Central Banks
AGCC reaffirms switchover plan to single currency
ARTICLE - Governors of AGCC central banks have reaffirmed their commitment to introducing a common currency for the six-member Arab states, as Gulf economies are gradually embracing the idea of globalisation and financial sector liberalisation.
Philadelphia Fed Business Outlook Survey
REPORT - Activity in the region's manufacturing sector weakened this month, according to firms surveyed for the October Business Outlook Survey. Indicators for general activity, new orders, and shipments declined from their readings in September. Overall…
Santomero on Process & Progress in Risk Management
SPEECH - In the speech 'Process & Progress in Risk Management' made on 28 October, Anthony Santomero of the Federal Reserve Bank of Philadelphia said the financial sector has come a long way in its risk management efforts. Basel II offers an unusual…
IMF report on the Policies of the Euro Area
REPORT - International Monetary Fund Staff Report on the Monetary and Exchange Rate Policies of the Euro Area. The report includes sections on movements towards greater central bank transparency, predictability of central bank interest rate decisions,…
Tokyo stocks fall more than 1 percent Thursday
JAPAN - Tokyo stocks fell more than 1 percent Thursday after a long awaited government economic package failed to impress investors, who sold select blue chip shares. The dollar slid against the yen.
Sri Lankan central bank bomber gets 200 years jail
SRI LANKA - The leader of the Tamil Tiger rebels Velupillai Prabhakaran has been sentenced to 200-years imprisonment today (Thursday) along with three other "LTTE cadres" by the Colombo High Court in connection with the attack on the Central Bank of Sri…
Eurozone inflation climbs to 2.2% in October
GERMANY - Inflation in the Eurozone continued to climb in October according to the estimate released on Thursday by Eurostat, the European Commission's Statistical Office.
Dollar tie-up won't affect currency says Kuwait
KUWAIT - Kuwait said yesterday a decision to link its currency fully to the dollar was not expected to weaken the dinar nor trigger inflation.
China's first gold exchange opens for trade
ARTICLE - The opening of China's first gold exchange on Wednesday in Shanghai signals the end of 50-plus years of government monopoly over the gold market.
Bank Negara set to host IFSB seminar
MALAYSIA - Malaysia's central bank, Bank Negara Malaysia, is hosting a two-day seminar on Islamic Financial Services Board (IFSB) on 3-4 November in Kuala Lumpur.
Ex-tea boy heads for top RBZ post?
ZIMBABWE - Gideon Gono, the chief executive officer of the Commercial Bank of Zimbabwe (CBZ), looks set to become the governor of the central Reserve Bank of Zimbabwe (RBZ) shortly, it was established this week - says Zimbabwe's Financial Gazette.
Argentina: IMF deal mooted for Friday
ARGENTINA - A deal between Argentina and the IMF rescheduling US$14bn falling due to the multilateral agencies between now and the end of next year could be announced as soon as Friday of this week, according to a number of sources in Buenos Aires.
Thailand's credit card rate to be capped at 18%
THAILAND - Interest rates and charges for credit cards issued by both banks and non-banks should be capped at 18%, says Finance Minister Somkid Jatusripitak.
Yugoslav bank governor accuses Serbian PM
YUGOSLAVIA - Belgrade: "I consider the kind of statement made by [Serbian] Prime Minister [Zoran] Djindjic in respect of a change of the dinar exchange rate to be irresponsible and incompetent, Governor of the National Bank of Yugoslavia [NBJ] Mladjan…
Fed Chairman Alan Greenspan on education
SPEECH - In the speech 'Education' made on 29 October, Alan Greenspan of the Federal Reserve said empirical economic research has identified a complex set of factors as key determinants of how successful any country will be in transforming its physical…
Issing on relationship lending in the euro area
SPEECH - In the speech 'Relationship lending in the euro area' made on 24 October, Otmar Issing of the ECB said recent trends in the European financial markets seem to have put pressure on banks, leading some of them to reduce the scale of their…
Gjedrem on the business cycle and monetary policy
SPEECH - In the speech 'The business cycle and monetary policy' made on 17 October, Svein Gjedrem of Norges Bank said share prices fell sharply this summer for several reasons, including poorer growth prospects abroad. Developments this summer indicate…
10th Manila Framework Group meeting opens
ASIA - The 10th Finance and Central Bank Deputies' Meeting of the Manila Framework Group (MFG), chaired by Dato Paduka Hj Abdul Rahman Hj Ibrahim, Permanent Secretary at the Ministry of Finance, started Monday.
SBP describes economic growth rate as reasonable
PAKISTAN - The State Bank of Pakistan (SBP) has declared the 3.6 per cent growth of the economy as "reasonable" during fiscal 2001-02 due to various factors.
South Africa's Mboweni lashes out at the media
SOUTH AFRICA - Reserve Bank governor Tito Mboweni has once again expressed dissatisfaction with the manner the media reports his speeches. He even suggested that he had seriously considered stopping giving interviews and excluding wire services from his…
SARB Press Release
PRESS RELEASE - Governor clarifies reports - statement by the South African Reserve Bank, 23 October.
Yugoslav c banker expects 15% inflation this year
YUGOSLAVIA - Following the rise in petrol prices, the 2002 inflation will not exceed 15 per cent and will amount to about nine per cent in 2003, which is why Yugoslav National Bank (NBJ) will lower the obligatory bank reserves rate, Yugoslav National…
Norges Bank Press Release
PRESS RELEASE - Greater transparency in connection with interest rate decisions, 30 October.
Norges Bank Press Release
PRESS RELEASE - Norges Bank keeps interest rates unchanged, 30 October.