News
November gloom in Japan
Despite leaving monetary policy on hold last week, the Bank of Japan downgraded its assessment of the economy on Monday, expressing concern about the impact of declining exports and output on incomes and consumer spending.
Brussels more confident of successful euro switch
EUROPE - With euro notes and coins less than 50 days away, the European Commission yesterday expressed optimism about a successful changeover from national currencies. The latest monthly Eurobarometer survey registered growing understanding of the single…
China's c bk chief expects to step up forex reform
CHINA - People's Bank of China Governor Dai Xianglong Monday said the country will begin to step up reform of its foreign exchange system after next month's entry into the World Trade Organization.
Germany may recover soon from economic shock
GERMANY - A German survey yesterday provided the first sign that the shock to economic confidence in the eurozone after the 11 September attacks in the US might be short-lived.
Niggles with new euro notes
NETHERLANDS - Dutch officials confirmed yesterday that 250,000 euros was snatched by a masked man from a bank in Amstelveen, near Amsterdam, shortly after a consignment was delivered on Monday. Five previous robberies in recent months, two in Italy and…
O'Neill: IMF forecast "off by a lot"
US - Responding to the drastically revised growth forecasts for the US in 2002 US Treasury secretary disagreed saying the forecast was "off by a lot".
$10bn loan for Turkey goes through
US - The IMF yesterday finalised a package of $10bn in new lending for Turkey. Arguing that it needs the loan to cover the fall off in tourist revenue and the effects of a flight to quality following September 11, Turkey had asked for $12bn.
Japan leaves rates unchanged
JAPAN - As expected, the Bank of Japan made no change to its monetary policy today, following its two-day meeting.
Bank of Poland under fire
POLAND - A Legislative tussle puts central bank's independence into question.
Britons still hold £540m in eurozone currencies
UK - Britons are hoarding more than £540m-worth of eurozone currencies, but only half the population realises the cash will be impossible to spend after February.
Bankers call for strict limits on bailout cash
CANADA - The Bank of England and Bank of Canada have launched a paper arguing for strict limits on International Monetary Fund bailouts for crisis-hit countries.
Russia c bank tightens banks' gold export controls
UK - The Central Bank of Russia published a directive Thursday obliging commercial banks to submit information on their export of gold ingots to the State Customs Committee within 10 days of the metal leaving the country.
ECB Issing sees euro-zone recovery, CPI fall in 02
GERMANY - European Central Bank chief economist Otmar Issing Monday reiterated his expectation that the euro-zone economy will recover next year.
Fed's Ferguson - US economy resilient
US - The U.S. economy appears to be shaking off the devastating impact of the 11 September attacks, says a key member of the U.S. Federal Reserve.
Fed's Santomero - Bank regulation may be a benefit
US - In response to the rhetorical question "does bank regulation help bank customers?" Anthony Santomero, president of the Federal Reserve Bank of Philadelphia, said "Sometimes yes. Sometimes no. It all depends."
Brown's proposals for reform of the IMF
UK - UK finance minister Gordon Brown says the IMF should be reformed and given more scope to pass judgement on member countries' economies.
Bank of Japan under pressure
JAPAN - The Bank of Japan was again under pressure from politicians as its two-day policy meeting began today. Worsening economic figures, despite cuts in the lending rate and injections of liquidity by the bank, have led to calls for inflation targeting.
Euro preparations are "catching up":Duisenberg
Belgium - Wim Duisenberg, the European Central Bank president, speaking at the European Union's Committee of the Regions yesterday said that small and medium-sized enterprises (SMEs) were "rapidly catching up" in time for Euro-day when notes and coins…
Bank of Korea hosts Asian central bank meeting
SOUTH KOREA - The Bank of Korea will today host the "14th Pacific Basin Central Bank Conference" at its headquarters in Seoul the central bank said.
China, HK banks to share retail expertise - HKMA
HONG KONG - Banks from China and Hong Kong can cooperate closely on retail banking business, such as swapping information about the credit standing of borrowers, Hong Kong's de facto central bank chief said last Thursday.
Further fall takes UK headline inflation rate 1.6%
UK - The headline rate of inflation fell further last month, as mortgage lenders passed on the Bank of England's September interest rate cut to customers.
Brazil currency rally unlikely to get c bank boost
BRAZIL - A reversal of Brazil's economic fortunes appears to be in the cards as a feeling that the worst is over quickly spreads across local markets, triggering a strong rally in the embattled real.
ECB gives timetable for non-rate policy meetings
ECB - The ECB from now on will discuss monetary policy and announce rate decisions only once a month, usually at its first meeting in the month.
EU candidates should avoid forex fluctuations
UK - Countries seeking to join the European Union will be well-adviced to avoid excessive exchange rate fluctuations against the euro, European Central Bank Vice President Christian Noyer said Monday.