The European Central Bank is ready to intervene again in foreign exchange markets if it deems it to be necessary, Bundesbank president and ECB governing council member Ernst Welteke said Tueday.
Guatemala's ruling Republican Front (FRG) on Tuesday presented a bill to Congress proposing the liberalisation of the country's foreign exchange markets, as the first step toward dollarising the Central American economy.
Sir Eddie George, the governor of the Bank of England, said that the government would have to rely more on taxation and spending policy to control the economy if Britain joined the euro.
In a letter to the editor in Financial Times today, Professor Lars Jonung argues that the Bank of Japan can learn from the Riksbank in adopting a zero inflation target.
Ernst Welteke, president of the Bundesbank, has raised concerns about whether the countries preparing to join the European Union in the next few years would be ready to become members of the EU's single currency.
According to the German economics institute IFO, the introduction of the euro coins and banknotes at the beginning of 2002 will cause a financial loss to the German treasury of DM60bn.
The Bank of Thailand clamped down further on baht speculation on Monday, telling local banks it would start strictly enforcing a ban on one-day, tom/next and forward dollar/baht deals with offshore parties if there was no underlying commercial purpose.
The International Monetary Fund said in a statement released on its website that the Turkish government's IMF-supported economic programme was on track and is expected to remain so.
Bank of France governor Jean-Claude Trichet said Monday that the euro has been a success since its launch. In a speech in Tokyo, Trichet said that the single European currency has been both a technical success, and a "benchmarking" success - in that the…
The National Bank of Hungary said it would cut its effective mandatory reserve rate to 7% from 11% as of 1 February. Analysts said that this would improve the competitiveness of the banking sector, boost growth and stimulate investment.
The Bank of Israel said on Monday it would reduce its key lending rate by 0.2% point to 8.2% effective December 1, the eleventh rate cut in a year.
Poland's monetary policy council raised doubts on Monday about its readiness to cut interest rates next year, when it said the government's plan for cutting the budget deficit relied on "unrealistic" targets.
Pakistan's central bank on Monday appointed seven banks as primary money market dealers for the government securities, five months after it announced plans for the new system.
R H Patil, former managing director of the Indian National Stock Exchange, is expected to take charge as the chairman of the proposed SBI Clearing Corporation for the money and foreign exchange market.
The heads of the central banks of Lithuania and Belarus have signed an agreement on the procedure for settling accounts among economic entities, the Bank of Lithuania reported.
Incoming Czech central bank governor Zdenek Tuma does not expect to make any big changes when he takes over the CNB this week, the daily Mlada Fronta reported.
Sri Lanka's economy has recorded a moderate growth of some 4.5% during the first nine months of this year, according to the island country's central bank.
Kenya's commercial banks have offered to reduce interest rates on their loans in a move aimed at persuading parliament not to introduce tight controls on lending rates.
The People's Bank of China, the country's central bank which has a monopoly on domestic gold trading, has taken the first step to deregulate the domestic gold market by reducing its authorised gold purchasing points in all provinces, industry sources…
Sakuya Fujiwara, deputy governor of the Bank of Japan, said at a conference that the Japanese economy was on its way to recovery, although significant structural reforms still needed to take place.
European Central Bank member Otmar Issing said investors have become more cautious on the outlook for the dollar and that the U.S. economy is slowing faster than Europe's, an Italian financial paper reported on Saturday.
European Central Bank council member Tommaso Padoa-Schioppa on Saturday said that the euro's current weakness needed to be judged in light of historical exaggerations in currency swings.