News
China to open gold trade to individuals
The Shanghai Gold Exchange, China's only gold exchange, may expand to allow individual investors to buy or sell gold later this year, reports the China Daily.
Experts want Nigeria's central bank split into two
A team of experts from the IMF, Bank of England, CBN and key areas has recommended splitting the central bank of Nigeria into two separate institutions with different responsibilities, according to a report from This Day News.
IMF warns of high German deflation risk
The IMF has warned in a report that Germany is at high risk of deflation with Japan and other regions vulnerable to further price declines, according to Reuters. However, the report saw a low risk of deflation in the US.
Fed Chairman to emphasise financial education
Alan Greenspan will stress the benefits of economic and financial education in a public service announcement and during a visit to a Washington, D.C., school. He will also be featured in a public service announcement to be aired by major television and…
Reserve Bank overplayed its hand, says Visa
The start of the law suit bought by major credit card companies against the Reserve Bank of Australia heard arguments on Tuesday 20 May that the central bank had overstepped its statutory powers by introducing reforms to credit card interchange fees,…
C bank chief - Mexico will meet inflation target
The governor of Mexico's central bank, Guillermo Ortiz, has said the country's 3 percent inflation target for this year is be met within a 1 percent range either side, according to Bloomberg News
New Chinese banking panel to focus on loan reform
The newly established China Banking Regulatory Commission has revealed its priorities will be to reduce the NPL ratios at commercial banks and quicken reform at state-owned commercial banks, says The China Daily.
Report says Serb c bank governor's days numbered
A report published by Vesti claims "the Serbian National Bank bill will be tabled in the Serbian Parliament in a few days time, and according to its decrees there isn't the remotest possibility that the current governor could retain his position".
Bank of Korea appoints new deputy governor
The Bank of Korea has promoted Assistant Governor Lee Seong-tae to deputy governor, reports the Yonhap news agency. He replaces Park Cheul who resigned voluntarily before the expiry of his tenure in July.
New York Fed may get interim president
The Federal Reserve Bank of New York may install an interim president if a permanent replacement cannot be found immediately, according to the Financial Times. Pete Peterson, chairman of the Bank said "This is an important job in the system and we're…
Lebanon c bank to launch electronic bank service
The central bank of Lebanon announced the launch of secure electronic banking and information for Lebanon (SEBIL) on Friday 16 May, reports the Middle East Financial Network. The new system provides identification authorization, cryptographic services,…
G7 names Fed's Ferguson to head G7 stability forum
The G7 announced on Saturday 17 May that it had named Federal Reserve Vice Chairman Roger Ferguson as the new head of the Financial Stability Forum, according to Reuters
Visa starts court case against RBA over reforms
On Monday 19 May Visa International began legal action in court against the Reserve Bank of Australia, claiming that the RBA did not have the power to undertake sweeping reforms of Australia's credit card industry, according to Associated Press.
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.