News
Bank's rising star tipped to back rate cut
AUSTRALIA - Long serving central banker Glenn Stevens is the emerging frontrunner to become new deputy governor of the Reserve Bank of Australia - and his first decision is likely to be for another cut in interest rates.
Outsiders part in BI dep gov selection opposed
INDONESIA - A legislator Sunday denied reports on the involvement of outsiders in the House of Representatives (DPR)'s selection of a Bank Indonesia (central bank) deputy governor.
China will increase euro reserves
CHINA - The vice president Guo Shuqing with The People's Bank of China discloses that China has purchased a number of Euro as foreign exchange reserve in the past 2 months.
Welteke - UK, Denmark, Sweden welcome to join EMU
GERMANY - The UK, Denmark and Sweden are "certainly welcome to join" European monetary union, European Central Bank Governing Council member and Bundesbank President Ernst Welteke said Friday in a speech.
IMF spotlight on Argentina
ARGENTINA - An International Monetary Fund mission arrives in Buenos Aires on Sunday to study the country's accounts and decide whether to continue disbursing funds from Argentina's loan programme.
Argentina slowdown spells debt fears
ARGENTINA - The slowdown afflicting the global economy will prompt a worsening in the debt burden shouldered by poor countries, economic gurus have said.
Cautious thumbs-up for UK economy
UK - The British economy has slowed over the past 12 months, but remains among the strongest in the developed world, a report has said.
Bank of England Monetary Policy Committee Minutes
UK - Minutes of the Bank of England Monetary Policy Committee Meeting held on 7 & 8 November 2001.
Euro changeover may affect Sterling exchange rate
JAPAN - The introduction of euro notes and coins may have implications for the euro-sterling exchange rate, according to Bank of England's director for Europe, John Townend who was speaking in Tokyo.
NZ Brash - Real prospect NZ econ will slow greatly
NEW ZEALAND - There is a "real" prospect of a significant downturn in the New Zealand economy over the next year, allowing interest rates to be lower than previously assumed without jeopardizing price stability, Reserve Bank Governor Donald Brash said…
Bank of England minutes refocus minds in markets
UK - The minutes of November's interest rate meeting at the Bank of England released Wednesday suggest that financial markets may have been premature in assuming interest rates won't fall below their current level.
Germany slips into recession in third quarter
GERMANY - Germany's economy slipped into technical recession in the third quarter, after poor figures for gross domestic product growth confirmed a decline for the second three-month period running.
Real-time payment system operational in Russia
RUSSIA - Natalia Kochetkova, director of the payment systems and clearance department of the Central Bank announced that the bank had put into operation a system for the processing of payments in real time in Moscow and the Moscow Region.
ECB Duisenberg - EU enlargement no threat to euro
GERMANY - The planned enlargement of the European Union by a number of accession countries poses no threat to the euro currency, European Central Bank President Wim Duisenberg said Friday.
UK shouldn't miss further opportunities in Europe
UK - United Kingdom Prime Minister Tony Blair said Friday that the U.K. shouldn't miss any further opportunities in Europe particularly regarding the euro.
Cash transfer move falters in Europe
EUROPE - The European Commission's 12-year attempt to reduce charges for cross-border money transfers in Europe is in danger of collapsing because of last-minute opposition from several European Union members and fierce lobbying by banks.
ECB Issing - Euro undervalued deficit targets stay
SPAIN - European Central Bank Chief Economist Otmar Issing said Friday that the euro is undervalued and that he remains confident that the currency's value will rise in the future.
State Bank of Pakistan lifts foreign ex quotas
PAKISTAN - Pakistanis travelling abroad are now free to buy as much foreign exchange as required at the interbank exchange rate.
Speech by Ernst Welteke, Bundesbank President
SPEECH - Closing remarks at the European Banking Congress by Ernst Welteke, President of the Deutsche Bundesbank, Frankfurt, 23 November.
Row threatens Finland's euro launch
FINLAND - A row between banks and retailers in Finland is threatening to disrupt the launch euro notes and coins.
BoE's Wadhwani sees UK inflation below 2.5% target
UK - Bank of England monetary policy committee member Sushil Wadhwani said he expects UK inflation to stay below the 2.5 pct official target over the next two years.
BOJ downgrades assessment for 6th month running
JAPAN - The Bank of Japan (BOJ) on Monday downgraded its assessment of Japan's economy for the sixth straight month, saying personal consumption is gradually weakening due to the negative effects of sluggish industrial production on employment and income.
Japan gov't to work with BOJ to tackle deflation
JAPAN - The Japanese government's key policy-setting panel has decided that the government will coordinate policies with the Bank of Japan in an effort to come up with solutions to tackling persistent deflation, according to a memo from the panel's…
Trichet sees 0.3% growth in France in 4th quarter
FRANCE - Bank of France Governor Jean-Claude Trichet expects French economic growth at 0.3% in the fourth quarter of 2001, following estimated 0.3% growth in the third quarter, according to an interview Monday in French daily newspaper La Croix.