Central Banks
Is There a Digital Divide?
The new edition of the San Francisco Fed's "Economic Letter" asks whether the region enjoys an advantage over the rest of the US in terms of the digital literacy of the population.
Putting the square mile to the test
Now that the Bank of England can no longer be seen as the champion of the City to government, will London lose out as a financial centre? The Centre for the Study of Financial Innovation (CFSI) held a meeting of interested parties earlier this month to…
Swiss National Bank given freedom to invest
Under the new Swiss National Bank (SNB) statute, the SNB will be allowed to invest in a far-wider range of assets.
Dollar fall to hit central bank profits
The strength of the euro against the dollar is proving a double-edged sword for Europe's central bankers. The decline in the value of the dollar against the euro is likely to eat into the earnings of the central banks of Germany, Austria and the…
Big cutback at New York Fed
The New York Fed's Buffalo regional office has announced that it will cut 60 of its 130 jobs in a nationwide restructuring of its retail securities business, officials said on Thursday 18 December.
ECB release forex rules for acceding central banks
The European Central Bank has released a paper which spells out how accession country central banks must manage their currencies in the run up to joining the euro.
High inflation hurting Irish competitiveness
High inflation in recent years has led to lasting damage to Irish competitiveness, the Central Bank said in its winter bulletin. The bank says the country has not only lost its competitive edge but in absolute terms the price level in Ireland is now 12%…
India's foreign exchange reserves top $100 bn
India's foreign exchange reserves broke through the $100 billion mark for the first time, on the back of investment and trade flows and the dollar's weakness against other currencies.
Malta's Deputy Governor re-appointed
David Pullicino has been re-appointed as deputy governor of the Central Bank of Malta for a five year term. Pullicino has been closely associated with the bank's development over the years and is involved in the strategy of eventual integration into the…
Finland's Matti Vanhala on sick leave
Governor of the Bank of Finland Matti Vanhala had some bad luck while staying at his holiday home in the archipelago recently. Vanhala broke his thigh and needed an operation which, the bank said, will keep him at home until after Christmas.
Chile's Senate approves new board member
Economist Manuel Marfan has been approved by Chile's Senate as a new member of the central bank's board. Marfan has an economics PhD from Yale University and currently works for the UN.
RBA appoints new Deputy Governor
The Reserve Bank of Australia has appointed Dr Philip Lowe as Assistant Governor, Financial System. Lowe joined the RBA 1980 after completing a PhD in economics at MIT. He will take up the position in early 2004.
NZ's Bollard's good cheer Christmas cards
Following on from his Goldilocks Christmas card last year, Alan Bollard has continued his seasonal cheer this time around with a card showing Santa's sleigh flying over the Reserve Bank spilling money and with a large percentage sign symbolising the OCR,…
Paul Acquah elected chairman of WAMZ
Paul Acquah, Governor of the Bank of Ghana, was unanimously endorsed as the new chairman of the Committee of Governors of Central Banks of the West African Monetary Zone (WAMZ) at its 10th meeting last Tuesday.
Chicago Fed National Activity Index, November 2003
The Chicago Fed National Activity Index (CFNAI) November 2003 was published on 18 December. The November CFNAI points to solid gains in economic activity and reached its highest value since March 2000 at +0.55. Three of the four broad categories of…
Philadelphia Fed Business Outlook Survey, Dec 2003
Activity in the region's manufacturing sector continued to expand, according to the firms surveyed for the Philadelphia Fed's Business Outlook Survey, December 2003. Noteworthy increases were recorded for key indicators shipments, new orders, and…
Bank of England Quarterly Bulletin, Winter 2003
The Bank of England released its Quarterly Bulletin, Winter 2003, on 19 December. Among articles included in the Bulletin are "The distribution of unsecured debt in the United Kingdom: survey evidence," "The macroeconomic impact of revitalising the…
IMF says rate rises needed in the UK
The IMF said in its annual review of the UK economy, released on Thursday 18 December, that there was a need for more interest rate increases in the UK, warning of the dangers posed by a possible housing market crash. It called for "a gradual but early…