Central Banks

Argentina's Lavagna sees draft IMF deal this week

Speaking last week on the three-year loan pact to replace a $6.8 billion IMF emergency agreement that expires on 31 August, Argentine Economy Minister Roberto Lavagna told reporters "The IMF is now working in Buenos Aires and probably we'll have…

Undue pessimism is driving the eurozone recession

This article by Paul De Grauwe in the Financial Times says that the ECB was wrong to blame the eurozone recession on structural factors and scold eurozone politicians for doing nothing to liberalise labour markets and modernise welfare systems. "It is…

Central bank transparency - As clear as mud

Being open and being predictable are rather different things, this article in The Economist finds. Using statistics from polls conducted before central banks' policy meetings it says that the Fed's interest rate changes are the most predictable at 95%,…

Bank of Japan sees 'virtually flat' economy

The Bank of Japan's August monthly report published on Monday 11 August said "economic activity remains virtually flat", according to Reuters, and on job conditions it said the situation remained tough although the number of people in work had stopped…

Zimbabwe gov't bans cash 'hoarding'

Zimbabwe's President Robert Mugabe passed a law last week banning the hoarding of bank notes, according to a report by Reuters. The law bypassed parliament and one economist said he was "mystified" about how it would be applied.

Slovenia not ready to join EU says France Arhar

Former governor of the central bank of Slovenia, France Arhar, said in an interview reported by the STA News Agency thathe didn't think Slovenia was ready to join the EU yet. If Slovenia wishes to catch up with the EU within ten years, its minimum growth…

The Bank of Thailand's 'Young Guns'

They're fresh, well-educated and thrilled to be serving their country, they are the Young Guns at the Bank of Thailand. This article in the Bangkok Post takes a look at the "new blood" of economists at the Bank of Thailand, who say that unlike an…

Who will be the banker bet?

This article in the Financial Times looks at the current crop of top central bankers and asks who will secure their place in history as a trustworthy custodian of the economy? Timing is everything, and while Alan Greenspan would have been a "no contest"…

Strikes may delay economic recovery: BOK chief

Bank of Korea (BOK) governor Park Seung said on Thursday 7 August that the central bank will keep a close eye on economic developments as there are both positive and negative signs present, reported the Korea Times. But if labour and risk management…

ECCB upgrades security features of currency

The Eastern Caribbean Central Bank released plans on Wednesday to upgrade the security features of "its family of banknotes". Upgrades are being made to the security thread and the filigree foil features, the ECCB said, according to the Caribbean Media…

Romanian c bank announces increased reserves steps

The National Bank of Romania will increase its reserves to strengthen Romania's credibility on foreign markets and to create the conditions for a further improvement of the country's credit ratings, BNR Governor Mugur Isarescu said, according to the…

Brazil c bank lowers reserve requirements to 45%

Brazil's central bank lowered bank reserve requirements on demand deposits by 15% on Friday. 8 August, according to Agencia Estado. The bank said that "the measure was possible because monetary policy has made inflation converge to targets".

Forged notes found in Bangladesh cb vault

Counterfeit bank notes have been found in the vaults of The Bangladesh Bank, the country's central bank, according to a report by Reuters. Four bank employees have been suspended and a special inquiry was looking for other suspects, a spokesman said.

No North American monetary union yet - BoC

In a speech on North American economic integration, reported by Reuters, David Dodge said the Canadian and US economies are currently too diverse for a single currency to work. He also said Canadian provinces needed a more streamlined system to regulate…

Fed's Bies on strengthening corporate governance

In a speech on 'The Role of Community Bank Directors in Strengthening Corporate Governance' given on 7 August Susan Schmidt Bies of the Federal Reserve said corporate governance and audit failures over recent months demonstrate how quickly trust can be…

Dodge on economic integration in North America

In a speech on 'Economic Integration in North America' given on 7 August David Dodge of the Bank of Canada said from a purely economic perspective, I have, as an economist, a strong predilection for continuing to tear down barriers to trade-preferably,…

BSP eyes tighter rules on FX transactions

Rafael Buenaventura of the Philippines Central Bank told reporters the BSP aims to tighten foreign exchange rules following the peso's steep decline against the US dollar, acording to a report by AFX.

What'll it be Sweden, in September's euro vote?

September's vote on adopting the euro has Sweden on edge, this article in BusinessWeek reports. So, is it ja or nej? Just a year ago, the yes side was well ahead. But a sluggish euro zone, along with a slowdown at home, has helped shift sentiment sharply.

ECB Monthly Bulletin, August 2003

The European Central Bank published its August 2003 Monthly Bulletin on 7 August. The report said economic activity in the euro area remained subdued in the first half of 2003, broadly in line with previous expectations. At the same time, there is…

Deutsche Bundesbank Monthly Report, July 2003

The Deutsche Bundesbank published the English version of its July 2003 monthly report on 7 August. The slumping economy has caused a renewed perceptible decline in employment, the report says. The rate of price increase picked up again a bit in June. The…

Central Bank of Sri Lanka - Annual Report 2002

The Central Bank of Sri Lanka has published its Annual Report for the year ended 2002. Notable progress was made on all fronts during 2002, the Annual Report says. The cessation of hostilities and the ongoing peace process brought not only a sense of…

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