News
Afghan central bank chief on foreign currency use
Speaking at a news conference, the president of the central bank of Afghanistan, Dr Anwar al-Haq Ahadi, said that after 7 October any kind of sale and purchase of goods throughout the country should be done with the Afghan currency, according to a report…
RBI's autonomy is a myth, Jalan tells industry
Former governor of the Reserve Bank of India, Bimal Jalan, has said that the "RBI is, really, responsible to Parliament through the government," according to the Economic Times, and that while he is all in favour of so called autonomy, this can only work…
Magazine gives 'A Grade' to BOK chief
The US financial market monthly Global Finance has rated BOK Governor Park Seung as part of the highest "A group" of heads of global central banks, according to a report by Chosun Digital. A press release from the Bank of Korea said Federal Reserve…
Botswana head voted central banker of the year
Bank of Botswana Governor Linah Mohohlo has been voted central bank governor of the year for sub-Saharan Africa by Euromoney magazine, reports Sapa. Mohohlo received the award after a poll by international investors, bankers and representatives of…
Fed's Santomero sees economy picking up steam
Philadelphia Federal Reserve President Anthony Santomero said on Thursday 2 October "Employment gains will be slow in coming, and we still have some way to go before we reach our goal of maximum sustainable growth", according to Reuters. He also said the…
FATF intensifies anti-terrorist financing campaign
At the Plenary of the Financial Action Task Force (FATF) in Stockholm, the thirty-three member body convened on 3 October to set global standards in the fight against money laundering and terrorist financing.
Bernanke says slow US job growth a concern
Governor Ben Bernanke of the Federal Reserve said on Thursday 2 October that the US economy appeared poised for steady growth through 2004 but weak employment prospects were worrying, Reuters reports. Bernanke said he saw no reason for concern that the…
Tanzania central bank chief told: Pay fine or jail
The High Court in Dar es Salaam has given Tanzania's central bank governor Daudi Balali seven days to pay a fine or face a four month jail sentence, a report from Xinhua News said. Delivering the ruling Judge Salum Massati said that on 4 June 2001, a…
ECB keeps rates steady at 2 pct as expected
The European Central Bank held interest rates steady at 2 percent at its Thursday meeting, Reuters reported. Wim Duisenberg's last Governing Council meeting was held in Lisbon.
BOJ's Iwata repeats price stability target call
Bank of Japan Deputy Governor Kazumasa Iwata said Wednesday "I think a rise in the CPI of around 1-2 percent would mean prices have stabilised", Reuters reported. Iwata's proposals have been rejected by the other eight members of the BOJ's Policy Board,…
Fed's McTeer sees long spell of low U.S. rates
Dallas Fed President Robert McTeer said Wednesday that there is enough slack in the US economy "for interest rates to be on the historically low side for the foreseeable future". Earlier, McTeer told reporters he saw the U.S. economy moving ahead at a…
Bank of Thailand in policy rethink
The Bank of Thailand is reviewing its foreign-exchange policies with the aim of maintaining trade competitiveness, the Bangkok Post reported. Deputy governor Thirachai Phuvanat-Naranubala said the export sector was now polarised with industrial exports…
China's forex reserves rise to a record $365 bn
China's foreign exchange reserves hit a record at the end of August, a Reuters report said. The People's Bank of China said on Monday that reserves increased a monthly $8.2 billion to $364.7 billion in August, down from a $10 billion average monthly rise…
BoE's Chief Economist Bean cautious on rate rise
The Bank of England's chief economist Charles Bean said in a speech Wednesday there were good reasons for the long-term level of house prices in the UK to be higher, including low interest rates, an increase in the numbers of people living alone, and…
Scotland to host 'Real Madrid' of economics
The Fraser of Allander Institute, based at the University of Strathclyde, Glasgow is to host a series of lectures titled "Renewing Scotland", according to The Scoteman. The speakers, dubbed the "Real Madrid" of economists, will include William Baumol, an…
Fed's Moskow says factory slump is part structural
Speaking on Tuesday 30 September, Chicago Fed chief Michael Moskow said it was hard to distinguish how much of the downturn in manufacturing was due to the business cycle, and how much to structural changes, according to Reuters. But he said he was…
Atlanta Fed's Guynn-U.S. recovery gaining steam
The recovery is more tangible now and a lot less academic, Atlanta Fed President Jack Guynn has said. He told a Commerce Club lunch on Tuesday 30 September that the pick up in U.S. economic growth is helping to restore optimism about the future strength…
Scant jobs pose U.S. recovery risk- Fed's Broaddus
Federal Reserve Bank of Richmond President Alfred Broaddus said on Tuesday 30 September, Reuters reports, that he saw a risk that already fast growth in productivity could accelerate, making it even harder to bring down the unemployment rate and lessen…
Ed Gramlich: No formal US inflation target needed
Federal Reserve Governor Edward Gramlich said on Wednesday 1 October that the US could benefit from an agreed target range for prices, but an explicit inflation target was not needed as it could further tie down the FOMC. Speaking in Toronto he said some…
UK economy growth 'double the estimate'
The British economy grew twice as fast as previously thought during the second quarter of this year, official figures have showed, according to the Financial Times. The Office for National Statistics revised its estimates of growth in gross domestic…
Philippines central bank joins the BIS
The Philippines central bank has joined the BIS, AFP reports. Deputy governor Alberto Reyes said "Membership in the BIS will give the Philippines a voice among the world's central bankers and allow the country to recommend measures affecting the banking…
Brazil's central bank halves economic forecast
The Banco Central do Brazil has slashed its forecast for economic growth by more than half for this year to 0.6%, according to the Financial Times. The central bank also said it expected year-end inflation to reach 8.9 per cent, down from previous…
HKMA and Insurance Authority sign MoU
The Hong Kong Monetary Authority and the Insurance Authority (IA) have signed a Memorandum of Understanding(MoU) which aims to enhance the co-operation, exchange of information and mutual assistance between the two authorities.
Warning issued over UK money laundering directive
The Association of Chartered Certified Accountants warned the UK Treasury on Monday 29 September, according to the Financial Times, that the new money laundering directive, due to come into force in January, may swamp the National Criminal Intelligence…