Central Banks
Bundesbank to save 280m euros a year with job cuts
Planned job cuts by the Deutsche Bundesbank will result in savings of 280m euros a year from 2008 onwards, according to Georg Fabritius the head of the central bank. If the planned savings are achieved, the bank's profits will increase, which will…
CentralBankNet on inflation targeting
SPECIAL FEATURE - Addressing a recent St Louis Fed conference, Fed Governor Ben Bernanke got straight to the point. He began his speech by asking: "Should the Federal Reserve announce a quantitative inflation objective". Below is CentralBanknet's guide…
Change of Presidency of the European Central Bank
Jean-Claude Trichet began his eight-year term as President of the European Central Bank on 1 November.
Fukui on the current state of the Japanese economy
In a speech given on 1 October, Toshihiko Fukui of the Bank of Japan said that although it is unprecedented for the central bank to purchase asset-backed securities in that it directly accepts the credit risk pertaining to private-sector debt, the bank…
SARB's Mboweni on African economic integration
In a speech on 'African economic integration' given on 9 October, Tito Mboweni of the South African Reserve Bank said that there is little doubt that there have been major changes in economic policy in many African countries in the recent past. Many of…
RBA interchange fees for credit cards lowered
The Reserve Bank of Australia said on 31 October that Bankcard, MasterCard and Visa credit card schemes have introduced lower interchange fees for credit card transactions in Australia.
FSAP in New Zealand
Officials from the International Monetary Fund (IMF) are now in New Zealand undertaking a previously announced Financial Sector Assessment Programme, the Reserve Bank of New Zealand said on 31 October.
Bank of Greece sets sights on fake euro problem
The Bank of Greece is preparing a public awareness campaign regarding the perils of counterfeit euro notes, according to a report by Kathimerini. The recent discovery of fake 200-euro notes in Greece caused the authorities to focus on high denominations.
Venezuela eases its currency controls
Venezuelan President Hugo Chavez has eased restrictions on credit card use that were imposed to shore up the economy during a two-month general strike called by his opponents, according Associated Press.
IMF praises Brazil's economy
The central bank of Brazil has said that the country amply met the targets agreed with the International Monetary Fund, according to Merco Press. The primary surplus in the first three quarters of 2003 reached just over 20 billion US dollars compared to…
DNB chief Wellink sorry over euro inflation
The president of the Dutch central bank, Nout Wellink, has apologised for not warning that prices would rise as a result of the introduction of the euro, according to expatica. "We didn't do it very well," Wellink told a meeting in The Hague.
European Central Bank has new chief
Jean-Claude Trichet began his Presidency of the European Central Bank with a congratulatory address at a commemorative ceremony marking the 75th anniversary of the Bank of Greece in Athens on Monday, reports United Press International.
G7 and ECB Central Bankers' Salaries
This article published by Reuters looks in-depth at the salaries of G7 central bank heads, Federal Reserve Board Governors, ECB President, Vice-President and Executive Board Members. It reveals, among other things, that the Governor of the Bank of France…
Alan Greenspan, the central bankers' poor relation
A survey published by Reuters last week found Alan Greenspan to be the lowest paid G7 central bank head earning a mere US$ 171,900. Jean-Claude Trichet's salary, by contrast, rings in at the equivalent of US$ 341,404. But this is topped by "little"…
Dallas Fed's 'Free to Choose' conference papers
The Federal Reserve Bank of Dallas's recent conference, "The Legacy of Milton and Rose Friedman's 'Free to Choose': Economic Liberalism at the Turn of the 21st Century" covered a broad spectrum of topics related to economic freedom, including Allan…
Cleveland's Low-Inflation Economies Conference
The Federal Reserve Bank of Cleveland's Central Bank Institute is holding a conference and workshop titled "Low-Inflation Economies" from 19-21 November. The agenda includes papers titled "The Efficiency of Inflation Targeting" and "Monetary Policy…
Chicago Fed National Activity Index September 2003
The latest Chicago Fed National Activity Index for September 2003 was published on 30 October. The Chicago Fed National Activity Index (CFNAI) was +0.20 in September, a sharp rebound from the downward revised August reading of -0.40.
Can UK's 'economic luck' last'?
Mervyn King described the UK's "non-inflationary consistently expansionary" economic performance since sterling's eviction from the exchange rate mechanism as "nice" earlier this month. Can the "nice" performance last, an article in the Financial Times…
Bank of Japan maintains current monetary policy
The Bank of Japan said in a statement released on Friday 31 October after its Policy Board meeting that it would continue with its ultra-loose policy aimed at keeping the overnight loan rate at virtually zero, according to AFX Europe.
EU inflation stays above ECB ceiling
According to provisional figures for eurozone inflation, released on Friday 31 October by Eurostat, the rate remained above the ECB's 2 per cent ceiling in October at 2.1 per cent, the Financial Times reports.
BoJ expects deflation to continue into 2005
In its twice-yearly economic report released Friday the Bank of Japan said that it expects deflation to continue through to March 2005, according to AFX Asia. "Consumer prices are forecast to continue posting small declines in this and next fiscal year …
Iran to print higher denomination notes
The central bank of Iran has said that it intends to print 20,000 rial banknotes, double the value of the current highest denomination banknote, according to AFP. The new notes will be issued in February next year.
Duisenberg sees danger EU stability pact will fail
Wim Duisenberg, whose term as president of the ECB finished on Friday 31 October, , said in a TV interview with ChannelNewsAsia that "The danger is certainly there" that the EU's stability and growth pact could fail. He warned that should this happen it…
Zimbabwe issues $150bn bearers' cheques
The Reserve Bank of Zimbabwe says it has so far issued $153 billion worth of bearers' cheques onto the cash-starved market, reports the Zimbabwe Independent. The bank however, refused to shed light on market speculation that it had stopped printing…