Central Banks
Norges Bank reduces interest rates again
Norway's central bank cut its key interest rates by 50 basis points as expected on Wednesday and signalled more cuts were likely to dampen the effects of a global downturn on the oil-backed economy.
The governor's performance hits a new low
ARTICLE - An article published in the Jerusalem Post on Tuesday criticised Bank of Israel governor David Klein for apparently laying the blame for Israel's 6.5 percent inflation rate on the government.
Kazakh national bank to up gold purchases in 2003
The Kazakhstan National Bank plans to increase gold purchases on the domestic market in 2003. The Bank's net gold and foreign currency reserves totalled 2.981bn dollars in December 2002.
Koizumi calls for more 'effective' monetary policy
Junichiro Koizumi, Japan's prime minister, on Wednesday called on the Bank of Japan to adopt a more "effective" monetary policy but the central bank ignored his call, leaving its policy unchanged in a unanimous decision.
Fisher seen as likely next New York Fed Chief
Although the search to fill the important shoes of New York Federal Reserve Bank President William McDonough has only just begun, it seems that the US Treasury's Peter Fisher has emerged as a clear front-runner.
UK rate setters worry about global economy
The stalemate within the Bank of England's monetary policy committee continued this month, with two members voting for a rate cut at a fourth consecutive meeting, and some expressing concern about the global economy.
Thailand to get faster cheque clearance system
The Bank of Thailand will reduce the timeframe for inter-provincial cheque collection to three days from six, starting on 14 February.
France threatens to ignore deficit cut warning
France on Tuesday defied the European Union's economic rules by suggesting it may not abide by an official order from the other governments to reduce its deficit sharply in the next four years. One finance minister said France's threat not to comply with…
Venezuelan central bank suspends trading
Venezuela's central bank suspended its foreign exchange trading for a week starting Wednesday to try to keep the country's currency, the bolivar, from further plummeting in the fallout of a 52-day-old strike that has crippled oil exports.
Philadelphia Fed Business Outlook Survey, Jan 2003
REPORT - Growth in the region's manufacturing sector remains sluggish, according to firms surveyed for the January 2003 Business Outlook Survey. Manufacturing activity in the region is showing improvement, according to this month's Business Outlook…
IMF Press Release
PRESS RELEASE - IMF Managing Director Issues Statement on Transitional Credit Support for Argentina, 17 January.
Extracts from an interview with Toshihiko Fukui
INTERVIEW - In an interview Toshihiko Fukui, a favourite to become the next governor of the Bank of Japan, says he has a great interest in inflation targeting. But if it was introduced it must be done in such a way as not to weaken discipline.
Edward George at the Scottish Bankers Dinner
SPEECH - In a speech Sir Edward George of the Bank of England said it would be unwise to set monetary policy on the basis of the worst possible outcome. Risks to the economy, including a sharp fall in consumer spending and a house price crash, "need to…
Bergo on challenges facing the Norwegian economy
SPEECH - In the speech 'Challenges facing the Norwegian economy' Jarle Bergo of Norges Bank said it should be possible for us to live well with petroleum, but it will require our addressing a number of challenges. The varying inflow of revenues must be…
Belgium seeks ECB post for bank critic De Grauwe
Belgium is stepping up its campaign to secure a seat on the board of the European Central Bank by nominating Paul De Grauwe, an academic who has criticized the bank for failing to promote growth. De Grauwe recently ran for the job of vice-president of…
Bank of Canada Press Release
PRESS RELEASE - Bank of Canada keeps target for the overnight rate at 2 3/4 per cent, 21 January.
BMA - Bahrain building on finance hub success
Bahrain is building on its unprecedented success as a banking and financial centre, delegates heard the BMA's governor say at an international conference on Monday.
Tougher Swiss banking rules
Switzerland has introduced more stringent rules on account identities in a renewed attempt to counter accusations that its tight bank secrecy laws encourage foreign tax evaders, terrorists and money launderers to hide their money in Swiss bank accounts.
Japan, Indonesia agree currency swap deal
Japan and Indonesia have agreed on a bilateral rupiah-dollar swap arrangement aimed at ensuring stability in the currency market by supplying short-term liquidity, the two countries said in a joint statement.
Lithuania may replace litas with euro in 2006
The Bank of Lithuania governor, Reinoldijus Sarkinas, said on Monday he saw no obstacles to Lithuania adopting the euro as its national currency in 2006 or early 2007.
Shiokawa puts deflation on center stage
Deflation is an issue for the entire government to tackle, Japan's Finance Minister Masajuro Shiokawa said Tuesday, reversing his earlier stance that the price declines of the last four years are the responsibility of the central bank.
Brazil targets inflation of 8.5 percent in 2003
Brazil's central bank said on Tuesday it would steer monetary policy to target a year-end inflation rate of 8.5 percent, more than double its original goal but still below market forecasts for 2003.
Jewish groups protest outside ECB building
Representatives of German Jewish groups protested against pro-Palestinian remarks by Gretta Duisenberg on Monday outside the European Central Bank, where her husband Wim Duisenberg is the president.
CentralBankNet Monday Special Feature
SPECIAL FEATURE - In this weeks special report CentralBankNet looks at a new survey of central banks. Latest trends in reserve management will be revealed in a book to be published later this week by Central Banking Publications. "How Countries Manage…