Central Banks
Bank of Russia to introduce new banknotes
The Russian central bank plans to introduce modified banknotes with the denominations of 10, 50, 100, 500 and 1,000 rubles from 16 August, first deputy chairman Arnold Voilukov said at a press conference.
Slovak central bank opens tender for euro designs
The Slovak National Bank (NBS) has called for proposals for the symbols to be featured on the euro coins to be used in Slovakia once the country adopts the single European currency.
Bank of England's furniture goes under the hammer
The Bank of England raised £266,605 on Wednesday 21 july by auctioning antique furniture after the 310-year-old institution adopted an open-plan layout at its London headquarters.
Argentina raises 2004 economic growth prediction
The Argentinian central bank on Thursday 22 July revised its forecast on the country's GDP growth rate for 2004 from 6 to 8 percent. The bank also predicted that the inflation rate will stand at 6.7 percent and the unemployment rate will drop from 14.5…
Singapore's MAS likely to get new chief soon
Speculation is growing that the handover on 12 August of leadership in Singapore will lead to a change at the helm of the de facto central bank, the Monetary Authority of Singapore. Observers are split on two possible candidates to replace current…
Santomero on the U.S. economy: Back on course
In a speech 'The U.S. Economy: Back on Course' given on 21 July, Anthony Santomero of the Federal Reserve Bank of Philadelphia said the US economic expansion still has ample momentum and recent signs of softness should be transitory.
Fed's Ferguson on business-cycle recoveries
In a speech on 'A Retrospective on Business-Cycle Recoveries: Are "Jobless" Recoveries the New Norm?' given on 21 July, Roger Ferguson of the Federal Reserve said the slow jobs recoveries that followed the last two U.S. recessions do not suggest a need…
Hurley on economic developments in Ireland
In a speech on 'Economic developments in Ireland and other issues' at the presentation of the Annual Report given on 12 July, John Hurley of the Central Bank and Financial Services Authority of Ireland said 2003 was a very significant year. We have been…
MAS - Annual Report 2003-2004
The Monetary Authority of Singapore has published its Annual Report for the year 2003-2004. In remarks to the Annual Report press conference on 21 July, Managing Director Koh Yong Guan said the Singapore economy experienced a difficult first half last…
ECB's Weber: No inflation pressure in medium-term
The European Central Bank "does not currently see inflationary pressures in the medium term" in the 12-country eurozone, Bundesbank President Axel Weber said in a newspaper interview published on Thursday 22 July.
ECB's Issing sees stronger eurozone growth
European Central Bank chief economist Otmar Issing said he expects next year's growth in the euro area will gain further strength and the inflation rate would be below 2pc.
Bank of Central Africa to use CMA payment system
The Bank of Central Africa is implementing a real-time gross settlement (RTGS) platform supplied by Stockholm-based CMA Small Systems.
Bosnia & Serb cbs sign memorandum of understanding
National Bank of Serbia (NBS) Governor Radovan Jelasic on Wednesday 21 July in Banja Luka signed a memorandum of understanding and cooperation in the field of regulation of banking operations with Central Bank of Bosnia and Herzegovina CBBH) Governor…
IMF chief Rato details Africa visit
International Monetary Fund managing director Rodrigo Rato will visit three African countries in August for talks on poverty reduction and other challenges on the continent.
Philadelphia Fed Business Outlook Survey, Jul 2004
According to the firms surveyed for the Philadelphia Fed's Business Outlook Survey, July 2004, expansion in the region's manufacturing sector continues. This month the manufacturers were asked about increases in wages made to attract or retain workers.
Liebscher on the role and functioning of the ESCB
In a speech on 'The role and functioning of the European System of Central Banks (ESCB)' given on 6 July, Klaus Liebscher of the Austrian National Bank expressed his conviction that the enlargement of the European Union and the economic and monetary…
The birth of modern monetary policy
For many years, the Fed has used influence on short-term interest rates to contain inflationary pressure in the US economy and promote growth and employment. The genesis of this approach and its theoretical foundation both lie in the work of Knut…
Fed Reserve Bank of New York - Annual Report 2003
The Federal Reserve Bank of New York has published its Annual Report for the year ended 2003. The US economy has experienced a steady rise in productivity growth, which offers the prospect of an extended period of higher income growth. Against this…
BoE united on decision to hold rates, 7/8 July
Minutes for the Bank of England's 7 and 8 July Monetary Policy Committee meeting released on Wednesday 21 July showed the MPC voted unanimously to keep interest rates steady at 4.5 per cent but indicated that borrowing costs would have to rise again in…
ECB Memoranda of Understanding
The ECB issued a news release on Wednesday 21 July announcing the adherence of the central banks and banking supervisors of the New Member States to the Memoranda of Understanding on High Level Principles of Co-operation in Crisis Management Situations…
Greenspan notes solid economic growth in US
In closely watched testimony to the Senate Banking Committee on Tuesday 20 July, Fed chairman Alan Greenspan said sharp price increases that may have slowed US consumer spending are "transitory" and "accounted for at least some of the observed softness…
Thailand holds interest rates unchanged
The Bank of Thailand maintained its key interest rate at 1.25% on Wednesday 21 July, but said it will consider raising rates in the face of inflationary pressures.
Japan revises outlook for economic growth up
The Japanese government on Wednesday revised its forecast for economic growth for the fiscal year through March 2005 upward to 3.5 percent.