News
'Lucky' people are those who knew Milton Friedman
Alan Greenspan spoke at last weeks Dallas Fed conference honouring Milton Friedman. The Fed Chairman spoke of 91 year old Friedman and his wife, as Reuters reported it, saying: "If I believed in luck, I would argue that the most lucky people are those of…
Brash reaches National Party summit
Just 15 months after leaving the Reserve Bank of New Zealand, ex-governor Don Brash has just been appointed head of the NZ opposition. Bill English got the boot in a secret ballot after two failed election attempts to oust Helen Clark's Labour Party from…
Chaos as staff go on rampage in Bangladesh
Bangladesh Bank (BB) was in chaos last week after angry staff confronted Governor Fakhruddin Ahmed. The central bank chief was confined to his office for an hour, The Daily Star reported, before employees forcibly entered the governor's office to voice…
PNG central bank goes public on deputy's departure
After a 20 year career with the Bank of Papua New Guinea, Deputy Governor Flora Carruthers suddenly left the bank earlier this month a report has said. After much speculation on the sudden departure, central bank Governor Wilson Kamit took the bold step…
Interview with Sultan Nasser al-Suwaidi of the UAE
Here we present extracts from an interview with Sultan Nasser al-Suwaidi, governor of the Central Bank of the United Arab Emirates. Educated in the United States as an economist, he is highly regarded among global financial figures. The following…
Backstrom moves to life-insurance role
Former governor of the Sveriges Riksbank, Urban Backstrom, has been appointed president and chief executive officer of Skandia Liv. Backstrom said he would work to restore policyholders confidence and takes a fixed salary of 3.3 million kronor in the…
Dodge Ball: Business elite fete governor
Bank of Canada governor David Dodge was honoured on Monday evening when close to 1,000 people paid tribute to his three decades of public service at a fundraising dinner, Canadian Press reported.
Greenspan 6 Nov speech to discuss U.S. economy
Alan Greenspan will speak on Thursday, Reuters said, in his first extensive remarks since mid-July when he testified before Congress. The Federal Reserve chairman may also face questions on the U.S. economic recovery on Wednesday when he appears before…
ECB chief Trichet stands by 'credible' euro
In his first public comments since becoming president of the European Central Bank Jean-Claude Trichet said Monday there is a need to deliver a confidence inspiring and credible single currency, AFP reported. He said Duisenberg's legacy would be…
House of Lords Peers urge reform of ECB
The UK's House of Lords select committee on the European Union says governments of the member states should look at a shake-up of the European Central Bank to enhance transparency and understanding of the ECB's actions. They called for the ECB to adopt a…
IMF urges reform over EU enlargement
The managing director of the IMF, Horst Koehler, told the annual East-West conference on economic transition that if EU enlargement was to succeed, the large budget imbalances in central European countries must be addressed. He also said he thought that…
Hungarian Fin Min backs central bank intervention
The National Bank of Hungary's decision to intervene in the markets and buy bonds has been supported by the Finance Minister Csaba Laszlo. The minister shared the central banks view that there was no reason for the significant weakening in the forint…
Issing says ECB has found M3 analysis difficult
Speaking on Monday the ECB's chief economist Otmar Issing said that it has been difficult for the ECB to analyse M3 because of a series of temporary shocks, AFX reported. Changes in reserve requirements at the start of EMU, statistical distortions and…
Bundesbank to save 280m euros a year with job cuts
Planned job cuts by the Deutsche Bundesbank will result in savings of 280m euros a year from 2008 onwards, according to Georg Fabritius the head of the central bank. If the planned savings are achieved, the bank's profits will increase, which will…
Change of Presidency of the European Central Bank
Jean-Claude Trichet began his eight-year term as President of the European Central Bank on 1 November.
RBA interchange fees for credit cards lowered
The Reserve Bank of Australia said on 31 October that Bankcard, MasterCard and Visa credit card schemes have introduced lower interchange fees for credit card transactions in Australia.
FSAP in New Zealand
Officials from the International Monetary Fund (IMF) are now in New Zealand undertaking a previously announced Financial Sector Assessment Programme, the Reserve Bank of New Zealand said on 31 October.
Bank of Greece sets sights on fake euro problem
The Bank of Greece is preparing a public awareness campaign regarding the perils of counterfeit euro notes, according to a report by Kathimerini. The recent discovery of fake 200-euro notes in Greece caused the authorities to focus on high denominations.
Venezuela eases its currency controls
Venezuelan President Hugo Chavez has eased restrictions on credit card use that were imposed to shore up the economy during a two-month general strike called by his opponents, according Associated Press.
IMF praises Brazil's economy
The central bank of Brazil has said that the country amply met the targets agreed with the International Monetary Fund, according to Merco Press. The primary surplus in the first three quarters of 2003 reached just over 20 billion US dollars compared to…
DNB chief Wellink sorry over euro inflation
The president of the Dutch central bank, Nout Wellink, has apologised for not warning that prices would rise as a result of the introduction of the euro, according to expatica. "We didn't do it very well," Wellink told a meeting in The Hague.
European Central Bank has new chief
Jean-Claude Trichet began his Presidency of the European Central Bank with a congratulatory address at a commemorative ceremony marking the 75th anniversary of the Bank of Greece in Athens on Monday, reports United Press International.
G7 and ECB Central Bankers' Salaries
This article published by Reuters looks in-depth at the salaries of G7 central bank heads, Federal Reserve Board Governors, ECB President, Vice-President and Executive Board Members. It reveals, among other things, that the Governor of the Bank of France…
Alan Greenspan, the central bankers' poor relation
A survey published by Reuters last week found Alan Greenspan to be the lowest paid G7 central bank head earning a mere US$ 171,900. Jean-Claude Trichet's salary, by contrast, rings in at the equivalent of US$ 341,404. But this is topped by "little"…