Central Banks
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…
Bank of England plans 'George Fellowships'
In recognition of Sir Edward George's achievements during his lifelong service, the Bank of England plans to introduce The George Fellowships which will be used to promote research in finance and economics.
Bank of England maintains interest rates at 3.5%
The Bank of England's Monetary Policy Committee today voted to maintain the Bank's repo rate at 3.5%, 7 August.
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.
ASEAN ministers predict solid economic growth
The Manila meeting of ASEAN finance ministers was due to issue a statement at the end of talks forecasting economic growth at an average rate of between 4 and 4.5 per cent for 2003, Reuters reports.
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…
Monetary policy is not the force it was
This article suggests monetary policy does not have much to do with money. There is hard evidence that bank lending is quantitatively the most important channel through which monetary policy affects the economy, but this should not be reassuring it says…
Poland: c bank head calls for public spending cut
National Bank of Poland governor Leszek Balcerowicz said on Tuesday 5 Augustthat unless the necessary cuts in public spending are introduced the current economic recovery in Poland could be short lived, according to the PAP news agency.
Cyprus c bank to lift exchange rate restrictions
The Central Bank of Cyprus has said it will lift, with immediate effect, certain exchange restrictions earlier than the deadline agreed on with the EU., according to the Cyprus News Agency. The restrictions lifted concern current international exchanges,…
Fogel to head Bank of Israel advisory committee
Israel's Finance Minister Binyamin Netanyahu has recommended establishing an advisory committee to the Bank of Israel to be headed by Aharon Fogel, the Jerusalem Post reports. Fogel is known as one of the most outspoken critics of Bank of Israel Governor…