News
Bank of Canada leaves key rate unchanged
The Bank of Canada held interest rates steady on Wednesday at 2.75 percent, the Canadian Press said. Some economists said the rate should fall to cool the rise in the Canadian dollar.
Jarai says talks underway with ECB over ERM II
Hungary's central bank governor Zsigmond Jarai said Tuesday, Interfax reported, that the MNB has begun informal talks with the ECB on Hungary's membership of the ERM II mechanism. The path to the adoption of the euro in 2008, as agreed between the…
Documents show RBA basement holds huge wine cellar
Documents obtained under Freedom of Information laws show the Reserve Bank of Australia houses a $100,000 wine cellar in the basement of its Sydney headquarters alongside vaults guarding Australia's reserves. RBA secretary David Emmanuel defended the…
EU to confirm Trichet as ECB chief on Thursday
The leaders of the 12 euro countries will "appoint the President of the European Central Bank" on Thursday afternoon at an EU summit in Brussels, Italian Prime Minister Silvio Berlusconi wrote to his EU colleagues Tuesday, EU Business reported.
Bank of Canada statement on interest rate decision
In its statement released 15 October the Bank of Canada said indicators of economic activity and inflation in Canada have evolved broadly in line with the Bank's expectations since the decision to lower rates on 3 September.
France's Mer-ECB rates a powerful tool on FX moves
France's Finance Minister Francis Mer has called ECB interest rates a "powerful lever" that could be used in response to the declining dollar, Reuters said. "It's a powerful lever that can be mobilised in a non-inflationary environment," he said.
Bank of Japan upgrades October assessment
The Bank of Japan raised its assessment of the economy for the second month running Tuesday but warned that a too strong yen could hurt exports, according to Associated Press. "The foundation for a gradual recovery in Japan's economy is being laid, as…
Duisenberg on training contract with Russian cb
At the press conference for the signing of the TACIS "Central Bank Training" contract and of a Protocol between the European Central Bank and the Central Bank of Russia Wim Duisenberg said the Eurosystem hopes to contribute to further strengthening the…
Office of CBRC set to open in Shanghai
The China Banking Regulatory Commission will open a Shanghai Bureau this week, says the China Daily.. The CBRC's Shanghai bureau will take over the supervision of the city's banking industry from the local branch of the People's Bank of China, the…
Academics agree with Turkish cb chief on ex rate
Turkish academics have agreed with central bank governor Sureyya Serdengecti that a risk to the exchange rate exists in the market posing a significant obstacle to stability, according to the Turkish Daily News.
Serbia to discuss NBS governor election procedure
The ruling Democratic Opposition of Serbia (DOS) council agreed on Friday 10 October, according to the Tanjug news agency, that consideration of the National Bank of Serbia's annual report should include an examination of the procedural issues which were…
Swinging euro worries Bundesbank chief Welteke
Bundesbank chief Ernst Welteke has said the euro is at around its long-term average, according to RTE News, but that abrupt swings in the exchange rate with the dollar could harm the global economy.
Asian currencies need more flexibility - IMF
IMF Deputy Managing Director Shigemitsu Sugisaki has called on Asia to play its part in adjusting the US trade deficit by allowing greater foreign exchange rate flexibility, according to a Reuters report. "With comfortable reserves and a strong economic…
Buba eyes 400-600 tonne gold sale in new pact
A report says that the Bundesbank is considering selling between 400 and 600 tonnes of gold from late 2004 to 2009, according to Reuters. Bundesbank President Ernst Welteke declined to comment on details of any deal ahead of discussions in the spring…
King: no need for low rates if world recovers
Bank of England Governor Mervyn King has said, according to Reuters, that if the world economy recovers, interest rates will not need to remain as low as they are. "So far we have been keeping rates low to ensure there was sufficient growth in domestic…
Fed's Bernanke sees low U.S. rates until jobs grow
After some false starts the US economy is on track for a sustained recovery, Fed Governor Ben Bernanke said in testimony prepared for delivery to the Senate Banking Committee on Tuesday 14 October,according to Reuters. But Bernanke told the panel that…
G7 message not only about FX - Duisenberg
Speaking on the sidelines of a news conference in Moscow on Monday, ECB President Wim Duisenberg said foreign exchange markets may have misunderstood last month's statement from the G7, Reuters reports. "There was no statement specifically about euro…
BOJ's Hirano sees good chance of recovery lasting
Bank of Japan Assistant Governor Eiji Hirano said on Monday 13 October at a summit meeting in in Singapore that there is a greater chance that recovery can be sustained this time compared to the past two cases. However, he acknowledged that risks of a…
Fitch upgrades China's forex rating outlook
The rating agency Fitch has announced that it has revised the outlook for China's A-minus long-term foreign currency rating to positive from stable, according to AFP. China's official foreign currency reserves have been boosted by a continuing strong…
Deflation, markets remain risks for Japan-Takenaka
Japanese Economics and Finance Minister Heizo Takenaka said on Sunday 12 October that the purpose of foreign exchange intervention was mostly to smooth out yen volatility, according to a report by Reuters. While the economy is recovering it remains…
GCC bankers discuss monetary union in Qatar
The 35th meeting of the Gulf Cooperation Council Central Bank Governors was held in Qatar on Sunday 12 October, reports The Peninsula, to discuss the work of the monetary union technical committee on issues related to the standards of economic…
Bulgarian c bank: Main challenge joining euro zone
Bulgaria's newly appointed central bank governor Ivan Iskrov has said that the main priority for the bank will be preparations for joining the eurozone, according to the Sofia Morning News. Former governor of the Bulgarian National Bank Svetoslav…
ECB to provide assistance to Russian central bank
The ECB is to help train staff from the central bank of Russia, according to a report by AFX. The training will be provided by officials from nine eurozone national central banks and the non-central bank supervisory authorities of the UK, Sweden and…
Protocol on Central Bank Training in Russia
Signing of the protocol in Moscow of a contract for a project in Russia entitled "Central Bank Training" by Dr. Willem F. Duisenberg, President of the European Central Bank (ECB), His Excellency Richard Wright, Head of the Delegation of the European…