Central Banks
Srejber on lessons from Growth and competition
In the speech 'Growth and competition - lessons from the past' given on 25 August Eva Srejber of the Sveriges Riksbank said there have been many changes in the Swedish economy in recent times. The external framework is currently characterised by…
Cost savings from e payments and ATMs in Europe
Working Paper from the Federal Reserve Bank of Philadelphia "Cost Savings From Electronic Payments and ATMS in Europe". Electronic payments are considerably cheaper than their paper-based alternatives. As the share of electronic payments in 12 European…
Richmond Fed's Economic Quarterly, Summer 2003
The Federal Reserve Bank of Richmond has published its Economic Quarterly for Summer 2003. The latest edition contains four articles, Accounting for Corporate Behavior, Japanese Monetary Policy and Deflation, The Euro and Inflation Divergence in Europe…
BOK announces coin campaign with UNICEF
The Bank of Korea has announced an agreement with UNICEF to support a coin collection campaign to raise funds for needy children in developing nations, the Korea Times reported.
Thai central bank may curb speculative capital
Thailand's central bank governor M.R. Pridiyathorn Devakula said the BoT was considering new ways to curb speculative capital inflows after they returned to the same level as before the July 27 interest rate cut, the Bangkok Post said.
SNB's Roth urges finance reputation clean up
Speaking at the weekend Swiss National Bank president Jean-Pierre Roth told a conference the Swiss financial community needs to act to inspire more confidence and clamp down on money-laundering and "energetically reject" the idea that Switzerland is only…
Sweden: No new poll 'till 2010' if euro shunned
A No vote in Sweden's euro referendum would mean at least ten years before a new referendum could be held, prime minister Goran Persson said Sunday. He said a No vote would place Sweden "last in the queue" for entry to the single currency, the Financial…
IMF's Koehler urges move to FX flexibility in Asia
Managing Director of the IMF, Horst Koehler, called on Asian nations to gradually introduce greater foreign exchange flexibility on Monday. He also urged advanced countries to tackle their deep-seated structural problems to ensure a gradual and orderly…
Reinhart - Fed's communication 'work in progress'
The director of the Fed's Division of Monetary Affairs Vincent Reinhart told the Kansas City Fed's conference Saturday that the FOMC's communication of its policy stance and intentions is still "a work in progress" Market News International reported…
SARB plans overhaul of Bank Act
The South African Reserve Bank (SARB) has been working on new draft legislation for the past 18 months to replace the archaic SARB Act, Business Day reports. Bank governor Tito Mboweni said it would define the Bank's objective as being to achieve and…
Chicago Fed National Activity Index, July 2003
The latest Chicago Fed National Activity Index published on 28 August indicates economic activity improved again in July. The CFNAI was -0.20 in July, a small improvement from the June reading of -0.32.
Minutes ,Sveriges Riksbank Board meeting 14 August
Minutes of the Sveriges Riksbank Executive Board meeting on 14 August, published 28 August. It was the view of the Executive Board that the new information that had been received since July had confirmed the Riksbank's forecast of a recovery in the world…
Kristina Persson on Sweden and the euro
Deputy Governor of the Sveriges Riksbank Kristina Persson spoke on 25 August at a seminar organised by the Center for Business and Policy Studies on the advantages and disadvantages of participating in monetary union. She said she was convinced that the…
Bank of Japan intervenes in money markets
The Bank of Japan has intervened in the money markets in the last two days, according to Reuters, in an apparent move to halt the increase in interest rates by spending Y2,000bn buying nine month bills from commercial banks.
Jalan nominated to India's Parliament
A statement from the Indian government released on Thursday 28 August said Reserve Bank of India Governor Bimal Jalan had been formally nominated to the upper house of Parliament, according to a report by Reuters.
Buenaventura defends actions, vows to clear name
Philippines central bank governor Rafael Buenaventura vowed to clear his name on Thursday 28 August, saying he was right to close down the troubled Urban Bank, according to AFP. A court recently ordered the suspension of Buenaventura and four other…
European central banks call for respect on Pact
Central bankers from Poland, Hungary and the Czech Republic have called on euro-zone countries to respect the stability and growth pact fearing that growing demands for flexibility could undermine their own countries' efforts to join the euro, reports…
Alan Greenspan defends worries about deflation
Opening a two-day conference on monetary policy sponsored by the Federal Reserve Bank of Kansas City, Alan Greenspan said on Friday 29 August that the Fed was right to worry about deflation even though the threat was remote as uncertainty remained "the…
Eurozone inflation up to 2.1 per cent in August
The estimate of eurozone inflation for August rose to 2.1 per cent Eurostat said on Friday 29 August, according to Associated Press.. The increase from 1.9 per cent in July was larger than expected.
Greenspan on monetary policy under uncertainty
In a speech on 'Monetary Policy under Uncertainty' given on 29 August Alan Greenspan of the Federal Reserve said he preferred to set economic policy by managing possible risks rather than obeying formal rules. "That any approach along these [formal…
Afghanistan displays forgotten gold reserves
Afghan president Hamid Karzai accompanied central bank governor Anwar ul-Haq Ahady and other dignitaries on Friday 29 August as they witnessed the opening of a vault under Afghanistan's presidential palace containing the countries gold reserves,…
Economy in Brazil contracts 1.4% in 2Q
Brazil suffered the largest contraction in its economy for five years in the second quarter of this year, according to Bloomberg News, as the largest government spending cuts on record and rising interest rates choked off demand.
Poole on Fed Transparency: How, Not Whether
In the speech 'Fed Transparency: How, Not Whether' given on 21 August William Poole of the Federal Reserve Bank of St. Louis said transparency is a worthy goal, but improving transparency is hard work. "My thinking is still evolving, but one thing I know…
Parry on prospects for the national, local economy
In the speech 'Prospects for the National and Local Economies: A Monetary Policymaker's View' given on 21 August Robert Parry of the Federal Reserve Bank of San Francisco said downside surprises that could push the inflation rate even lower are a concern…