News
ECB's Welteke, Garganas dash rate cut hopes
European Central Bank council members Ernst Welteke and Nikos Garganas said eurozone interest rates were low enough. Garganas told Bloomberg News, "monetary policy has certainly done its part to create the conditions for a resumption of growth".
India's E-payment volumes soar 34% in 2002-03
The volume of E-payments in India has increased by 34% in the financial year 2002-03, Business Standard reported. At a seminar on smart card technology and its applications, R Gandhi, chief general manager of the Reserve Bank of India, said, "During 2002…
Djelic: the next Serb governor won't be a banker
Serbian daily Danas is preparing to name current Serbian Minister of Energy and Mining Kori Udovicki as the most likely candidate to succeed Mladjan Dinkic as Serbian National Bank governor, Beta News reported.
New Bank team take their bow
Appearing for the first time before the UK Treasury Select Committee in his new capacity as governor of the Bank of England, Mervyn King disarmingly admitted to having "no idea" whether the current level of 3.5% of interests was the correct level. This…
Get ready for Reddy
The coast appears clear for Dr Yaga Venugopal Reddy, deputy governor of the Reserve Bank of India until last year, to assume his well-deserved place as governor. Current governor Bimal Jalan is set to abandon the central bank in August, well before the…
Second term for Mexico's Ortiz
Guillermo Ortiz, the governor of the Bank of Mexico, looks set to push on through to a second term when his current term expires at the end of this year. Ortiz has confirmed that Fox will nominate him to the senate, whose approval will be needed for…
Signs of progress in Iraq
If the business of central banking may occasionally seem a touch hairy in Iraq, it isn't all bad. Although Faleh Salman, the man who has now been confirmed as governor of the central bank by the American interim administration, was the hapless victim of…
Cleveland Fed's Monetary Theory Workshop
Details of the Federal Reserve Bank of Cleveland, Central Bank Institute's Monetary Theory Workshop 14-18 July. Discussions include "The Friedman Rule and the Nature of Monetary Transactions in Alternative Models" and "Mechanism Design and the Role of…
Bo J's money market operation guideline unchanged
At the Monetary Policy Meeting held 15 July, the Bank of Japan decided, by unanimous vote, to set the following, unchanged, guideline for money market operations for the intermeeting period.
Bahamas central bank wants modern payments system
The Bahamas central bank has proposed installing a "real time gross settlement system", says the Nassau Guardia. The bank has invited bids from system suppliers and hopes to implement the project by April 2004.
UK inflation shows surprise fall
The UK inflation rate fell to 2.8% on Tuesday, moving closer towards the Bank of England's 2.5% target, according to Reuters. Most analysts had predicted an increase to 3.0%.
Dinkic seen as outside bet for Serb bank chief
The Serbian finance minister, Bozidar Djelic, has said it is very unlikely that national bank governor Mladjan Dinkic would be reappointed to the central bank, according to a report by B92.
Nigeria's Sanusi seeks goal-oriented policies
The governor of the central bank of Nigeria, Dr Joseph Sanusi has urged drastic goal-oriented economic policies in West Africa. According to a Vanguard report, he said "To my mind, the time has come for a new approach and commitment to macroeconomic…
Ruble union plagued by further setbacks
Observers say that the much discussed currency union between Russia and Belarus is likely to fail altogether, reports ITAR-TASS, because it would require the Belarussian strongman to relinquish some of his power. "The delay is an entirely domestic issue,…
Ecuador seeks cen bank, fin min say on oil policy
A committee designed to expand Ecuador's oil output will include the president of the central bank of Eduador, according to a report by Reuters. The committee will work together for a year, a presidential decree made public on Monday 14 July said.
French bank chief nominated to head ECB
Bank of France Governor Jean-Claude Trichet was nominated by EU finance ministers on Tuesday 15 July to replace Wim Duisenberg as president of the European Central Bank, Associated Press reports. The nomination will now be sent to the European Parliament…
UK economy 'in uncharted territory'
Giving evidence before the UK parliament's treasury select committee on Tuesday new Bank of England governor Mervyn King said he had "no idea" if 3.5 per cent was exactly the right level for UK interest rates. Rachel Lomax also appeared before the…
Bank of Canada lowers interest rates 0.25%
Bank of Canada lowers target for the overnight rate by 1/4 percentage point to 3 per cent, 15 July. In its press release the bank referred to "unanticipated developments" that bear on the outlook for inflation and economic activity in Canada.
Euro at two-month low ahead of Greenspan's comment
The euro dipped to new two-month low points against the dollar on Monday 14 July in nervous trading before US Federal Reserve chairman Alan Greenspan's imminent statements to Congress on monetary policy, according to a report by Sapa-AFP.
ECOFIN to discuss Italian growth plan and Trichet
EU finance ministers will hold their first Council session under the Italian Presidency on 15 July, EurActiv reports. During the Euro group meeting on Monday, the ministers will launch proceedings to appoint Bank of France Governor Jean-Claude Trichet to…
Ireland's central bank to issue special E10 coin
The central bank of Ireland plans to issue a commemorative 10 euro coin during its presidency of the council of ministers in the first half of next year, BizWorld reports. The coin will mark the enlargement of the European Union.
Venezuelan president agrees to relax controls
Venezuelan President Hugo Chavez said on Sunday 13 July that the country's strict exchange controls will be loosened to allow access to U.S. dollars, according to Associated Press. Chavez did not specify how the controls would be eased, however.
Bulgaria c bank governor talks resume this week
Discussions over the appointment of a new governor for the national bank of Bulgaria will resume this week, according to Novinite. The announcement came a week after right-wing United Democratic Forces and the Socialist Party suspended negotiations and…
Poland to elect new monetary council member
The newest member of the National bank of Poland's Monetary Policy Council (RPP) will be elected in August. Analysts said Stanislaw Nieckarz, an economic advisor to the prime minister, has the best chance of taking up the position.