Central Banks
HKMA appoints Ryback as new Deputy Chief Executive
The Hong Kong Monetary Authority (HKMA) announced the appointment of Mr William A. Ryback as Deputy Chief Executive of the HKMA on 11 July. Ryback will succeed David Carse who leaves the HKMA in September.
Interview with National Bank of Poland governor
In an interview with the Polish News Bulletin published Friday, Leszek Balcerowicz, governor of the National Bank of Poland spoke on the government deficit, inflation targeting, and eurozone accession.
ECB's Duisenberg confirms 1 Nov retirement
At Thursday's ECB news conference Wim Duisenberg confirmed that he expects to hand over to Bank of France governor Jean-Claude Trichet on 1 November. Duisenberg said that he saw no risk that he will be regarded as a "lame duck" president during the…
ECB's Issing rejects Schroeder's comments on euro
Speaking Friday ECB chief economist Otmar Issing said the competitiveness of the German economy "does not just depend on the exchange rate" in response to an apparent call from German chancellor Schroeder that the ECB should intervene in the currency…
Buba's Zeitler says ECB should keep rates steady
Bundesbank board member Franz-Christoph Zeitler, speaking on the ECB's decision Thursday to keep interest rates unchanged, said "two percent is the right level - I recommend staying hold" Bloomberg reported.
Webb resigns as president of Peru's central bank
Richard Webb has resigned as president of Peru's central bank. A statement from the President's office did not give a reason for the resignation, Reuters reported. A later report from Bloomberg News quoted Economy and Finance Minister Javier Silva as…
Swedish poll shows euro no's ahead of supporters
Opposition to joining the euro has increased in Sweden, a recent poll shows. Support for a yes vote to joining the single currency remained unchanged at 38% Bloomberg said, but opposition to the euro increased by 3% to 53%, in what was called a mid-term…
BOJ's Taya, Nakahara opposed increasing stock buys
Documents obtained by Reuters on Friday through Japan's freedom of information laws show that Bank of Japan board members Teizo Taya and Shin Nakahara opposed the decision under which the central bank increased the amount of stocks it purchases directly…
Interview: Iraq's acting central bank chief Salman
In an interview with Reuters Faleh Salman, interim central bank governor in Iraq said Tuesday the central bank's independence from government interference for the first time in decades will help create confidence in the new Iraqi dinar banknotes. The…
IMF praises Kenya's 'new chapter'
IMF managing director Horst Kohler said Tuesday he was impressed with the Kenyan governments efforts to tackle economic problems. Kohler held talks with President Mwai Kibaki and central bank governor Andrew Mulei during the visit, Business Day reported.
Cash shortage still grips Zimbabwe
The Reserve Bank of Zimbabwe is printing over R218 million worth of cash to inject in the market and counter the current shortages, SABC News reported. ATM machines are empty in the country and the note printing is unlikely to help inflation currently…
Brazil's central bank faces 'weak' strike action
Workers vowed to paralyse Brazil's central bank and Finance Ministry during a strike of public workers on Tuesday. The action was described as "weak" with most employees going to offices as normal past handfuls of protestors who urged them to save their…
Information Guide for institutions using TARGET
The European Central Bank published on 9 July a new edition of the "Information Guide for credit institutions using TARGET". This publication provides a standard set of information on TARGET functionality and answers the most frequently asked questions…
Bank of England statement on rate cut decision
The Bank of England's Monetary Policy Committee today voted to reduce the Bank's repo rate by 0.25% to 3.50%, 10 July. In its press release the Bank said the global economic recovery remained hesitant and the cut was needed to keep inflation on track to…
Statement on IMF Managing Director visit to Kenya
Statement to the press made by Horst Kohler, Managing Director of the IMF in Nairobi, on July 8, 2003. Kohler said that while the challenges were considerable, the Kenyan government has begun to tackle them in "a decisive manner".
ECB holds interest rates steady
At Thursday's meeting the Governing Council of the ECB decided that the minimum bid rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 2.00%, 3.00% and 1.00%…
Greenspan enters his surrealist period
Salvador Dali has apparently taken over as chairman of the Federal Reserve. An article in the Financial Times suggests the Fed's recent behaviour indicates a sudden conversion to surrealism in the conduct of monetary policy.
UK interest rates cut by a quarter point
The Bank of England cut interest rates by a quarter point to 3.5 per cent on Thursday. The Bank said the fall in the value of the pound since the start of the year should help underpin growth, but pointed out that the decrease had been partly reversed in…
Irish c bank investigates shop over euro leaflet
A fashion shop in Ireland is under investigation by the central bank for using an image of a euro banknote in a promotional campaign for the shop. The shop, called "Solo" apparently substituted its name for "euro" on the note, the Irish Times reported.
Y V Reddy set to become new RBI governor
YV Reddy will become the next governor of the Reserve Bank of India, succeeding Bimal Jalan. The decision was taken Tuesday at a meeting arranged by Prime Minister Atal Bihari Vajpayee, The Economic Times reported.
Socialists suspend talks over Bulgaria's cb chief
Following the withdrawal last week of right-wing politicians from the debate on who should become the next governor of the National Bank of Bulgaria, the Bulgarian Socialist Party suspended negotiations on Wednesday, Novinite reported.
Peru central bank deputy denies Webb has resigned
Carlos Castro, deputy president of the central bank of Peru denied newspaper reports that central bank chief Richard Webb had resigned. Reports suggested Webb quit his post after clashing with the board's six other members over the dismissal of several…
Macfarlane at Business Council of Australia Dinner
In a speech at the Business Council of Australia Annual Dinner given on 8 July Ian Macfarlane of the Reserve Bank of Australia asked why has the Australian economy recently shown much more stable behaviour than the much larger and more diversified US…
Special Exhibition at the Bank of England Museum
This week the Bank of England marks the 250th anniversary of the birth, in 1753, of its renowned architect Sir John Soane with the opening of a special commemorative exhibition in the Bank's Museum, 8 July.