News
Bank of Israel looks for buyer of Euro Trade Bank
The Bank of Israel is on the lookout for potential buyers for the Privately owned Euro Trade Bank. Motivated by concerns for its stability, the central bank is not having much success, however.
ECB monthly bulletin, March 2003
REPORT - The decision to lower rates by 25 basis points on March 6 reflected easing in price pressures for the medium term due to slow growth and the euro's appreciation, the ECB said in its March monthly bulletin released today.
SAMA monthly report, March 2003
REPORT - Latest indicators on monetary aggregates, banking sector, official reserves, exchange rates, payments and prices up to January 2003 for Saudi Arabia in SAMA's monthly report, released today.
What central banks do with their dollars
ARTICLE - The events of September 11 reversed a 25-year trend of central bank reserve managers accepting greater risk in their portfolios, argues a paper in the latest BIS quarterly review.
Philippines escapes FATF sanctions
Following the passage of new anti-money-laundering legislation, the Financial Action Task Force has decided not to impose sanctions on the Philippines.
ECB warns over property booms
REPORT - Analysis by the European Central Bank of the impact of house price rises contains a warning to the Bank of England over house price booms.
Fillip for Zimbabwean gold producers
New rules from the government mean Zimbabwean gold producers will receive the market price from the Reserve Bank for the gold they produce.
China central bank looks to widen trading band
The governor of the People's Bank of China, Zhou Xiaochuan, has repeated that the yuan's value remains appropriate but that it would be sensible to research a possible widening of the foreign exchange trading band.
China to create bank regulator
China is to create a banking watchdog which will take over the regulatory responsibility for 110 commercial bank from the People's Bank of China.
Treasury: Israel's central bank wages shocking
Israel's treasury department has said that it will investigate the legality of high salaries at the Bank of Israel following the release of a report, according to the Haaretz Daily. But the central bank hit back saying that salaries are determined by…
Nikkei falls below 8000 for first time in 20 years
On Wednesday 12 March the Nikkei index fell below a psychological barrier to hit a 20 year low, according to a Reuters report. Analysts said investors were holding back pending further developments between US/Iraq.
MEPs reject ECB voting reform proposals
MEPs have rejected the ECB's proposal for reform of the voting arrangements of its Governing Council, according to a euobserver report. The idea was labelled "discriminatory" as it would mean smaller states who join the eurozone would face lengthy…
IMF backs Poland's drive to join euro-zone
The IMF has said it supports Poland's quest for early eurozone entry. In a semi-annual report on the country it said that early euro adoption would serve as a focus for reform that will allow higher potential growth for Poland.
Hungary's government, central bank in agreement
Hungarian prime minister Peter Medgyessy has stressed the importance of cooperation between the government and the central bank in guaranteeing that inflation targets are met, according to an Interfax report. Central bank governor Zsigmond Jarai said the…
Incoming BoJ chief to outline policies in Diet
Toshihiko Fukui will next week outline his policies for fighting deflation and stabilising Japan's economic system to the Japanese Diet, according to the Kyodo News Service. The Bank of Japan governor in waiting will be quizzed before the Diet give their…
European Parliament rejects ECB vote rotation idea
ECB and enlargement - 'No' to proposed changes. The Economic and Monetary Affairs Committee of the European Parliament on Monday March 10 rejected the ECB's proposal to reform the current voting system of its Governing Council.
SDR to replace gold franc at the BIS
The Bank for International Settlements (BIS) on Monday announced that the Special Drawing Right (SDR) would replace the gold franc as the Bank's unit of account as from 1 April 2003.
Policy issues for central banks in retail payments
The Committee on Payment and Settlement Systems (CPSS) published the report Policy issues for central banks in retail payments on 10 March. The report was prepared for the CPSS by its Working Group on Retail Payment Systems, which comprises payment…
EC and ECB strengthen co-operation on statistics
The European Commission and the European Central Bank (ECB) signed on 10 March a new Memorandum of Understanding (MoU) on Economic and Financial Statistics.
Philippine central bank head takes one month leave
The governor of the Bangko Sentral ng Pilipinas, Rafael Buenaventura, is to leave his post for a short time and seek medical treatment in the United States, according to a Dow Jones report.
GCC customs union to meet in Riyadh
A meeting of the Gulf Customs Union Committee in Riyadh will review the execution of decisions since the launch of the GCC in January. The meeting will review progress, says Gulf News, and also look at potential problems facing importers and exporters.
Outgoing BOJ's Hayami says only so much we can do
As governor Masaru Hayami prepares to bow out of the Bank of Japan he spoke at his final news conference, reported by Pacific Business News. He said that the central bank could not cure Japan's economic woes on its own and that social and political…
Koehler- Major economies can still ease mon policy
Horst Koehler said in a speech, reported by Channel News Asia, that interest rates still have room to fall further for the world's major economies. He also suggested that fears of a global recession were over-played despite ongoing uncertainty.
Ex-governor Rivlin says Fed is out of ammunition
Ex Federal Reserve governor Alice Rivlin has said that the central bank is out of ammunition and that fiscal policy makers are better placed now to step in, if the US economy declines further, according to a Dow Jones report.