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Bahrain to host cb governors for IFSB Council meet
Bahrain will host the 3rd meeting of the Council of the Islamic Financial Services Board (IFSB) next week, according to AME info. The governor of the Bahrain Monetary Agency said "We are delighted to host such an important gathering of central bank…
New Hong Kong banknotes
The Hong Kong Monetary Authority has announced that its new series of HK$100 and HK$500 banknotes will be put into circulation from 15 December.
Sweden's Nyberg on financial stability issues
In a speech on 'Current financial stability issues' given on 25 November, Lars Nyberg of the Sveriges Riksbank said the Nordic central banks have a joint working group for discussing cross-border crises, and we have drawn up a memorandum of understanding…
Tumpel-Gugerell on ECB's monetary policy issues
In a speech on 'ECB's Monetary Policy Issues in the Run-up to Enlargement' given on 14 November, Gertrude Tumpel-Gugerell of the ECB said the ECB is interested in assisting acceding countries on their way to monetary integration the best way it can. The…
ECB's Trichet on financial stability
In a speech on 'Financial stability' given on 26 November, Jean-Claude Trichet of the ECB said the issues generated by the fast evolution of the financial system are very complex and demanding for public authorities. He added that some elements of the…
Slimming down the Bank of Spain
SPECIAL FEATURE - Like all the central banks of the Eurosystem, the Bank of Spain is grappling with the implications of its status as one central bank within the larger federal. CentralBankNet reports from Madrid on how the restructuring is being carried…
Bulgarian national bank issues golden coin
The National Bank of Bulgaria is to issue a commemorative golden coin "The Blessing Virgin Mary" on Monday 1 December, according to the Sofia Morning News. 20,000 of the coins will be issued with nominal value BGN 20.
Trichet's letter to EU Council President
Letter of 26 November from Jean-Claude Trichet, President of the European Central Bank to the President of the Council of the European Union, on the introduction of a new article into the Constitution to allow for the amendment of the ESCB's basic…
Brazil's central bank hint need for more rate cuts
Minutes released by the central bank of Brazil from its monetary policy meeting, reported by AE Brazil, hint that interest rates may need to fall further as projected inflation for the next 12 months and 2004 remain below target.
West African cb should be in Ghana - President
Ghana's President John Agyekum Kufuor has suggested that the headquarters of the proposed West African central bank should be in Ghana, according to a report by GNA. Ghana, he said, has the conducive atmosphere to generate the confidence that would…
SARB increases dollar buying
The South African Reserve Bank said in a statement released on Friday 28 November that it increased its purchase of US dollars during November, Business Africa reports. SARB governor Tito Mboweni emphasised that these operations represented normal…
BOJ falls into red for first time in over 30 years
The Bank of Japan said on Thursday 27 November that it made a loss in the April-September period for the first time in 30 years, according to Reuters. The main reason for the loss was the rise in long-term yields which resulted in a 793.8 billion yen…
EU official threatens court action over pact
EU Economic Affairs Commissioner Pedro Solbes said on Wednesday 26 November, according to AFP, that the (European) Commission's judicial service is studying the question of whether the ECOFIN ministers' decision this week to effectively let Germany and…
ECB rejects EU proposals re executive board
The European Central Bank has angrily rejected proposals from the Italian EU Presidency that could make it easier for governments to appoint members of the ECB's executive board, according to Biz World. "The governing council of the ECB is seriously…
Canada's Dodge on low and predictable inflation
In a speech on 'Low and Predictable Inflation and the Performance of Canadian Labour Markets' given on 20 November, David Dodge of the Bank of Canada said because Canada's monetary policy framework reduces uncertainty about inflation, it helps both firms…
Poole on U.S. International Capital Flows
In a speech on 'A Perspective on U.S. International Capital Flows' given on 14 November, William Poole of the Federal Reserve Bank of St. Louis said the forces driving the U.S. capital account represent a persistent, but ultimately temporary, process…
Trichet: ECB monetary policy strategy after May 03
In a speech on 'The ECB's monetary policy strategy after the evaluation and clarification of May 2003' given on 27 November, Jean-Claude Trichet of the ECB said EMU is based on the conviction that Europe can derive strong benefits from a "culture of…
Bank of Japan Monthly Report, November 2003
The Bank of Japan published the English version of its November 2003 Monthly Report of Recent Economic and Financial Developments on 26 November. The Report said the economy was recovering - effectively upgrading its assessment for the third straight…
Federal Reserve Board - Beige Book, November 2003
The Federal Reserve released its November 2003 survey of Current Economic Conditions, known as the Beige Book, on 26 November. The survey said the US economy is now in a broad-based expansion. "Reports received from the district banks suggest that the…
Greek central bank warns on public debt
Nicholas Garganas, Governor of the Bank of Greece, has called for a strict adherence to the stability and growth pact, according to a report by Kathimerini. Garganas told Parliament that uncontrolled deficits will have serious consequences on interest…
OECD sees scope for ECB rate cut
The OECD's semiannual economic outlook report said that with inflation pressures waning it is assumed the ECB will hold interest rates until the recovery firms, reports AFP, but there is scope for easing policy if the economic upturn stalls or the euro…
EU panel suggests rewriting euro rulebook
European Commission President Romano Prodi said on Wednesday 26 November that EU governments cannot use "ad-hoc measures" to suspend or amend the stability pact when they feel "its provisions are too stringent or inopportune", reports Associated Press…
Polish central bank's freedom threatened
The governor of the National Bank of Poland (NBP) Leszek Balcerowicz has said that the central bank's independence is threatened following the adoption of an amendment that would require the NBP to print money, according to AFP. "A central bank should be…
Fed reports widespread improvements in US economy
The Federal Reserve released its latest survey of "Current Economic Conditions", known as the Beige Book, on Wednesday 26 November, according to Associated Press. The report gave the most positive assessment of business activity since before the start of…