Central Banks
Buba annual report-global risks to growth
GERMANY - In its annual report published on Apr 10, the Deutsche Bundesbank said that German and Eurozone growth would continue but that the downside risks had increased.
RBA governor talks up Australian economy
AUSTRALIA - Reserve Bank of Australia Governor Ian Macfarlane said on Apr 10 that he remained optmistic about growth in 2001 and that recent rate cuts are aimed at protecting the economy from a global slowdown.
Argentina bond can count as bank reserves-cbank
ARGENTINA - Argentina's central bank said on Apr 9 it would allow banks to count investments in a new government bond as part of their minimum reserve requirements.
US is not in recession, says US Treasury O'Neill
UNITED STATES - The U.S. economy continues to expand moderately, successfully skirting recession, and in fact doing remarkably well in terms of providing job opportunities, Treasury Secretary Paul O'Neill said on Apr 9.
Taiwan cbank to adopt relaxed monetary policy
TAIWAN - Taiwan's central bank, the Central Bank of China, will relax its currency policy rather than adopting a zero interest rate like Japan, since domestic prices were stable and demand had yet to fully recover.
Singdollar policy has not changed - MAS
SINGAPORE - The Monetary Authority of Singapore says it has not changed its policy of allowing a gradual and modest appreciation of the trade-weighted Singapore dollar within a policy band.
Greenspan's hero image 'is a liability'
UNITED STATES - The Financial Times on Apr 10 reports that Alan Greenspan's heroic image poses a liability for markets. The article is based on a report by UK economist Marcus Miller which was presented at the Royal Economic Society's annual conference…
France backs Trichet, but Lemierre in wings-paper
FRANCE - Bank of France Governor Jean-Claude Trichet remains France's choice to succeed Wim Duisenberg as president of the ECB, but another Frenchman Jean Lemierre is an "option," French finance ministry sources told Les Echos.
Oman $50 million boost for Lebanese cbank reserves
LEBANON - Oman deposited $50 million with Lebanon's central bank on Apr 6 to boost foreign currency reserves and to express its support for the government's economic measures, reported the local Daily Star newspaper.
Inflation targeting improved-CNB Niedermayer
CZECH REPUBLIC - The effectiveness of the inflation targeting of the Czech National Bank CNB should be improved with the shift to targeting of overall inflation and setting a corridor for price movements up to 2005, CNB vice-governor Ludek Niedermayer…
Capital inflows and central bank's policy response
CENTRAL BANK RESEARCH - Melike Altinkemer from the research department at the Central Bank of Turkey has written a paper "Capital inflows and the central bank's response". In this paper, capital inflow episode after the liberalization of capital account…
Expanded monetary union in West Africa
ARTICLE - In an article published in the IMF's quarterly magazine, IMF economists R.D. Asante and Paul Robert Masson talk with Jacqueline Irving of the IMF's external relations department about the pros and cons of expanded monetary union in West Africa.
ECB should avoid market surprises-Chris Huhne
ARTICLE - In a guest column in the Financial Times on Apr 10, euro MP Chris Huhne says that the European Central Bank needs a clearer reporting process for its decisions on monetary policy.
Inflation targeting and IMF conditionality
CENTRAL BANK RESEARCH - An IMF working paper "Inflation targeting in the context of IMF-supported adjustment programs" uses Brazil as an example how the IMF's traditional monetary conditionality should be adapted in IMF-supported adjustment programs with…
BOJ Hayami says economy to remain stagnant
JAPAN - Bank of Japan Governor Masaru Hayami reiterated on Apr 9, 2001 Japan's economy could remain stagnant for some time and that the central bank must pay close attention to downward pressure on prices due to weak demand.
Asian countries agree currency swap network
ASIA - Asia's leading governments have put the finishing touches to plans for a network of currency swap arrangements to guard against a repeat of the 1997 regional economic crisis as concerns of a new global slowdown grow.
Central banks unlikely to sell gold-BoF forex head
FRANCE - The world's central banks, which hold about 35,000 tonnes of gold, were unlikely to be big sellers, Herve Ferhani, the Bank of France's head of gold and foreign exchange, said on Apr 9, 2001.
Malaysia cbank defends peg, explains reserves drop
MALAYSIA - The Malaysian central bank issued a statement on Apr 9, 2001 in defence of its ringgit/dollar fixed exchange rate after posting a six percent drop in its international reserves in Mar 2001.
CNB appoints new executive director for markets
CZECH REPUBLIC - The Czech National Bank has announced that Tomas Kvapil will be the new executive director for financial markets as of Apr 1, 2001, filling the post which was left vacant when Radek Urban left at the end of February.
SARB-payment system risk reductions measures
SOUTH AFRICA - The South African Reserve Bank announced on Apr 5, 2001, that it has embarked on a phased implementation of certain risk reduction measures in the national payment system.
SNB chief economist George Rich retires Nov 01
SWITZERLAND - Georg Rich, chief economist of the Swiss National Bank, has announced that he will take early retirement as of the end of November 2001.
Downside risks to Swedish GDP-Riksbank minutes
SWEDEN - The balance of risks for Swedish growth and inflation are both skewed towards the downside over the next two years, according to the minutes of the Riksbank's last interest rate meeting released on Apr 9.
New Turkish cbank law submitted to cabinet
TURKEY - A draft law that grants full independence to the Central Bank of Turkey, and brings E.U. standards to the bank, has been submitted to the cabinet, reports the the Turkish daily Milliyet.
Swazi banking system undergoes modernisation
SWAZILAND - Along with other countries of the Southern Africa Development Community, Swaziland is revamping its banking system up to international standards, Bank of Swaziland Governor Martin Dlamini said on Apr 6, 2001.