a considerable period of time. The Chicago Fed President, who is a voting member of the FOMC, told a panel discussion "All of the…
IMF's Rajan says China should not wait on yuan
IMF chief economist Raghuram Rajan said in an interview, published by Reuters, that a move towards more flexible exchange rates by China would benefit both the Chinese and global economies. Rajan, a former University of Chicago academic, said two options…
Putin praises CBR's ruble exchange rate policy
Russian President Vladimir Putin praised the central bank's exchange rate policy on the ruble, according to Prime-Tass, saying that policies "are justified by the situation in Russia". Putin made the comments during a meeting with IMF chief Horst Koehler…
Germany, France confirm euro zone rebound
Data released on Thursday 13 November showed that both Germany and France grew in the third quarter of this year, according to Reuters, with Germany pulling out of its second recession in two years, expanding 0.2 percent and France seeing growth of 0.4…
BOT assets 'safe' from weak dollar
Assistant governor of the Bank of Thailand, Tasna Rajatabhoti, said on Wednesday 12 November that the weak dollar will not have a significant impact on the value of the BOT's foreign assets, according to The Nation. She said the central banks of many…
Malta central bank cuts growth forecast for 2003
The central bank of Malta has revised its growth forecast for the country to between 1 and 1.3 percent for 2003, according to the Times of Malta. In its annual report published in April it had previously forecast real GDP growth of 3.1 - 3.7 percent.
Ireland to consider stability pact reform
Mary Harney, the leader of Ireland's Progressive Democrat Party and Minister for Trade, has said that the EU's stability and growth pact will be considered in detail when Ireland holds the EU Presidency next year, according to the Irish Independent. She…
Russia central bank deputy fears capital flight
The deputy governor of Russia's central bank, Oleg Vyugin, has said Russia could experience a significant increase in capital flight to $13 billion in the second half of this year, accrding to Reuters, but he added that he could not definitively link the…
Mboweni sees bumpy road to African central bank
South African Reserve Bank governor Tito Mboweni has struck a cautious note on the idea of a single African currency, reports All Africa News. He pointed out in a recent speech that intra-continental trade was extremely disappointing, thereby making it…
Brazil's central bank warns over email fraud
The central bank of Brazil has warned the public against an email fraud scheme which asks people to register personal details about their bank accounts, with the email supposedly from the central bank, according to a report by Business News America.
HKMA moves to weaken Hong Kong dollar rate
The Hong Kong Monetary Authority continued selling HK dollars on Wednesday 12 October and buying about US$100 million, according to a report by Dow Jones. The move further weakened the HK dollar against the US dollar which was already declining following…
ECB's Issing: Rule breaking undermines euro
Otmar Issing, the ECB's chief economist, has said in an interview reported by AFP that the stability and growth pact is an important institutional part of monetary union and it is a major concern if it is put into doubt. Asked whether the ECB could…
Bank of England raises growth forecast
Mervyn King told the Bank of England's quarterly inflation report press conference on Wednesday 12 November that "There is a risk that heavily-indebted households will be badly affected by changes in economic circumstances or interest rates", Reuters…
Snow says US economy on a 'rising road'
US Treasury Secretary John Snow has said that the US economy is on a rising road and is getting stronger every day. In a speech to the Arizona Chamber of Commerce, reported by AFP, Snow said that based on the data, "We can all be encouraged, but we…
RBA's McGauchie: Rural sector improving
Speaking on Wednesday 12 November, Reserve Bank of Australia board member Don McGauchie, the rural voice on the nine-member RBA board, said that although much of Australia is still gripped by drought conditions, monetary policy is a broad instrument that…
Executives face pay cut at Bank of Japan
The Bank of Japan (BOJ) said last Tuesday that it will cut annual pay for its executives for fiscal 2003 by 2.9% from the previous year, Kyodo News reported. The decision follows a cut by the same margin in fiscal 2003 pay for special government…
Sierra Leone appoints a new deputy governor
Mohamed Sanpha Fofanah has been appointed the new deputy governor of the central bank of Sierra Leone, PANA News said. He replaces Melvin Tucker who was described in an official statement, the report said, as "the encyclopaedia of the central bank".
New RBZ governor speaks of challenges ahead
Gideon Gono was appointed governor of the Reserve Bank of Zimbabwe last week. Gono, a prominent banker, was appointed by President Mugabe and follows the announcement of a planned overhaul of the central bank. After accepting the job Gono spoke of it as…
Ex -cb chief runs for presidency of Mauritania
Ahmed Ould Daddah, the brother of Mauritania's first president, Mouktar Ould Daddah, who died last month, is a veteran politician and head of the opposition Union of Democratic Forces-New Era. The 70-year old is also a former governor of the central bank…
Moskow: No reason to change accommodative stance
Michael Moskow, the Chicago Fed president, said on Monday US jobs growth was encouraging and it was important to continue the relaxed monetary stance the FOMC currently holds, to provide some "insurance" against an unwelcome bout of disinflation, Reuters…
Dallas Fed McTeer says US payrolls jump good news
In response to audience questions after a speech given on Monday 10 November Dallas Fed chief Robert McTeer said he thought the Bank of England and RBA's recent decisions to increase interest rates should be given the benefit of the doubt and assume they…
IMF's Koehler says now not time for EU deficit cap
IMF chief Horst Koehler told an Austrian daily, according to Reuters, that it was not the right time to force eurozone countries to stick to the 3 percent deficit limit. He added that he did not favour letting countries that have been too loose with…
Brazil c bank chief - IMF deal 'insurance'
Brazil's central bank president, Henrique Meirelles, has said the new IMF loan deal would give Brazil cheap insurance against international market volatility. But officials said they did not intend to draw on a $14 billion loan package from the IMF…
Zimbabwe clamps down on illegal FX
Police in Zimbabwe are stopping motorists with road blocks as part of a crackdown on illegal foreign currency trade, Reuters reports. The Reserve Bank of Zimbabwe has also set up a unit to probe the flow of local bank-notes to neighbouring countries…