Monetary Policy
Fed's McTeer says no need to raise rates soon
Dallas Fed President Robert McTeer told a luncheon meeting on Wednesday 24 September that he was optimistic that growth would soon outstrip the rapid pace of productivity gains and lead to new hiring, according to Reuters. But he acknowledged that the…
Response to new Zimbabwe cheques encouraging
Zimbabwe's new bearer cheques introduced on Tuesday 23 September seem to have had some effect, according to The Harare Herald, with reports saying shorter queues, and the expression of relief by ordinary people means the radical idea may succeed.
Hague Arbitral Tribunal decision on BIS shares
Final decision of the Hague Arbitral Tribunal on the withdrawal of privately held shares of the BIS, announced on 22 September.
Monetary Options for Postwar Iraq
On October 15th, Iraq will issue a new unified dinar under the auspices of its new, "independent" central bank. This article published by the Cato Institute, "Monetary Options for Postwar Iraq" says the move will be a half-baked affair, at best, and is…
Riksbank issues new commemorative coins
The Sveriges Riksbank has issued a coin to commemorate the 30th anniversary of King Carl XVI Gustaf's accession to the throne, 24 September.
Riksbank's Nyberg-Sweden after the euro referendum
Deputy Governor of the Sveriges Riksbank Lars Nyberg spoke on 24 September at Swedbank Capital Markets Day about the Riksbank and the situation of the Swedish economy following the referendum.
St Louis Fed's Central Banker, Fall 2003
The Fall 2003 edition of the St. Louis Fed's Central Banker magazine has been published. The latest issue carries a report on what community bankers said at a recent meeting with the St. Louis Fed and other regulatory agencies on reducing regulatory…
Central Bank of Iran - Annual Report 2001-2002
The Central Bank of Iran has published its Annual Report for the year ended (1380) 2000-2001. The Iranian economy performed positively in 2001/02, the Annual Report said. Despite fluctuations of crude oil prices in world markets, especially in the…
Lebanon's central bank denies targeting Hamas
The Central Bank of Lebanon has attempted to deflect criticism of it by denying on Tuesday 23 September claims that it had issued a request to freeze the assets of Hamas and other Palestinian groups, according to The Daily Star.
Zeti named Asia's best central bank governor
Bank Negara Malaysia governor Tan Sri Dr Zeti Akhtar Aziz has been named Asia's best central bank governor in a recent poll, according to The Star Online. Zeti, who is Asia's first female central bank governor, describes herself as a "career central…
Poland's central bank warns on public finances
Polish central bank chief Leszek Balcerowicz has said in an interview that unless a credible programme exists to repair budget finances, Poland's long term economic growth will be restricted, according to the Financial Times.
Philippines central bank urges further fiscal rest
With an election scheduled for May 2004, Rafael Buenaventura of the Philippine central bank said he is confident that the government would resist the temptation to increase spending in the run up to the polls, Reuters reports. "I don't they will be…
Vepa Kamesam's term at RBI extended by 3 months
Reserve Bank of India deputy governor Vepa Kamesam has been given a second three-month extension to his contract, according to Busines Standard. With this, Kamesam has become the first deputy governor to hold the position beyond the age of 62.
Weak job market poses economic risk-Fed's Broaddus
Speaking to a meeting of the Southern Governors' Association in West Virginia on Tuesday 23 September, reported by Reuters, Richmond Fed president Alfred Broaddus said he believed that consensus forecasts for economic growth at about a 4.5 percent annual…
Kohler: don't over-interpret market reactions
Horst Kohler has warned against an over-reaction to exchange rate movements following statements released at the G7 Dubai meeting, according to AFX UK. The G7 said more flexibility is needed in exchange rates "to promote smooth and widespread adjustments…
New World Bank Chief Economist
Francois Bourguignon has been appointed chief economist at the World Bank, President James D. Wolfensohn announced on Friday 19 September. He succeeds Nicholas Stern, who will leave the Bank Group in October
Europe should do more - Snow
John Snow, the U.S. Treasury Secretary, took aim at European policymakers, urging finance ministers and central bankers to do more to boost economic growth. Mr. Snow demanded "more accommodative" interest rates and budgets. His spokesman, Rob Nichols,…
G7 communique
Statement of G-7 Finance Ministers and Central Bank Governors, Dubai, United Arab Emirates, September 20, 2003
Philadelphia Fed Business Outlook Survey, Sep 2003
Manufacturing firms reported an increase in new orders in September according to firms surveyed for the Philadelphia Fed's Business Outlook Survey, September 2003. New orders and shipments grew again this month, but employment declined, the survey said.
12 August Minutes of Federal Open Market Committee
The Federal Reserve on 18 September released the minutes of its FOMC meeting of 12 August. The members agreed that, although economic activity had shown signs of firming, the risks to the outlook remained about the same as they had indicated in the…
Olson on the need for improved financial literacy
In a speech on 'Increased Availability of Financial Products and the Need for Improved Financial Literacy' given on 22 September Mark Olson of the Federal Reserve said interagency guidance was issued to banks on managing risks relating to subprime and…
Rosenberg-Price stability framework remains intact
Deputy Governor of the Sveriges Riksbank Irma Rosenberg gave a talk on 23 September at a conference organised by SNS Center for Business and Policy Studies and Affarsvarlden business magazine. Her talk touched on monetary policy and developments in the…
Bernanke: Fed can keep rates low
Federal Reserve Governor Ben Bernanke said on Monday 22 September that the U.S. can afford to keep interest rates low, mirroring the FOMC's recent statement, according to Reuters. Even with faster economic growth inflation is unlikely to become a problem…
Bundesbank chief Welteke dashes rate cut hopes
Bundesbank president and ECB council member Ernst Welteke said in an interview that monetary policy is not standing in the way of growth with historically low levels of interest rates, reports AFP. However, he warned that the current low cost of…