Central Banks
Zimbabwe c bank ends 1st for ex auction
Zimbabwe's central bank has completed its first auctions of foreign currency in a new drive to clean up the financial sector and bring the black market to an end.
BOJ bought Y1.9100 trn shares from banks to 10 Jan
The Bank of Japan said on Wednesday it had bought a total of 1.9100 trillion yen ($17.98 billion) of shares held by Japanese banks by January 10 under its programme aimed at reducing the banks' exposure to stock market volatility.
Cleveland Fed president optimistic on economy
Sandra J. Pianalto, president of the Cleveland Fed, said Tuesday that jobs will be created with innovations in technology and there are many positive signs in the US economy.
Bank of France's Noyer cautions on euro volatility
Christian Noyer the new governor of the Bank of France warned on Wednesday that "excess" currency volatility was not good for economic growth, and that European monetary authorities needed to promote stability.
IMF reports no exact cause to rand collapse
IMF economists have concluded that no clear answer existed for the rapid depreciation of the South African rand between September and December of 2001.
Greenspan to testify on U.S. economy, 11 Feb
Fed Chairman Alan Greenspan will testify on the Federal Reserve's semiannual report on monetary policy to the U.S. House Financial Services Committee on 11 February, the panel said on Wednesday.
Federal Reserve Board launches Fiscal Impact Tool
The Federal Reserve Board on Monday 12 January announced the launch of a new informational resource designed to help community economic developers evaluate development proposals.
National Bank of Azerbaijan awards audit contract
The National Bank of Azerbaijan has declared Deloitte & Touche the winner in a tender to appoint an auditor for the bank for 2003.
Political noise slows growth- Peru c bank
Peru's central bank president, Javier Silva Ruete, said that the political turbulence shaking the government of Peruvian President Alejandro Toledo is hurting economic growth and could scare off future investment.
Adobe Systems to use anti-counterfeit measures
Adobe Systems Inc. has acknowledged that it has added technology to its graphics software at the request of government regulators and international bankers to prevent copies of bank notes being made.
IMF review of Argentina deal complete- gov't
The Argentine government has said that the IMF has completed the delayed first review of Argentina's $12.55 billion loan accord.
Kohler on building prosperity in the Americas
In a speech on 'Building Shared Prosperity in the Americas' given on 12 January, Horst Kohler of the IMF said that on the threshold of 2004, the world economy has decisively turned the corner, but we know that there are still risks.
IMF on Argentina: 'progress has been made'
IMF Managing Director Horst Kohler said on 9 January that he is to recommend to the Executive Board the Letter of Intent of the authorities for the First Review of the Stand-By Arrangement with Argentina.
Greenspan on globalization
In a speech on 'Globalization' given on 13 January, Alan Greenspan of the Federal Reserve renewed a warning that "creeping protectionism" could hurt the flexibility of the global economy, something that has played an important role in helping the United…
EU to take court action over budget rules
The European Union's head office decided on Tuesday 13 January to take finance ministers to court for letting Germany and France off the hook for violating euro budget rules. An EU spokesman said the move to vary the rules "was not the appropriate…
Germany's dwindling share of the euro
Following a redistribution of the European Central Bank's share capital, the Bundesbank now owns only 23.4% of the ECB. According to CentralBankNet's calculations this dwindling shareholding means a loss of seigniorage income of about €60-70m each year…
Fed's Ferguson on the Economic Outlook
In the a speech on the 'Economic Outlook' Roger Ferguson of the Federal Reserve said the macroeconomic fundamentals seem to be in place for an increase in the pace of economic growth.
Gjedrem on the outlook for the Norwegian economy
In a speech on 'Monetary policy and the outlook for the Norwegian economy' Svein Gjedrem of Norges Bank said inflation has slowed over the past 12 months and is now considerably below target.
Fed's Gramlich on rental housing challenges
In remarks on preserving and improving affordable rental housing, Edward Gramlich of the Federal Reserve said that there is no shortage of questions to be asked about rental housing, where significant challenges lie ahead.
BoJ may ease rules on asset-backed securities
Proposed rule changes to the Bank of Japan's asset-backed securities purchase will be on the agenda for discussion when the BoJ Policy Board convenes on Jan 19-20.
German central banker calm over euro strength
A senior member of the Bundesbank has played down warnings from business leaders and politicians that the strength of the euro's exchange rate is hurting economic recovery.
'Brutal' FX moves unwelcome - Trichet
Group of 10 Chairman Jean-Claude Trichet said on Monday 12 January that Europe views volatile and brutal currency movements as unwelcome; however, the subject of foreign exchange did not predominate as the world's top central bankers discussed building…
Korea considering revaluation, W100,000 notes
Bank of Korea Governor Park Seung said on Sunday 11 January that after the general election in April, the central bank would propose a currency revaluation, and also issue W100,000-bills.
Legal action likely over budget rules fudge
The European Commission is expected to back legal action on Tuesday 13 January against last November's decision by eurozone finance ministers to suspend the single currency's budget rules in the case of France and Germany.