News
Travellers cheques to ease Zimbabwe cash crisis
The Reserve Bank of Zimbabwe will launch a range of travellers cheques on Friday 8 August,according to Sapa-AP. The move comes amid Zimbabwe's acute cash shortage. Similar to bank notes, the travellers' cheques are printed on security paper with fibres…
IMF urges US action on deficit as economy improves
In an annual review of the United States the IMF said the lacklustre US economy looks set to pick up speed but the record budget deficit must be tackled, according to Reuters.However, the report said the recovery has thus far been uneven and that…
Bosnian foreign trade minister takes c bank post
Bosnia-Hercegovina Minister for Foreign Trade and Economic Relations Mila Gadzic resigned on Monday 4 August , according to the SRNA news agency,clearing the way for him to become a member the management board of the Bosnia-Hercegovina central bank.
ASEAN finance ministers start two-day meeting
ASEAN finance ministers began a two-day meeting on Wednesday 6 Augustin Manila. According to Business Times, Philippines Finance Secretary Jose Isidro said "We look forward to addressing a range of subjects, including the development of a regional…
Poland: c bank head calls for public spending cut
National Bank of Poland governor Leszek Balcerowicz said on Tuesday 5 Augustthat unless the necessary cuts in public spending are introduced the current economic recovery in Poland could be short lived, according to the PAP news agency.
Cyprus c bank to lift exchange rate restrictions
The Central Bank of Cyprus has said it will lift, with immediate effect, certain exchange restrictions earlier than the deadline agreed on with the EU., according to the Cyprus News Agency. The restrictions lifted concern current international exchanges,…
Fogel to head Bank of Israel advisory committee
Israel's Finance Minister Binyamin Netanyahu has recommended establishing an advisory committee to the Bank of Israel to be headed by Aharon Fogel, the Jerusalem Post reports. Fogel is known as one of the most outspoken critics of Bank of Israel Governor…
Greenspan holds his own
In his recent testimony to Congress, Alan Greenspan has "reached a new low" according to a certain Congressman Sanders. By apparently suggesting that manufacturing doesn't matter, Greenspan had "insulted tens of millions of American workers".
Franco faces new accusations
Oh, this fickle world! Once praised by his compatriots for his hand in hauling Brazil out of the mire in 1997, and even named central banker of the year by Euromoney as a consequence, the tide has turned for Gustavo Franco.
New vice-governor in Belgium
Seasoned politician Luc Coene has been appointed as the new vice-governor of the National Bank of Belgium. He was previously the prime minister Guy Verhofstadt's right hand man, acting among other things as his chief of staff.
An original career change
After a career in central banking, what is there left? A certain feeling of emptiness has been known to haunt ex-central bankers, which some have attempted to relieve by immersing themselves in academic studies, while others have resorted to the soothing…
RBA keeps interest rates unchanged at 4.75%
The Reserve Bank of Australia keep interest rates unchanged on Wednesday 6 August for the 14th month running, according to Bloomberg. RBA governor Ian Macfarlane said in June he was prepared to lower interest rates unless global demand recovers.
Finance minister becomes governor in Peru
How will Javier Silva measure up as the new governor of Peru's central bank? Previously the country's finance minister, Silva stepped into the breach to replace Richard Webb after the latter's resignation on account of unworkable disagreements between…
Federal Reserve on Basel Capital Accord
Agencies Announce Publication of Documents Related to Basel Accord Implementation, 4 August. Comments on the two documents will be accepted by the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the…
Iraqi central bank seeks transfer of frozen assets
Faleh Salman, the acting governor of the Central Bank of Iraq has requested all frozen assets of the former Iraqi government be transferred to a development fund set up at the New York Federal Reserve, Reuters reported.
Japan's Takenaka to meet Greenspan
Japanese Economics Minister Heizo Takenaka was due to begin a five day visit to the Unites States on Tuesday, AFX Asia said. His schedule includes a meeting with Fed chairman Alan Greenspan.
WAMZ to set up banking supervisory agency
As part of the West African Monetary Zone's push towards a single currency, an external supervisory agency for banking supervision is to be set up, according to a report from Vanguard.
Japan says economy is recovering, ups assessment
The Japanese government's monthly economic report expressed optimism referring to "signs of change" in the worlds second largest economy. A partial recovery in Japan's stock market and increased exports. Bank of Japan deputy governor Toshiro Muto said …
Belarus to issue non-cash Russian rubles
The central banks of Belarus and Russia have reached agreement over issuing non- cash Russian rubles in Belarus, proportionate to GDP. The meeting of the Interbank Currency Council on 1 August was attended by the presidents of both central banks, a…
Bank of Spain cautiously optimistic on economy
Spain's GDP rose to an annual rate of 2.2% in the second quarter, the Bank of Spain's quarterly report showed Monday. The Bank said that the pick-up was largely thanks to the improved global outlook, robust consumer spending and low interest rates,…
Central banks sold 280 tonnes of gold this year
According to Gold Fields Mineral Services central banks sold a combined 280 tonnes of gold in the first half of 2003. 80% of the sales were from the 15 central banks in Europe which make up the Washington agreement.
Slovak Officials want to adopt euro by 2009
Slovakia aims to introduce the euro by 2009 Finance Minister Ivan Miklos and central bank Vice Governor Elena Kohutikova said in interviews. Switching to the common currency will raise economic growth by 1 percentage point, Bloomberg reported Kohutikova…
PBOC repeats pledge to hold exchange rate stable
The People's Bank of China pledged Tuesday to continue to carry out a prudent monetary policy and further improve the RMB exchange rate system, Xinhua News Agency reported.
Atlanta Fed's Guynn sees economic momentum growing
Atlanta Fed President Jack Guynn said on Thursday 31 July that business investment spending and job growth were key uncertainties that will have a strong influence on business investment spending and job growth, according to Reuters. Guynn cited a number…