Central Banks
Belarus to issue non-cash Russian rubles
The central banks of Belarus and Russia have reached agreement over issuing non- cash Russian rubles in Belarus, proportionate to GDP. The meeting of the Interbank Currency Council on 1 August was attended by the presidents of both central banks, a…
Bank of Spain cautiously optimistic on economy
Spain's GDP rose to an annual rate of 2.2% in the second quarter, the Bank of Spain's quarterly report showed Monday. The Bank said that the pick-up was largely thanks to the improved global outlook, robust consumer spending and low interest rates,…
Central banks sold 280 tonnes of gold this year
According to Gold Fields Mineral Services central banks sold a combined 280 tonnes of gold in the first half of 2003. 80% of the sales were from the 15 central banks in Europe which make up the Washington agreement.
Slovak Officials want to adopt euro by 2009
Slovakia aims to introduce the euro by 2009 Finance Minister Ivan Miklos and central bank Vice Governor Elena Kohutikova said in interviews. Switching to the common currency will raise economic growth by 1 percentage point, Bloomberg reported Kohutikova…
PBOC repeats pledge to hold exchange rate stable
The People's Bank of China pledged Tuesday to continue to carry out a prudent monetary policy and further improve the RMB exchange rate system, Xinhua News Agency reported.
Monday Special Feature - Central Bankers Abroad
It is that time of year when many central bankers jet off on holiday. But where do they go, and what do they get up to? CentralBankNet has done a bit of asking around - and got some varied responses.
Atlanta Fed's Guynn on the economic outlook
In a speech on 'The Economic Outlook: Building Momentum on the Road to Stronger Growth', given on 31 July, Jack Guynn of the Federal Reserve Bank of Atlanta said that as far as he can see, it looks like the road to stronger growth is opening up, and it's…
Kenneth Rogoff - Escape from global deflation
In an article published in the Nihon Keizai Shimbun, Kenneth Rogoff of the IMF said the odds of global deflation are not high, but if it were to set in, the world's central banks have the tools needed to address the problem. The path out, however, is…
Exits from pegged regimes: An empirical analysis
The IMF Working Paper 'Exits From Pegged Regimes: An Empirical Analysis' analyses the determinants of exits from pegged regimes, where exits involve shifts to more or less flexible regimes, or adjustments within the existing regime. The results confirm…
Dollarization of the banking system: Good or bad?
The IMF Working Paper 'Dollarization of the Banking System: Good or Bad?' assesses the benefits and risks associated with dollarization of the banking system. The authors find that the credibility of macroeconomic policy and the quality of institutions…
'Wrong, Mister' - Greenspan under fire at Congress
Transcript of Rep. Sanders' question-and-answer period with Federal Reserve Chairman Alan Greenspan during the Financial Services hearing on 15 July. Congressman Sanders said in his statement "I think you just don't know what's going on in the real world…
Atlanta Fed's Guynn sees economic momentum growing
Atlanta Fed President Jack Guynn said on Thursday 31 July that business investment spending and job growth were key uncertainties that will have a strong influence on business investment spending and job growth, according to Reuters. Guynn cited a number…
Trichet urges Chirac to cut public spending
Bank of France governor Jean-Claude Trichet has called on President Jacques Chirac to reduce spending and introduce reforms to lift growth, according to the Financial Times. In a letter to the President, accompanying the Bank's annual report, Trichet…
Sweden's Persson shifts euro-debate to politics
Swedish prime minister Goran Persson urged Swedes to vote yes to the euro in the 14 September referendum, according to EUObserver. Speaking on Sunday 3 August he said "The economic arguments are important, but the political arguments are decisive for me…
Global settlement bank CLS to recognise Korean won
The CLS Bank has said it recognises the Korean won as an eligible currency for the bank's settlement process in principle, according to The Korea Herald. Bank of Korea officials noted that the inclusion of the local currency as a CLS currency would free…
Brazil may cut central bank reserve requirement
The Central Bank of Brazil may lower its reserve requirement for commercial banks by as much as 20 percent, Bloomberg reports President Lula's chief of staff as saying.
Bangladeshis complain of 'smelly' banknotes
The people of Bangladesh are becoming increasingly unhappy with their banknotes, according to a report by Reuters. Complaints that the paper money can "smell awfully bad" has seen fish-market customers refusing to take notes in their change, insisting…
Bank Indonesia and government resolve disagreement
Bank Indonesia has resolved a long-standing dispute with its government, according to Dow Jones. The problem concerned the aftermath of the Asian financial crisis over how to account for the emergency funding. The resolution should see the government's…
'Worst is over for Germany' says Schroeder
German Chancellor Gerhard Schroeder said that key economic figures increasingly point to an economic upswing, according to AFP "These encouraging signs give rise to confidence that, particularly next year, German economic growth will strongly increase…
China should not rush to float its currency
Alan Greenspan's recent comment that China should float its currency and dump the dollar peg is not sound advice, this article in the Financial Times says. The abandonment of the dollar peg would open a Pandora's box in China and could leave the world…
Chicago Fed Economic Perspectives 3rd Quarter 2003
The Federal Reserve Bank of Chicago has published its regular quarterly journal, Economic Perspectives, for the Third Quarter 2003. The latest edition includes articles titled 'Banking relationships during financial distress:The evidence from Japan' and …
European Court of Justice judgement on OLAF case
Judgement of the European Court of Justice on OLAF case, 31 July. Press release from the ECB on the European Court of Justice's judgement on the Commission of the European Communities v. the European Central Bank.
ESCB-CESR Clearing and Settlement Standards
ESCB-CESR Standards for Securities Clearing and Settlement Systems in the European Union: Consultation announcement, consultative report and scope of application, 1 August 2003. The ESCB and CESR documents entitled "Standards for securities clearing and…
Extracting rate expectations, Japan's bond prices
Working Paper from the Bank of Japan's Financial Markets Department entitled "Extracting Market Expectations on the Duration of the Zero Interest Rate Policy from Japan's Bond Prices". The paper aims to extract the expectations of market participants on…