Central Banks
FOMC holds rates, says 'it can be patient'
The Federal Open Market Committee decided on Wednesday 28 January to keep its target for the federal funds rate at 1 percent. The FOMC stated that it believed "it can be patient in removing its policy accommodation".
Sveriges Riksbank Economic Review 4th Quarter 2003
The Sveriges Riksbank has published its Economic Review for the 4th Quarter 2003. The Review includes articles "Crisis exercises make for crisis readiness," "Payment system efficiency and pro-competitive regulation" and asks "Is 'wage drift' a problem?".
Trichet on challenges for the European economy
In a speech on 'The challenges for the European economy in 2004' given on 29 January, Jean-Claude Trichet of the ECB said it was of the utmost importance that the new Member States countries fulfil the convergence criteria not only nominally but also in…
Russia sees gold and forex reserves increase
Russia's gold and foreign exchange reserves have reached a record-high of 82.7 billion dollars, official figures from the central bank of Russia showed on Thursday 29 January..
Brazil may shelve central bank autonomy idea
Brazil's government, headed by President Luiz Inacio Lula da Silva, is likely to shelve plans for increased central bank independence this year, after renewed investor confidence following last year's programme of economic austerity.
Irish gov't considering ECB vacancy nomination
The Irish Government has confirmed that it is considering putting forward a nomination for a vacancy on the board of the European Central Bank.
Iraq to talk debt with G-7 and IMF
Top finance officials from Iraq and Afghanistan will meet next month with their counterparts from the G7 industrial countries and Russia to report on progress in reconstruction.
RBNZ raises rates citing 'impressive' growth
The Reserve Bank of New Zealand increased interest rates on Thursday 29 January, citing the pressure on resources including the labour market after two years of "impressive" growth. The bank raised the official cash rate 25 basis points to 5.25 per cent.
Bergo on flexible inflation targeting
In the speech 'Flexible inflation targeting' given on 23 January Jarle Bergo of Norges Bank asks how does the central bank relate to the fact that we do not know precisely how the world is or how it will be in the future?
Heikensten on the current economic situation
In the speech 'Monetary policy and the economic situation' given on 26 January Lars Heikensten of the Sveriges Riksbank said we are some way into a cautious upswing both in the world economy and the Swedish economy.
Norges Bank reveals January gold sale
Norges Bank said Wednesday it has sold 16 tonnes of gold bars in January and is planning to sell the remainder of the Central Bank's holdings of gold bars at a later time.
Norges Bank reduces interest rates
Norges Bank's Executive Board decided on Wednesday to reduce the sight deposit interest rate by 0.25 percentage point to 2.00 per cent with effect from 29 January.
Wellink optimistic on eurozone recovery, high euro
Nout Wellink said Wednesday that although the strong euro may have a negative effect in the short term it will benefit the region in the longer term. He also expressed optimism for the recovery in the eurozone economy.
Ukrainian, Belarusian c bankers to meet in Minsk
During a meeting of the consultation council of the Ukrainian and Belarusian central banks, to be held on 30 January in Minsk, participants plan to discuss the economic situation and the implementation of monetary and credit policy.
BSP says inflation under control despite weak peso
Philippine's central bank governor Rafael Buenaventura has said he expects the country's consumer price index to show a "manageable" rise of 3.0 to 3.5 percent year-on-year in the first two months of the year, despite a weaker peso.
Prodi warns Europe over devaluation
European Commission's president, Romano Prodi, warned Tuesday that it would be a "tragedy" if Europe responded to the plummeting dollar with devaluation. He also renewed his criticism of the stability and growth pact saying it did nothing to promote…
Uzbekistan reimposes currency controls
Uzbekistan has secretly reimposed currency controls, according to bankers in the country, after telling the IMF in October it had made its currency, the sum, convertible.
Greenspan on economic flexibility
In a speech on 'Economic flexibility' given on 26 January, Alan Greenspan of the Federal Reserve warned U.S. policy-makers worried about the loss of jobs not to heed calls for an increase in protectionist trade barriers, saying such a move could be …
Trichet on European financial markets integration
In a speech on 'The integration of European financial markets' given on 26 January, Jean-Claude Trichet of the ECB said the potential gains from monetary union will only be fully realised if remaining barriers to integration of European financial markets…
BoE's King at the Panel on EU/US Cooperation
In opening remarks to the Panel on EU/US Cooperation given on 26 January, Mervyn King of the Bank of England asks why the gap in the level of productivity between the US and the UK is so persistent, and what are the obstacles that prevent the gap from…
OECD: China unlikely to move to float currency
According to an OECD economist, China is unlikely to move soon to float its currency despite foreign pressure, but needs to reform its domestic financial system to gain greater flexibility in the exchange rate.
Fukui : easing policy will boost money supply
Bank of Japan Governor Toshihiko Fukui said on Tuesday 27 January that BOJ policies will feed through to growth in Japan's money supply and help the country escape from deflation.
G7 want Asian FX rise, no dollar fall- IIE
The Group of Seven leading industrial nations want to put pressure on China and other Asian nations to let their currencies rise, a leading IIE economist said on Monday 26 January.
Bank officials named in BCCI court case
Peter Cooke, former head of the Bank of England's supervisory department, and two other senior staff, were identified on Monday 26 January as officials alleged to have lied or misled the inquiry into the collapse of BCCI.