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IMFC statement on IMF and the global economy
Communique of the International Monetary and Financial Committee of the IMF Board of Governors which highlights the importance of "more balanced growth with orderly adjustment", "sustained and vigorous structural reforms" and "continued focus by the IMF…
G10 ministers and CB governors meet in Dubai
Ministers and central bank governors of the Group of Ten met in Dubai and despite an improvement in the overall economic outlook, drew attention to the "significant internal and external imbalances that persist, which could weigh on the sustainability of…
IMF says PMA not a central bank yet
The IMF has said in a press conference that the Palestine Monetary Authority is "not a central bank yet in that their role really is, at the present time, confined to banking supervision and also the holding of required reserves to banks operating in…
IMF/World Bank meeting in Dubai
The IMF/World Bank meetings which begin in Dubai on Saturday 20 September are being held for the first time in an Arab country. Over the weekend thousands of participants from 184 countries will gather at the Dubai International Convention Centre. The…
Keeping up appearances at the ECB
MONDAY SPECIAL - It's always a bit unsettling to learn that something is not quite as it seems - but all the more so when the illusionist turns out to be such an esteemed pillar of the establishment as the European Central Bank (ECB). Who would suspect a…
Mervyn King testifies to UK Treasury committee
Bank of England governor Mervyn King made a statement to the UK Treasury Select Committee, in which he discusses the outlook for the economy as well as the changeover of the BOE inflation index from RPIX to HICP: "the change in the target will need to be…
Mervyn picks executive team
Mervyn King has completed the reshuffle of his executive team at the Bank of England. Andrew Bailey and Nigel Jenkinson are promoted, Merlyn Lowther retires and Alastair Clark is switched to become special adviser to the governor.
Afghanistan Central Bank licenses foreign banks
The central bank of Afghanistan, 'DaAfghanistan bank, on Thursday 18 September issued three commercial banking licences to three foreign banks and allowed them to operate in the war-ravaged country, according to Chinaview.
RBA bests Visa/Mastercard in court
The Reserve Bank of Australia has overturned a legal challenge to its regulation of credit card giants Visa and Mastercard in a landmark decision delivered in Sydney yesterday.
IMF report to the IMFC on its policy agenda
Report of the IMF's Managing Director to the International Monetary and Financial Committee on the IMF's policy agenda, in which the IMF states its commitment to: "Further improving our surveillance, including our capacity to identify and reduce economic…
CB Jordan under fire over Hamas freeze
Deputies in the Jordanian Parliment have called for the sacking of CBJ Governor Umayyah Tuqan after the central bank's decision to freeze funds belonging to Hamas, according to the Jordan Times.
Transcript of the IMF's WEO press conference
Transcript of the IMF's September 2003 World Economic Outlook press conference in Dubai. Ken Rogoff, the IMF's Director of Research, says that "For the first time in a very long time we are reasonably optimistic about seeing a return to normal growth in…
Xiaochuan confirms yuan-dollar peg
China's central bank governor Zhou Xiaochuan on a visit to Hong Kong has confirmed the bank's commitment to the yuan/dollar peg, reports AFX Asia.
IMF predicts better economic growth next year
In its World Economic Outlook, the IMF says that there is reason for optimism the world's economy is returning to normal growth, or perhaps even better, according to Reuters. Factors included a quick end to the Iraq war, the economic stimulus of…
IMF World Economic Outlook, September 2003
The International Monetary Fund published its twice yearly World Economic Outlook report for September 2003 on 18 September. The report says the global economy is showing signs of improvement, but the pace and strength of the recovery remain uncertain…
King posits new Stability and Growth Pact
Bank of England governor Mervyn King showed himself to be at odds with his ECB counterparts by suggesting to the UK Treasury Select Committee on Thursday that Europe's current rules to keep member states' fiscal policies in check are not sustainable.
King signals Basel accord delay
Mervyn King, governor of the Bank of England, on Thursday told the UK Treasury Select Committee that the introduction of the new Basel capital accord "may take more time than had originally been hoped". He said that the Basel committee was a "long way…
Brazil central bank cuts benchmark rate to 20 pct
The Central Bank of Brazil's Copom committee lowered the benchmark Selic rate by 2 per cent to 20 percent on Wednesday 17 September, according to AFX Europe. The central bank said the decision was unanimous.
IMF's Rogoff urges EU stability pact reform
IMF chief economist Kenneth Rogoff has said that the EU's stability and growth pact needs to be implemented differently in the future, says AFX Asia. He also said he would not be against the European Central Bank cutting interest rates again now.
ECB officials split on pace of recovery
ECB officials remain divided over the pace and strength of the economic recovery, says the Financial Times. Eugenio Domingo Solans said the eurozone should start showing signs of recovery soon, but it was possible the upturn had already started. But…
Ruling due on RBA credit card reforms
After a six-week hearing and nearly two and a half months of deliberations, Justice Brian Tamberlin is expected to hand down his decision on Friday afternoon on the legality of the Reserve Bank of Australia's credit card industry overhaul, reports The…
EU lacks imagination: Bank of Finland
The Bank of Finland has blamed a lack of confidence and imagination in the economic polices by single currency countries for the weak growth in the euro zone, reports AFP.
ECB's Welteke urges caution in changing yuan peg
Ernst Welteke urged caution on Wednesday 17 September in making "abrupt changes" to currency arrangements such as the Chinese yuan's peg to the US dollar, acording tp Channel News Asia. The ECB Governing Council member said "adaptations should develop in…
Bank of Finland rejects plan to lower capital base
Plans by the second Minister of Finance Ulla-Maj Wideroos to reduce the size of the Bank of Finland's capital base to 100 million euros in future have been criticised by central bank Governor Matti Vanhala, who said it would weaken the Bank's balance…