News
Advisor to UK chancellor says scrap Stability Pact
In a paper published on Monday 19 May in the Oxford Review of Economic Policy abd reported in The Times, Michael Artis, an economics professor who provided technical input for some of the 18 euro studies sent to the UK Cabinet this weekend, and…
BOK Governor suggests NE Asian economic bloc
The governor of the Bank of Korea Park Seung has said that the Northeast Asian nations should beef up economic cooperation in the region in keeping with the global trend toward regional economic blocs, according to the Korea Times
Banking returns to normal in the Solomon Islands
Trading has resumed at major banks in the Solomon Islands, reports Radio Australia. The central bank has reopened and reports say that long queues have formed at some banks. The moves came after organisers of the collapsed pyramid scheme run by the…
Minister locked in car misses speech at Thai cb
Thailand's finance minister, Suchart Jaovisidha, was on his way to address central bank officials from around the world when his state-assigned BMW stalled and locked him in the car, according to a report by CNETAsia.
Colombian President wants c bank to halt peso rise
The president of Colombia has called on the central bank to halt the pesos rise against the US dollar to promote economic recovery through a more competitive exchange rate, according to a Reuters report.
Bank of Japan makes legal reserves application
The Bank of Japan applied to the Minister of Finance on 15 May to retain an extra ten-hundredths of its net income, as the legal reserve for Fiscal 2002.
Cleveland Fed Banking and Payments Workshop
The Federal Reserve Bank of Cleveland's Central Bank Institute is holding a Banking and Payments Workshop from 19-21 May. Contributors are a mix of academics and central bankers with discussions including 'The ABCs of Money and Banking', 'Money in a…
Central bank websites smarten IT up
Central banks have been fairly quick to use the internet and most now have their own websites. Several central banks including Spain, Brazil and Norway have recently relaunched their sites with added features and more information available. The Bank of…
BOG launches Interbank Settlement System
The central bank of Ghana (BOG) launched the Ghana Interbank Settlement (GIS) System on Thursday, reports GhanaWeb, with the governor of the BOG calling it the most efficient inter-bank money market in the West African Sub-Region.
US traces bulk of Iraqi central bank funds
Agence France-Presse reports that senior US Treasury official John Taylor said on Thursday 15 May,that the United States had identified most of the close to $ 1 billion, "We are getting more and more confirmation that the large bulk of those funds have…
New York Fed still interviewing for new president
After two of the leading contenders for the New York Fed presidency withdrew from the race the bank has said it plans to continue interviewing candidates in the next week or so until "we find somebody we really like", Reuters reports.
Brazilian bill paves way for central bank autonomy
A bill was approved on Thursday May 15 which allows changes to the legal framework of Brazil's financial system and could see more autonomy for the central bank, according to a Reuters report. The vote, which was carried with a 97% majority in favour,…
IMF chief-Germany can still reach 0.5 pct growth
IMF chief Horst Koehler suggested on Thursday 15 May that the ECB had further room for rate cuts as inflation was not a problem for Germany or the other eurozone countries, according to Reuters. He also said that Germany still has a chance of reaching…
Fed's Ferguson to head G7 stability body-G7 source
Federal Reserve Vice Chairman Roger Ferguson will be named the new head of the Financial Stability Forum this weekend, Reuters reports. A G7 source apparently said on Thursday "It will be Ferguson" when asked about the appointment, according to a Reuters…
Fed Reserve Bank of Chicago - Annual Report 2002
The Fed Reserve Bank of Chicago has published its Annual Report for the year ended 2002.
U.S. unveils new $20 note with background colours
The New Color of Money: Safer, Smarter, More Secure. U.S. government officials on 13 May unveiled a new $20 note design with enhanced security features and subtle background colors. The new design is part of an ongoing effort to stay ahead of the…
BoJ asks for gov't approval to boost its capital
The Bank of Japan said in a statement on Thursday 15 May that it is seeking government approval to increase the amount of money it sets aside to boost its capital, according to Bloomberg News.
Lebanon c bank finds new stash of Iraqi cash
The US Treasury has said that US$495 million of Iraqi funds has been recovered by the central bank of Lebanon, reports Associated Press. The U.S. has stressed that all recovered assets will be used to help the people of Iraq and rebuild the country.
UK to announce euro entry decision on 9 June
The announcement over whether the UK has passed the five euro entry tests will be made on 9 June, according to the Financial Times and other newspapers. In what some reports called a dramatic announcement there will now be a decision-making process…
Costello hints at new term for RBA's Macfarlane
Australian Treasurer Peter Costello gave a strong hint Reserve Bank (RBA) governor Ian Macfarlane would be appointed to lead the central bank for another term, according to The Age newspaper. Mr Macfarlane's term is due to expire on September 17.
Upbeat on the UK, downbeat on Europe
Unveiling the Bank of England's May 2003 Inflation Report on Thursday, Mervyn King was upbeat about prospects for UK economic growth and inflation. The Bank predicts that growth will pick up to trend and inflation will fall to remain close to its target…
U.S. Treasury remakes $20 to stop counterfeiters
The new US $20 note unveiled by the Bureau of Engraving and Printing on Tuesday includes the first change in the colour of U.S. currency in almost a century, Reuters reports
ECB predicts eurozone recovery
In its May bulletin published on Thursday 15 May, the ECB said "Looking ahead, a gradual strengthening of real GDP growth is expected to start later in 2003 and to gather more pace in the course of next year", according to the Financial Times
UK think-tank urges 'stay out of the euro'
An influential think-tank published a report on Thursday 15 May saying that Britain should stay out of the euro as the policies of the European Central Bank and the inadequacies of the stability and growth pact present a real barrier to UK entry,…