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HKMA Quarterly Bulletin, June 2003
The Hong Kong Monetary Authority (HKMA) on 12 June published the latest issue of its Quarterly Bulletin. This issue contains four feature articles including 'The Impact of Interest Rate Shocks on the Performance of the Banking Sector' which provides an…
Dodge says 'It All Starts with the Data'
In a speech entitled 'It All Starts with the Data' David Dodge of the Bank of Canada paid tribute to the unsung heroes behind central bankers and other policy-makers. Statisticians, he said, "constantly labour under tight resource, financial, and time…
Duisenberg testimony to European Parliament
In testimony before the Committee on Economic and Monetary Affairs of the European Parliament Wim Duisenberg of the European Central Bank said that despite the rise of the euro in the last year, the exchange rate of the European currency accurately…
Irish central bank seeks firm to mint euro coins
Strong demand and hoarding of coins has prompted the central bank of Ireland to seek a foreign firm to mint 100 million euro coins, the Irish Times reports. In December, the bank financed an advertising campaign to persuade people to stop hoarding small…
Duisenberg biography dredges up 'dim' past
A new biography of European Central Bank president Wim Duisenberg by two Dutch journalists reveals the central banker's unhappiness at the IMF in the 1960s, courtesy of a small and badly-lit room, according to the Financial Times.
Estonian central bank looks forward to euro
The president of the Bank of Estonia, Vahur Kraft, has set 2006 as the time "horizon" for Estonia in terms of joining the euro, according to a report by Estonian Radio.
CBK board given power to implement laws
The recently implemented Islamic Banks Law will give power to the central bank of Kuwait's Board of Directors to implement necessary laws and regulations with the aim of providing an atmosphere of healthy competition in the field of Islamic banking, the…
Kenya c bank plans Moi-portrait notes phasing out
The central bank of Kenya plans to introduce new banknotes bearing the portrait of founding President Jomo Kenyatta, according to a report on the daily Nation website.
Afghanistan urges Pakistan to help stop fake notes
The governor of Afghanistan's central bank has called on Pakistan's authorities to halt the production of counterfeit Afghan banknotes being printed in the frontier areas of that country, according to a report from the Voice of the Islamic Republic of…
Serb leaders question c b's Dinkic's performance
A report on Radio B92, Belgrade says Serbian National Bank governor no longer enjoys political support. The report accuses Dinkic of using his position for the interests of his party, and claims that his party, G17 Plus, has been discouraging foreign…
Polish fin min demands Bank reserves later resigns
Poland's finance minister Grzegorz Kolodko on Wednesday called for an additional 5bn zlotys from the revaluation reserve of the central bank to go to the 2004 budget, a move the central bank governor firmly rejected. However, Kolodko later resigned after…
KJ Udeshi named RBI's first woman deputy governor
The Reserve Bank of India has appointed Ms KJ Udeshi as a deputy governor. She becomes the first woman to hold the post of deputy governor and replaces GP Muniappan who retired on May 31.
Speculation RBI's Jalan will leave c bank early
Reserve Bank of India governor Bimal Jalan's may depart from the RBI before the end of his tenure, Rediff.com reports. Speculation surrounds his possible successor, with former deputy governor Y Venugopal Reddy mentioned as a possible candidate.
Ferguson - Economic challenges facing US and Japan
In a speech on 'Uncertain Times: Economic Challenges Facing the United States and Japan' Roger Ferguson of the Federal Reserve described the country's near-term economic prospects as "still somewhat clouded" and said "preventing deflation remains…
Duisenberg to G. d'Estaing on Constitution Treaty
Letter from the ECB President Wim Duisenberg to the President of the Convention, Valery Giscard d'Estaing, regarding the draft Constitutional Treaty, 5 June.
Fukui speech to Euro 50 Group Roundtable
In his keynote speech to the Euro 50 Group roundtable Toshihiko Fukui of the Bank of Japan said the Bank of Japan stands on the front line of the war against deflation. However, we have used up the greatest weapon in a central bank's arsenal, thus, in…
ECB Monthly Bulletin halves growth forecast
The European Central Bank published its June 2003 Monthly Bulletin on 12 June. It halved its growth forecast for the eurozone this year to just 0.7 per cent from 1.6 per cent. Inflation was projected at 2.0 per cent this year, slightly above earlier…
Fed's- Beige Book: US economy struggling
The Federal Reserve Beige Book released 11 June said the US economy has struggled to gather pace since the end of the Iraq war and the performance of output and employment has been disappointing.
Santomero - FOMC should consider inflation target
Philadelphia Fed president Anthony Santomero said on Tuesday 10 June that with inflation at its current levels "Inflation targeting makes sense in principle for the U.S.", according to a Bloomberg report.
Fed and Bank of Mexico announce clearing system
The Federal Reserve and the Banco de Mexico on Tuesday 10 June announced a new clearing-house system that will lower transaction costs for banks handling an estimated $200bn in commercial payments and remittances each year, according to a report in the…
Bulgaria delays election of central bank governor
The Bulgarian parliament has delayed its decision to appoint a new governor to the central bank by a week, according to BG News. The decision made on Tuesday 10 June was blamed on disagreements in the ruling coalition on whom to nominate for the post.
Malaysia PM - Reserve level up to central bank
Malaysian prime minister Mahathir Mohamad has said that the level of reserves the country's central bank holds is up to it to decide. "I think Bank Negara is managing its reserves very well," he said, as reported by the New Straits Times.
NZ's Bollard boosts inflation guidelines
Appearing before a parliamentary select committee Reserve Bank of New Zealand Governor Alan Bollard said the changes made to the bank's inflation targeting guidelines last year may have helped the RBNZ begin its easing of interest rates in April,…
"Too important for central bankers"
Central banks' ruthless pursuit of price stability holds back economic growth and boosts unemployment, says Joseph Stiglitz in an article published in the Guardian on Tuesday June 10.