Central Banks
Fukui says no quick end to BOJ easing policy
Bank of Japan governor Toshihiko Fukui on Wednesday sought to calm the bond market, Reuters reported, saying "You can rest assured that the ultra-loose policy will stay in place as long as the CPI (consumer price index) is falling or only showing weak…
One week for a deal as IMF team lands in Argentina
An IMF team arrived in Argentina Tuesday with a week to finalise a loan deal and avoid a damaging default, Reuters said. The IMF so far has been unable to convince Argentina to implement unpopular policies the fund says are necessary for a full recovery.
Norway's central bank may cut rates again
Bank of Norway chief Svein Gjedrem repeated Tuesday that inflation is likely to be below 2.5 percent over the next two years leading to speculation that Norges Bank may continue its recent series of interest rate cuts, Aftenposten reported.
RBA unmoved by growth slump, leaves rates on hold
The Reserve Bank of Australia left interest rates on hold for the 15th consecutive month on Wednesday amid the accelerating global economy, according to a report from AFR.
Bank of France's Trichet defends EU deficit rules
Bank of France governor Jean-Claude Trichet warned Wednesday that countries due to join the European Union should prepare carefully for subsequent membership of the euro zone, a report from Agence France-Presse said. He also stood by the much criticised…
Reddy to take over as RBI chief on Saturday
YV Reddy will take up his post as governor of the Reserve bank of India for a five-year term beginning on September 6th, the RBI said Wednesday a report from Reuters said.
Hitachi develops RFID chip for bank notes
Hitachi has developed an RFID (radio frequency identification) chip that requires no external antenna and makes possible the embedding of chips in bank notes, IDG News Service said. A Hitachi spokesman denied media reports Tuesday that the company was…
BOJ quietly fixing data errors
The Bank of Japan has been making corrections to its web site, the Japan Times reported. The errors were described as "minor" by BoJ officials and relates to the average outstanding reserves kept by private-sector banks at the BOJ over the past five…
Gramlich speaks at the 25th anniversary of the NRC
In a speech given on 18 August Edward Gramlich of the Federal Reserve said the Neighbourhood Reinvestment Corporation (NRC) has a history of effective problem solving. At a very early stage it recognized that a secondary mortgage market would be…
SARB's Plenderleith on monetary policy in Africa
In the speech 'Is monetary policy different in Africa?' given on 29 August Ian Plenderleith of the South African Reserve Bank asks are the very evident differences between Africa and the developed countries, for example in economic and social structure,…
Rogoff on globalization and global disinflation
In the speech 'Globalization and Global Disinflation' given on 29 August Kenneth Rogoff of the IMF said the greatest threat to today's low inflation would be a reversal of the modern trend towards enhanced central bank independence, particularly if trend…
Irma Rosenberg on the economic outlook for Sweden
In the speech 'The economic outlook for Sweden' given on 2 September Irma Rosenberg of the Sveriges Riksbank said in the June Inflation Report, the Riksbank concluded that there had been a gradual deterioration in both Swedish and international economic…
Swedish PM takes a swipe at eurozone economies
With Sweden's referendum on the euro fast approaching, Goran Persson has hit out at the fiscal policies in leading eurozone economies Germany, France and Italy saying the three should have done more to put their public finances in order and build up…
Greenspan defends Fed's decision-making methods
The Jackson Hole conference has seen a somewhat defensive Federal Reserve with criticism of its communication policies, the Wall Street Journal reported. But while even a former Fed Governor, Lyle Gramley, criticised the mixed implications for the bond…
Duisenberg set to miss ECB policy meeting
This weeks ECB policy-setting meeting will not be attended by Wim Duisenberg who is set to leave the Bank at the end of October. Duisenberg's move to take a back seat on policy matters has led to accusations that the ECB is rudderless, Reuters reports.
US Snow urges Beijing to let currency float
US treasury secretary John Snow said Monday that flexible rates are a prerequisite for a functioning financial system and that American firms must not be disadvantaged by China's exchange rate policies, the Financial Times reported.
China considers offshore yuan center in Hong Kong
China may be planning to set up an offshore yuan centre in Hong Kong by the end of the year, AFX News said. There have been increased calls recently for an offshore center to be set up in Hong Kong in view of the influx of Chinese visitors to the city…
UAE's Suweidi wants transparent information panel
The governor of the United Arab Emirates central bank has called on the Banks information committee to show transparency and openness in its dealing with Arab and international media that will cover the joint annual meeting - Dubai 2003 in late September.
Buba chief Welteke praises Russian economy
Speaking during a visit to Moscow, Bundesbank president Ernst Welteke said the Russian economy is witnessing welcome improvements, RIA Novosti reported.
Stiglitz: Little to gain & much to lose from euro
Joseph Stiglitz says the euro has failed its first test: Swedes may vote no to the single currency - and with good reason. With a majority of Swedes likely to vote no in the upcoming referendum on the euro Stiglitz suggests in an article in the UK's…
BoT bans bank securities lending to non-residents
The Bank of Thailand has modified regulations in order to help develop the country's equity market, AFX Asia reported. Commercial banks "are not allowed to lend securities to non-resident entities, in line with measures to prevent speculation on the baht…
Stevens on structural change and monetary policy
In the speech 'Structural Change and the Conduct of Monetary Policy' given on 30 August Glenn Stevens of the Reserve Bank of Australia said central banks have routinely to be on the look out for the sorts of changes which, while leaving ultimate…
Srejber on lessons from Growth and competition
In the speech 'Growth and competition - lessons from the past' given on 25 August Eva Srejber of the Sveriges Riksbank said there have been many changes in the Swedish economy in recent times. The external framework is currently characterised by…
Cost savings from e payments and ATMs in Europe
Working Paper from the Federal Reserve Bank of Philadelphia "Cost Savings From Electronic Payments and ATMS in Europe". Electronic payments are considerably cheaper than their paper-based alternatives. As the share of electronic payments in 12 European…