Central Banks

Norges Bank report on the decision-making process

David Longworth, Deputy Governor of the Bank of Canada, and Asbjrn Rdseth, Professor of Economics at the University of Oslo, have evaluated the strategy documents for 2002 and other material submitted to the Norges Bank Board in connection with the…

BoJ's Muto on challenges facing Japan's economy

In a speech on 'Structural Changes in the World Economy and Challenges Facing Japan's Economy' Toshiro Muto of the Bank of Japan said as of now at least it is hard to say that we are sufficiently equipped, considering the several constraints surrounding…

BofE's George shrugs off fears of deflation

In an appearance before the Treasury select committee on Tuesday outgoing governor of the Bank of England Edward George said there was an "extremely" low risk of deflation in the UK and the US, acording to the Independent newspaper. He described the risk…

Wisdom, wit and gaffes from Sir Edward George

As the governor of the Bank of England prepares to leave the Old Lady an article in the Independent guides you, in its words, "through some of Sir Edward's "thoughts" and some other thoughts about Sir Edward, renowned central banker, after-dinner speaker…

Namibian study says customs union hurts economy

A study carried out by the central bank of Namibia shows that the country's loss was approximately 549m Namibian dollars over a period of 12 years as a result of the Southern African Customs Union (SACU) Common Revenue Pool, according to a report by the…

Constitution could mean veto loss over ECB changes

The new draft European constitution could mean European member states would no longer have a veto over adjustments to the workings of the ECB, according to the Financial Times. The UK Treasury and the Foreign Office both said they would campaign for…

Regional central bank unviable - Tito Mboweni

Tito Mboweni, governor of the South African Reserve Bank, said on Tuesday 24 June "We have agreed we will do some research on what the feasibility is of a common central bank for South Africa, Lesotho, Swaziland and Namibia", according to Reuters…

Brazil adjusts inflation target upwards to 5.5%

Brazil revised its inflation target up on Tuesday 24 June to 5.5 per cent, reports Merco Press. The 2005 target was fixed at 4.5 per cent. Making the announcement, Brazilian Finance Minister Antonio Palocci emphasized that the government will keep…

RBNZ appoint Head of Operations

The Reserve Bank of New Zealand on Tuesday 24 June announced the appointment of Murray Bain as the Bank's Assistant Governor and Head of Operations. He will have particular responsibility for the Bank's financial, corporate, commercial and other internal…

Deutsche Bundesbank Monthly Report, May 2003

The Bundesbank said in its May 2003 monthly report that major uncertainty in the global economy and on the international financial markets, which peaked in the first quarter as the Iraq war was approaching, has since receded. This is reflected mainly by…

Central Bank of Ireland - Annual Report 2002

The Central Bank of Ireland has published its Annual Report for the year ended 2002. Governor John Hurley said in the foreword to the Annual Report that the international background for the Irish economy in 2002 has been difficult and there are few signs…

BoJ Monetary Policy minutes, 30 April

Minutes of the Bank of Japan's Monetary Policy Meeting on 30 April 2003, released 16 June. The minutes showed at least two of the BoJ's nine policy board members favour the introduction of a "reference rate of inflation" to halt deflation.

BOK governor may get more say over board members

A draft bill may give the Bank of Korea more influence over the appointment of members to its monetary policy board, Dow Jones reports. The proposed bill would increase the number of members the governor, Park Seung, can recommend to the board.

Belgian central bank shares drop on court ruling

A commercial court in Belgium has dismissed as unfounded a law suit calling for an extraordinary meeting of shareholders of the Belgian central bank, according to Reuters. The meeting was to ask for the dissolution of the Bank because a transfer of the…

Italy unveils a proposed 1 euro note

Italian Finance Minister Giulio Tremonti has come out in favour of the introduction of €1 notes, RTE News reports. Belgium and Austria have signalled they too favour small denomination notes with at least five eurozone states thought to be backing the…

Venezuela c bank seeks easing of forex controls

The central bank of Venezuela has appealed for a relaxation of the foreign exchange control regime currently in place, according to a report in the Financial Times. Domingo Maza Zavala, a central bank director, said the bank has called on the finance…

IMF deputy says U.S. Fed has room to cut rates

Deputy IMF managing director Eduardo Aninat said in a speech that the Federal Reserve has played a valuable role in sustaining domestic demand and "retains room to provide further stimulus should the recovery falter", according to a report by Reuters.

Brazil may raise inflation target

Economists have said that Brazil is likely to raise its inflation target to a more realistic level which could allow the central bank more room to reduce interest rates, according to a report by Bloomberg.

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