News
Change of Presidency of the European Central Bank
Jean-Claude Trichet began his eight-year term as President of the European Central Bank on 1 November.
RBA interchange fees for credit cards lowered
The Reserve Bank of Australia said on 31 October that Bankcard, MasterCard and Visa credit card schemes have introduced lower interchange fees for credit card transactions in Australia.
FSAP in New Zealand
Officials from the International Monetary Fund (IMF) are now in New Zealand undertaking a previously announced Financial Sector Assessment Programme, the Reserve Bank of New Zealand said on 31 October.
Bank of Greece sets sights on fake euro problem
The Bank of Greece is preparing a public awareness campaign regarding the perils of counterfeit euro notes, according to a report by Kathimerini. The recent discovery of fake 200-euro notes in Greece caused the authorities to focus on high denominations.
Venezuela eases its currency controls
Venezuelan President Hugo Chavez has eased restrictions on credit card use that were imposed to shore up the economy during a two-month general strike called by his opponents, according Associated Press.
IMF praises Brazil's economy
The central bank of Brazil has said that the country amply met the targets agreed with the International Monetary Fund, according to Merco Press. The primary surplus in the first three quarters of 2003 reached just over 20 billion US dollars compared to…
DNB chief Wellink sorry over euro inflation
The president of the Dutch central bank, Nout Wellink, has apologised for not warning that prices would rise as a result of the introduction of the euro, according to expatica. "We didn't do it very well," Wellink told a meeting in The Hague.
European Central Bank has new chief
Jean-Claude Trichet began his Presidency of the European Central Bank with a congratulatory address at a commemorative ceremony marking the 75th anniversary of the Bank of Greece in Athens on Monday, reports United Press International.
G7 and ECB Central Bankers' Salaries
This article published by Reuters looks in-depth at the salaries of G7 central bank heads, Federal Reserve Board Governors, ECB President, Vice-President and Executive Board Members. It reveals, among other things, that the Governor of the Bank of France…
Alan Greenspan, the central bankers' poor relation
A survey published by Reuters last week found Alan Greenspan to be the lowest paid G7 central bank head earning a mere US$ 171,900. Jean-Claude Trichet's salary, by contrast, rings in at the equivalent of US$ 341,404. But this is topped by "little"…
Bank of Japan maintains current monetary policy
The Bank of Japan said in a statement released on Friday 31 October after its Policy Board meeting that it would continue with its ultra-loose policy aimed at keeping the overnight loan rate at virtually zero, according to AFX Europe.
EU inflation stays above ECB ceiling
According to provisional figures for eurozone inflation, released on Friday 31 October by Eurostat, the rate remained above the ECB's 2 per cent ceiling in October at 2.1 per cent, the Financial Times reports.
Concern over financial watchdog reform in Hungary
The National Bank of Hungary has issued a statement, reports Kossuth Radio, stressing that there is no need to reorganise the State Supervision of Financial Institutions and saying that the regulator is carrying out its duties appropriately.
BoJ expects deflation to continue into 2005
In its twice-yearly economic report released Friday the Bank of Japan said that it expects deflation to continue through to March 2005, according to AFX Asia. "Consumer prices are forecast to continue posting small declines in this and next fiscal year …
Iran to print higher denomination notes
The central bank of Iran has said that it intends to print 20,000 rial banknotes, double the value of the current highest denomination banknote, according to AFP. The new notes will be issued in February next year.
Duisenberg sees danger EU stability pact will fail
Wim Duisenberg, whose term as president of the ECB finished on Friday 31 October, , said in a TV interview with ChannelNewsAsia that "The danger is certainly there" that the EU's stability and growth pact could fail. He warned that should this happen it…
Zimbabwe issues $150bn bearers' cheques
The Reserve Bank of Zimbabwe says it has so far issued $153 billion worth of bearers' cheques onto the cash-starved market, reports the Zimbabwe Independent. The bank however, refused to shed light on market speculation that it had stopped printing…
Central Bank of Iraq to establish stock exchange
The Central Bank of Iraq has decided to establish a stock exchange that would operate on a daily basis instead of three times a week as proposed previously, MENAFN reported.
Polish monetary policy council backs government
Poland's Monetary Policy Council has taken a rare position, according to Interfax, of directly supporting the government's plan for administrative and welfare spending restraint, calling it "right and very necessary".
IMF backs Australia's economy
Australia's economy has been praised by the International Monetary Fund (IMF), which predicted continued strong economic growth on the back of a sound fiscal and monetary strategy, NineMSN reported.
U.S. economy can stand up to terror-Fed's Broaddus
Richmond Federal Reserve Bank President Alfred Broaddus said on 30 October the Sept. 11 attacks did little long-term damage to the U.S. economy, Reuters reported.
Central bank official: China to keep RMB stable
Mu Huaipeng, deputy director of the People's Bank of China's currency policy department said Thursday that China will continue to adopt a sound monetary policy in order to maintain the stability of the renminbi, a report from Xinhuanet said.
ECB criticises 'unsustainable' US economy
ECB chief economist Otmar Issing has singled out the US tactic of "artificially stimulating the economy by large budget deficits and inflationary monetary policy" as "no viable option", EUpolitix reported.
ECB chief warns on need to keep pact
Wim Duisenberg told EU finance ministers Wednesday night that the EU stability and growth pact could unravel if Governments changed the rules of the fiscal framework, BizWorld reported. "I acknowledge that these are not easy times, that conditions are…