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Zimbabwe expulsion from IMF delayed
The International Monetary Fund has delayed Zimbabwe's possible expulsion for unpaid debt, giving the southern African country six months to turn around its economy, the state-run Herald newspaper said on Thursday 8 July .
RBI's Mohan says rates unlikely to change
the RBI's deputy governor, Rakesh Mohan, said on Thursday 8 July that he saw no change in the country's official interest rate policy following the new government's federal budget, presented earlier in the day.
ECB Monthly Bulletin, July 2004
The European Central Bank published its July 2004 Monthly Bulletin on 8 July. The high unemployment rate in the eurozone is likely to limit pressure for wage increases and thus prevent the recent rise in oil prices spilling over to other consumer prices…
Lessons from the past productivity booms
Distinguished lecture on economics in government: Lessons from past productivity booms by Roger Ferguson and William Wascher. The experience in the US suggests that extended periods of strong productivity growth are characterized by innovations in…
Central banking in New Zealand
The Reserve Bank of New Zealand has updated one of its brochures, entitled "Central Banking in New Zealand", which is a generic description of the Reserve Bank's functions and its governance arrangements.
Japan: FATF recommendations, anti-money laundering
Report on the Observance of Standards and Codes on the FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism for Japan. Prepared by a staff team of the IMF as a background documentation of the periodic consultation with…
Fed's Roger Ferguson on productivity:
In a speech on 'Productivity: Past, Present, and Future' given on 7 July, Roger Ferguson of the Federal Reserve said the recent increase in U.S. inflation should not be sustained but the Fed is ready to act if that view proves wrong.
Russian central bank tries to reassure country
The Central Bank of Russia sought to reassure Russians on Wednesday 7 July that their financial sector was sound, saying talks had begun to rescue the first major banking casualty from the brink of collapse.
BSP chief calls for improved government finances
Bangko Sentral ng Pilipinas Governor Rafael Buenaventura said on Wednesday 7 July that the government should work harder to improve its fiscal performance to prevent a credit rating downgrade that would increase foreign borrowing costs.
Viet Nam sees increased used of non-cash payments
Non-cash payments have become more popular in Viet Nam, accounting for 79 per cent of all payments at banks in the first six months of the year as against 77 percent in 2003, according to VNA.
Broaddus US economy strong, inflation contained
Federal Reserve Bank of Richmond President Alfred Broaddus said on Tuesday 6 July that the U.S. economy looks strong, and inflation does not appear to be a problem but the Federal Reserve will "walk the walk" to ensure price stability.
Weber says no plan for ECB rate increase
Although the Federal Reserve recently raised US interest rates, the European Central Bank does not see a change in eurozone interest rates in the foreseeable future, ECB Governing Council member and Bundesbank president Axel Weber said on Tuesday 6 July.
'The Region' from the Minneapolis Fed, June 2004
The Federal Reserve Bank of Minneapolis has published its regular magazine, The Region, for June 2004. The issue includes 'Prospects for economic expansion' in which Gary Stern speaks on the concepts of resilience, flexibility and productivity. In …
Taiwan combining regulators to bring in investors
Taiwan is combining its insurance, securities and banking regulators, reducing the watchdog role of the central bank and the Ministry of Finance, to help lure overseas investors and reduce conflicts of interest. The convergence of institutions is seen in…
Caruana at the 'Basel Sessions 2004'
In a speech at the 'Basel Sessions 2004' given on 6 July, Jaime Caruana of the Bank of Spain said the recent publication of the text of Basel II marks the end of an important phase in our work. "But, let me repeat T.S. Eliot's words that to make an end…
Asian central banks see increasing role for euro
This article looks at the growing trend of Asian central banks shifting part of their assets into euros, though the US$ remains the major reserve currency, it says.
St Louis Fed's Regional Economist, July 2004
The Quarterly Review of Business and Economic Conditions, The Regional Economist, July 2004 edition from the St Louis Fed includes the article "Fannie, Freddie and the FHLB". These government-sponsored enterprises continue to make headlines because of…
Fukui on the state of Japan's economy
In a speech given on 5 July, Toshihiko Fukui, governor of of the Bank of Japan said that Japan's ongoing economic recovery is becoming broad-based as a result of structural adjustments.
ECB's Issing on sustained economic growth
In a speech on 'Sustained economic growth and central banking' given on 6 July, Otmar Issing of the ECB said central banking activities can impact on longer run growth through a number of potential channels. These include the role of central banks in…
New Hong Kong banknotes
The Hong Kong Monetary Authority (HKMA) and the three note-issuing banks (Bank of China (Hong Kong) Limited, Standard Chartered Bank (Hong Kong) Limited and The Hongkong and Shanghai Banking Corporation Limited) announced on 5 July the issue and unveiled…
Rato: No strong inflation pressure in Europe, US
International Monetary Fund director general Rodrigo Rato said that inflation remains relatively moderate in Europe and the US, and expressed his support for the policies of the US Federal Reserve and the European Central Bank.
Costello meets RBA board, says inflation in check
Australian Treasurer Peter Costello said he met with the board of the Reserve Bank of Australia after their monthly meeting on the morning of Tuesday 6 July, but refused to speculate on what the central bank would do.
Philippine cb against declaring fiscal crisis
The Bangko Sentral ng Pilipinas (BSP) on Monday 5 July oposed the proposal to formally declare a fiscal crisis, warning that the ensuing confusion might precipitate an actual fiscal crisis that the government is trying to avoid.
PBOC sells 20 bn yuan in bank bills
The People's Bank of China, the country's central bank, said it had successfully sold 20 bn in discounted short-term bills, made up of 15 bn yuan in three-month bills and 5 bn yuan in one-year bills, in the interbank market on Tuesday 6 July.