Central Banks
ECB's Duisenberg says inflation receding
Speaking at the International Monetary Conference on Tuesday 3 June, Wim Duisenberg said inflation pressures had fallen back significantly in recent months and the pace of growth in Europe should pick up, according to a Reuters report.
Argentina c bank on track to target '04 inflation
The president of the central bank of Argentina has said the country should be ready to start inflation targeting in 2004, according to Reuters. Alfonso Prat Gay told a conference it would help Argentina to return to being a normal country.
Bulgaria's central bank launches RINGS system
The National Bank of Bulgaria put its new Real-time Interbank Gross Settlement System (RINGS) into effect on Tuesday 3 June, Novinite reports. It will make possible operations with payments in euros following Bulgaria's accession to the European monetary…
Bulgarian national bank chief to run for 2nd term
Svetoslav Gavriiski said on Tuesday 3 June that he intends to run for a second six-year term as governor of the National Bank of Bulgaria, according to a report from Novinite. Earlier in the day Bulgarian President Georgi Parvanov praised the work of the…
Swiss central bank warns downturn could get worse
The chairman of the Swiss National Bank (SNB) has ruled out a sharp economic upswing in Switzerland in 2003, Swiss Info reports. Continued risks, Jean-Pierre Roth said, cannot be underestimated.
Fed's Greenspan sees signs of recovery
Speaking to the gathering of top central bankers in Berlin on Tuesday 3 June, Fed chairman Alan Greenspan said indications were that a "fairly marked turnaround" was on the way, according to a report by Assoiated Press.
IMF launches programme for West Africa
IMF Deputy Managing Director, Eduardo Aninat launched a programme designed to increase the capacity of African governments to conduct growth orientated, poverty reducing policies, according to a report by All Africa News. The launch was attended by…
RBNZ invests in Asian Bond Fund
The Reserve Bank of New Zealand today announced that it would be investing USD 25 million in the newly created EMEAP Bank of International Settlements Asian Bond Fund, 3 June.
EMEAP announcement on Asian Bond Fund
Joint announcement from the 11 EMEAP Central Banks on the launch of the Asian Bond Fund, 2 June.
Bank of Japan subscription to the Asian Bond Fund
The Bank of Japan has decided to subscribe to the Asian Bond Fund offered by the Bank for International Settlements (BIS), 2 June.
Sveriges Riksbank, Financial Stability Report
Sweden's central bank, the Sveriges Riksbank, published its first Financial Stability Report for 2003 on 3 June. Since the last report economic prospects have been revised downwards for Sweden as well as for other countries of economic and financial…
Statement by IMF Mission on Euro Area Policies
In the concluding statement of the IMF Mission on Euro Area Policies released 28 May the IMF saw 'considerable scope for monetary easing' but recognised that monetary policy could only play a 'supportive' role in the resumption of Eurozone growth. The…
RBI defends certain coins as legal tender
The Reserve Bank of India made a statement following rumours that some coins had ceased to be legal tender, the Economic Times reports. Contrary to certain media reports, the central bank said, coins of 5, 10 and 20 paisa can still be used.
EU to lighten up on monetary policy requirements
Market watchers have suggested that the proposed narrow exchange rate band of 2.25% for ERM2 countries may be softened for Poland and other countries who fear it would be difficult to conduct fiscal policy under those conditions, according to a report in…
Bank Indonesia gov will monitor capital inflows
The recently appointed governor of Indonesia's central bank said that the bank will aim to maintain stability of the rupiah and will monitor capital inflows, according to Dow Jones.
ECB's Issing 'Deflation possible in Germany'
The ECB's chief economist Otmar Issing told Berliner Zeitung that the possibility of deflation in Germany cannot be excluded.
Slovak central bank revises upwards growth in 2003
The National Bank of Slovakia said in its monetary report on Tuesday 3 June that it expects higher growth than originally predicted at 4.4 percent for 2003, according to the TASR website.
Turkish exporters blame c bank for FX drop
After criticism from the prime minister, the central bank of Turkey has received more stick, according to NTV television, this time from disgruntled exporters who blame the central bank for the drop in the US dollar.
Argentina begins banking reform moves
An IMF mission was due to arrive in Argentina on Tuesday 3 June as Congress start discussion on the financial reform bill. The most important aspect of the bill, according to a report in the Financial Times, is that it grants central bank directors…
Fed's Bernanke on monetary policy in Japan
In a speech on 'Some Thoughts on Monetary Policy in Japan' Ben Bernanke of the Federal Reserve said the US economy does not face an immediate threat of deflation but slowing inflation means the major world economies must remain on guard. On the Japanese…
BIS Quarterly Review, June 2003
In its June quarterly review, the BIS said that investors had become fed up with low returns on government bonds and moved to higher yielding corporate or emerging market debt, particularly in countries like Brazil and Turkey.
BIS announce launch of the Asian Bond Fund
The Bank for International Settlements (BIS) announced the launch of the Asian Bond Fund (ABF) on 2 June. Speaking at the launch BIS General Manager Malcolm Knight described the ABF as a significant step in fostering regional cooperation in Asia.
Senior appointment made at the RBA
The Reserve Bank of Australia announced the appointment of Chris Ryan as Head of Domestic Markets Department on 2 June.
SF Fed's Parry on prospects for the US economy
In a speech on 'Prospects for the National and Local Economies: A Monetary Policymaker's View' Robert Parry of the Federal Reserve Bank of San Francisco said we have seen continuing job losses, little strength in business investment, and most of the…