Central Banks
Mexico c bank keeps monetary policy unchanged
The Banco de Mexico maintained its current monetary policy stance at its meeting on Friday April 11, Reuters reports. The annual inflation rate at the end of March was 5.64 percent, exceeding the central bank's goal of 3.0 percent.
Argentine gov't to withdraw quasi-currencies
An agreement reached on Thursday 10 April means that nine of the ten issues of quasi currencies can be removed from the system in Argentina, Associated Press said. The move which came during the currency crisis in the South American nation complicated…
Heikensten on monetary policy and potential growth
In a speech on 'Monetary policy and potential growth' Lars Heikensten of the Sveriges Riksbank said a high long-term growth rate is one of the most important objectives of economic policy. The Riksbank has earlier spoken of a potential growth rate in the…
IMF: No devaluation, Eastern Caribbean CU sound
The Eastern Caribbean Currency Union was endorsed by a recent IMF meeting, the Antigua Sun reports. The Fund said that there was no need for the long standing dollar peg value to change, for now. But fiscal deficits must be reduced to prevent pressure…
Kazakh National Bank chief may resign over rouble
A report from the Interfax-Kazakhstan news agency claims that Grigoriy Marchenko, chairman of the National Bank of Kazakhstan is ready to resign if the Russian rouble is adopted as the single currency of Belarus, Kazakhstan, Russia and the Ukraine.
Polish Finance Ministry agrees over reserve funds
Poland's Ministry of Finance expects to come to an agreement with the national bank over the issue of revaluation reserve funds, according to a report from the PAP news agency. The Ministry of Finance has recently said that it plans to use around one…
Fed's Ferguson- Basel II accord not 'set in stone'
Basel II is not set in stone said Roger Ferguson of the Federal Reserve on Wednesday, according to a Reuters Report, even though a third consultation paper summarizing the proposals is expected to be released in early May.
ECB would benefit from fresh, intellectual honesty
A letter in the Financial Times supporting Paul de Grauwe's candidacy to replace Sirkka Hamalainen as a board member of the European Central Bank said "an intellectually honest academic with a strong sense of social duty" may be just what Frankfurt needs…
Greenspan on the Reagan legacy
In a speech on 'The Reagan Legacy' Alan Greenspan of the Federal Reserve said Ronald Reagan saw inflation as a danger, and as President, afforded my predecessor Paul Volcker the political support that is so essential to a central bank when its pursuit of…
HKMA 's Cheque Imaging System
Live Operation of the Hong Kong Monetary Authority's Cheque Imaging and Truncation System, 10 April.
RBI to recall 15% of notes
According to central bank sources quoted by Reuters, the Reserve Bank of India plans to take up to 15% of banknotes out of circulation as part of its clean note policy
Dinkic and Zivkovic hold 'constructive' talks
Serbia's national bank governor, Mladjan Dinkic, held what were described as constructive talks with the premier on Wednesday 9 April, according to a report by Beta News. . The finance minister also through his support behind Dinkic after the recent…
ECB says 2003 growth rate hard to predict
The European Central Bank published its April 2003 Monthly Bulletin on 10 April. In the report the ECB said while a modest rate of growth should be expected this year, "the specific evolution of economic growth for the rest of this year is particularly…
Bank of England holds interest rates steady
As most analysts predicted, the Bank of England held interest rates steady at 3.75 on Thursday 10 April amid continuing uncertainty, reports the Financial Times.
Outlook clouded but inflation to ease: ECB
Even though the war in Iraq has increased uncertainty somewhat the European Central Bank said on Thursday in its monthly bulletin that it expected inflation to drop back below its 2 percent target this year, according to Reuters.
ECB should tolerate higher inflation - IMF report
The IMF's semi-annual World Economic Outlook report released on Wednesday 9 April urged the ECB to loosen its inflation target slightly to help stave off the threat of deflation for weaker eurozone economies such as Germany, according to Reuters.
Inside the Central Bank of Iraq
A website ArchNet, intended for architects interested in the Islamic world, contains photographs of the Central Bank of Iraq. The site says "The bank is housed in a cubical building with few exterior openings, and is organised around an inner courtyard…
Court to rule on euro symbol ownership
A court was due to rule on Thursday April 10 whether the ECB owns the "€" symbol representing the euro, reports Business & Finance. British company Travelex claimed the use of the logo was a blatant rip off of its own logo, which it has used since 1989.
US plan to e-process checks has critics
A Federal Reserve proposal to allow banks to process checks electronically and substitute a new type of check for traditional paper checks has been endorsed by the banking industry, says Associated Press. But consumer groups say it would increase the…
Ferguson on patent policy in a broader context
In a speech on 'Patent Policy in a Broader Context' Roger Ferguson of the Federal Reserve said the U.S. patent process needs to protect intellectual property without stifling innovation, a balancing act that challenges those involved with patent policy.
Ex-BoJ Nakagawa interview: BOJ wary of risky asset
In a recent interview published by Dow Jones Newswires, former Bank of Japan executive director Yukitsugu Nakagawa said that the BoJ wants to buy foreign bonds as part of its efforts to rid the country of deflation. But this move would be opposed by the…
Brussels forecasts Italy will break deficit rules
According to a report in the Financial times, the European Commission says Italy is likely to break the stability and growth pact's deficit limit of 3 per cent of GDP in 2004.
Malaysia's central bank governor's term extended
The governor of Malaysia's central bank Datuk Dr Zeti Akhtar Aziz has been reappointed for another three year term. The move reinforced confidence of the political leadership in Dr Zeti's stewardship of the central bank, The Star Online quoted sources as…
Swedish unions fail to support euro entry bid
With Sweden set to vote on the euro in September, the yes camp has suffered a blow, Reuters reports, after a leading union refused to give its backing to the single currency.