Central Banks
Russia reports record gold reserves
The Central Bank of Russia has announced that gold or hard currency reserves soared 7.7 per cent to a record $134.15 billion in January-February 2005.
Trichet: ECB ready to act on rates as necessary
The European Central Bank is ready to raise interest rates to prevent inflationary pressures building whenever that proves necessary, ECB president Jean-Claude Trichet said Wednesday in a speech.
China's fin min says ex rate at a reasonable level
China's finance minister Jin Renqing said Wednesday the exchange rate is at a reasonable level and is "in line" with the country's current conditions.
Stability pact talks in deadlock
Jean-Claude Juncker, the Luxembourg chairman of talks on reform of the EU's budget rules, has warned that a deal might not be possible.
Central Bank of Iran - Annual Report 2003-2004
The Central Bank of Iran has published its Annual Report for the year ended 1382 (2003/2004). Investment and employment exceeded projections during the year, according to the annual report. Structural reforms appear to have been the main driving force…
Exits from heavily managed exchange rate regimes
This IMF Working Paper finds that in the past 25 years or so, almost all exits to more flexible exchange rate regimes were followed by a depreciation of the exchange rate, and that exits were about evenly divided between disorderly and orderly cases.
It's open season on the Reserve
This article published on Monday 7 March looks at the Reserve Bank of Australia's decision to raise interest rates last week for the first time since December 2003. It is perhaps the most significant breakdown in trust and harmony between Canberra and…
Federal Reserve Bulletin, Winter 2005
The Federal Reserve's Bulletin for Winter 2005 includes the article 'Indexes of the foreign exchange value of the dollar' which discusses several practical aspects of the design and implementation of the Federal Reserve Board's exchange rate indexes -…
Sweden's Persson: Globalisation and low inflation
Deputy Governor Kristina Persson of the Sveriges Riksbank spoke on Tuesday 8 March at an annual conference on the subject of globalisation and Sweden's low inflation. In the speech she said Sweden has had much to gain from increased global integration,…
US's Snow puzzled by criticism of Greenspan
US Treasury Secretary John Snow said on Monday 7 March that he was puzzled by harsh words used to describe Federal Reserve Chairman Alan Greenspan over his support for the Bush administration's proposals to overhaul Social Security.
Stability pact talks making "good progress"
EU Finance Ministers called an emergency negotiating session in the early hours of Tuesday morning, 8 March, on the stability and growth pact rules after marathon talks broke up without an agreement.
ADB looking forward to Turkey hosting meeting
The Asian Development Bank said on Tuesday 8 March that it is looking forward to Turkey hosting the Bank's next Annual Meeting in Istanbul.
Tanigaki says BOJ and gov't want deflation end
The Japanese government and the Bank of Japan share the same view on interest rates and both want to end deflation, Finance Minister Sadakazu Tanigaki told a press conference in Tokyo on Tuesday 8 March.
S. Africa could have single currency by 2016
A plan to better integrate markets of southern African countries may lead to a single currency managed by a single central bank by 2016.
BIS Quarterly Review, March 2005
The Bank for International Settlements published its March 2005 Quarterly Review on Monday 7 March. In the report the BIS said that Asian banks have reduced the share of deposits held in US dollars in favour of other currencies like the euro.
Chicago Fed's Moskow on small businesses
In a speech on 'Access to capital for women- and minority-owned businesses' given on 4 March, Michael Moskow of the Federal Reserve Bank of Chicago said small businesses play a critical role in the U.S. economy and the Federal Reserve has an interest in…
Fed's Olson on loan quality and the economy
In a speech on 'Loan quality and how it reflects the overall economy' given on 28 February, Mark Olson of the Federal Reserve said economic growth is steady while inflation remains under control.
Sweden's Heikensten on Riksbank's monetary policy
In the speech 'Thoughts on how to develop the Riksbank's monetary policy work' given on 22 February, Lars Heikensten of the Sveriges Riksbank said it is sometimes claimed in the general debate that the Riksbank and other inflation-targeting countries…
IMF's Rato on correcting global imbalances
In a speech on 'Correcting global imbalances - Avoiding the blame game' given on 23 February, Rodrigo de Rato of the IMF said a current account deficit the size of the US's 'cannot be sustained indefinitely'.
IMF: Global economy too dependent on US, China
The International Monetary Fund will say in its latest World Economic Outlook report that the global economy is too dependent on growth in the United States and China, the German business daily Handelsblatt reported on Monday 7 March .
Trichet: Central bankers optimistic on economy
The president of the European Central Bank, Jean-Claude Trichet, said on Monday 7 March that central bankers are cautiously optimistic about the global economy.
Russia's reserves hit record high
Russian central bank reserves in gold and foreign currency holdings soared to a record 134.15 bln usd in January-February 2005, up 7.7 pct, ITAR-TASS news agency quoted the bank as saying.
PBOC's Zhou doesn't see deflation threat
China's economy is not in a deflationary stage because the consumer price index continues to rise on a monthly basis, the Securities Times reported, citing Zhou Xiaochuan, governor of the People's Bank of China.
Bahrain to establish new central bank
Bahrain is set to establish a central bank to be its new authority on finance and banking, following a cabinet meeting on Sunday 6 March.