News
Beige book says US econ weak but shows improvement
US - The US economy started the new year on a weak note, although some scattered signs of improvement emerged, the Federal Reserve Beige Book survey has said.
Role of Taiwan's financial regulators to change
TAIWAN - Amid all the recent talk of possible consolidation in Taiwan's financial sector, relatively little attention has focused on what could prove the most important merger of all: that of the island's regulators.
Russia cancels export duty on gold
RUSSIA - The Russian government issued a resolution on 14 January abolishing a 5% export duty on gold, said a government source.
Fed's Ferguson sees economic rebound
US - The US economy is likely to rebound "before too long" given the stimulative impact of Federal Reserve rate cuts and the natural dynamics of the economy, said Roger Ferguson, the vice chairman of the Federal Reserve Board.
Fed's Meyer - A little inflation better than none
US - Outgoing Federal Reserve Governor Laurence Meyer said on Wednesday that the U.S. central bank's commitment to price stability should not be taken as a goal to eliminate inflation entirely.
Bank of Japan Statement - Monetary Policy Meeting
NEWS RELEASE - Statement from the Bank of Japan regarding the Monetary Policy Meeting held on 16 January 2002.
Argentina may float currency freely soon
ARGENTINA - Argentina's President Eduardo Duhalde has said that it may float the peso entirely in a few months time.
Shoppers and forgers move to euro
EUROPE - Two weeks after the launch of euro notes and coins, more than 90% of transactions in Ireland are being made in the currency, the country's official changeover body said.
O' Neill says US outlook 'positive'
US - US Treasury Secretary Paul O'Neill has said the outlook for the world's largest economy is now "on the positive side", predicting stronger growth later on this year.
Swiss gov't resists bid to widen cen bank mandate
SWITZERLAND - The Swiss government has resisted efforts by leftists and trade unions, during a revision of the central bank law, to make the Swiss National Bank lay equal stress on growth and employment as well as fighting inflation.
SocGen halt processing of checks from Israel banks
FRANCE - French bank Societe Generale SA (F.SGF) said Wednesday it has stopped accepting checks from its correspondent banks in Israel for a temporary period of two months amid the furore over an alleged money-laundering ring.
India RBI - Easier liquidity policy boosts econ
INDIA - The Reserve Bank of India Deputy Governor Y.V. Reddy said Wednesday that the bank will continue to follow its easier liquidity policy to boost the economy.
BOE gold auction fifth of six planned auctions
UK - The Bank of England Wednesday auctioned 20.0 metric tons of gold, or 643,200 ounces, at an allotment price of $283.50 per troy ounce.
Sterling may not have to enter ERM to join euro
UK - Brussels has smoothed the path to British entry to the euro, by suggesting that sterling might not have first to rejoin the Exchange Rate Mechanism for two years.
China's bank chief criticises low value of yen
CHINA - The governor of China's central bank offered an unambiguous criticism on Tuesday of the Japanese yen's recent depreciation, saying it was putting pressure on the Chinese currency and would bring no good to Japan or the rest of Asia.
Argentina's president calls for unity
ARGENTINA - Argentina's President, Eduardo Duhalde, has called for an "historic national dialogue" to take the country out of the worst economic crisis of its history.
IMF chief calls for open markets
US - The head of the International Monetary Fund (IMF) has blasted the US, the European Union and Japan for continuing to aid farmers and manufacturers within their countries at the expense of poor nations.
ECB chief: Prices safe from euro launch
EUROPE - Fears of rising prices across Europe as retailers cash in on the change to the euro have been confounded, according to the head of the European Central Bank.
Fed's Moskow sees some signs US economy improving
US - The U.S. economy is in a transition period with "scattered signs" of improvement but the timing of a full recovery is still uncertain, Federal Reserve Bank of Chicago President Michael Moskow said on Monday.
Eddie George cautious on interest rate rise
UK - Sir Edward George, governor of the Bank of England, last night played down expectations that the Bank might soon put up interest rates, saying: "I do not suggest that the timing of any such move is imminent."
Japan to unfreeze deposits of Afghan central bank
AFGHANISTAN - The Japanese government said Tuesday it will unfreeze the 77 million yen in deposits held in Japan by Afghanistan's central bank in line with the inauguration of an interim administration in the war-torn country.
Federal Reserve Press Release, 14 January
PRESS RELEASE - Laurence H. Meyer submitted his resignation Monday as a member of the Board of Governors of the Federal Reserve System, effective the last day of his term, January 31, 2002.
Federal Reserve governor Meyer to step down
US - Federal Reserve governor, Laurence H. Meyer, said today that he would step down from the seven-member board when his term expires at the end of the month.
Jakarta expected to pass new c bank law changes
INDONESIA - Indonesia's parliament said on Tuesday it expected to pass central bank law changes in February, a move that could help end year-long debate that had once soured ties with the country's main donors.