Monetary Policy
Central Bank of Iraq to establish stock exchange
The Central Bank of Iraq has decided to establish a stock exchange that would operate on a daily basis instead of three times a week as proposed previously, MENAFN reported.
Polish monetary policy council backs government
Poland's Monetary Policy Council has taken a rare position, according to Interfax, of directly supporting the government's plan for administrative and welfare spending restraint, calling it "right and very necessary".
IMF backs Australia's economy
Australia's economy has been praised by the International Monetary Fund (IMF), which predicted continued strong economic growth on the back of a sound fiscal and monetary strategy, NineMSN reported.
U.S. economy can stand up to terror-Fed's Broaddus
Richmond Federal Reserve Bank President Alfred Broaddus said on 30 October the Sept. 11 attacks did little long-term damage to the U.S. economy, Reuters reported.
Central bank official: China to keep RMB stable
Mu Huaipeng, deputy director of the People's Bank of China's currency policy department said Thursday that China will continue to adopt a sound monetary policy in order to maintain the stability of the renminbi, a report from Xinhuanet said.
ECB criticises 'unsustainable' US economy
ECB chief economist Otmar Issing has singled out the US tactic of "artificially stimulating the economy by large budget deficits and inflationary monetary policy" as "no viable option", EUpolitix reported.
ECB chief warns on need to keep pact
Wim Duisenberg told EU finance ministers Wednesday night that the EU stability and growth pact could unravel if Governments changed the rules of the fiscal framework, BizWorld reported. "I acknowledge that these are not easy times, that conditions are…
UAE central bank offloads gold reserves
Statistics from the United Arab Emirates central bank show that while the value of gold reserves was at Dh333 million until April, it has come down to Dh166 million in May and continued at the same level during June as well, Gulf News said.
BoJ's Fukui on Restructuring Japan's Economy
In the speech 'Restructuring Japan's Economy' given on 28 October Toshihiko Fukui of the Bank of Japan said financial institutions need to strengthen their risk-taking ability. At the same time, we require a framework in which the optimum allocation of…
Issing: Europe & the US - New paths for the future
In the speech 'Europe and the US: Partners and Competitors - New paths for the future' given on 28 October Otmar Issing of the ECB said we at the European Central Bank are very much aware of our responsibilities in a world characterised by close trade…
Kennedy:Efficiency/transparency in capital markets
In the speech 'Efficiency and Transparency in Canadian Capital Markets' given on 28 October Sheryl Kennedy of the Bank of Canada discusses the importance of promoting efficiency in capital markets, and how transparency can support these efforts. She also…
Ferguson takes oath for second term at Fed
Roger Ferguson was sworn in for a second four year term as Vice Chairman of the Federal Reserve on 28 October. Chairman Alan Greenspan administered the oath in his office.
Statement by Federal Reserve after FOMC meeting
The Federal Reserve said in a statement released 28 October that its main reason for maintaining the federal funds rate at 1 percent was because "the risk of inflation becoming undesirably low remains the predominant concern for the foreseeable future".
Report says Bundesbank to cut 5,000 jobs
The Bundesbank is set to cut its workforce by up to a third a report in German financial daily Boersen-Zeitung said. A Bundesbank spokesman insisted that no decision had been made yet, however, the AFP news agency reported.
Jarai says euro would boost Hungarian economy
The president of Hungary's central bank has warned that the government must exercise control over its fiscal and economic policy if Hungary is to achieve sustained economic growth. Zsigmond Jarai told a press conference: "The adoption of the euro in 2008…
Fed again vows to hold interest rates
In a unanimous vote the Federal Reserve's FOMC held US interest rates steady at its Tuesday 28 October meeting. The Fed cited the remote threat of deflation and said low rates will remain "for a considerable period." A report from Associated Press said…
Dodge corrects Greenspan growth forecast statement
David Dodge has corrected a misstatement he made on Tuesday 28 October regarding US growth forecasts of 6 percent that he unintentionally attributed to Alan Greenspan. In a press release Wednesday the Bank of Canada said Dodge "unintentionally attributed…
Norges Bank keeps interest rates unchanged
The Norwegian crown steadied near earlier three-week highs against the euro on Wednesday after the Norwegian central bank's Executive Board meeting left rates unchanged and said it continued its neutral outlook for interest rates.
SNB's Roth urges swift economic reforms
Swiss National Bank chief Jean-Pierre Roth has called on politicians to solve Switzerland's economic problems and promote growth. He said the only thing the central bank could do to support recovery was to use monetary policy to encourage growth while…
France's Noyer on banknotes' stretch
Christian Noyer has answered the question that was on everyone's lips: Just how far would the 15bn euro banknotes stretch if laid end-to-end?
Armenia ushers in new Deputy Governor
The National Assembly of Armenia has approved Artur Dzhavadyan as the new Deputy Governor of the Central Bank of Armenia after he was proposed by the President. In what looks like a big vote of confidence, ArmInfo reported there were 86 votes in support…
ECB gets a queen for the day
The red carpet was rolled out last week in Frankfurt when Queen Beatrix of the Netherlands paid a visit to the European Central Bank.
Poetry - McTeer style
Dallas Fed President Bob McTeer is well known for his poetry and a recent article in the New York Post reminded us of a few of his classics, including this one. "There once was an economy on the ropes. It kept defying recovery hopes. When we finally made…
Ferguson and Bernanke back on Board
Roger Ferguson and Ben Bernanke got approval from the US Senate last Friday to new terms at the Fed, Reuters reports. Bernanke gets a full 14 year term on the Federal Reserve Board while Ferguson was cleared for four more years as the Fed's Vice Chairman.