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Iraq unveils new currency
Iraq's new Saddam Hussein free currency was displayed on Saturday 4 October by Ahmed Salman Mohammed, deputy governor of the Central Bank of Iraq, according to a report by CNN. The new banknotes will go into circulation on October 15.
North Korea devalues currency as reforms continue
New currency exchange offices have been set up in various areas of the North Korean capital Pyongyang, according to Reuters. The offices are manned by central bank personnel, sources knowledgeable about the country said. North Korea began exchanging the…
IAIS expands core principles for insurance
The International Association of Insurance Supervisors (IAIS) has revised and expanded its Insurance Core Principles and Methodology, offering new guidance for the effective operation of supervisory systems around the world. The 28 principles cover all…
Inflation differentials in the euro area
The European Central Bank has published a report entitled "Inflation differentials in the euro area: potential causes and policy implications" prepared by the Monetary Policy Committee of the European System of Central Banks. The report analyses the size…
Chicago Fed's Moskow on the U.S. Economic Outlook
In a speech on the 'U.S. Economic Outlook' given on 2 October, Michael Moskow of the Federal Reserve Bank of Chicago said the road to recovery is often bumpy and this time has been no exception. But, time and time again our economy has proven itself…
Bergo on monetary policy and business cycles
In a speech on 'Monetary policy and business cycles' given on 25 September, Jarle Bergo of Norges Bank said since December last year, monetary policy has been eased to a greater extent and more rapidly than has been customary. Following this phase of…
Remsperger on inflation differentials in the EMU
In a speech on 'Inflation differentials in EMU: causes and implications' given on 13 September, Hermann Remsperger of the Deutsche Bundesbank said the ECB's Governing Council, in its recent clarification of its monetary policy strategy, spelled out its…
Boardroom split at the Reserve Bank
SPECIAL FEATURE - Until recently, the question of whether banks or other firms should combine the role of chairman and CEO was one on which well-intentioned people would differ. UK corporate governance codes favour a split. US companies tended to combine…
Bank of Korea - Annual Report 2002
The Bank of Korea has published its Annual Report for the year ended 2002. During 2002, the Korean economy showed a favorable performance with its growth rate rising sharply, prices stabilizing within their target range, and the current account…
Bernanke says slow US job growth a concern
Governor Ben Bernanke of the Federal Reserve said on Thursday 2 October that the US economy appeared poised for steady growth through 2004 but weak employment prospects were worrying, Reuters reports. Bernanke said he saw no reason for concern that the…
FATF intensifies anti-terrorist financing campaign
At the Plenary of the Financial Action Task Force (FATF) in Stockholm, the thirty-three member body convened on 3 October to set global standards in the fight against money laundering and terrorist financing.
Fed's Santomero sees economy picking up steam
Philadelphia Federal Reserve President Anthony Santomero said on Thursday 2 October "Employment gains will be slow in coming, and we still have some way to go before we reach our goal of maximum sustainable growth", according to Reuters. He also said the…
Botswana head voted central banker of the year
Bank of Botswana Governor Linah Mohohlo has been voted central bank governor of the year for sub-Saharan Africa by Euromoney magazine, reports Sapa. Mohohlo received the award after a poll by international investors, bankers and representatives of…
Magazine gives 'A Grade' to BOK chief
The US financial market monthly Global Finance has rated BOK Governor Park Seung as part of the highest "A group" of heads of global central banks, according to a report by Chosun Digital. A press release from the Bank of Korea said Federal Reserve…
RBI's autonomy is a myth, Jalan tells industry
Former governor of the Reserve Bank of India, Bimal Jalan, has said that the "RBI is, really, responsible to Parliament through the government," according to the Economic Times, and that while he is all in favour of so called autonomy, this can only work…
Afghan central bank chief on foreign currency use
Speaking at a news conference, the president of the central bank of Afghanistan, Dr Anwar al-Haq Ahadi, said that after 7 October any kind of sale and purchase of goods throughout the country should be done with the Afghan currency, according to a report…
New Bank of Estonia council decided says chairman
The Bank of Estonia's council will finish its term of office on 16 October. Central bank chairman Mart Sorg said on Wednesday 1 October that he has a list of names of people who will serve on the new council. "Under law, the old council will carry on…
First batch of new Iraqi dinars reach central bank
The central bank of Iraq has taken delivery of the first batch of the new Iraqi dinars, according to the Khabat newspaper. The banknotes were printed in the UK and range from 50-dinar notes to the so far unused 25,000-dinar notes.
ECB Press Conference with Questions and Answers
At the ECB's post Governing Council meeting press conference in Lisbon on Thursday 2 October Wim Duisenberg said "There is growing evidence that most countries will miss their budgetary targets for 2003 by a significant margin and, in a number of cases,…
Duisenberg receives Grand Cross honour in Portugal
Decoration for Dr. Willem F. Duisenberg, President of the European Central Bank, 2 October. Duisenberg received the Grand Cross of the Order of Henry the Navigator from Jorge Sampaio, the President of Portugal.
Santomero on Monetary Policy Post 9/11
In a speech on 'Monetary Policy in the Post 9/11 Environment: Stability through Change' Anthony Santomero of the Federal Reserve Bank of Philadelphia welcomed signs of faster growth, but expressed worry the economy could be slow to create jobs. He said …
Bernanke on Monetary Policy and the Stock Market
In a speech on 'Monetary Policy and the Stock Market: Some Empirical Results' Ben Bernanke of the Federal Reserve said that monetary policy was not a good tool to use for deflating stock-price bubbles, because doing so might hurt the whole economy. "A…
BoE's Chief Economist Bean cautious on rate rise
The Bank of England's chief economist Charles Bean said in a speech Wednesday there were good reasons for the long-term level of house prices in the UK to be higher, including low interest rates, an increase in the numbers of people living alone, and…
China's forex reserves rise to a record $365 bn
China's foreign exchange reserves hit a record at the end of August, a Reuters report said. The People's Bank of China said on Monday that reserves increased a monthly $8.2 billion to $364.7 billion in August, down from a $10 billion average monthly rise…