News
Central bank of Brazil cuts base rate to 19%
Brazil's central bank announced on Wednesday 22 October that it cut the Selic base rate to 19 per cent after its two-day meeting, reports AE Brazil. A Copom statement said that the cut was made because inflation is falling into line with targets.
Berlusconi calls for easing of the Stability Pact
Italian Prime Minister Silvio Berlusconi has, according to the EU Observer, said of the EU's Stability and Growth pact that "The 3 percent should not be taken as an absolute value beyond discussion and might be adjusted down by one or two percentage…
Greenspan to address Cato's Monetary Conference
Federal Reserve Chairman Alan Greenspan is scheduled to participate in the Cato Institute's 21st Annual Monetary Conference, "The Future of the Euro," at The Renaissance Hotel in Washington, D.C., on Nov. 20. Topics on the agenda include the impact of…
Uzbek central bank hosts convertibility seminar
The central bank of Uzbekistan, according to a report by Uzbek Television, has held a seminar at its Tashkent regional directorate to discuss further liberalization of the currency market and ensure the convertibility of the national currency, the som,…
Bank of England MPC Minutes 8/9 October 2003
Minutes of the Bank of England's Monetary Policy Committee Meeting were released on 22 October for the meeting of 8 and 9 October 2003. Deputy governor Andrew Large, executive director Paul Tucker and external MPC members Kate Barker and Stephen Nickell,…
Minutes show BoE came close to rate increase
Minutes from the Bank of England's October Monetary Policy Committee meeting published on Wednesday 22 October showed four of the nine members, including deputy governor Andrew Large, voted for an increase in interest rates, according to Reuters. The…
Chirac nominates Noyer as Bank of France president
French President Jacques Chirac nominated Christian Noyer on Wednesday 22 october as Jean-Claude Trichet's successor at the Bank of France, the Financial Times reports. Noyer, 53, is a former deputy governor of the European Central Bank.
Rwanda: Central bank to withdraw old bank notes
The Central Bank of Rwanda has decided to withdraw legal tender for old banknotes beginning December this year, according to The New Times. An official from the Central Bank said that new notes were already in circulation to replace old ones that had…
BI hands over money laundering authority to PTATK
Bank Indonesia has handed over the handling of suspicion transaction reports from banks to the PTATK in accordance with a new law, acording to a report by AFX Asia. The Financial Action Task Force on anti-money laundering had pressed for the new law to…
Ecuador reports record monetary reserves
The Central Bank of Ecuador has reported that reserves, which have been increasing since August, have hit a record breaking level, according to a report by CRE Satelital radio. The increase is due to the arrival of new loans from international…
Belarus, Russia discuss money-emission centre
The National Bank of Belarus and the Russian Central Bank have approved the framework of pegging the Belarusian rouble to the Russian rouble for the first quarter of 2004, according to the Belapan news agency.
New Deputy Governor elected to Bulgaria c bank
Bulgaria's Parliament has elected Tsvetan Manchev deputy governor of the Central Bank and head of the Emission Department, according to a report by Novinite. He was previously executive director of the Agency for Economic Analyses and Forecasts with the…
Plan to move Russian central bank to St Petersburg
Sergei Mironov, speaker with the Russian Federation Council, has said, according to a report by Gateway to Russia, that the Russian central bank might be transferred to St Petersburg. Mironov said he is for the transfer as it will bring funds to the city.
Bank of Canada sees lower inflation
The Bank of Canada said on Wednesday 22 October that Canadians can expect lower inflation and increased economic growth next year, according to CBC News. The bank said in its latest monetary policy report that growth is expected to average a bit over 3…
Bank of Japan's Monetary Policy Meeting Minutes
Minutes of the Bank of Japan's Monetary Policy Meeting on 11 and 12 September 2003, released 16 October. Members agreed that economic activity still continued to be virtually flat as a whole, although signs of improvement had been observed in such areas…
Israel central bank's Klein to continue rate cuts
Bank of Israel Governor David Klein said on Satueday 18 October that he would continue to cut interest rates for as long as prices and financial markets remained stable, according to a report by Reuters.
Cen bankers: Slovaks, Poles should adopt euro ASAP
The governors of the Slovak and Polish central banks agreed this week, according to Interfax, that both countries should try to meet Maastricht criteria and adopt the European single currency as soon as possible after joining the EU in 2004.
Fukui, local BOJ chiefs voice concern over yen
Bank of Japan Governor Toshihiko Fukui said on Monday October 20 that the central bank will closely watch developments in overseas economies and financial markets, The Japan Times reports. Fukui also said the BOJ is firmly committed to maintaining its…
Snow's remarks on interest rates clarified
Clarification of US Treasury Secretary John Snow's comments on interest rates has been given by a spokesman, who explained, according to the Financial Times, that he was talking about long-term market interest rates, not short-term official rates. Snow…
Exchange-rate reform studied in China
Signs are growing, reports China Daily, that China may embark on a long-awaited programme to reform the country's exchange-rate regime despite its determination not to revalue the yuan. As the first signal of the emerging trend, Chinese President Hu…
Malta c bank chief denies euro stories
The governor of the central bank of Malta, according to Malta Independent, denied stories that Malta, along with a few acceding countries, had begun talks with the European Central Bank about joining the euro. He said the whole story came about after an…
Ghana meets three criteria for single currency
Ghana has met three of the four primary convergence criteria of the West African Monetary Zone (WAMZ) for a single currency by July 2005, according to Ghana Web. The only criterion yet to be met is the single digit inflation rate.
Bank of Estonia Council to be appointed in Nov.
Bank of Estonia chairman Mart Sorg has said it will take a month for the Council's candidates to be cleared by security, according to the Baltic News Service. The candidates include politicians from both the ruling coalition and opposition, Sorg said.
Balcerowicz: 2007 euro entry depends on budget cut
Poland's adoption of the euro will depend on the success of the austerity plan, National Bank of Poland Governor Leszek Balcerowicz has said, according to the PAP news agency. Balcerowicz reiterated that the realistic date for entry to the eurozone is…