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Buenaventura defends actions, vows to clear name
Philippines central bank governor Rafael Buenaventura vowed to clear his name on Thursday 28 August, saying he was right to close down the troubled Urban Bank, according to AFP. A court recently ordered the suspension of Buenaventura and four other…
Jalan nominated to India's Parliament
A statement from the Indian government released on Thursday 28 August said Reserve Bank of India Governor Bimal Jalan had been formally nominated to the upper house of Parliament, according to a report by Reuters.
Bank of Japan intervenes in money markets
The Bank of Japan has intervened in the money markets in the last two days, according to Reuters, in an apparent move to halt the increase in interest rates by spending Y2,000bn buying nine month bills from commercial banks.
Boston Fed launch Operational Risk & Capital site
The Boston Fed has launched a web site dedicated to Operational Risk and Capital. The site contains information related to the proposed new international capital accord, Basel II.
HKMA signs memorandum of understanding
The Hong Kong Monetary Authority and the China Banking Regulatory Commission signed a Memorandum of Understanding on 25 August. The Agreement will allow the sharing of supervisory information.
Kristina Persson on Sweden and the euro
Deputy Governor of the Sveriges Riksbank Kristina Persson spoke on 25 August at a seminar organised by the Center for Business and Policy Studies on the advantages and disadvantages of participating in monetary union. She said she was convinced that the…
Minutes ,Sveriges Riksbank Board meeting 14 August
Minutes of the Sveriges Riksbank Executive Board meeting on 14 August, published 28 August. It was the view of the Executive Board that the new information that had been received since July had confirmed the Riksbank's forecast of a recovery in the world…
Chicago Fed National Activity Index, July 2003
The latest Chicago Fed National Activity Index published on 28 August indicates economic activity improved again in July. The CFNAI was -0.20 in July, a small improvement from the June reading of -0.32.
France urges eurozone shake up
Speaking Thursday French Foreign Minister Dominique de Villepin called for a shake-up of EU economic supervision saying the European Union should establish a formal eurozone council with responsibility for coordinating budget policy, Reuters said.
UAE central bank signs software deal
The central bank of the United Arab Emirates has signed an agreement with a software giant to install its comprehensive electronic document management, indexing and archiving system, ArabDox, at the central bank, local daily the Khaleej Times reported.
Argentine congress approves central bank law
Argentina's Congress approved a law Wednesday night to increase central bank autonomy. Under the law, approved by a vote of 112-41 Bloomberg reported, the central bank will be allowed to temporarily advance the government funds in order to make debt…
Gold prices higher on central bank rumours
Gold prices rose on Wednesday, the Financial Times reported, on rumours that the terms of the Washington Accord of 1999, where Europe's central banks agreed to restrict sales of gold to 400 tonnes a year, were to be renewed.
W African leaders to meet on currency union
A summit of the 15-nation Economic Community of West African States (ECOWAS) will meet Friday in Nigeria to discuss plans to create a single currency for the region, AFP said.
IMF team reviewing Afghanistan's economy
An IMF team is visiting Afghanistan for the first time in more than ten years, a Reuters report said. The IMF review is aimed at assessing the performance of Afghanistan's economy rather than preparing the ground for new loans.
Horst Kohler to visit China, Malaysia, Thailand
IMF Managing Director Horst Kohler will visit China, Malaysia, and Thailand in early September to discuss challenges confronting the region; and reinforce the IMF's continued engagement with Asia.
Survey of Professional Forecasters
The Federal Reserve Bank of Philadelphia has published its Survey of Professional Forecasters for the Third Quarter 2003. The U.S.economy will likely expand at a slower pace in 2003 than predicted just three months ago, according to the survey. The pace…
Interest rates, inflation, exchange rate in Norway
Article by Deputy Governor of Norges Bank, Jarle Bergo, published in Dagsavisen 24 August. Bergo says in "Interest rates, inflation and the exchange rate" that the underlying rise in prices has slowed markedly. In July, the year-on-year rise in consumer…
Parry on prospects for the national, local economy
In the speech 'Prospects for the National and Local Economies: A Monetary Policymaker's View' given on 21 August Robert Parry of the Federal Reserve Bank of San Francisco said downside surprises that could push the inflation rate even lower are a concern…
Poole on Fed Transparency: How, Not Whether
In the speech 'Fed Transparency: How, Not Whether' given on 21 August William Poole of the Federal Reserve Bank of St. Louis said transparency is a worthy goal, but improving transparency is hard work. "My thinking is still evolving, but one thing I know…
Global central bankers to meet at weekend
Alan Greenspan will start the "Monetary Policy and Uncertainty" meeting of top central bankers on Friday with a keynote speech. The Jackson Hole, Wyoming gathering will bring together an audience of about 100 presidents or senior officials from the 12…
Greek central bank sells 20 tons of gold
The central bank of Greece has sold 20 tonnes of gold reserves. The Bank will invest the proceeds in a bonds portfolio including Greek government and other top-grade bank paper, its deputy governor Nikos Paleokrassas told Agence France-Presse.
Viktor Gerashchenko nominated to the Russian Duma
Former chairman of the central bank of Russia Viktor Gerashchenko has been nominated to the Duma from the pro-communist "patriotic" bloc. On August 25, he officially announced that he'd join the patriotic coalition of Duma deputies Sergei Glaziev and…
Tension growing over Israel central bank policy
The Bank of Israel cut interest rates this week to 6.5 percent but Benjamin Netanyahu, the finance minister, has called Israel's high interest rate policy a "cement shoe" preventing growth. He proposed appointing an advisory panel composed of banking…
Philippine c bank ordered to stabilise fx market
President Gloria Arroyo on Wednesday ordered the Philippine central bank to "crack the whip on speculators" and use feasible monetary tools to stabilize the currency exchange market.