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Thai Central Bank Cuts Forecast As Exports weaken
THAILAND - The Bank of Thailand (BOT) has slashed down this year's economic growth projections to 2.5-4 percent, from 3-4.5 percent, due to the weakening exports in light of the U.S. and Japanese slowdown, according to local T.V. news reports on Apr 27.
China CBank fights non-performing loans
The People's Bank of China has announced its intention to toughen standards for commercial banks Non-performing loans.
Hayami to resign (maybe)
BoJ governor, Masaru Hayami, arriving at the weekend's G7 meeting in Washinton denies reports that he is about to quit.
Turkish Cypriot central bank governor resigns
CYPRUS - Mehmet Bayram, minister of economy and finance of [self-declared] the Turkish Republic of Northern Cyprus, has announced that Central Bank Governor Demirhan Sayiner resigned from office.
US economy stronger than expected
UNITED STATES - The US economy has grown by 2% during the first three months of 2001 - twice as fast as analysts had predicted.
Cross-sector financial disclosure (update)
An international regulatory working group has released a set of guidelines to prompt all financial institutions to reveal more information about the risks they are running.
US is wrong to browbeat the ECB into cutting rates
GERMANY - America is wrong to try to browbeat the European Central Bank into cutting interest rates "I hear but I do not listen," remains the response of Wim Duisenberg, president of the European Central Bank, to the clamour for lower interest rates.
UK growth hit by global slowdown
UK - Fears of a sharp slowdown in the British economy have grown after official figures showed output was weaker than expected in the first three months of the year.
International Economic Review article
RESEARCH - Jon Faust and Lars E. O. Svensson of the Board of Governors of the Federal Reserve, writing in the International Economic Review, define and study transparency, credibility, and reputation in a model where the central bank's characteristics…
Germany cuts growth forecast
GERMANY - The German government has joined its European neighbours by slashing its growth forecasts. Economic expansion in Europe's largest economy is expected to be only 2% in 2001, 0.75% less than previously forecast.
IMF's Koehler says he didn't intend to pressure EC
GERMANY - International Monetary Fund Managing Director Horst Koehler said he had never intended to put pressure on the European Central Bank to cut rates, but reiterated that a cut would help world and European growth.
Optimal horizons for inflation targeting
ARTICLE - This paper investigates the problem of selecting an optimal horizon for inflation targeting in the United Kingdom. It was written by Nicoletta Batini and Edward Nelson of the Monetary Policy Committee Unit, Bank of England.
Cavallo resumes control of Argentine economy
ARGENTINA - The fall of Argentine pro-Menem Central Bank chairman Pedro Pou has increased the power of Economy Minister Domingo Cavallo.
Economic outlook bleak for Japan
JAPAN - The Bank of Japan has painted a bleak economic picture of weak growth combined with intensifying deflation in its half-yearly report. But a 1.6% rise in retail sales in March from a year earlier provided a ray of hope for new Prime Minister…
Euro rates held steady
EUROPE - The European Central Bank has decided to leave interest rates unchanged after a scheduled board meeting in Frankfurt on Apr 26.
Parliament worries over euro note chaos
Fears are growing that the introduction of euro notes and coins on 1 January 2001 will create logistical nightmares for eurozone authorities.
Financial Regulation in South Africa 2000
Book - The South African Reserve Bank has published a book on the theory and practice, goals, trends, and instruments of financial regulation. It is titled "Financial Regulation in South Africa 2000" and is co-authored by Hans Falkena, Roy Bamber, David…
South African growth levelled in first quarter
SOUTH AFRICA - The Central Bank of South Africa reports that growth levelled in the first quarter of 2001.
Maccarone likely to replace Pou
ARGENTINA - A congress committee has recommended that Argentine president Fernando de la Rua fires Pedro Pou, president of Argentina's central bank. Banker Roque Maccarone is tipped as his replacement.
Calls grow for ECB to cut rates
EUROPE - A United Nations body yesterday, Apr 24, called for the ECB to follow the lead of the US and cut interest rates if it wants to avoid a slide into recession.
Inflation fears lower rate cut hopes
EUROPE - Prospects for an early reduction in interest rates by the European Central Bank receded further yesterday as higher than expected German inflation figures were announced.
Australian inflation lowers rate cut call
AUSTRALIA - Expectations of an interest rate cut have been lowered after the release of surprisingly high inflation figures. The Reserve Bank board is due to meet next week.
Bank disclosure currently inadequate
EUROPE - Survey reveals banks still have ground to make up to meet disclosure requirements.
IMF consultation approves Canada inflation target
CANADA - The International Monetary Fund said in a statement following its annual article IV consultation that there appeared to be no compelling reason for the Bank of Canada to change its inflation target.