Central Banks

Exchange-rate reform studied in China

Signs are growing, reports China Daily, that China may embark on a long-awaited programme to reform the country's exchange-rate regime despite its determination not to revalue the yuan. As the first signal of the emerging trend, Chinese President Hu…

Malta c bank chief denies euro stories

The governor of the central bank of Malta, according to Malta Independent, denied stories that Malta, along with a few acceding countries, had begun talks with the European Central Bank about joining the euro. He said the whole story came about after an…

Ghana meets three criteria for single currency

Ghana has met three of the four primary convergence criteria of the West African Monetary Zone (WAMZ) for a single currency by July 2005, according to Ghana Web. The only criterion yet to be met is the single digit inflation rate.

CPA Briefs on Iraqi Currency Exchange

Saddam-free dinars have hit the streets in Iraq. How has this been achieved? This week's CentralBankNet Monday Special Feature gives a fascinating glimpse of the immense logistical challenges faced by the authorities in Iraq. The Central Bank of Iraq has…

Issing on Inflation targeting: prospects, problems

In a panel discussion at the conference "Inflation targeting: prospects and problems" on 17 October Otmar Issing of the ECB said that the differences in the practices of central banks oriented to price stability are in fact relatively limited. "I believe…

Solans: Prices productivity and growth - and money

In a speech on 'Prices, productivity and growth... and money' given on 17 October Eugenio Domingo Solans of the ECB asks If a central bank does not pay due attention to monetary developments, the question is then: who, if anybody, shall do it? The only…

Ferguson at the New England Economic Adventure

In a speech at the opening of the New England Economic Adventure at the Federal Reserve Bank of Boston given on 8 October Roger Ferguson of the Federal Reserve said "While I would like to think that all of the Federal Reserve System's economic education…

Reserve Bank of New Zealand Bulletin, Sep 2003

The Reserve Bank of New Zealand published its quarterly Bulletin for September 2003. Among the articles is an annual review of developments affecting New Zealand's financial stability. In the review the RBNZ concludes that New Zealand's financial sector…

Interview with the Governor of the Bank of Korea

In an interview published by The Chosun Ilbo, Governor Park Seung of the Bank of Korea spoke at the central bank building about the problem with rising housing prices. "It is difficult to solve the property speculation issue fundamentally without drastic…

Bank of Estonia Council to be appointed in Nov.

Bank of Estonia chairman Mart Sorg has said it will take a month for the Council's candidates to be cleared by security, according to the Baltic News Service. The candidates include politicians from both the ruling coalition and opposition, Sorg said.

Balcerowicz: 2007 euro entry depends on budget cut

Poland's adoption of the euro will depend on the success of the austerity plan, National Bank of Poland Governor Leszek Balcerowicz has said, according to the PAP news agency. Balcerowicz reiterated that the realistic date for entry to the eurozone is…

Denmark to start electronic trading in gov't bonds

Denmark will begin trading government bonds electronically from 4 November, AFX Europe reports, The Danish central bank said in a statement "Introducing electronic trading is a step forward in developing the Danish market and bringing its facilities in…

Bank Negara payments systems law effective Nov 1

Malaysia's Payment Systems Act 2003 will come into force on 1 November to ensure the efficient functioning and stability of the payments system, according to a report in The Edge Daily. "The Act empowers the central bank to designate payment systems with…

Greenspan to speak in UK at CBI conference

Federal Reserve Chairman Alan Greenspan will speak by video link to the Confederation of British Industry's national conference which is being held from 16-18 November at the ICC in Birmingham, England, according to a report by Reuters.

Bundesbank expects no solid 2003 upturn

The Bundesbank said in its October monthly report published on Monday 20 October that it forecasts a slight rise in economic performance in the third quarter this year, reports Expatica, but it does not see a sustained upturn in the German economy.

Fed's Bernanke wants public inflation objective

Fed governor Ben Bernanke told the St Louis Fed's inflation targeting conference on Friday 17 October that in the current climate of low inflation, it was important to keep the public informed about the Fed's long-run intentions, according to Reuters…

Heikensten: Introduction to monetary policy

In the speech 'Introduction to monetary policy' given on 16 October Lars Heikensten of the Sveriges Riksbank said the Riksbank's assessment is now that continued stable growth in incomes, wealth and employment will contribute to smooth and relatively…

Macfarlane on Asia's role in Australia's economy

In a speech on 'Asia's Role in Australia's Economic Future' given on 16 October I.J. Macfarlane of the Reserve Bank of Australia highlighted the vital role of Asia in our economic future. He said that in recent years, Australia had "lost sight" of Asia's…

Philadelphia Fed Business Outlook Survey, Oct 2003

Activity in the region's manufacturing sector improved in October, according to firms polled for the Philadelphia Fed's Business Outlook Survey, October 2003. Most of the current indicators increased this month, the report finds, and manufacturers' six…

Brazil "wants $10 bln IMF loan insurance"

Reports in Brazil said Finance Minister Antonio Palocci was negotiating with the IMF to secure "insurance" of $10 billion in emergency funds in case of an international economic crisis, according to Reuters. Palocci said he felt that if Brazil were to…

Inflation target could insulate Fed, Poole says

St. Louis Fed President William Poole said on Thursday 16 October that the Federal Reserve should adopt a target for an acceptable level of inflation in part to insulate itself from political pressures. He was speaking at the start of a two-day…

Eurozone recovery still fragile - ECB's Issing

The ECB's Chief Economist Otmar Issing said on Thursday 16 October that while the eurozone's recovery was still fragile it should gain strength next year, Reuters reports. He said the rise in the cost of oil did not provide a reason to change the ECB's…

Japan's economy minister: how to end deflation

Economy minister Heizo Takenaka has said that Japan's deflation could be overcome if the Bank of Japan can increase money supply growth and the government were able to increase demand through deregulation and clean up the banking system, according to the…

Look to Asia, urges RBA chief

Reserve Bank of Australia governor Ian Macfarlane has said that itsi time to look again at Asia's place in the economic future of Australia, ABC News reports.. Delivering a lecture in Sydney, he said that now the dust of the Asian crisis had largely…

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