Central Banks
Sveriges Riksbank Board Meeting minutes, 3 July
Minutes of the Sveriges Riksbank Executive Board meeting on 3 July, published 17 July. A number of members stressed in particular the fact that new information had not provided any clear indications of an upswing and that there were therefore no…
India's forex reserves soar to new record
The Reserve Bank of India confirmed that India's foreign exchange reserves exceeded US$84 billion in July posting a new record high, according to Asia Times. Analysts said the rise in India is mainly due to fresh inflows and revaluation of non-US…
Javier Silva named president of Peru central bank
Peru's president Toledo appointed economy and finance minister Javier Silva as president of Peru's central bank on Friday in a ceremony carried live on local television Bloomberg reports. Silva replaces Richard Webb who resigned recently.
Fed's Broaddus says US economy may be on the mend
Speaking on Friday 25 July, Richmond Fed President Alfred Broaddus said that forecasts for a 3.5 percent pace of growth over the second half of this year appeared on the mark, according to Reuters, but warned that "there is not much hard evidence that…
US economy on track for strong comeback - ECRI
The Economic Cycle Research Institute's managing director has said "The index is on fire", according to Reuters. He was referring to the ECRI's leading US growth rate index which rose to a 16-year high of 10.7 percent from 9.7 percent the previous week.
Poland's Balcerowicz: State finances must improve
President Leszek Balcerowicz of the Polish National Bank told Polish radio that radical improvements must be made to the country's state finances. He said with public finances in poor health, a fast and uninterrupted economic growth will not be possible.
Uzbekistan get IMF backing for convertibility plan
Horst Kohler assured Uzbekistan, reports Uzbek Television, that the IMF's staff are ready to provide the necessary assistance in regard to Uzbekistan taking on obligations arising from Article 8 of the IMF Charter by the end of 2003.
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…
Zeti: Malaysia's growth exceeded expectations
Speaking on Monday 27 July, Bank Negara Malaysia governor Zeti Akhtar Aziz said that second-quarter economic growth has exceeded government expectations and the underlying trend is intact, according to Associated Press.
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.
Germany's deficit shouldn't widen - Remsperger
The Bundesbank's chief economist Herman Remsperger has urged fiscal restraint and welfare reform, according to Bloomberg, saying "Borrowing to cover today's spending will worsen finances for future generations".
MNB vice president Auth warns against wage index
Inflationary pressures could build up in the Hungarian economy if next year's wage rises are linked to planned tax changes, warned the vice president of the national bank of Hungary Henrik Auth in an interview with Reuters.
Fed can keep rates low as growth quickens - McTeer
In a speech to the Dallas Rotary Club, Reuters reports that Dallas Fed President Bob McTeer expressed optimism the economy would soon revive, even as he admitted a lack of "hard evidence" of a pickup.
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…
EU needs a more 'intelligent' pact - Pascal Lamy
Speaking during a visit to China EU Trade Commissioner Pascal Lamy said the EU's Stability and Growth Pact needs to be "modernised and whipped into shape" and needs to be a more "intelligent" pact, according to EU Observer.