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ECB to study one and two euro coin option
The European Central Bank said on Tuesday 7 October that it will consider replacing one and two euro coins with notes following calls from some eurozone countries, according to Associated Press. Bank president Wim Duisenberg has agreed, the ECB said,…
ECB adopts new regulations on minimum reserves
The Governing Council of the European Central Bank has adopted new regulations on money and banking statistics and the application of minimum reserves, 7 October.
Bank of England Court to meet in Nottingham
The Court of the Bank of England is to meet in Nottingham at the Council House on 15 October 2003. The meeting is part of a programme of formal meetings of Court outside London.
Central bank declares Afghani sole legal tender
From Tuesday October 8, Afghanistan will no longer accept the US dollar and other foreign currencies as legal tender, according to VOA News. Central Bank Governor Anwar ul-Haq Ahady said that new stability has allowed him to make the move, at last, to an…
Improving monetary policy with inflation targets
In the Bank of Canada Working Paper "A Simple Test of Simple Rules: Can They Improve How Monetary Policy is Implemented with Inflation Targets?" the authors evaluate whether an assortment of simple rules could improve how the Bank of Canada implements…
'The Region' : Minneapolis Fed September 2003
The Federal Reserve Bank of Minneapolis has published its regular magazine, The Region, for September 2003. The issue includes an interview with Allan H. Meltzer, author of A History of the Federal Reserve and architect of the Shadow Open Market…
Yam at the Australasian Macroeconomics Workshop
In his 'Opening Remarks at the 2003 Australasian Macroeconomics Workshop' given on 22 September, Joseph Yam of the Hong Kong Monetary Authority said the Asia-Pacific region needs more co-operation and exchange of ideas in the monetary and financial…
Mboweni reviews the SARB and its activities
In the speech 'Review of the Central Bank and its Activities: 1998 - 2003. A Preliminary Assessment' given on 29 September Tito Mboweni of the South African Reserve Bank said that over the past five years many challenges were faced head-on by the Bank…
Germany's Eichel says European economy improving
German finance minister Hans Eichel has said Europe needs stability and growth, according to AFX Europe. Bank of France governor Jean-Claude Trichet said at the meeting of French and German finance ministers and central bank governors that the ECB puts…
Aus dollar up as RBA ponders rate rise
The Australian dollar rose sharply higher on speculation that the Reserve Bank of Australia would raise interest rates on Wednesday 8 October for the first time in 15 months, the Daily Telegraph reported. However traders dismissed the talk, saying the…
FATF to review Philippines' anti-money laundering
A team from the Financial Action Task Force (FATF) will arrive in the Philippines later this month to review the implementation of anti-money laundering laws, Agence Presse reports. The review is part of the process of removing the country from the FATF…
China's PM defends currency peg
China's premier Wen Jiabao has said that China's policy of pegging the yuan to the US dollar was "based on market demand and supply and is in line with China's reality", according to a BBC report. "To keep the renminbi (yuan) stable at an appropriate and…
Calls for notes to replace low value euro coins
European finance ministers have called for the introduction of low value euro notes instead of coins to reduce pressure on inflation, according to a report in the Financial Times. The idea is that people do not value coins highly and are therefore more…
Interview with central bank governor, Congo DR
Interview with the governor of the Central Bank of the Democratic Republic of Congo, Jean-Claude Masangu Mulongo. In the interview, published by IRIN News, the Governor talks about the introduction of the new 10- and 20-Congolese franc bank notes, and…
Payment systems in Russia
The Committee on Payment and Settlement Systems (CPSS) has published, under the aegis of the Bank for International Settlements, a reference work on payment systems in Russia, known as the Red Book. As part of this series, the Foreword says, the first…
Welteke at the 2003 IMF/World Bank Annual Meeting
In a speech at the 2003 IMF/World Bank Annual Meetings in Dubai given on 23 September, Ernst Welteke of the Deutsche Bundesbank said we have to make sure that the economic upswing stabilizes and broadens in a sound financial environment. The IMF and the…
Bond markets and long-term interest rates
The European Central Bank published the second edition of a report entitled "Bond markets and long-term interest rates in European Union accession countries" on 6 October. This update presents the results of a recent survey, which was designed jointly by…
Chicago Fed's Moskow on manufacturing
In a speech given on 30 September, Michael Moskow of the Federal Reserve Bank of Chicago said distinguishing whether the decline in manufacturing is simply related to near-term fluctuations in the business cycle or part of a larger structural change can…
Broaddus: The Economy Where is it Headed and When?
In a speech on 'The Economy: Where is it Headed and When?' given on 30 September J. Alfred Broaddus of the Federal Reserve Bank of Richmond said "When I fire up my lawn mower each weekend, the engine usually runs a little roughly for a minute before it…
France faces heat over budget deficit breach
Ahead of key meetings of EU finance ministers this week, the EC has signalled a willingness to move forward with the next stage in the European Union's excessive deficits procedure against France, Reuters reports. Austrian Finance Minister Karl-Heinz…
Study backs Greenspan's view on markets
Federal Reserve governor Ben Bernanke's speech on Thursday 2 October detailed research he has done into whether the Federal Reserve could have done more to prevent the stock market bubble of the 1990s. Bernanke told a University audience that interest…
ECB's Duisenberg prays for gradual dollar decline
Wim Duisenberg has said that a fall in the dollar was "unavoidable" considering the "huge" trade deficit the United States has. The outgoing ECB president said in an interview with the Financial Times: "We hope and pray that this adjustment, which is…
Mboweni calls for central bank independence
Speaking on Saturday 4 October, the Governor of the South African Reserve Bank Tito Mboweni said "It is absolutely important that monetary policy and the power to create money are entrusted to central banks". According to Marketplace News, he said…
Qatar to enact anti-money laundering rules soon
The deputy governor of the central bank of Qatar has said that anti-money laundering laws will be issued in the near future, according to Mena FN. The Law aims to establish a legislative framework for the policies and regulations to be adopted for…