Monetary Policy
Germany, France confirm euro zone rebound
Data released on Thursday 13 November showed that both Germany and France grew in the third quarter of this year, according to Reuters, with Germany pulling out of its second recession in two years, expanding 0.2 percent and France seeing growth of 0.4…
BOT assets 'safe' from weak dollar
Assistant governor of the Bank of Thailand, Tasna Rajatabhoti, said on Wednesday 12 November that the weak dollar will not have a significant impact on the value of the BOT's foreign assets, according to The Nation. She said the central banks of many…
Malta central bank cuts growth forecast for 2003
The central bank of Malta has revised its growth forecast for the country to between 1 and 1.3 percent for 2003, according to the Times of Malta. In its annual report published in April it had previously forecast real GDP growth of 3.1 - 3.7 percent.
Russia central bank deputy fears capital flight
The deputy governor of Russia's central bank, Oleg Vyugin, has said Russia could experience a significant increase in capital flight to $13 billion in the second half of this year, accrding to Reuters, but he added that he could not definitively link the…
State Bank of Pakistan - Annual Report 2002-2003
The State Bank of Pakistan has published its Annual Report for the year ended 2002-2003. The SBP said that the increase in forex reserves - through either non-debt creating inflows is extremely positive - has left the country well placed to further lower…
Mboweni sees bumpy road to African central bank
South African Reserve Bank governor Tito Mboweni has struck a cautious note on the idea of a single African currency, reports All Africa News. He pointed out in a recent speech that intra-continental trade was extremely disappointing, thereby making it…
Bank of England Inflation Report, November 2003
The Bank of England published its quarterly Inflation Report for November 2003 on Wednesday 12 November. In the report the Bank forecast that growth in the UK would pick up to just under 3 per cent next year, and would be "marginally above trend" over…
Brazil's central bank warns over email fraud
The central bank of Brazil has warned the public against an email fraud scheme which asks people to register personal details about their bank accounts, with the email supposedly from the central bank, according to a report by Business News America.
ECB's Issing: Rule breaking undermines euro
Otmar Issing, the ECB's chief economist, has said in an interview reported by AFP that the stability and growth pact is an important institutional part of monetary union and it is a major concern if it is put into doubt. Asked whether the ECB could…
Bank of England raises growth forecast
Mervyn King told the Bank of England's quarterly inflation report press conference on Wednesday 12 November that "There is a risk that heavily-indebted households will be badly affected by changes in economic circumstances or interest rates", Reuters…
Fukui on the Japanese economy and Asia
In a speech on 'The Japanese Economy and Asia' given on 26 September, Toshihiko Fukui of the Bank of Japan said there is an increasing probability that the Bank's standard scenario released in April, a virtuous cycle of recovery in which an increase in…
Publication of study on the euro area money market
In the context of the regular monitoring activities of the European System of Central Banks, experts from the European Central Bank and from the national central banks of the European Union have carried out an analysis of euro area money market…
BIS publishes OTC Derivatives Market Statistics
The BIS released on Wednesday 12 November its semiannual statistics on positions in the global OTC derivatives market for end-June 2003. The statistics cover the notional amounts and gross market values outstanding of the worldwide consolidated OTC…
Snow says US economy on a 'rising road'
US Treasury Secretary John Snow has said that the US economy is on a rising road and is getting stronger every day. In a speech to the Arizona Chamber of Commerce, reported by AFP, Snow said that based on the data, "We can all be encouraged, but we…
RBA's McGauchie: Rural sector improving
Speaking on Wednesday 12 November, Reserve Bank of Australia board member Don McGauchie, the rural voice on the nine-member RBA board, said that although much of Australia is still gripped by drought conditions, monetary policy is a broad instrument that…
Executives face pay cut at Bank of Japan
The Bank of Japan (BOJ) said last Tuesday that it will cut annual pay for its executives for fiscal 2003 by 2.9% from the previous year, Kyodo News reported. The decision follows a cut by the same margin in fiscal 2003 pay for special government…
Sierra Leone appoints a new deputy governor
Mohamed Sanpha Fofanah has been appointed the new deputy governor of the central bank of Sierra Leone, PANA News said. He replaces Melvin Tucker who was described in an official statement, the report said, as "the encyclopaedia of the central bank".
New RBZ governor speaks of challenges ahead
Gideon Gono was appointed governor of the Reserve Bank of Zimbabwe last week. Gono, a prominent banker, was appointed by President Mugabe and follows the announcement of a planned overhaul of the central bank. After accepting the job Gono spoke of it as…
Ex -cb chief runs for presidency of Mauritania
Ahmed Ould Daddah, the brother of Mauritania's first president, Mouktar Ould Daddah, who died last month, is a veteran politician and head of the opposition Union of Democratic Forces-New Era. The 70-year old is also a former governor of the central bank…
Bank of Ghana - Annual Report 2002
The Bank of Ghana has published its Annual Report for the year ended 2002. In the foreword to the Annual Report governor Paul Acquah said 2002 was an important one in the history of Bank of Ghana. The Bank of Ghana Act was signed into law in January 2002…
Moskow: No reason to change accommodative stance
Michael Moskow, the Chicago Fed president, said on Monday US jobs growth was encouraging and it was important to continue the relaxed monetary stance the FOMC currently holds, to provide some "insurance" against an unwelcome bout of disinflation, Reuters…
Dallas Fed McTeer says US payrolls jump good news
In response to audience questions after a speech given on Monday 10 November Dallas Fed chief Robert McTeer said he thought the Bank of England and RBA's recent decisions to increase interest rates should be given the benefit of the doubt and assume they…
IMF's Koehler says now not time for EU deficit cap
IMF chief Horst Koehler told an Austrian daily, according to Reuters, that it was not the right time to force eurozone countries to stick to the 3 percent deficit limit. He added that he did not favour letting countries that have been too loose with…
Tumpel-Gugerell: Institutions in Financial System
In the speech 'The Role of Institutions in the Financial System' given on 11 November Gertrude Tumpel-Gugerell of the ECB said an integrated European supervisory framework enhances the ability to react quickly, effectively and more transparently to any…