News
South African economy shows upswing
South Africa's economy grew by 3.9 per cent in the second quarter of 2004, its best performance since the end of 2002, the official statistics agency reported on Tuesday 31 August.
NBS leaves key interest rates unchanged
The Board of the National Bank of Slovakia (NBS) decided to keep interest rates unchanged at its monthly session on Monday August 30.
IMF's Rato to visit Argentina
Rodrigo Rato, the managing director of the International Monetary Fund, was due in Buenos Aires on Tuesday for talks on Argentina's financial situation.
IMF suggests flexible rates for China
In its most recent report on the Chinese economy the International Monetary Fund warned that a "soft landing is not yet assured" and recommended the introduction of a more flexible exchange rate quickly.
Poll thinks ECB unlikely to increase rates
A recent poll of economists showed that there are strong expectations that the ECB will not raise interest rates until the first half of 2005, waiting for proof of a pickup in consumer demand which would protect against a global slowdown.
Canada hints at September rate rise
In a speech on August 23, Bank of Canada Deputy Governor David Longworth gave strong signals that the bank is contemplating raising its overnight interest rate from two percent at its September 8 meeting.
China to intervene and save D'Long
China's central bank may be preparing to intervene to prevent the failure of troubled private conglomorate D'Long Group, in an unprecedented move to avoid financial chaos in China's banking system.
Thailand raises interest rates
The central bank of Thailand raised interest rates by 0.25 percentage points on Wednesday 25 August, bringing its repo rate to 1.5 percent. This follows a series of interest rate cuts which started in 2001, and comes amid signs of accelerating inflation…
Taiwan under pressure to raise rates
The Central Bank of China, Taiwan's central bank, may be under pressure to increase interest rates for the first time since December 2000, according to news reports.
Poland raises interest rate by half percent
The Polish central bank raised its main interest rate to 6.5 percent on August 24, the third rise in as many months. The central bank took the measures to address inflation, which has been rising following Poland's entry into the EU.
Brazil leaves rates unchanged
Brazil's central bank decided to leave its interest rate at 16 per cent, as the country's economic recovery starts to result in rising inflation.
ECB's Guy Quaden says no rate rise
In an interview with L'Echo on 12 August, Guy Quaden offered reassurances that the ECB had no plans to raise interest rates in the immediate future.
Hungary cuts rates by half percent
The central bank of Hungary reduced the base rate by half a percentage point, from 11.5 percent to 11 percent, when it met on 16 August. While the central bank pointed to improvements in the economy as the cause, it is thought that a desire to weaken the…
India moves to reform government securities market
The Reserve Bank of India may soon lose its position as exclusive banker to the Government of India, reports Business Standard. If the Government Securities Act, which will replace the 1944 Public Debt Act, is passed by parliament, other banks will be…
Slovakia budget points to euro entry hopes
Slovakia is hoping to adopt the euro in January 2009, according to a report on the new draft budget, depending on inflation and government finances being kept under control.
Thai leader shows support for central bank chief
At a press conference on Friday 14 August, the Thai prime minister, Thaksin Shinawatra, quashed speculation that he would replace the governor of the Bank of Thailand over problems in the banking sector.
Russia issues forecasts on 2005
The Russian government will continue to target both the exchange rate and inflation next year because its economy is not ready for a free-floating ruble. At the same time, forecasts show a potential boost to the economy from revenues caused by high oil…
Brazil's Meirelles given cabinet status
The president of the Central Bank of Brazil, Henrique Meirelles, has been granted cabinet status in a further development to allegations of his financial misconduct by the national press.
Minutes of Bank of England MPC, August
Minutes from the Bank of England's Monetary Policy Committee revealed a unanimous decision to raise interest rates in August, but indicate that the UK may be approaching the end of the series of rate rises which began in November 2003.
Hungary cuts rates by half percent
The central bank of Hungary reduced the base rate by half a percentage point, from 11.5 pe rcent to 11 per cent, when it met on 16 August. While the central bank pointed to improvements in the economy as the cause, it is thought that a desire to weaken…
Minutes of the Federal Open Market Committee
Minutes from the Federal Reserve's 29-30 June FOMC meeting released on 12 August showed that Fed officials had no sense that the U.S. economy had hit a "soft patch" when they met in late June and decided to raise key short-term interest rates for the…
BoJ's Monetary Policy Meeting Minutes
The Bank of Japan released the minutes from its 12, 13 July meeting and also the 25 June meeting on 13 August. At the most recent meeting members agreed that the Japanese economy continued to recover, citing increases in production and corporate profits…
IMF says Turkey's cb independence important
A report on Turkey's performance under the most recent International Monetary Fund-supported economic program praised Turkey and its central bank for reducing the inflation rate to single-digits.
Poland to up its economic growth forecast
The Polish government is set to raise its forecast for 2004 growth in gross domestic product, the PAP news agency reported on Friday 13 August.