Central Banks
BOK expects first loss in decade
Governor of the Bank of Korea Park Seung told parliament on Tuesday 12 October that the central bank predicted it would suffer a loss of about 300 billion won ($261.8 million) this year.
Fed's Bernanke says floating exchange rates best
In a speech to the Cato Institute 22nd Annual Monetary Conference on Thursday 14 October Ben Bernanke said that the best course is generally to let exchange rates float freely and to make low and stable inflation a principal focus of monetary policy,…
Central banks 'must cede powers for GCC currency'
On Wednesday 13 October, Kuwait urged GCC states to be ready to cede some of the powers of their central banks to a unified institution to ensure the success of a planned common currency for the region.
Russia discusses single currency idea with Ukraine
Russia and Ukraine are ready to discuss currency integration and the introduction of a single currency, Russian Ambassador in Kiev Viktor Chernomyrdin said in opening remarks to a round table meeting "Russia and Ukraine: Prospects of Cooperation in the…
Mendis on a common currency in the SAARC region
In the speech 'Is it time for a common currency in the SAARC region?' given on 20 August, Sunil Mendis of the Central Bank of Sri Lanka said as conservative central banks, our involvement in the forex markets is limited to strategic investments and…
Reserve Bank of New Zealand - Annual Report 2004
The Reserve Bank of New Zealand has published its Annual Report for 2004. In the Governor's Statement Alan Bollard said by the end of 2003 it became clear that, contrary to most economists' forecasts, New Zealand's strong economic growth was not slowing…
SARB Financial Stability Review, September 2004
The South African Reserve Bank has published the September 2004 edition of its Financial Stability Review. In its latest bi-annual report the Reserve Bank says house price growth has been driven by "improved economic fundamentals".
St Louis Fed's Poole on FOMC transparency
In a speech on 'FOMC transparency' given on 6 October, William Poole of the Federal Reserve Bank of St. Louis said that statements from the Fed were not "iron clad" and it is important the market not interpret this statement as a commitment.
High oil price threaten growth: Belgium's Quaden
Belgian National Bank governor Guy Quaden said in an interview that high oil prices pose a risk to inflation and growth, and the European Central Bank must prevent high fuel costs spilling over into general price rises and causing an "inflation spiral".
Trichet rules out 'corrective arm' on pact
In a speech on Tuesday 12 october, ECB president Jean-Claude Trichet, addressing a conference on the euro, voiced renewed opposition to any moves that might make it easier for eurozone members to breach their 1997 Stability and Growth Pact.
BoE's King: UK economy may be in 'soft patch'
Bank of England Governor Mervyn King said that five interest rate rises since November are slowing consumer spending, suggesting rates may not need to rise much further. His comments came in an interview after a speech in which he said the current…
Italy's Fazio: planned tax cuts must be financed
In testimony to parliament Bank of Italy Governor Antonio Fazio called on Prime Minister Silvio Berlusconi to guarantee that promised tax cuts can be funded, after government spending outpaced revenue in the first half of the year.
BOJ's Fukui sees continued economic recovery
Bank of Japan Governor Toshihiko Fukui said on Wednesday 13 October that the benefits of the economic recovery are now spreading more strongly to the household sector as labour conditions improve, and the steady pickup in consumer spending continues.
Pakistan's Husain on South Asian economies
In a speech on 'Future challenges facing South Asian economies' given on 26 August, Ishrat Husain of the State Bank of Pakistan said South Asian countries have undergone remarkable improvement in their economic landscape during the last ten years or so…
Central bankers need to learn new tricks
This article speculates as to whether central bankers play five-a-side football in policy meetings. Or at least, there is no point in them doing anything else, it says. With complete credibility, they really don't have to do very much at all. But…
St Louis Fed's Regional Economist, October 2004
The Quarterly Review of Business and Economic Conditions, The Regional Economist, October 2004 edition from the St Louis Fed includes the article "U.S. Stays Out of the Way of Entrepreneurs" which says for those starting a business in this country,…
Fed's Poole on population and social security
In a speech on 'World population trends and challenges' given on 4 October, William Poole of the Federal Reserve Bank of St. Louis said raising the age at which Americans can collect full Social Security benefits may be the best way to protect the long…
Fed's Bernanke to address Cato conference
Federal Reserve board member Ben Bernanke and Kristin J. Forbes, member of the US president's Council of Economic Advisers, are part of a long list of distinguished guests scheduled to participate in the Cato Institute's forthcoming 22nd annual monetary…
Takenaka: Japan economy in minor adjustment phase
Heizo Takenaka, Japan's Minister for Economic and Fiscal Policy, said on Tuesday 12 October that Japan's economic growth rate has slowed because the economy has entered an adjustment phase following strong growth in the last quarter of 2003.
Venezuela's central bank under threat from Chavez
Venezuela's President Hugo Chavez has repeated threats to the central bank that if it doesn't allow him to use part of its international reserves to fund his social programs for the poor, he will get a Supreme Court order to force it.
Nobel prize winner calls for central bank autonomy
The joint winner of the 2004 Nobel economics prize, Finn Kydland, called on governments Monday 11 October to guarantee central bank independence and praised the European Central Bank, while criticising Latin American policy makers.
Netherland's Wellink on oil prices
Dutch National Bank president Nout Wellink said on Tuesday 12 October that although the rise in oil prices was not "pleasant" they would not dampen the outlook for economic growth in the eurozone.
When currency empires fall
Is the dollar doomed as the world's reserve currency? CentralBankNet caught up with Professor Avinash Persaud at a lecture on Thursday 9 October as he set out his dramatic vision of how global currency markets might evolve over the course of the 21st…
New Hong Kong banknotes
The Hong Kong Monetary Authority (HKMA) announced Sunday 10 October that the remaining three denominations, $20, $50 and $1,000, of the new series of Hong Kong banknotes will be put into circulation from 11 October 2004.