Central Banks
Hungary PM nominates new monetary council member
HUNGARY - Prime Minister Viktor Orban has nominated Tamas Karo, a U.S.-Hungarian dual citizen and a personal advisor to the President of Hungary, to the National Bank of Hungary's Monetary Council, state news agency MTI says.
Changeover to euro not to create hidden pressure
EUROPE - The changeover to the euro should not create hidden inflationary pressures or VAT increase, President of the European Parliament Economic and Monetary Affairs Committee, Christa Randzio-Plath, said, referring to European Central Bank (ECB)…
Dual currency system to be in place in Montenegro
YUGOSLAVIA - The Central Bank of Montenegro has drawn up a plan for the transition from the German mark to the euro, which will last from the beginning of the next year until June.
Bank of Korea gov to attend Kansas fed symposium
SOUTH KOREA - Bank of Korea Govenor Chon Chol-hwan will begin a six-day visit to Kansas City on 29 August to attend a symposium organised by the U.S. city's Federal Reserve Bank (FRB).
Central bankers' speak out - Topics for our times
CENTRALBANKNET'S SPECIAL REPORT - For our Monday special feature this week, Centralbanknet surveys some recent speeches by central bank governors and discovers that they do not always keep to the beaten track.
Speech by Bob McTeer of the Dallas Fed
SPEECH - Bob McTeer, President and CEO of the Federal Reserve Bank of Dallas gave a speech on 23 August before the New Roads & E-Roads Conference, Dallas, Texas.
Minutes of the Federal Open Market Committee
REPORT - A meeting of the Federal Open Market Committee was held in the offices of the Board of Governors of the Federal Reserve System in Washington, D.C., beginning on Tuesday, June 26, 2001, at 2:00 p.m. and continuing on Wednesday, June 27, 2001, at…
German wise man eyes lower GDP, ECB rates
GERMANY - Bert Ruerup, one of the German government's five economic advisers or "wise men", cut his forecast on 23 August for German growth in 2001 and said the way was clear for the European Central Bank to cut interest rates.
Pre - euro flood of forgeries is feared
EUROPE - Gangs of counterfeiters are set to offload fake francs, D-Marks and other eurozone currencies before the changeover to euro notes and coins in January, retailers have been warned.
C Bank of Lebanon launches new composite index
LEBANON - Banque du Liban launched a new composite index on 22 August, 2001.
Copom keep rates unchanged at 19% per year
BRAZIL - If the economic climate in Argentina is enough to keep the Central Bank in a state of alert, Brazil's weak second quarter GDP data only added to its concerns about the future of the Brazilian economy.
Australian economy 'immune' to turmoil - Costello
AUSTRALIA - Australia would be immune to looming global economic turmoil, Australian Treasurer Peter Costello said yesterday as the threat of recession looms larger for the US. Mr Costello predicted Australia would top the world economic growth table…
Pakistan forex reserves up $30 mln to $3.289 bln
PAKISTAN - Pakistan's central bank said on 23 August total liquid foreign exchange reserves were $3.289 billion as of 18 August, up by some 30 million dollars from the previous week's $3.259 billion.
Dutch central bank sold gold last week
NETHERLANDS - Data from the Dutch central bank on 21 August showed it sold gold for 39 million euros ($35.65 million) last week as part of its programme to sell 200 tonnes through 2004.
BSP eases ruling on bearer checks
PHILIPPINES - Banks may now resume issuing pay-to-cash checks after the Bangko Sentral ng Pilipinas (BSP) reversed its earlier decision to ban so-called "bearer checks".
Backstrom: Sweden's economy is slowing down
SPEECH - Governor Urban Backstrom of Sveriges Riksbank, the Central Bank of Sweden, gave a speech on 20 August in Harnosand, Sweden.
To What Extent Does Productivity Drive the Dollar?
RESEARCH - The Federal Reserve Bank of New York has produced a research paper in its Current Issues in Economics and Finance series, Volume 7, Number 8, August 2001. The paper was written by Cedric Tille, Nicolas Stoffels, and Olga Gorbachev.
Survey from the Philadelphia Fed
SURVEY - The Survey of Professional Forecasters is the oldest quarterly survey of macroeconomic forecasts in the United States. The survey began in 1968 and was conducted by the American Statistical Association and the National Bureau of Economic…
Phil Fed - Economists cut US growth forecasts
US - The world's largest economy is likely to grow sluggishly for the rest of this year but will pick up again in 2002, according to a Federal Reserve bank survey of private forecasters released today, 23 August.
EMU debate crucial to long term health of Swedish
SWEDEN - With the Swedish krona suffering from classic symptoms of a small European currency remaining outside of European Monetary Union, its best hope of a sustained recovery may be an acceleration of the EMU debate and entry process, analysts say.
German growth slows to zero
GERMANY - Official figures confirmed the fact that the German economy slowed to a halt in the second quarter of the year.
IMF says cash to reserves, Argentina decides use
ARGENTINA - The International Monetary Fund reiterated on 22 August that the money Argentina will receive under its new $8 billion program will go to central bank reserves, but it is then up to the country to decide how to use it.