News
CBN rules out virtual banks in Nigeria
In its Draft Guidelines on Electronic Banking, the central bank of Nigeria has said that all banks in Nigeria must not only be fully licensed, they must also have a physical presence in Nigeria, adding that "virtual banks or banks that exist only in…
Bundesbank doubts German growth forecasts
Bundesbank official Hans Reckers said in an interview published Sunday that German government growth forecasts of 2% are 'much too optimistic'. He suggested a growth rate of 1% to 1.5% for 2004 would be more realistic, RTE News said.
RBA's McKibbin confident growth will continue
Reserve Bank of Australia board member Warwick McKibbin said in an interview a lot of other countries are looking to Australia for lessons on why we are doing so well. He also suggested that Australia will keep growing at close to 3.7 per cent, Bloomberg…
Riksbank's Bergstrom says rates may ease more
Riksbank board member Willy Bergstrom to ld Reuters Sunday that the Swedish central bank may make further interest rate reductions, despite easing in both June and July.
BSP given full authority to probe bank accounts
The Philippines newly revised Anti-Money Laundering Act returns the central bank's authority to inquire into any bank deposit. The Bangko Sentral ng Pilipinas lost this power a decade ago under the 1993 Central Bank Act.
Triennial central bank survey of for ex activity
In April and June 2004, the G10 central banks will carry out their regular global survey of foreign exchange and derivatives market activity coordinated by the BIS. The survey was last conducted in April and June 2001. An increased number of 54 central…
Sweden's Riksbank cuts repo rate by 0.25 percent
The Sveriges Riksbank announced on 4 July that it decided to lower the repo rate from 3.0 per cent to 2.75 per cent. In a press release the Bank said inflation has recently been slightly lower than expected, while both domestic and imported prices have…
Federal Reserve web site expands payment systems
The Federal Reserve Board has expanded and updated its web site with Payment Systems information, 3 July.
BOK faces dilemma in managing FX reserves
Korea's foreign exchange reserves topped the $130 billion mark according to the Bank of Korea. Representing a rise of $10.2 billion from $121.41 billion at the end of 2002, Korea Times reported.
Israel's Klein praises finance minister on economy
David Klein, governor of the Bank of Israel, has praised the country's finance minister saying demonstrated leadership has changed the economic picture significantly, Reuters reported.
IMF criticises Bulgaria over central bank delay
With the name of the new governor of the Bulgarian national bank still to be decided, the IMF has stepped in calling the delay a problem and urged a speedy conclusion to the matter in a transparent way, Bulgaria News Network reported.
Confirmed: EU to quiz Trichet on ECB job, 11 Sept
Jean-Claude Trichet will appear before the European Parliament's Economic and Monetary Affairs Committee (EMAC) on 11 September, it was confirmed Friday Reuters reported.
Venezuela considers parallel forex market - c bank
Domingo Maza, one of the directors on the board of Venezuela's central bank said Thursday, Reuters reported, that the government and central bank were looking at ways of improving the control regime to speed up the flow of dollars into the economy.
Argentina's GDP could grow 5.9%, Prat-Gay says
Argentina's central bank President Alfonso Prat-Gay told a Senate committee there is a recovery of internal demand and an incipient recovery in consumption and that the Argentine economy may expand as much as 5.9 percent this year, Bloomberg reported.
Philippines may get soiled notes clearing-house
Banking authorities in the Philippines said Thursday a cash management center would be set up in the Bangko Sentral ng Pilipinas. The center will serve as a central clearing-house to take mutilated or "unfit" peso notes out of circulation, ABS-CBN News…
Bergstrom: EMU debate contains some lame arguments
Deputy Governor of the Sveriges Riksbank Villy Bergstrom gave a speech on 26 June at the invitation of all parties in the Ljusdal local government on the possible consequences of participation in Stage Three of EMU.
Duisenberg silences ECB rate cut talk
Wim Duisenberg put the onus on national governments to stimulate growth on Thursday 3 July, according to Reuters, telling the European parliament that governments can no longer hide behind the ECB to cover up their failure to enact urgently required…
Alan Greenspan opens Philadelphia Fed mini-museum
Alan Greenspan opened the Philadelphia Fed's new "Money in Motion" mini-museum on Wednesday 2 July, Dow Jones reports. The displays aim to make the complex history of American monetary policy visitor-friendly for tourists and local visitors.
IMF statement on new chief economist Rajan
IMF Managing Director Kohler Proposed Raghuram Rajan as Economic Counsellor and Director of the IMF's Research Department, 2 July.
BOJ is watching bond yields 'closely' Suda says
Bank of Japan board member Miyako Suda said in a speech that the BoJ is closely watching the bond market but it will take time to assess the effect of asset prices on the economy, according to a report by Bloomberg.
French PM calls on ECB to lower rates further
French Prime Minister Jean-Pierre Raffarin has urged the ECB to cut interest rates further, according to Associated Pres, saying recent interest-rate cuts by the ECB are an encouraging sign and he hoped they can be continued.
Bank of Ghana to replace 500 staff with equipment
The Bank of Ghana's plan to shed 1,000 staff which we reported last week includes the installation of a one million dollar Sorting Machine that would replace over 500 counter staff as part of the central banks' transformation exercise, according to Ghana…
Bangko Sentral ng Pilipinas 10th anniversary
The Bangko Sentral ng Pilipinas (BSP) celebrated its 10th anniversary on Wednesday. The Manila Bulletin says the BSP can rightfully claim that it has been doing well in keeping the banking system stable.
Right-wing withdraw from Bulgaria governor talks
Bulgaria's right-wing opposition has withdrawn from debate over the new governor of the central bank of Bulgaria,according to Novinite. They say it is not appropriate to mix talks over the election of a new governor with consultations over Bulgaria's…