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Bank of Canada Financial System Review, Jun 2003
The Bank of Canada published its semi-annual Financial System Review on 25 June. The Canadian financial system has continued to display impressive resilience in the face of global financial stress. Pressure on the financial positions of Canadian firms…
Chicago Fed National Activity Index, May 2003
CFNAI Indicates Economic Activity Improved in May - The Chicago Fed National Activity Index (CFNAI ) was -0.39 in May, a marked improvement from the downward-revised April level of -1.04. Most of the increase reflected better readings on the output…
Olson on bank challenges with low interest rates
In a speech on 'Bank Management Challenges in a Low-interest-rate Environment' Mark Olson of the Federal Reserve said the most pronounced effect of the current climate has not been prominent in the headlines but is well known to the industry. We have…
Fed cuts funds rate to lowest level since 1958
The Federal Reserve's 13th rate cut on Wednesday 25 Junecould be the last in a cycle that began in January 2001, analysts said, according to Associated Press. However, the Fed signalled its intention to avoid the threat of deflation, suggesting rates…
Bank chief warns on Croatia's growing foreign debt
The governor of the Croatian national bank warned that the country's growing foreign debt was weakening the financial system, according to the HINA news agency. Speaking before parliament on Thursday 26 June, he said the external debt had reached 17.4bn…
BoC wants reformed securities regulation
In a report published Wednesday the Bank of Canada called for reform of its securities regulator warning on the inefficiencies of a system broken up among about a dozen regional regulators.
Polish c bank head calls for EU to speed reform
The head of Poland's national bank on Wednesday 25 june urged the EU to pressurize Poland and other states to speed up economic reform, according to the Financial Times. He urged Poland, Hungary and the Czech Republic to cut their high fiscal deficits.
Bank of Ghana to commence downsizing soon
The Bank of Ghana is aiming for "a lean, more focused and responsive central bank" and said that the planned disengagement of staff would be done in "a humane manner", Ghana Web reports. "The Bank is offering a generous and attractive early retirement…
Hungary's band shift was mistake says Gabor Oblath
Gabor Oblath, a nominee for membership on the Monetary Council of the central bank of Hungary, told a parliamentary hearing that the recent devaluation of the midpoint of the forint's trading band was a "grave mistake", according to Interfax.
Reddy, Kelkar in race for RBI top job
The Economic Times reports that a two-horse race is developing for the top job at the Reserve Bank of India if current governor Bimal Jalan moves into politics.
Koehler : IMF to seek new accord with Argentina
IMF chief Horst Koehler has said the Fund will start negotiations over a new aid accord with Argentina. Speaking to reporters in Buenos Aires he said the agreement would seek to restore Argentina's financial institutions, according to a Bloomberg report.
Bank of England Financial Stability Review, Jun 03
The Bank of England published its latest Financial Stability Review for June 2003 on Thursday 26 June. It contains the Bank's regular half-yearly review of risks to financial stability and measures taken to strengthen the financial infrastructure,…
BoJ's purchases of asset-backed securities
the Bank of Japan has decided to establish Principal Terms and Conditions for the outright purchases of asset-backed securities, 25 June.
'Money in Motion' from the Philadelphia Fed
"Money in Motion" is a new financial and historical exhibition that is free, fun, and interactive. The exhibit's 16 displays feature interactive games, rare artifacts, and historical narrative that trace the history of money and central banking in the U…
First 'Bollard' signed bank notes issued by RBNZ
The Reserve Bank of New Zealand announced on Thursday 26 June that two million $5 notes with Governor Alan Bollard's signature have been printed.
Federal Reserve cuts federal funds rate to 1%
Statement from the Federal Reserve released 25 June on the decision to lower the federal funds rate by 25 basis points to 1 percent.
Brazil adjusts inflation target upwards to 5.5%
Brazil revised its inflation target up on Tuesday 24 June to 5.5 per cent, reports Merco Press. The 2005 target was fixed at 4.5 per cent. Making the announcement, Brazilian Finance Minister Antonio Palocci emphasized that the government will keep…
Norway's c bank makes largest rate cut in 10 years
Norway's central bank cut its main interest rate on Wednesday 25 June by a percentage point, the biggest reduction since 1992, to revive a faltering economy in the world's third largest oil exporter. acording to Bloomberg.
Regional central bank unviable - Tito Mboweni
Tito Mboweni, governor of the South African Reserve Bank, said on Tuesday 24 June "We have agreed we will do some research on what the feasibility is of a common central bank for South Africa, Lesotho, Swaziland and Namibia", according to Reuters…
Norges Bank reduces interest rates by 1 per cent
Norges Bank, the central bank of Norway, cut its main interest rate by 1 per cent to 4 per cent on 25 June.
Constitution could mean veto loss over ECB changes
The new draft European constitution could mean European member states would no longer have a veto over adjustments to the workings of the ECB, according to the Financial Times. The UK Treasury and the Foreign Office both said they would campaign for…
Kuwait c bank 'panel' to monitor money-laundering
The Central Bank of Kuwait (CBK) is to establish a unit to monitor money-laundering operations, the Arab Times reports. The unit will be headed by the governor of the CBK Sheikh Salem Al-Sabah and will work in unison with the office of the Public…
2nd round of talks due Friday over Bulgaria c bank
A second session of talks has been scheduled for Friday to discuss candidates for governor of the central bank of Bulgaria, Novinite reports. The option of naming a third nominee will be considered at Friday's consultation.
Namibian study says customs union hurts economy
A study carried out by the central bank of Namibia shows that the country's loss was approximately 549m Namibian dollars over a period of 12 years as a result of the Southern African Customs Union (SACU) Common Revenue Pool, according to a report by the…