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Speech by Edward George, Bank of England, 26 Jun
SPEECH - In his annual Mansion House speech George gave a strong signal that interest rates would not be raised at next week's meeting of the Bank of England's monetary policy committee and welcomed the fall in the pound against the euro.
Mexico's assets and reserves increasing
MEXICO - The Banco de Mexico has announced that Mexico's net international assets rose to $45.277 billion on June 21 from $44.781 billion on June 14. It also said that its international reserves were at $42.107 billion, up from $41.961 billion the week…
Ignatyev wants stronger ruble
RUSSIA - Sergei Ignatyev, chairman of the Central Bank of Russia, on Tuesday reaffirmed his desire for a stronger ruble, saying that the bank is adopting a policy that implies a "gradual inflation decline and a certain appreciation of the ruble to…
BOJ intervenes again to defend tumbling dollar
JAPAN - The Bank of Japan intervened three times overnight to bolster the dollar, spending an estimated $5 billion. This intervention, its sixth daily dollar-buying move since late May and the second this week, was in reaction to the dollar's decline…
RB of New Zealand criticised by finance minister
NEW ZEALAND - The Reserve Bank of New Zealand's management of monetary policy came under attack from the country's finance minister Michael Cullen today when he alleged that it was failing to interpret the bank's written policy agreement with the…
Ahady plans new currency for Afghanistan
AFGHANISTAN - The new head of the Afghan central bank, Anwar Ahady, has announced his plans to increase the nominal value of the afghani by a thousand with a view to promoting financial stability and attracting foreign investment.
Bank of Japan monetary policy decision
PRESS RELEASE - At the Monetary Policy Meeting held today, the Bank of Japan decided, by unanimous vote, to leave the guideline for money market operations for the intermeeting period unchanged.
A small macroeconomic model of Hong Kong
RESEARCH - The Hong Kong monetary Authority has published 'A Small Macroeconomic Model of Hong Kong' by Jiming Ha, Cynthia Leung and Chang Shu,June 2002.
The slowdown of HK dollar broad money growth
RESEARCH - The Hong Kong Monetary Authority has published research on 'The Slowdown of Hong Kong Dollar Broad Money Growth' by Kitty Lai and Joanna, Yen Ling Shi. It examines the factors leading to the slowdown of broad money growth from about 5% in…
ECB Working Paper No. 155
RESEARCH - ECB Working Paper 'Youth unemployment in the OECD: demographic shifts, labour market institutions, and macroeconomic shocks' by Juan F. Jimeno and Diego Rodriguez-Palenzuela, June 2002. It gauges the relevance of the relative size of…
IMF increases stand-by credit to Uruguay by $1.5bn
URUGUAY - The IMF today increased its current Stand-By Credit to Uruguay by about $1.5bn to about $2.28bn. Uruguay may draw up to $508m immediately. A further $650 million will become available under the augmented Stand-By Arrangement during the…
IMF Working Paper No. 02/101
RESEARCH - 'Structural Balances and All That: Which Indicators to Use in Assessing Fiscal Policy' by Nigel Chalk, Fiscal Affairs Department, examines structural indicators of a country's fiscal position and evalutes their usefulness in measuring the size…
BOJ intervenes to shore up dollar
JAPAN - The Bank of Japan stepped into the foreign exchange market Monday to shore up the dollar, which at one point rose by more than 1 yen to 122.80. The dollar later returned to the 121 yen level, as the invervention was seen as relatively modest. The…
Eurosystem currency reserves up by 1.3bn eur
GERMANY - The ECB said eurosystem net foreign currency reserves rose 1.3bn eur to 257.6bn in the week ending June 21. The rise was due to an increase of 3.7bn eur in receivables from the IMF, whereas other holdings in foreign currency decreased by 2.5bn…
Uruguay cb to create bank protection committee
URUGUAY - Uruguay's central bank will create a special committee to oversee the provision of liquidity for the country's banks, according to central bank chairman Cesar Rodriguez. "We don't want a single bank to fold [and] we want to protect depositors'…
Aldo Pignanelli named new Argentine cb president
ARGENTINA - Argentina's President Eduardo Duhalde has appointed central bank vice-president Aldo Pignanelli as chairman of the bank after Mario Blejer resigned on Friday, the government said in a statement. Pignanelli has been vice-president since March…
Former cb governor keeps pmt seat in elections
PAPUA NEW GUINEA - Papua New Guinea's former central bank governor, Sir Mekere Morauta, who since became prime minister, has succeeded in keeping his seat in parliament following an election tainted by violence, although the future of his government…
China & S Korea sign $2bn currency swap deal
CHINA - The central banks of China and the Republic of Korea Monday signed a $2 billion currency swap deal which both sides hailed as a move to enhance bilateral co-operation and regional financial stability.
Banking supervision at the cross roads
RESEARCH - A paper presented at de Nederlandsche Bank conference titled 'Banking Supervision at the Cross Roads' by David Llewellyn from Loughborough University, UK, looks at the optimal regulatory environment and suggests a paradigm for ensuring…
Federal Reserve to redesign notes
PRESS RELEASE - The US Treasury and Federal Reserve has announced plans for redesigned notes with improved security features to deter counterfeiting. It will affect the $100, $50, and $20 notes.
Speech by Dr Wellink, Nederlandsche Bank, 14 June
SPEECH - Wellink speculates in a speech titled 'The Role of National Central Banks within the European System of Central Banks: The Example of De Nederlandsche Bank' that the national central bank might contribute to loosening the roots of its very…
IMF Survey, Vol. 31, No. 12
SURVEY - The latest edition of the IMF Survey includes comment on the IMF's Global Financial Stability Report, excerpts of a speech by Anne Krueger on sovereign debt restructuring and an interview with Kenneth Rogoff and Jeromin Zettelmeyer on the roots…
Speech by Ian Macfarlane, governor of RBA, 25 June
SPEECH - In a speech titled 'Relative Advance or Relative Decline?' Macfarlane looks at the prospects for the Australian economy over the next 20 years. He concludes that although we cannot predict the future, we can try and make sure that the economy is…
US brings colour to new 'greenback' notes
US - The end of the greenback could be close, it is reported. The US government on Thursday announced plans to introduce other colours on dollar bills to help tourists tell the different notes apart.