Central Banks

Fed's Bies on strengthening corporate governance

In a speech on 'The Role of Community Bank Directors in Strengthening Corporate Governance' given on 7 August Susan Schmidt Bies of the Federal Reserve said corporate governance and audit failures over recent months demonstrate how quickly trust can be…

Dodge on economic integration in North America

In a speech on 'Economic Integration in North America' given on 7 August David Dodge of the Bank of Canada said from a purely economic perspective, I have, as an economist, a strong predilection for continuing to tear down barriers to trade-preferably,…

BSP eyes tighter rules on FX transactions

Rafael Buenaventura of the Philippines Central Bank told reporters the BSP aims to tighten foreign exchange rules following the peso's steep decline against the US dollar, acording to a report by AFX.

What'll it be Sweden, in September's euro vote?

September's vote on adopting the euro has Sweden on edge, this article in BusinessWeek reports. So, is it ja or nej? Just a year ago, the yes side was well ahead. But a sluggish euro zone, along with a slowdown at home, has helped shift sentiment sharply.

ECB Monthly Bulletin, August 2003

The European Central Bank published its August 2003 Monthly Bulletin on 7 August. The report said economic activity in the euro area remained subdued in the first half of 2003, broadly in line with previous expectations. At the same time, there is…

Deutsche Bundesbank Monthly Report, July 2003

The Deutsche Bundesbank published the English version of its July 2003 monthly report on 7 August. The slumping economy has caused a renewed perceptible decline in employment, the report says. The rate of price increase picked up again a bit in June. The…

Central Bank of Sri Lanka - Annual Report 2002

The Central Bank of Sri Lanka has published its Annual Report for the year ended 2002. Notable progress was made on all fronts during 2002, the Annual Report says. The cessation of hostilities and the ongoing peace process brought not only a sense of…

IMF urges Ireland to reduce inflation

In its annual review of the Irish economy the IMF called on the government to cut inflation and improve competitiveness, according to RTE News. In a statement, the Minister for Finance, Charlie McCreevy, welcomed the IMF assessment.

ECB optimistic on euro zone recovery

The ECB said on Thursday 7 August that the latest economic data confirm that interest rates are appropriate, according to Reuters, because the outlook for price stability remains favourable and there is increasing reason to expect that economic activity…

BOJ to punish staff for faulty data-gathering

The Bank of Japan is to discipline officials who failed to correct errors in the calculation of data relating to unsecured debt instruments issued by companies to procure funds, according to East Day. The measures are designed to prevent public…

ECB's Issing sees recovery, rates appropriate

ECB Chief Economist Otmar Issing said "There are good reasons to reckon with an improvement in economic activity in the second half of 2003, which will gain pace in 2004", Bloomberg reports. However, he added that there's also "no reason for euphoria".

UK interest rates left unchanged

The Bank of England left interest rates unchanged on Thursday at 3.5 per cent. The decision was widely predicted, notes the Financial Times, after the MPC made a quarter point cut at its last meeting.

Travellers cheques to ease Zimbabwe cash crisis

The Reserve Bank of Zimbabwe will launch a range of travellers cheques on Friday 8 August,according to Sapa-AP. The move comes amid Zimbabwe's acute cash shortage. Similar to bank notes, the travellers' cheques are printed on security paper with fibres…

Applying efficiency measurement to central banks

The working paper "Applying Efficiency Measurement Techniques to Central Banks" from the Philadelphia Fed released on 6 August reviews the standard techniques of efficiency measurement and reviews some of the literature that has attempted to apply these…

Sveriges Riksbank - Annual Report 2002

The Sveriges Riksbank has published its Annual Report for the year ended 2002. In the Governor's statement Lars Heikensten said economic development was subdued in 2002 by the considerable stock market decline and households were hit by sizeable…

Central Bank of Iceland - Annual Report 2002

The Central Bank of Iceland has published its Annual Report for the year ended 2002. The year 2002 witnessed a sharp turnaround in the Icelandic economy, the Annual Report says. Inflation peaked in the beginning of the year, but went below the Central…

Ishrat Husain on the banks' write-off

In the speech 'An Analysis of the Banks' Write-off (1999-2003)' given on 26 July, Dr Ishrat Husain of the State Bank of Pakistan devoted his remarks to addressing the question of write-offs by Public Sector Banks/Development Finance Institutions (DFIs)…

IMF urges US action on deficit as economy improves

In an annual review of the United States the IMF said the lacklustre US economy looks set to pick up speed but the record budget deficit must be tackled, according to Reuters.However, the report said the recovery has thus far been uneven and that…

Rethinking on monetary policy

The world over, central banks are undergoing an open evaluation of their past policies, this article in the Fiunancial Express, India, says. It looks at current policies of the world's major central banks and their views on asset price bubbles.

Bosnian foreign trade minister takes c bank post

Bosnia-Hercegovina Minister for Foreign Trade and Economic Relations Mila Gadzic resigned on Monday 4 August , according to the SRNA news agency,clearing the way for him to become a member the management board of the Bosnia-Hercegovina central bank.

ASEAN finance ministers start two-day meeting

ASEAN finance ministers began a two-day meeting on Wednesday 6 Augustin Manila. According to Business Times, Philippines Finance Secretary Jose Isidro said "We look forward to addressing a range of subjects, including the development of a regional…

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