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Speech by Eugenio Domingo Solans, ECB, 11 June
SPEECH - Eugenio Domingo Solans, member of the Governing Council and Executive Board of the ECB, gave a speech titled 'Exchange rate policies in the accession process' to a conference in Tallinn on 'Alternative Exchange Rate Regimes in the Globalised…
Speech by Fed governor Susan S. Bies, 10 June
SPEECH - Fed governor Susan S. Bies delivered a speech on 'Lessons to be Re-Learned from Recent Breakdowns in Corporate Accounting' to the Institute of International Bankers in New York on 10 June. She attempted to outline what should be re-learned from…
Speech by Otmar Issing, ECB, 10 June
SPEECH - At the ECB Watchers conference in Milan on 10 June, Professor Otmar Issing, member of the Executive Board of the ECB, gave a speech on 'Monetary policy and the role of the price stability definition' in which he concludes that the ECB's twin…
Rouble to fall as cb's overnight deposit rate cut
RUSSIA - Despite the theme of continuity in exchange rate policy which was emphasized when Sergei Ignatyev took over as head of the Central Bank of Russia in place of Viktor Gerashchenko earlier this year, the bank has subsequently made moves which imply…
Increased hope that Turkey soon out of recession
TURKEY - A much sharper than expected rise in industrial output in Turkey has raised hopes that the country could soon recover from a deep recession. Industrial output rose 14.1% in April from a year earlier, well above a growth rate of 7.8% as predicted…
Shekel gains slightly on dollar despite rate hike
ISRAEL - The shekel strengthened only slightly on the dollar Monday, despite the Bank of Israel's surprise announcement a day earlier of a sharp hike in interest rates.
Update, B of Israel's Monetary Program, 9 June
PRESS RELEASE - The Bank of Israel today announced an update of its monetary program for June 2002, according to which its interest rate will be raised by 1.5 percent to 7.1 percent. The change will go into effect on Tuesday, 11 June 2002. Thus, the…
Iran's cb to issue bonds despite US sanctions
IRAN - The Central Bank of Iran still plans to issue its first international bond, according to its governor, Mohsen Nourbakhsh. This is despite the withdrawal of Iran's debt rating by Moody's.
Commercial banker made dep chairman of Kazakh cb
KAZAKHSTAN - A new deputy chairman has been appointed to the National Bank of Kazakhstan. Anvar Saydenov, who is 41, was appointed by Kazakhstan's president, Nursultan Nazarbayev, on the recommendation of the central bank.
Bureaucrats compete to replace RBI dep governor
INDIA - There is stiff competition to take the place of the outgoing deputy governor of the Reserve Bank of India (RBI), Dr Y. V. Reddy. According to the finance ministry, two senior bureaucrats are jockeying to control this key post which involves…
Central banks should heed asset inflation
LETTER - Anthony H. Rowley, a contributor to Central Banking journal, argues in a letter published in the Financial Times on 10 June that central banks should pay more attention to asset inflation when conducting monetary policy.
Buying back long-dated bonds way forward for Japan
LETTER - Letter by Professor Tim Congdon published in the Financial Times on 10 June in response to an editorial by Sir Samuel Brittan, which in turn had commented on Prof Congdon's original article in Central Banking journal, 'What is to be done about…
South African Reserve Bank - Annual Report 2001
ANNUAL REPORT - The Annual Economic Report of the South African Reserve Bank for 2001 is now available online. South Africa's foreign debt declined relative to gross domestic product. For mainly external reasons, the value of the rand has depreciated…
National Bank of Belgium - Annual Report 2001
ANNUAL REPORT - The Annual Report of the National Bank of Belgium for 2001 is now available online in English. This document provides useful information on recent economic and financial developments, both in Belgium and abroad.
Speech by Svein Gjedrem, Norges Bank, 10 June
SPEECH - Svein Gjedrem, governor of the Norges Bank gave a speech titled 'One year of inflation targeting' at the Norwegian School of Management's Centre for Monetary Economics on 10 June. He discusses Norway's experience of inflation targeting and…
BIS Working Paper No. 112, June 2002
RESEARCH - BIS Working Paper on 'Determinants of international bank lending to emerging market countries' by Serge Jeanneau and Marian Micu. It focuses on lending to the largest countries in Asia and Latin America through a framework based on "push"/…
Speech by Omar Kabbaj, president of AFDB, 28 May
SPEECH - Omar Kabbaj, president of the African Development Bank, gave a speech on "Enhancing the Development Effectiveness of the African Development Bank" at the opening session of the annual meetings of the African Development Bank and Fund in Addis…
African Development Bank - Annual Report 2000
ANNUAL REPORT - The African Development Bank Group's Annual Report for 2000 can now be accessed online.
Atlanta Fed Working Paper, June 2002
RESEARCH - Working Paper from the Federal Reserve Bank of Atlanta on 'International Money and Common Currencies in Historical Perspective' by Gerald P. Dwyer Jr. and James R. Lothian. They conclude that the euro is likely to be serious competition for…
Speech by Thomas Dawson of the IMF, 13 Jun
SPEECH - The speech 'Stiglitz, the IMF and Globalization' continues the recent argument between the IMF and Joseph Stiglitz who Dawson describes as the IMF's Chief Critic. Dawson says in the speech "my defense for getting into the fight is the classic…
Japan enjoys strongest growth for two years
TOKYO - Japan's economy has at last emerged from recession, enjoying its strongest growth for two years. The economy has rebounded from three straight quarters of contraction, growing 1.4% in the first quarter, which is an annualised rate of 5.7%.
Russia to crack down on bank supervision
RUSSIA - The Central Bank of Russia has vowed to put harsh new measures in place to crack down on supervision over Russia's banks. This move by the central bank, which has recently overhauled its leadership, may cause a large number of banks to shut down.
Blejer considers resignation after IMF agreement
ARGENTINA - Argentina's central bank president Mario Blejer is considering resigning once he designs a new monetary programme, implements a plan to convert deposits into bonds and helps obtain a loan from the International Monetary Fund, according to a…
Argentina and IMF talks on loans to begin at last
USA - Argentina and the International Monetary Fund will begin talks next week on new loans to revive the economy. IMF spokesman Thomas Dawson remarked on Argentina's "substantial progress" in meeting conditions for the new talks, saying they "have been…