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Jordan central bank chief rebuked for bank freeze
Members of Jordan's parliament have signed a petition urging Prime Minister Ali Abulragheb to sack the governor of the central bank of Jordan, Umayya Touqan., according to IRIB News.The move came after Touqan froze all bank accounts belonging to six…
Bank of Japan's Monetary Policy Meeting Minutes
Minutes of the Bank of Japan's Monetary Policy Meeting on 7 and 8 August 2003, released 18 September. On the outlook for Japan's economy, members agreed that the standard scenario remained valid: the uptrend in exports and production would resume…
Norges Bank's rate cut
Norges Bank said at a press conference on 17 September that underlying consumer price inflation is low, with a year-on-year rise in the CPI-ATE of 0.9 per cent in August. The rise in prices for imported consumer goods is pushing down inflation, the press…
Opening of the euro banknote design exhibition
Introductory statement by Prof. Eugenio Domingo Solans of the ECB at the Press Conference for the opening of the euro banknote design exhibition on 17 September. Today, more than a year and a half after the introduction of the euro banknotes and coins,…
RBNZ Board chair elected
The Reserve Bank of New Zealand's Board of Directors elected Dr Arthur Grimes as its chair on 18 September. The Board also elected Mrs Alison Paterson as the Board's Deputy Chair.
Governors in a fix
A number of governors are in a tight spot. In the Philippines, the Supreme Court has dismissed the criminal charges filed against governor Rafael Buenaventura - but it's not over yet. In Zimbabwe, the central bank remains without a governor, despite the…
What's goin' on?
Bank of England MPC member Stephen Nickell has just accomplished the rather unenviable task of explaining what the switch from an inflation target based on the RPIX index to the HICP index, as used in Europe, actually means. Inflation indexes: who cares?…
Ill wind blows at Riksbank
On a rather breezier note, in August the Riksbank paid out over $100,000 in compensation to a disgruntled employee. 44-year-old computer technician Goran Andervass had fallen out with one of his colleagues after being "provoked by a disgusting fart - a…
Sweden spurns the euro
Europe's unifiers have been profoundly shaken by Sweden's unambiguous decision to steer well clear of the euro for the time being. Both the Riksbank and the ECB have since publicly been at pains to clarify that the result of the referendum will have no…
Non, je ne regrette rien
It may be the eve of Wim Duisenberg's departure from the ECB, but if anyone was hoping for a token show of contrition from the stern Dutchman for his occasional indiscretions, they will have been sorely disappointed.
Norges Bank statement on interest rate cut
Statement from Norges Bank, the central bank of Norway, on its decision to reduce the sight deposit rate, by 0.5 percentage point to 2.50 per cent, with effect from 18 September.
Gold sales not on official IMF agenda-Welteke
Ernst Welteke said on Wednesday 17 September that renewal of the Washington Accord on gold sales would not be on the agenda at the Dubai IMF meeting scheduled for this weekend, according to Reuters. Welteke did repeat his regularly stated position,…
Zimbabwe tries to tame cash crisis with new money
The Reserve Bank of Zimbabwe intends to introduce "bearer cheques" next week in an attempt to alleviate the desperate shortage of cash in the country, Sapa AFP reports. The cheques were printed on banknote paper, looked like banknotes and were as "good…
MPC minutes point to UK interest rates rise
Bank of England minutes released September 17 show that for a majority on the MPC, it was a "clear-cut" decision to leave rates unchanged in September. The decision to hold the Bank's main interest rate at 3.5 per cent was decisive, but for some members…
RBA signals no more interest rate cuts
Reserve Bank of Australia deputy governor Glenn Stevens said on Wednesday 17 September "Although in early June a case to ease looked like it was building, it had not strengthened sufficiently by the time of the July meeting to warrant action", reports…
Fed leaves key interest rate at 1 percent
The Federal Reserve signalled on Tuesday 16 September that interest rates would be kept low for a "considerable period", according to Associated Press. The Fed's assurances in August and this month that it will keep rates low for a considerable period…
IMF lowers its growth forecast for euro zone
The IMF cut its growth forecast to 0.5 percent this year from an April forecast of 1.1 per cent, according to a report by Bloomberg. The report also said while the euro's exchange rate has "stabilised", the US fiscal and current account deficits, as well…
IMF set to criticise RBNZ
The IMF is expected to criticise the Reserve Bank of New Zealand when it visits New Zealand in November, according to Reuters The IMF is expected to be critical because the RBNZ has little control of banks. Most are foreign-owned by big Australian banks.
Norway's interest rates lowered again
Norges Bank cut interest rates by 0.5% to 2.5% on Wednesday, according to Aftenposten. Central bank governor Svein Gjedrem said that with an interest rate of 2.50 per cent, Norges Bank's assessment is that the probability that inflation two years ahead…
Trichet's nomination, ECB President to be approved
The European Parliament will debate the nomination of Jean-Claude Trichet as the next President of the European Central Bank (ECB) on 23 September.
BIS Working Paper on currency crises
This paper modifies the Morris-Shin theoretical framework of financial crises by allowing prices to adjust freely to market conditions. It is then shown that all of the appealing characteristics of that setup are preserved even when public information…
Bank of Japan Monthly Report, September 2003
The Bank of Japan published the English version of its Monthly Report of Recent Economic and Financial Developments, September 2003, on 17 September. "Turning to the economic outlook, with respect to overseas economies, the likelihood is gradually…
Bank of England MPC Minutes 3/4 September 2003
Minutes of the Bank of England's Monetary Policy Committee Meeting were released on 17 September for the meeting of 3 and 4 September 2003. The minutes showed that the MPC voted 9-0 in favour of holding the repo rate at 3.5%.
FOMC statement on decision to hold rates steady
In its statement following the decision to hold interest rates steady at 1 per cent on 16 September the FOMC said it judged that, on balance, the risk of inflation becoming undesirably low remains the predominant concern for the foreseeable future and…