Central Banks

Greenspan keeps his nerve

ARTICLE - More mixed economic data appear to support Alan Greenspan's cautious decision not to cut interest rates any further for the time being, reports the Economist magazine on Friday. But this week the Fed admitted that stockmarket jitters have…

Brazil's central bank to reduce domestic debt

BRAZIL - The focus in Brazil's financial troubles shifted on Thursday to domestic reaction to the government's measures to boost prices of domestic debt and reduce volatility in the price of mutual funds.

Court upholds ruling on Argentine deposit freeze

ARGENTINA - An Argentine federal appeals court has upheld a prior ruling that declared unconstitutional the deposit freeze in place since December last year, along with all subsequent measures based upon it, local press reported.

Fed revises estimate on number and value of checks

US - Newly released numbers from the Federal Reserve System suggest that US check usage may have peaked in the 1990's and if so, that check writing in the U.S. may be steadily giving way to electronic forms of payment.

O'Neill sees growth, zero inflation

US - U.S. Treasury Secretary Paul O'Neill has said that the U.S. economy was set to exit 2002 in good shape with inflation benign, but exhorted corporate executives to help revitalize the economy by setting an example of honesty and integrity.

RBA Bulletin - August 2002 Issue

REPORT - The Reserve Bank of Australia published its August 2002 Bulletin on 15 August. The Bulletin contains articles on Australia's Foreign Currency Exposure and Hedging Practices and Recent Proposals for Reform of Sovereign Debt Restructuring.

Minutes of Japan's Monetary Policy Meeting

MINUTES - Minutes of the Bank of Japan's Monetary Policy Meeting on 15 and 16 July 2002, released 14 August. The minutes show that the members felt the U.S. economy was continuing on a recovery trend. On the current state of Japan's economy, members…

Minutes of Japan's Monetary Policy Meeting

MINUTES - Minutes of the Bank of Japan's Monetary Policy Meeting on 26 June 2002, released 14 August. The policy board acknowledged that most U.S. economic indicators confirmed that the country's economy continued to be on a recovery trend. The board…

Federal Reserve Bulletin - August 2002

REPORT - The Bulletin is in two parts. Firstly the Monetary Policy Report to the Congress and an article, 'The Use of Checks and Other Noncash Payment Instruments in the United States'. The article suggests that the use of checks in the United States has…

High gold price hits demand in India

INDIA - India, the world's largest consumer of gold, has cut imports of the precious metal by nearly half because of the sharp rise in global prices in recent months.

BOK unlikely to make up for gov't losses

SOUTH KOREA - The Bank of Korea (BOK) expressed reservation yesterday about taking actions to make up for losses incurred by irretrievable public funds that were used to stabilize the economy in the wake of the 1997 IMF financial crisis.

Speech by Shigemitsu Sugisaki of the IMF, 24 July

SPEECH - In a speech titled 'The U.S. and Japan in the Global Economic System' Sugisaki said "Japan's decade-long economic slump owes much to the delays in implementing structural reform, particularly bank and corporate debt restructuring". He added …

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