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Afghan c bank clarifies operations on new currency
AFGHANISTAN - Administrative Vice President of Afghan National Bank, Ghulam Ghouse Hadawi pledged on Wednesday that all old Afghani notes would be exchanged in the end despite mass complains about the slow distribution of the new currency.
Greece's Garganas hosts central bankers at club
GREECE - Bank of Greece Governor Nicholas Garganas is chairing a session of the Central Bank Governors' Club - which includes his counterparts of 16 Balkan, Black Sea and Central Asian nations - in the seaside resort of Nafplion on Friday.
Fed member warns on inside analysis
US - Evaluations of public policy should be handled independently of the agency responsible for the policy, a member of the Federal Reserve Board said Wednesday at Western Michigan University.
Malta 'will have the euro once conditions are met'
MALTA - The Minister for Economic Services Josef Bonnici said Malta stands to benefit from the adoption of the single European currency, the euro, and that Malta will join the Eurozone once the conditions are met.
EU's Prodi calls deficit reduction accord 'stupid'
FRANCE - European Commission President Romano Prodi called Europe's budget-deficit limits "stupid" and "rigid," sowing fresh divisions over how to save the European economy from recession.
ECB source not aware of Duisenberg G7 rate comment
UK - A European Central Bank (ECB) source told Reuters on Thursday that he was not aware of ECB President Win Duisenberg's having told international financial leaders the central bank was ready to cut interest rates.
Former RBI head proposed for slot on board
INDIA - Former Governor of the Reserve Bank of India (RBI), Mr S. Venkitaramanan's name has been proposed for appointment as a director of Reliance Industries Ltd (RIL) at the ensuing annual general meeting (AGM) of the company.
Polish gov't may seek halt to c bank independence
POLAND - The Sejm (lower house of parliament) public finances committee will resume legislative work on changes in the law on the Polish National Bank (NBP) after it has finished work on the 2003 budget, that is in the second half of November, committee…
Turkmenistan's head tightens currency regulation
TURKMENISTAN - At a recent meeting with the heads of law-enforcement bodies and military departments, Turkmen President Saparmyrat [Nyyazow] Turkmenbasy signed a resolution on priority measures to tighten currency regulation.
Banks put themselves at risk in Basle
ARTICLE - The Basle committee on banking supervision is once again consulting banks over the impact of its draft new capital accord. Basle II will have an important bearing on bank lending within and between countries. Despite its good intentions, the…
Why the euro numbers do not add up
UK - Baffled voters waiting to be persuaded by the economic evidence how they should vote in a referendum on the euro have been left in a state of even deeper confusion this week.
ECB Monthly Bulletin, October 2002
REPORT - The European Central Bank published its October 2002 Monthly Bulletin on 17 October. In the bulletin the ECB states that although liquidity is currently ample, there is a low risk of this translating into inflationary pressures in the near…
Bank of Japan report on non-performing loans
REPORT - Japan's Non-Performing Loan Problem, 11 October.
Bank of Japan Stock Purchase Guidelines
GUIDELINES - At a regular board meeting held 11 October, the Policy Board of the Bank of Japan approved basic guidelines on the purchase of stocks held by commercial banks.
Ferguson on financial stability, central bank role
SPEECH - In the speech 'Should Financial Stability Be an Explicit Central Bank Objective?' made on 17 September and published on 16 October, Roger Ferguson of the Federal Reserve said that financial stability is and always will be of vital interest to…
US Treasury Secretary Paul O'Neill - Time to go?
ARTICLE - Just what a fragile global economy doesn't need is a loose cannon as a US Treasury Secretary. Yet after a succession of gaffes that have sunk markets and offended presidents, Paul O'Neill remains unrepentant. Now is the time for him to resign…
Through the looking glass into deflation
SPEECH - DeAnne Julius, a former member of the Bank of England's Monetary Policy Committee, assesses the risk of global deflation as quite high in her keynote speech at The Banker Awards 2002 dinner.
The Exchange Rate and Inflation in the UK
RESEARCH - External MPC Unit Discussion Paper No.11, The Exchange Rate and Inflation in the UK by Amit Kara and Edward Nelson. The paper looks at the evidence from the UK on inflation behaviour and examines the propositions from several theoretical…
Setting the Record Straight: By Kenneth Rogoff
LETTER - Letter from Kenneth Rogoff, Economic Counsellor and Director of the Research Department, International Monetary Fund. Submitted to Le Monde but not published, 4 October 2002.
Russian c bank - For ex reserves growth too fast
RUSSIA - Russian Central Bank President Sergey Ignatyev has said that the country's gold and foreign exchange reserves are now close to a level that meets all conceivable criteria. He was speaking at a full-scale meeting of the State Duma (lower house)…
Egypt, Russia sign banking cooperation agreement
EGYPT - The Central Bank of Egypt and the Central Bank of Russia today, 16 October, signed an agreement on promoting cooperation in banking domains between the two nations.
George on the current state of the UK economy
SPEECH - In a speech made on 15 October, Sir Edward George of the Bank of England said internationally and in the UK the monetary policy debate has shifted back to the possible need for monetary stimulus. He said There had been a "nervous breakdown" in…
Bank of Canada Press Release
PRESS RELEASE - Bank of Canada keeps target for the overnight rate at 2 3/4 per cent, 16 October.