Central Banks
Information Guide for institutions using TARGET
The European Central Bank published on 9 July a new edition of the "Information Guide for credit institutions using TARGET". This publication provides a standard set of information on TARGET functionality and answers the most frequently asked questions…
Bank of England statement on rate cut decision
The Bank of England's Monetary Policy Committee today voted to reduce the Bank's repo rate by 0.25% to 3.50%, 10 July. In its press release the Bank said the global economic recovery remained hesitant and the cut was needed to keep inflation on track to…
Statement on IMF Managing Director visit to Kenya
Statement to the press made by Horst Kohler, Managing Director of the IMF in Nairobi, on July 8, 2003. Kohler said that while the challenges were considerable, the Kenyan government has begun to tackle them in "a decisive manner".
ECB holds interest rates steady
At Thursday's meeting the Governing Council of the ECB decided that the minimum bid rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 2.00%, 3.00% and 1.00%…
Greenspan enters his surrealist period
Salvador Dali has apparently taken over as chairman of the Federal Reserve. An article in the Financial Times suggests the Fed's recent behaviour indicates a sudden conversion to surrealism in the conduct of monetary policy.
UK interest rates cut by a quarter point
The Bank of England cut interest rates by a quarter point to 3.5 per cent on Thursday. The Bank said the fall in the value of the pound since the start of the year should help underpin growth, but pointed out that the decrease had been partly reversed in…
Irish c bank investigates shop over euro leaflet
A fashion shop in Ireland is under investigation by the central bank for using an image of a euro banknote in a promotional campaign for the shop. The shop, called "Solo" apparently substituted its name for "euro" on the note, the Irish Times reported.
Y V Reddy set to become new RBI governor
YV Reddy will become the next governor of the Reserve Bank of India, succeeding Bimal Jalan. The decision was taken Tuesday at a meeting arranged by Prime Minister Atal Bihari Vajpayee, The Economic Times reported.
Socialists suspend talks over Bulgaria's cb chief
Following the withdrawal last week of right-wing politicians from the debate on who should become the next governor of the National Bank of Bulgaria, the Bulgarian Socialist Party suspended negotiations on Wednesday, Novinite reported.
Peru central bank deputy denies Webb has resigned
Carlos Castro, deputy president of the central bank of Peru denied newspaper reports that central bank chief Richard Webb had resigned. Reports suggested Webb quit his post after clashing with the board's six other members over the dismissal of several…
Macfarlane at Business Council of Australia Dinner
In a speech at the Business Council of Australia Annual Dinner given on 8 July Ian Macfarlane of the Reserve Bank of Australia asked why has the Australian economy recently shown much more stable behaviour than the much larger and more diversified US…
Special Exhibition at the Bank of England Museum
This week the Bank of England marks the 250th anniversary of the birth, in 1753, of its renowned architect Sir John Soane with the opening of a special commemorative exhibition in the Bank's Museum, 8 July.
IMF Paper: Central banks and financial stability
An IMF Working Paper titled "Responsibility of Central Banks for Stability in Financial Markets" asks What is the role of central banks in ensuring financial stability? This paper addresses this controversial subject, in part by drawing on the…
IMF Paper: Inflation and central bank independence
The IMF Working Paper "Inflation Performance and Constitutional Central Bank Independence: Evidence From Latin America and the Caribbean" explores the relationship between the constitutional entrenchment of central bank independence and inflation…
GCC Gulf single currency may be 'unrealistic'
An article in the Jordan Times says that the proposed single currency for the Gulf Cooperation Council (GCC) states is unrealistic. Arab Gulf states, it says, lack the maturity, the political and legal stability needed to take such a radical measure and…
Slovak central bank forecasts positive euro effect
The adoption of the euro in Slovakia will mean the realisation of all the positive impacts of the integration on the Slovak economy, the NBS said in a statement, TASR News reported.
National Bank of Slovakia - Annual Report 2002
ANNUAL REPORT - The National Bank of Slovakia has published its Annual Report for the year ended 2002.
Bank of England meets with King and Lomax in place
The Bank of England's interest rate setting MPC began their two day meeting Wednesday. It will be the first time Mervyn King sits on the Committee as governor and the first MPC meeting for Rachel Lomax who takes over from King as the new deputy governor…
Guts needed to take top job at the IMF
An ill timed joke apparently prevented war-time president of the BIS, JW Beyen, from becoming managing director of the IMF, the Financial Times reports.
Central Bank of Burundi hit by rebels gun fire
Burundian rebels fighting in the capital Bujumbura have hit the central bank with shells, Radio Burundi reported.
Italy won't try to change euro pact rules - Solbes
EU economics commissioner Pedro Solbes said in an interview that Italy will not attempt to change the strict rules underpinning the stability and growth pact during its six-month presidency of the European Union, Associated Press said.
Shiokawa says he, Fukui aren't worried about bonds
Speaking in Tokyo Wednesday after a meeting with Bank of Japan Governor Toshihiko Fukui, Finance Minister Masajuro Shiokawa said he agreed with Fukui that there is not much concern that long-term rates have risen a little bit, Bloomberg reported.
Reserve Bank of India boss may leave for politics
Reserve Bank of India governor Bimal Jalan is likely to leave his post in the next few weeks for a seat in parliament, Reuters reported a banking source as saying.
Gunmen attack Iraq central bank governor
The acting governor of the central bank of Iraq Faleh Daud Salman escaped unhurt on Monday after the car he was travelling in was fired on, The Australian reports. Two passengers in the car were wounded however, the report added. But a separate report…