Central Banks
BOJ opens branch office in Beijing
The Bank of Japan opened its Beijing office on Thursday18 December It will be headed by Yosuke Tsuyuguchi and is designed to strengthen relations between the BoJ and the People's Bank of China.
Irish central bank upgrades 2004 growth forecast
The central bank of Ireland has upgraded its forecast for economic growth but said the euro's strength would reduce exporters competitiveness. In its quarterly bulletin, published on Thursday 18 December, it said the Irish economy has shown flexibility…
Ghana pledges commitment to Monetary Zone targets
Ghana's president John Agyekum Kufuor said on Friday 19 December that the country would target a single digit level of inflation by the end of 2004, in readiness for the second monetary zone in West Africa. President Kufuor said the monetary zone would…
Waring appointed to RBNZ Board
New Zealand's finance minister Michael Cullen said on Thursday 18 December that Dr Marilyn Waring has been appointed to the Reserve Bank Board to replace Ruth Richardson whose term expires on 3 February. Waring is currently a Professor of Public Policy…
Philadelphia Fed index rises dramatically
The Philadelphia Fed's general economic index this month registered 32.1 compared with 25.9 in November. It represents the highest level in a decade with more factories hiring workers than at any time since April 1973, the report said.
Ukraine to keep currency policy tied to dollar
Serhiy Tihipko, chairman of the National Bank of Ukraine, has said that Ukraine will continue to tie its currency to the dollar despite its weakness against the euro. He said the central bank might review the policy if the share of euros in foreign…
Sweden's Srejber on saving and inflation
In a speech on 'Saving and inflation' given on 19 November, Eva Srejber of the Sveriges Riksbank discusses Sweden's stabilisation policy framework and its development, mainly over the past 30 years, but also the potential challenges posed to the current…
Bank of Canada Financial System Review, Dec 2003
The Bank of Canada published its semi-annual Financial System Review on 17 December. An improving economic environment and a stabilization in corporate credit quality have contributed to better results for financial institutions, it said. The risks…
Bank of Japan Monthly Report, December 2003
The Bank of Japan published the English version of its December 2003 Monthly Report of Recent Economic and Financial Developments on 18 December. The BoJ said that it expects the Japanese economy to continue its export-led recovery at a slow pace. "Japan…
Sveriges Riksbank Board Meeting minutes, 4 Dec
Minutes of the Sveriges Riksbank Executive Board meeting on 4 December, published 18 December. Members felt that international developments, with the exception of the euro area, had been surprisingly positive in recent months. The uncertainty that…
ECB's Wellink says euro surge a risk to recovery
ECB Governing Council Member Nout Wellink said in an interview that the appreciating euro was "one of the risk factors" for the European economy and the region's growth prospects could be hindered if the euro appreciated rapidly.
Euro-zone inflation up to 2.2 per cent
Euro-zone inflation edged up to 2.2 percent in November with higher food and tobacco prices blamed for the rise. The results were in line with expectations and Eurostat's preliminary estimate.
Brazil central bank cuts rate 1 point to 16.5%
The central bank of Brazil cut its Selic base rate by a percentage point to 16.5% on Wednesday 17 December. A Copom statement said that the cut was made "due to a trajectory of favourable targets for the resumption of economic activity."
Accra tipped to host WAMZ central bank
A random sample of the views of finance ministers, governors and technical advisors of the West African Monetary Zone meeting in Accra concluded that "Ghana is very well placed to becoming the base for the central bank of the WAMZ group."
ECB official unconcerned with euro's strength
Otmar Issing, chief economist of the European Central Bank, said in an interview that the current level of the euro "corresponds to its long-term average". "It is essentially back where it started," he said.
Nakahara on Japan's economy and monetary policy
In the speech 'Japan's Economy and Monetary Policy' released on 10 December Shin Nakahara of the Bank of Japan said currently, with the recovery trend looking steadily more certain, corporate executives seem to be more optimistic. For the Japanese…
Riksbank's Srejber on financial delegation
Eva Srejber of the Sveriges Riksbank said on 2 November that there is evidently a need to review the institutional framework regarding the mutual life insurance companies. It is not sufficient to have a general requirement for them to reorganise…
Gjedrem at the Norwegian Parliament
In a speech to the Norwegian Parliament given on 1 December Svein Gjedrem of Norges Bank said in Norges Bank's assessment, the outlook for the internationally exposed sector is brighter today than a year ago because the rise in costs has slowed markedly…
Bank of England MPC Minutes 3/4 December 2003
Minutes of the Bank of England's Monetary Policy Committee Meeting were released on 17 December for the meeting of 3 and 4 December 2003. Eight members of the MPC thought that rates should remain at 3.75 per cent while Sir Andrew Large, one of the Bank…
NBC to select auditor for Russian central bank
Russia's National Banking Council will choose an auditor for the Russian central bank on 24 December. There are seven applicants for auditing the central bank's financial statements.
Belgian shareholders to pursue central bank claim
Representatives of minority shareholders in Belgium's central bank said Wednesday they plan to take the case to the European Court of Justice in Luxembourg. They plan to pursue their claim to a share in the capital gains earned from the bank's assets,…
Gold at $400 seen as a factor in central bank pact
According to a report by reuters, a Group of Seven official who has been involved in initial gold talks but did not wish to be identified has said that the feeling (among central bankers) is that with gold near $410, or above $400, there's less concern…
Argentina leader slams IMF, others over debt
Nestor Kirchner criticised the IMF on Tuesday after reports the Fund might delay aid payments to Argentina over the government's hard-line stance as it restructures privately held debt. The Argentine president said he would not cave in to pressure to…