News
ECB board member warns on surging euro
Belgium's central bank chief and European Central Bank (ECB) board member Guy Quaden was quoted by daily De Tijd as agreeing that further increases in the value of the surging euro would not be desirable.
Cuba's new convertible currency introduced
The Cuban Convertible Peso, CUC, or "chavitos" as they have become known locally came into circulation on Monday 8 November, substituting the widely circulated US dollar, with the central bank saying the move would help the Cuban currency hold its value.
EU backs ECB warning on euro
The European Union's head office on Tuesday 9 November appeared to agree with comments by the European Central Bank president, warning that "excessive volatility" of the euro's exchange rate against the US dollar could damage economic growth in Europe.
UK Treasury's Brown sees recovery 'uncertainties'
UK Chancellor of the Exchequer Gordon Brown said in a speech that resilience of the global economic recovery is more uncertain in the face of rising oil prices and currency fluctuations.
Japan's Fukui watching forex market
Bank of Japan Governor Toshihiko Fukui said on Sunday 7 November that the Bank of Japan was watching currency markets warily after the dollar fell last week but did not think Washington was trying to guide the dollar lower.
Illarionov says Russia diversifying fx reserves
By selling US dollars, securities and assets denominated in the US currency, Russia is diversifying its currency reserves, which is in line with the policy pursued by the Central Bank of Russia, Andrei Illarionov, adviser to the Russian President on…
PBOC to take 'gradual and safe' approach on yuan
The People's Bank of China said on Saturday 6 November that it would take a "gradual and safe" approach to loosening the yuan-dollar peg, following International Monetary Fund calls to let the currency float in a wider margin.
Trichet says euro's record rise 'not welcome'
Economic growth "remains very steady," European Central Bank President Jean-Claude Trichet said at a briefing after a meeting in Basel, Switzerland, of the G-10 group, which he chairs. "Perhaps we're going to a level that's more sustainable in the medium…
Iraqi central bank authorises hard currency loans
The Iraqi Central Bank has authorized the public and private banks to give loans in hard currency to citizens in accordance with the regulations and mechanisms approved by each bank's board of directors.
Securities and clearing settlement systems
This ECB occasional paper "Governance of securities clearing and settlement systems" provides a description of the existing general approaches to corporate governance. It then identifies determinants of the corporate governance structures and mechanisms…
Interview with Central Bank of Nigeria's Soludo
In a recent interview Central Bank of Nigeria governor Charles Soludo talked about his plan to increase banks' minimum capital requirement. Soludo gives his opinion on some of the most talked-about points of his plan.
Norway's Gjedrem appointed to second term
Norges Bank governor Svein Gjedrem was appointed to a second term on Friday 29 October. Press reports described the move as a vote of confidence for his management policies.
Albania votes in new central bank chief
Albania's parliament voted to confirm some changes to top executive posts on Thursday 28 October including the appointment of Ardian Fullani as the new central bank governor.
Interview with Central Bank of Cuba's Soberon
In an interview published this week, president Francisco Soberon of the Central Bank of Cuba said it would be extremely unwise for Cuba to change the one-to-one exchange rate to the dollar after the Cuban people have shown such confidence in the Cuban…
Bank of Israel promotes 20 percent of staff
A press report said this week that Bank of Israel governor David Klein has decided to promote 20 per cent of the central bank's staff, with salary increases of between 10 and 15 per cent. Haaretz said the move was made without consulting the workers…
RBI names Gopinath as key department head
Shyamala Gopinath, a deputy governor in the Reserve Bank of India, took charge of the key departments of monetary policy and internal debt management this week following Rakesh Mohan's move to Economic Affairs secretary in the government.
CBN may lose 2,000 staff
The Central Bank of Nigeria may lose up to 2,000 staff as part of a restructuring of the bank, press reports said this week. The majority of the affected employees work in four departments which are to be phased out as part of the plans, Vanguard said.
List of Greenspan successors shrinks
The re-election of President George Bush sharply narrows the field of candidates to succeed Alan Greenspan as Federal Reserve chief, this article says. Steven Cecchetti is quoted as saying Martin Feldstein is the unconditional best candidate.
Dallas Fed's McTeer says 'Goodbye and howdy'
Federal Reserve Bank of Dallas President Bob McTeer resigned on Thursday 4 October to become chancellor at Texas A&M University, ending a 36-year career in the Federal Reserve system. In a statement posted on the Dallas Fed's website on Thursday titled …
Ukrainian election heads for runoff vote
The top two candidates to succeed Ukrainian President Leonid Kuchma are heading for a run-off vote on 21 November, after neither won a majority in the first round. Former governor of the National Bank of Ukraine Viktor Yushchenko is one of the candidates.
Cyprus and Russia sign money laundering accord
The Cypriot Unit for Combating Money Laundering (MOKAS) has signed a cooperation agreement with the corresponding unit from the Russian Federation on international cooperation against money laundering and combating the financing of terrorism.
NBU chief downbeat on common currency idea
The acting head of the National Bank of Ukraine, Arsen Yatsenyuk, said in an interview that there can be no question of introducing a common currency with Russia.
Taylor predicts smooth deficit adjustment in US
US Treasury Under secretary John Taylor has said he expects a smooth adjustment in the large US current account deficit. While some have bemoaned the increase in the deficit, Taylor said it was good news.
IMF's Rato calls on Bush to work on deficits
IMF managing director Rodrigo Rato was quoted as saying on Friday 5 November that newly re-elected US president George Bush should turn his attention to the country's budget and trade deficits as part of a global push to spur growth after winning re…