Central Banks

Fake Polish euros on sale on the internet

Fake sets of "collectors'" Polish euro coins are being sold on the internet, according to AFP. The "sample Polish Euros" were quickly dismissed by the National Bank of Poland who pointed out that it did not distribute such coins.

Banco Filipino sues BSP

The Banco Filipino Savings and Mortgage Bank plans to sue the Bangko Sentral ng Pilipinas and its Monetary Board for damages, according to the Manila Times. In a statement on Thursday 25 September, Banco Filipino said it filed the case because the…

Outgoing Duisenberg gets the hump in Dubai

With the IMF and World Bank annual meetings at an end, this article from Bloomberg News reflects on the Dubai gathering's less formal proceedings. Caviar, foie gras, lobster and belly-dancing were on the menu while Bank of Italy governor Antonio Fazio…

Taiwan adopt 'managed float' for dynamic stability

The central bank of China, Taiwan will adopt a "managed float" policy towards the foreign exchange market, according to AFX Asia, and has said it is, in principle, ready to allow market forces to determine the exchange rate.

Venezuela c bank wary of overseas credit card use

The central bank of Venezuela has said it has no immediate plans to authorise the use of local credit cards abroad due to abuses that have previously taken place, according to Business News Americas. The country's foreign exchange commission Cadivi will…

Fukui at the 2003 World Bank-IMF Annual Meeting

In a speech to the 2003 World Bank-IMF Annual Meeting given on 23 September Toshihiko Fukui of the Bank of Japan said that more than six years have passed since the outbreak of the Asian financial crisis. He welcomed the progress that the World Bank and…

Information acquisition & decisions in committees

This ECB Working Paper is a survey of the recent game theoretic literature on committee decision making. It considers theoretical work on the role of (i) strategic voting, (ii) costly information acquisition, (iii) conflicting interests, and (iv)…

Bergstrom: Monetary policy stays in Riksbank hands

Deputy Governor of the Sveriges Riksbank Villy Bergstrom took part in a panel debate organised by Skanes provinsbank in Helsingborg on 23 September. Subjects under discussion included the role of the Riksbank following the referendum and current economic…

Monetary developments in the euro area

The ECB's "Monetary developments in the euro area" published on 25 September reveals the annual rate of growth of M3 decreased to 8.2% in August, from 8.6% in July 2003 (revised upwards from 8.5%).

Fed's Kohn on Productivity and Monetary Policy

In a speech on 'Productivity and Monetary Policy' given on 24 September Donald Kohn of the Federal Reserve said our challenge as economists and policymakers remains to analyse ongoing developments and to judge the likely course of productivity and…

Duguay: Monetary policy supports Canada's economy

In a speech 'How monetary policy supports Canada's economy' given on 24 September Pierre Duguay of the Bank of Canada reviewed the recent record of the Canadian and U.S. economies and discusses the role of monetary policy. He suggests that the protracted…

Kohn says economy not strong enough to boost jobs

Fed Governor Donald Kohn said on Wednesday 24 September "it will be a while before we can be sure that a self-sustaining expansion is underway of sufficient strength and persistence to put the economy back on a path toward full employment", Reuters…

Duisenberg praises US-style labour reforms

Wim Duisenberg told the European Parliament on Thursday 25 September that to increase employment the EU must become more flexible. He compared the US labour market with that of Europe, saying "clearly they are doing better than us".

Cavallo blames the IMF for Argentine crisis

Former Argentine Economy Minister Domingo Cavallo has blamed the IMF's policies for Argentina's devaluation and subsequent debt default, according to Merco Press. In an interview Cavallo argued that it would had been more beneficial "if the IMF had…

Former Bank of Ghana chief to head disaster fund

John Saka Addo, former Governor of the Bank of Ghana, is to act as chairman for the Accra Sports Stadium Disaster Relief Trust, according to the Accra Mail. The Trust will provide funds to educate the children of the 128 soccer fans who died in the Accra…

Fed's Poole says US econ prospects superb

St Louis Fed president William Poole said on Wednesday 24 September, according to Reuters, "I am optimistic about the U.S. economy. The recent performance of productivity has been stunning." Asked if he feared an impact on the market for U.S. Treasury…

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.

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…

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…

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