Central Banks

ECB chief Duisenberg blasts 'high US deficits'

Speaking at a news conference after the ECB policy meeting on Thursday 3 April that left rates on hold, Reuters reports that Wim Duisenberg said "We now see - and that is a cause of concern - both the current account and the federal government deficit…

Greenspan on financial education

In a speech on 'Financial education' Alan Greenspan of the Federal Reserve said drilling basic financial concepts into young people will not only help them now but will also help them avoid financial pitfalls later in life that could plague them for…

Svein Gjedrem - Monetary policy in 2002

In an article in Finansavisen on "Monetary policy in 2002" Norges Bank governor Svein Gjedrem said growth forecasts for the world economy deteriorated further from late autumn. The appreciation of the krone continued. At the same time the outlook for the…

Swiss National Bank reports fall in income

Swiss National Bank Financial Statements and Annual Report 2002. The SNB reported a fall in aggregate income during 2002; however this was partially offset from receipts of Sfr 1.53 billion from gold transactions and the revaluation of gold holdings.

Indonesian c bank director given three years' jail

Heru Supraptomo, a director with the Indonesian central bank, was jailed for three years on Thursday 3 April after he was found guilty of corruptly failing to properly monitor insolvent banks during the regional financial crisis, according to a report…

Banks seek redress after clearing system seizes up

A damages row has erupted after a computer failure at the worlds largest forex clearing house left some banks facing heavy losses last month. CLS Bank, which operates the real-time payment system linking the central banks of the seven largest currencies,…

Macfarlane - Do Australians borrow too much?

In a speech on 'Do Australian Households Borrow Too Much?' Ian Macfarlane of the Reserve Bank of Australia said that although household debt/income has increased since the 1980s, the risks have not increased significantly. This is due to the less…

Duisenberg speech before the President of Italy

In a speech Wim Duisenberg of the European Central Bank spoke of Rome as a symbolic City for the ECB to hold a Governing Council meeting. The ECB has decided to meet twice a year outside its Frankfurt base, partly to emphasise the federal character of…

ECB meeting on monetary policy decisions

At Thursday 3 April's meeting, which was held in Rome, 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…

IIF calls for economic policy co-ordination

An article in the Financial Times called on the ECB to cut interest rates "by at least 1 percentage point" at its meeting on Thursday 3 April. The ECB should take a decisive lead, it says, to put the global economy back on track. [The ECB declined to…

France backs Duisenberg to extend ECB term

The meeting of finance ministers and central bankers in Athens on Friday is likely to support moves to extend Wim Duisenberg's tenure as president of the European Central Bank, according to a report in the Financial Times. He may stay for up to six…

Meeting of AGCC cb governors in Qatar

The meeting of AGCC central bank governors in Qatar on Thursday 3 April was due to discuss issues concerning the common AGCC currency and the supervision of the banking system, according to a report in the Times of Oman.

Iraq's central bank unveils new banknote

The Iraqi central bank has issued a new banknote for 10000 dinar. The note contains various security features as well as the same portrait of President Saddam Hussein used on all other banknotes in Iraq, according to the LBMRC.

Vittorio Corbo new Chile cb board member

The president of Chile, Ricardo Lagos, has named Vittorio Corbo as a new board member of the central bank of Chile, Reuters reports. Corbo will take Carlos Massad's place on the Bank's board. Massad resigned as president of the central bank earlier this…

Taiwan's cb fights SARS

The China Post in Taiwan has provided more details of the unusual cure Taiwan's central bank chief has proposed for the deadly disease Severe Acute Respiratory Syndrome (SARS).

Iraq conflict 'likely to hit global growth'

In a regular report the World Bank said the Iraq conflict will probably have about the same effect on the global economy as the September 11 attack the Financial Times reports. The report also said the huge accumulation of reserve assets means the…

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