Central Banks
Russia not to vary currency policy after G7 meet
Russian Central Bank First Deputy Chairman Oleg Vyugin said on Monday 9 February that the bank saw no reason to change its currency policy following last weekend's Florida meeting of the Group of Seven finance ministers and central bank governors.
Diplomatic fudge will not get best people for ECB
This article considers who will replace Eugenio Domingo Solans on the ECB's Executive Board. His successor must be chosen on the basis of competence only, it says, but warns that "horse trading" could be a more important factor in the choice.
Interview with Czech National Bank's Zdenek Tuma
In excerpts from an interview from the February issue of Central Banking journal, published Monday February 9, the governor of the Czech National Bank discusses his concerns for the process and timing of joining the euro and outlines how he sees European…
RBA Statement on Monetary Policy, February 2004
The Reserve Bank of Australia released its February 2004 Statement on Monetary Policy on 9 February. The report painted a positive picture of domestic and global growth but said that while inflation is currently tailing off, it is likely to rise next…
Singapore's unique monetary policy
This IMF Working Paper looks at the Monetary Authority of Singapore and the way it conducts monetary policy. Instead of relying on short-term interest rates or monetary aggregates as its monetary policy instrument it conducts policy by managing the trade…
Bank of Japan Monthly Report, February 2004
The Bank of Japan published the English version of its February 2004 Monthly Report of Recent Economic and Financial Developments on 9 February. In its report the BOJ upgraded its view of Japanese exports, saying they were "increasing substantially." It…
Currency volatility a growth risk says G7
Exchange rates should be flexible and avoid excess volatility, the Group of Seven (G7) industrial nations said at the weekend.
PBC rejects renminbi revaluation talk
An official at the People's Bank of China has refuted speculation in local media that it may be planning to revalue the renminbi this coming March, allowing China's currency to rise by 5% against the U.S. dollar.
CNB's Tuma sees higher inflation this year
Czech inflation will tick higher this year due to changes in the value added tax agreed by the ruling coalition last week, Central Bank Governor Zdenek Tuma said on Sunday 8 February.
Forex curbs staying in Venezuela, but may be eased
Venezuela will keep its year-old currency controls in place, boosting its foreign reserves, but the government will try to make them more flexible, President Hugo Chavez said on Sunday 8 February.
Central bank chiefs open Hong Kong meeting
Central bank governors began a two-day meeting in Hong Kong Sunday to exchange views on the latest global economic and financial situation as well as exchange rates regimes and plans to combat terrorist financing in the region.
Brazil's Meirelles scotches resignation rumours
Rumours originating in New York this week suggested that Brazilian central bank president Henrique Meirelles was about to resign.
Brash fires Maori MP who criticised his speech
Last week we reported New Zealand National Party Maori MP Georgina te Heuheu's criticism of "Maori bashing" in a speech made by the party's leader, and former governor of the RBNZ, Don Brash. But Brash defended his speech and this week fired the MP.
Ireland names candidate for ECB position
Ireland's Finance Minister Charlie McCreevy proposed Michael Tutty this week as the country's nominated candidate to sit on the Executive Board of the European Central Bank.
Coin chaos in Vietnam as children eat them
The State Bank of Vietnam's recent issue of three new coins turned to disaster when children started eating them after mistaking them for sweets.
Macfarlane's credit card bill rumpus
Australia's newspapers went into overdrive this week after one was able to obtain RBA governor Ian Macfarlane's American Express statements under a "Freedom of Information request". The bank was forced to defend Macfarlane's $249,000 credit card bill,…
Economic outlook 'mixed' at Chicago Fed
Chicago Fed president Michael Moskow gave his first speech of 2004 on Tuesday. But while we're sure he got his message across loud and clear, the bank's own website reported it with a spelling mistake in the title. Or is the US economy in more of a…
'Capitalism is not working'
Former US Treasury Secretary Paul O'Neill's recent book "The Price of Loyalty" contains various quotes attributed to Alan Greenspan. Although his comments on President Bush got much publicity recently, what the Fed maestro had to say was largely…