News
Fake Polish euros on sale on the internet
Fake sets of "collectors'" Polish euro coins are being sold on the internet, according to AFP. The "sample Polish Euros" were quickly dismissed by the National Bank of Poland who pointed out that it did not distribute such coins.
Banco Filipino sues BSP
The Banco Filipino Savings and Mortgage Bank plans to sue the Bangko Sentral ng Pilipinas and its Monetary Board for damages, according to the Manila Times. In a statement on Thursday 25 September, Banco Filipino said it filed the case because the…
Taiwan adopt 'managed float' for dynamic stability
The central bank of China, Taiwan will adopt a "managed float" policy towards the foreign exchange market, according to AFX Asia, and has said it is, in principle, ready to allow market forces to determine the exchange rate.
Venezuela c bank wary of overseas credit card use
The central bank of Venezuela has said it has no immediate plans to authorise the use of local credit cards abroad due to abuses that have previously taken place, according to Business News Americas. The country's foreign exchange commission Cadivi will…
Bergstrom: Monetary policy stays in Riksbank hands
Deputy Governor of the Sveriges Riksbank Villy Bergstrom took part in a panel debate organised by Skanes provinsbank in Helsingborg on 23 September. Subjects under discussion included the role of the Riksbank following the referendum and current economic…
Monetary developments in the euro area
The ECB's "Monetary developments in the euro area" published on 25 September reveals the annual rate of growth of M3 decreased to 8.2% in August, from 8.6% in July 2003 (revised upwards from 8.5%).
Kohn says economy not strong enough to boost jobs
Fed Governor Donald Kohn said on Wednesday 24 September "it will be a while before we can be sure that a self-sustaining expansion is underway of sufficient strength and persistence to put the economy back on a path toward full employment", Reuters…
Duisenberg praises US-style labour reforms
Wim Duisenberg told the European Parliament on Thursday 25 September that to increase employment the EU must become more flexible. He compared the US labour market with that of Europe, saying "clearly they are doing better than us".
Cavallo blames the IMF for Argentine crisis
Former Argentine Economy Minister Domingo Cavallo has blamed the IMF's policies for Argentina's devaluation and subsequent debt default, according to Merco Press. In an interview Cavallo argued that it would had been more beneficial "if the IMF had…
Former Bank of Ghana chief to head disaster fund
John Saka Addo, former Governor of the Bank of Ghana, is to act as chairman for the Accra Sports Stadium Disaster Relief Trust, according to the Accra Mail. The Trust will provide funds to educate the children of the 128 soccer fans who died in the Accra…
SARB appoints Kruger as registrar of banks
Errol Kruger will replace Christo Wiese as registrar of banks in South Africa from 1 October, Dow Jones reports. As registrar, Kruger will be responsible for ensuring the soundness of banks and banking groups registered in South Africa.
African bank supervisors agree to up co-ordination
In efforts to harmonise supervisory practices, the Accra Mail reports, delegates from member countries at the Ninth Annual Meeting of Banking Supervisors from West and Central Africa agreed to forward their prudential regulations, current banking laws…
Fed's Poole says US econ prospects superb
St Louis Fed president William Poole said on Wednesday 24 September, according to Reuters, "I am optimistic about the U.S. economy. The recent performance of productivity has been stunning." Asked if he feared an impact on the market for U.S. Treasury…
Fed's McTeer says no need to raise rates soon
Dallas Fed President Robert McTeer told a luncheon meeting on Wednesday 24 September that he was optimistic that growth would soon outstrip the rapid pace of productivity gains and lead to new hiring, according to Reuters. But he acknowledged that the…
Response to new Zimbabwe cheques encouraging
Zimbabwe's new bearer cheques introduced on Tuesday 23 September seem to have had some effect, according to The Harare Herald, with reports saying shorter queues, and the expression of relief by ordinary people means the radical idea may succeed.
Hague Arbitral Tribunal decision on BIS shares
Final decision of the Hague Arbitral Tribunal on the withdrawal of privately held shares of the BIS, announced on 22 September.
Riksbank issues new commemorative coins
The Sveriges Riksbank has issued a coin to commemorate the 30th anniversary of King Carl XVI Gustaf's accession to the throne, 24 September.
Riksbank's Nyberg-Sweden after the euro referendum
Deputy Governor of the Sveriges Riksbank Lars Nyberg spoke on 24 September at Swedbank Capital Markets Day about the Riksbank and the situation of the Swedish economy following the referendum.
Lebanon's central bank denies targeting Hamas
The Central Bank of Lebanon has attempted to deflect criticism of it by denying on Tuesday 23 September claims that it had issued a request to freeze the assets of Hamas and other Palestinian groups, according to The Daily Star.
Zeti named Asia's best central bank governor
Bank Negara Malaysia governor Tan Sri Dr Zeti Akhtar Aziz has been named Asia's best central bank governor in a recent poll, according to The Star Online. Zeti, who is Asia's first female central bank governor, describes herself as a "career central…
Poland's central bank warns on public finances
Polish central bank chief Leszek Balcerowicz has said in an interview that unless a credible programme exists to repair budget finances, Poland's long term economic growth will be restricted, according to the Financial Times.
Philippines central bank urges further fiscal rest
With an election scheduled for May 2004, Rafael Buenaventura of the Philippine central bank said he is confident that the government would resist the temptation to increase spending in the run up to the polls, Reuters reports. "I don't they will be…
Vepa Kamesam's term at RBI extended by 3 months
Reserve Bank of India deputy governor Vepa Kamesam has been given a second three-month extension to his contract, according to Busines Standard. With this, Kamesam has become the first deputy governor to hold the position beyond the age of 62.
Weak job market poses economic risk-Fed's Broaddus
Speaking to a meeting of the Southern Governors' Association in West Virginia on Tuesday 23 September, reported by Reuters, Richmond Fed president Alfred Broaddus said he believed that consensus forecasts for economic growth at about a 4.5 percent annual…