News
Offshoring set to double by 2008
The scale of offshoring in the financial services sector is set to virtually double by 2008, according to PricewaterhouseCoopers latest survey entitled Offshoring in the financial services industry: Risks and rewards, launched on Thursday 15 September.
Global money transfers international conference
The first major international conference on global money transfers will take place in London at the Institute of Directors on October 17 and 18 attended by financial institutions worldwide.
IMF says ECB rate cut not necessary yet
The European Central Bank is following a "broadly appropriate" monetary policy, and has no reason to cut interest rates at present, the International Monetary Fund's most senior European official said on Tuesday 13 September.
ECB advice sought by Gulf Arab states
A senior official at the GCC said on Thursday 15 September that Gulf Arab states will seek help from the European Central Bank in establishing a monetary authority to oversee their planned single currency.
China not planning more yuan revaluations
A senior official from the People's Bank of China said Thursday 15 September that China will not adjust its exchange rate through another revaluation.
Trichet says new law should not apply to Fazio
European Central Bank president Jean-Claude Trichet said a new law introducing a limited term of office for the head of the Bank of Italy should not be applied to current governor Antonio Fazio.
Estonian central bank chief positive on 2007 euro
According to Estonia's central bank chief Andres Lipstok, the country is on track to reduce inflation in time to join the euro on 1 January 2007, though rising oil prices require vigilance.
Bank of Uganda signs foreign reserve software deal
The Bank of Uganda has become the third African central bank to adopt a financial technology solution from Trema, the company announced recently.
McCreevy says cross border clearing cost must fall
Charlie McCreevy, the European Union internal market commissioner, said on Tuesday 13 September action will be taken against Europe's financial services industry if it fails to slash the costs of cross- border trading in securities within six months.
ECB asks government for information on Fazio
The European Central Bank's governing council has asked Italy's government to provide additional information on Bank of Italy governor Antonio Fazio, Boersen-Zeitung said, citing sources close to the Italian government.
Fukuma sees risk from maintaining reserve target
Katsutoshi Fukuma, a member of the Bank of Japan's policy board, said in a speech he now sees rising risks in maintaining the bank's present 30-35 trln yen liquidity reserve target range, and he reiterated his call for a reduction.
Bank of Italy valued at 1bln euro
The total value of the Bank of Italy's shares is about 1 bln euro, said economy undersecretary Maria Teresa Armosino, but she said the shares are not "marketable".
S. Korea fin min says cb can support recovery
South Korea's Minister of Finance and Economy Han Duck-Soo said Tuesday 13 September that the Bank of Korea should use its monetary policy to support economic growth as inflationary pressure is benign.
Survey shows Chinese less keen on holding dollars
A survey published on Tuesday 13 September has shown that Chinese households have become more reluctant to hold dollar deposits since the yuan was revalued.
G10 central bankers warn on inflation
Following the meeting of G10 central bankers in Basel, ECB president and spokesman for the G10 said world economic activity would be decreased "without any doubt" by oil prices and spark inflation risks.
Russia won't increase euro reserves
The Central Bank of Russia is not planning to increase the euro share in the country's gold and currency reserves and bi-currency basket, the first deputy bank chairman said Tuesday 13 September.
Malta holds foreign reserve management workshop
The Central Bank of Malta has hosted a two-day workshop in conjunction with the European Central Bank on the implications of euro area membership for foreign reserve management by national central banks.
Financial Stability Forum holds its 14th meeting
The Financial Stability Forum (FSF), chaired by Roger W. Ferguson, met on 8-9 September in London. Members discussed risks and vulnerabilities in the international financial system.
IMF postpones Zimbabwe expulsion
The Executive Board of the International Monetary Fund reviewed Zimbabwe's overdue financial obligations to the IMF on 9 September and further considered the Managing Director's complaint regarding Zimbabwe's compulsory withdrawal from the IMF.
BOJ's Fukui: stable prices, low interest rates
Expectations for stable prices are behind the recent global phenomenon of low long-term interest rates, Bank of Japan Governor Toshihiko Fukui said in a speech published on Monday 12 September.
Bahrain to host 39th GCC meeting
Bahrain will host the 39th meeting of the governors of central banks and monetary agencies of the six-state Gulf Cooperation Council scheduled for 14-15 September.
PBOC to avoid triggering forex volatility
People's Bank of China chief Zhou Xiaochuan has vowed that the bank will not begin any changes in the management of its foreign exchange reserves that could introduce market volatility.
Weber says ECB to weigh Katrina impact
The European Central Bank is watching the economic impact from Hurricane Katrina closely but it is too early to say how it might affect interest rate policy, ECB Governing Council member Axel Weber said in a speech.
King's cricket connection
Mervyn King spent Thursday 8 September watching England play Australia at the Oval in the last Ashes cricket Test. But the Bank of England governor doesn't just watch the game, he is also involved in a campaign to bring more cricket to state schools in…