Central Banks

McCreevy may seek cash from Irish central bank

The Central Bank of Ireland confirmed that its review of the adequacy of its reserves against guidelines set by the ECB will be completed over the next few months according to the Irish Times. The bank acknowledged in its 2002 annual report that any…

Chicago Fed - US economy should regain drive

Michael Moskow of the Chicago Fed said on Monday 28 July that on the upside, business sentiment could rebound more dramatically, while on the downside, the risk is that consumer spending could lose momentum, according to a Reuters report. He said the…

Interview with Chicago Fed chief Michael Moskow

The U.S. economy is poised to pick up speed in the second half of the year and into 2004, Federal Reserve Bank of Chicago President Michael Moskow said late Friday 25 July in an interview with YSA Today. Moskow says the threat of deflation is 'very…

RBA adds an Education section to its website

The Reserve Bank of Australia has included an Education section on its website. The new section draws together information, already on the site, into key areas of interest to teachers and students of economics and finance.

Paul Krugman on Greenspan 'Dropping the Bonds'

Paul Krugman used to be a great admirer of Mr. Greenspan, he writes in his New York Times column. "But something has gone very wrong with the maestro", he suggests. He notes Greenspan's optimism in recent testimony that tax cuts and low interest rates…

Central bank forex intervention in Colombia

The IMF Working Paper "Central Bank Foreign Exchange Market Intervention and Option Contract Specification: The Case of Colombia" aims to identify appropriate option contract specifications for effective central bank exchange market intervention. The…

Japan should help guide yuan revaluation policy

This article in the Asahi Shimbun looks at the drive for revaluation of China's yuan, saying it first began in Japan where cheap imports from China are blamed for making domestic deflation worse. Japan needs an effective diplomatic strategy to influence…

BOJ's Muto cites side effects of JGB buying

In the text of a speech published on Friday 25 July, Bank of Japan deputy governor Toshiro Muto said "Buying of 1.2 trillion yen a month represents a significantly high pace", according to a Reuters report. He suggested the policy had had some negative…

Former BIS head Crockett joins JP Morgan

Sir Andrew Crockett is to join JP Morgan Chase International as an international ambassador, The Times reports. Crockett was one of the favourites to take over at the Bank of England after leaving the BIS earlier this year. The post, based in New York,…

South Korea central bank sees economic recovery

Governor Park Seung of the Bank of Korea said on Friday 25 July, according to Reuters, that the economy could enter a recovery phase in the final quarter of this year but for the present, "our economy is in a very difficult spot", he added.

Court summons Bank of Tanzania governor personally

The governor of the central bank of Tanzania, Daudi Balali, was due to appear in person at the High Court, Dar es Salaam on Friday 25 July, according to all Africa News. The civil case refers to an agreement signed on 25th April 1985 between the…

Polish Fin Min wants c bank help on foreign debt

Poland's finance ministry is seeking funds from the national bank at a preferential rate to use to repay part of Poland's foreign debt, so-called Brady bonds, according to Polish News Bulletin. Leszek Balcerowicz, president of the NBP, did not comment on…

RBNZ reduces OCR to 5.0 per cent

The Reserve Bank of New Zealand knocked a quarter percent off its main OCR interest rate Thursday. Governor Alan Bollard said on balance a further reduction seems appropriate today, with evidence continuing to suggest slowing economic activity.

BoJ's Fujiwara - Inside a Monetary Policy Meeting

In a speech on 'Inside a Monetary Policy Meeting' Sakuya Fujiwara of the Bank of Japan said transparency of the Bank of Japan's conduct of monetary policy has been enhanced by Monetary Policy Meetings. I attach special importance to increasing the…

McTeer speech to the Risk Management Association

In a speech before the Risk Management Association Bob McTeer of the Federal Reserve Bank of Dallas said the main reasons for expecting a stronger recovery are the prolonged and massive monetary easing, fiscal policy's move toward expansion, lean…

Ferguson on Basel II: Scope of Application in US

In a speech on 'Basel II: Scope of Application in the United States' Roger Ferguson of the Federal Reserve said we anticipate that U.S. banking organizations that account for 99 percent of the foreign assets and two-thirds of all assets of our domestic…

Interview with IMF Managing Director Horst Kohler

In an interview on "We Should Not Lose More Time" with Germany's manager magazin, IMF MD Horst Kohler talks about ways out of the world economy crisis. He is also asked if the Americans and the Japanese might be trying to solve their problems by…

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