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YV Reddy appointed RBI Governor for five-year term
Official confirmation came on Friday 18 July that Dr Y. Venugopal Reddy will take over as governor of the Reserve Bank of India for a five-year term. Business Line reports that the present governor, Dr Bimal Jalan, is expected to move into politics.
Serbian central bank loses Dinkic and two deputies
Mladjan Dinkic resigned as governor of the Serbian central bank on Friday 18 July, according to the Financial Times, with two of the Bank's three deputy governors also quitting. The resignations come after legislation was passed which Dinkic said…
Snow lauds Trichet as superb choice for ECB chief
US Treasury Secretary John Snow met with Bank of France president, and ECB chief in waiting, Jean-Claude Trichet on Friday, according to a report by Agence France Presse. While not commenting on ECB monetary policy, Snow told a news conference that…
Greenspan: Risking it all for a legacy?
A State Street Investment Letter suggests that US inflation expectations are unambiguously on an upward trend and are being put at risk to preserve Alan Greenspan's legacy. It is with some irony, it says, that the next Federal Reserve Chairman is likely…
Basel Committee welcomes FATF recommendations
Basel Committee press release on the Financial Action Task Force's recommendations concerning customer due diligence, 17 July. The Committtee welcomed the FATF's revised recommendations to combat money laundering.
Philadelphia Fed Business Outlook Survey, Jul 2003
Activity in the region's manufacturing sector increased in July, according to the firms surveyed for the Philadelphia Fed's July 2003 Business Outlook Survey. Many of the current indexes showed improvement -- especially indexes for new orders and…
Hoenig on leadership, change and progress
In a speech on 'Leadership, Change and Progress' Thomas Hoenig of the Federal Reserve Bank of Kansas City said leadership is necessary to convert the energy of change into progress but the talent to lead guarantees nothing. Leaders can harm. Leaders can…
Padoa-Schioppa at ECB Payments System conference
In the opening speech at the Committee of Payment and Settlement Systems Conference, Tommaso Padoa-Schioppa of the ECB said central banks need to co-operate with the private sector and particularly with the banks that are in business for profit, for the…
ECB stung by supreme court decision
The European Court of Justice has given the ECB a legal bloody nose in a case concerning how to combat fraud. In this weeks Special Feature CentralBankNet analyses the implications of the ECB's courtroom defeat.
US signals formal end to recession
The business-cycle dating committee of the National Bureau of Economic Research on Thursday declared that the US recession ended in November 2001. The committee said GDP suggested the economy began recovering in late 2001 and has since risen above its…
Philadelphia Fed survey rises sharply in July
The Philadelphia Fed's Business Outlook Survey improved modestly in July, BizWorld reported. Company executives polled for the survey remain "generally optimistic" that business conditions will improve over the next six months, the survey showed.
South African central banker defies ex-comrades
In an interview with Bloomberg News, Tito Mboweni of the South African Reserve Bank said markets have begun to price in a fairly successful South African story. He claims not to be an ambitious person, but at only 44 still have a lot to do in life,…
Time 'not right' for yuan float
Responding to comments Wednesday by U.S. Federal Reserve Chairman Alan Greenspan that China eventually will need to float its currency, the yuan, a Chinese foreign ministry spokesman said the current exchange rate helps China's development and the rest…
WAMZ holds conference over common central bank
A 2-day conference in Accra will discuss the creation of a common central bank in the West African region by July 2005, The Chronicle reported. J.B. Clottey of the Bank of Ghana said he believes that through the implementation of a central bank, member…
Polish central bank may lend State $3-4bn
A member of the national bank of Poland's (NBP) interest rate setting RPP said the NBP may lend the government upto $3-4bn. Dariusz Rosati said the loan would go part of the way to meeting persistent demands by the government that the Bank should support…
BOJ's Fukui says stock gains outweigh bond losses
Toshihiko Fukui said the Bank of Japan has no plan to "step in" and manipulate bond yields. Speaking at a monthly press conference he said Japanese banks probably earn more from stock market gains than they lose from lower bond prices, Bloomberg reported.
Papademos - ECB may have leeway for rate cuts
ECB Vice President Lucas Papademos told Corriere della Sera newspaper in an interview Friday that the economic situation had changed little since the ECB last cut its key interest rate in June and that "we might have room for manoeuvre in the future" if…
Bank of Japan's Monetary Policy Meeting Minutes
Minutes of the Bank of Japan's Monetary Policy Meeting on 10 and 11 June 2003, released 18 July. One member said that, with still no prospect of overcoming deflation, the Bank should make a credible public commitment to realise an increase in the money…
Bank of Canada Monetary Policy Report Update
The Bank of Canada on 17 July released its Update to the April Monetary Policy Report. The Update reviews economic and financial trends in the context of Canada's inflation-control strategy. The July Update highlights a number of unanticipated…
Dodge expects growth to strengthen at end of 2003
In his opening statement following the release of the Monetary Policy Report Update David Dodge of the Bank of Canada said a number of unanticipated developments have changed the outlook for economic activity and inflation in Canada. Factors supporting a…
Bank of England's Court appoints John Footman
The Bank of England has announced the appointment of John Footman as an Executive Director to its Court of Directors, 17 July. John Footman (50) joined the Bank in 1969 and has worked across most of the Bank's main functions.
Bank of England to withdraw Dickens £10 note
The Bank of England intends to withdraw the £10 note featuring Charles Dickens at the end of July. The new style £10 note with a portrait of Charles Darwin will remain in circulation.
Bank of Canada trims growth and inflation forecast
The Bank of Canada again reduced its growth forecast for 2003 on Thursday. Bank Governor David Dodge referred to "unanticipated" developments that have caused it to lower its forecast, including SARS, BSE and the rising value of the Canadian dollar…
ECB Monthly Bulletin, July 2003
The European Central Bank published its July 2003 Monthly Bulletin on 17 July. In the report the ECB said that abiding by the rules of the Stability and Growth Pact would help boost economic confidence in the euro area. The report also described interest…