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Yugoslav, Greek national banks sign agreement
National Bank of Yugoslavia (NBY) and National Bank of Greece governors Mladjan Dinkic and Nicholas Garganas on 27 December signed an agreement on bilateral cooperation, including data exchange on business operations and bank control.
Dai Xianglong leaves People's Bank of China
China has replaced its longtime central bank governor, putting a former stock market regulator in charge as it prepares to open its banking industry to foreign competition.
Call for Bank of Japan to adopt inflation target
The Japanese government will urge the Bank of Japan to adopt an inflation target, an influential member of the ruling Liberal Democratic party said Sunday. The comments follow those of Chief Cabinet Secretary Yasuo Fukuda who said last week that an…
Minutes from the Sveriges Riksbank Board meeting
MINUTES - Minutes of the Sveriges Riksbank Executive Board meeting on 4 December, published 19 December. The Executive Board decided to lower the repo rate by 0.25 per cent, although second deputy governor Eva Srejber entered a reservation against the…
Bank of Japan: Losing independence?
ARTICLE - This article looks at the recent initiatives by the Bank of Japan but says the BOJ's independence may be slipping as Prime Minister Junichiro Koizumi and members of his economic team want a greater say in BOJ policy-making.
Bank of France's Trichet begins fraud trial
Bank of France governor Jean-Claude Trichet, tipped as the next president of the European Central Bank, was due to stand trial over a decade-old banking scandal on Monday. He denies all charges.
Man threatens to fly plane into ECB headquarters
A man stole a plane at gunpoint and flew it amid Frankfurt's skyscrapers on Sunday, threatening to crash it into the headquarters of the European Central Bank.
The ECB and M3
LETTER - Letter published in the UK edition of the Financial Times on 6 January. The letter "Stubborn ECB does not deserve to be so badly misunderstood" follows an article regarding the ECB's supposed targeting of M3 levels.
Gramlich on conducting monetary policy
SPEECH - In the speech 'Conducting Monetary Policy' Edward Gramlich of the Federal Reserve discusses inflation targeting and says that a symmetrical target (e.g. Bank of England) is most successful as this allows expansionary responses to an inflation…
CentralBankNet Monday Special Feature
SPECIAL FEATURE - In this weeks special feature, the last for this year, we look back at some of the important stories from 2002 and some you may have missed. From the introduction of euro notes and coins in January to the appointment of new central bank…
BOJ Hayami central bank can't buy all JGB issues
Bank of Japan Governor Masaru Hayami reiterated Friday that the central bank will do its utmost to help the economy recover, but rejected such steps as radically increasing the amount of Japanese government bonds it buys or purchasing new types of assets.
Speculation rife on Hayami replacement
ARTICLE - A furor of speculation is blowing through Tokyo as Prime Minister Junichiro Koizumi prepares to appoint a successor to BOJ Gov. Masaru Hayami, whose 5-year term expires in March.
GCC bank plan to be taken up at forum
A proposal to set up a transnational bank with all GCC states as shareholders will be submitted to the UAE Central Bank.
Egypt's central bank chief - rates may fall again
Mahmoud Abul Oyoun, Governor of the Central Bank of Egypt (CBE) said it is likely that a new cut in the banking interest rate will be effective if the market needs this.
Croatian central bank council adopts projection
The Croatian National Bank (HNB) Council, chaired by governor Zeljko Rohatinski, on Wednesday adopted HNB's monetary policy projection and financial plan for 2003.
Fed's Poole: US to avoid deflation
William Poole, president of the Federal Reserve Bank of St. Louis, said on Friday that policymakers must be wary about deflation, but said there were ample reasons why the United States will avoid the errors that Japan made.
Report to show Japan's banks failing capital test
A comprehensive study of Japan's financial system being carried out by the International Monetary Fund will reveal that the capital adequacy of a number of Japanese banks falls below international requirements, according to a former IMF economist.
Welteke on a framework for monetary stability
SPEECH - In the speech 'An institutional framework for monetary stability' Ernst Welteke of the Deutsche Bundesbank said that even today there is no automatic means of ensuring stable money and stable markets. It is an ongoing task and it is the task of…
Bye bye, Buba
ARTICLE - This article says the ECB should scrap money supply targeting, its "first pillar" and reduce it to the role of an indicator. It also promotes a looser inflation target, with a change to a symmetrical rate perhaps as high as 3 per cent with 1…
Bies on credit availability for small businesses
SPEECH - In the speech 'Credit Availability for Small Business' Susan Bies of the Federal Reserve emphasised the importance of small businesses to the Federal Reserve saying that they are critical to the strength and vigor of the U.S. economy.
Chicago Fed National Activity Index, November 2002
REPORT - CFNAI shows economic growth remains soft in November - In November, the Chicago Fed National Activity Index (CFNAI) remained below zero for a fourth consecutive month, coming in at -0.51. The three-month moving average index, CFNAI-MA3, was at …
Bank of Japan Monthly Report, December 2002
REPORT - The Bank of Japan published its Monthly Report of Recent Economic and Financial Developments, December 2002, on 19 December. In its report the Bank says "Japan's economy has stabilised as a whole, but there is still substantial uncertainty…
ECB's Liebscher: Rates appropriate, econ improving
Austrian National Bank Governor and European Central Bank governing council member Klaus Liebscher said interest rates are appropriate for the medium term, although they could still be lowered if need be. In an interview he also defended the ECB's two…
SARB appoints Ian Plenderleith as deputy governor
The South African Reserve Bank said Thursday that it has appointed Ian Plenderleith as a deputy governor with effect from 1 January 2003. Until May 2002 this year Plenderleith was a member of the Bank of England's interest rate setting Monetary Policy…