News
Rwandan Fin Min named to African Development Bank
Rwandan Finance Minister, Mr Donald Kaberuka (54) has been elected President of the African Development Bank Group (ADB) during the extraordinary Meeting of ADB Governors held on 21-22 July 2005 in Tunis.
Fed's Gramlich to join University of Michigan
The University of Michigan has selected Professor Edward Gramlich to serve as interim provost and executive vice president for academic affairs, effective 1 September, with approval from the university's board of regents.
White House may be considering Lindsey for Fed
The White House is expanding its search for a successor for Federal Reserve Chairman Alan Greenspan, according to a report Thursday, including former Bush adviser Lawrence Lindsey among the candidates.
Where does Greenspan keep HIS money?
Financial disclose forms released by the Federal Reserve recently show that chairman Alan Greenspan plays it safe when it comes to his own investments.
South Africa cuts dollar buying in July
Data released by the South African Reserve Bank (SARB) on Friday 5 August showed that it had lowered its dollar purchases in July.
Trichet says ECB's 2% rate is appropriate
European Central Bank President Jean-Claude Trichet defended the decision to maintain interest rates in the euro zone at 2% in a radio interview Friday 5 August describing them as "appropriate".
G20 seminar on economic growth begins
The central banks of South Africa, Mexico and China are co-hosting a seminar in Pretoria to find ways of sustaining economic growth, particularly for the developing world.
Shocks may pose threat to China, says Nobel winner
Edward Prescott, the Nobel 2004 economics prize laureate, told an economics conference in Singapore on Friday 5 August China's fast growth rate may mean the economy is vulnerable to external shocks.
Study says rupee almost pegged to dollar
A study presented to the Singapore Economic Review Conference on Friday 5 August suggests the Indian rupee is virtually pegged to the US dollar, despite the RBI saying it adopts a "managed float" for the currency.
RBI readies for a 'Reddy Era'
This article published Friday 5 August takes an in depth look at Reserve Bank of India governor Yaga Venugopal Reddy. Reddy always speaks his mind, it says, and favours a "consensus" approach to policy issues. He can master any subject and is a voracious…
Italy favours fixed term for central bank chief
According to Italy's economy undersecretary Maria Teresa Armosino the government is ready to set a fixed term of office for the Bank of Italy governor, rather than the life term that currently applies.
IMF statement on G-8 proposal for debt relief
Rodrigo de Rato, Managing Director of the International Monetary Fund, issued a statement after Wednesday's meeting to discuss the proposal for HIPC debt cancellation agreed by the G-8 Summit on 8 July.
Bank of England reduces rates by 0.25%
The Bank of England's Monetary Policy Committee voted on Thursday 4 August to reduce the Bank's repo rate by 0.25 percentage points to 4.5%.
ECB rates on hold a while longer says Stark
The ECB's decision not to change rates at its meeting on Thursday 4 August was foreshadowed in a newspaper interview with Bundesbank Vice President Juergen Stark who said muted price pressures allow rates to remain on hold for a while longer.
PBOC: China will adjust yuan band at 'proper time'
China will carry out further adjustments to the yuan's trading band only at the 'proper time', the People's Bank of China said on Thursday 4 August in its first monetary policy report since the recent announcement of currency reforms.
IMF says ECB should be ready to cut rates
The International Monetary Fund published a report on Wednesday 3 August urging the European Central Bank to stand ready to cut interest rates.
Basel Committee corporate governance practices
The Basel Committee on Banking Supervision has issued for public comment revised guidance to help promote the adoption of sound corporate governance practices by banking organisations.
Pressure on Asia to shift reserves
Asian central banks may have to shift up to $500 billion in reserves from dollars to euros and yen or risk foregoing $28 billion a year in potential revenue, according to a report published by Goldman Sachs Group.
BSP official sees economy recovering
The chief investor relations officer of the Bangko Sentral ng Pilipinas, the Philippine central bank, said in an interview that the economy is slowly regaining the growth momentum that was disrupted by the political crisis in the past two months.
Costello says RBA decision reflects solid growth
Treasurer Peter Costello said the Reserve Bank of Australia's decision to leave interest rates at 5.5 per cent after its monthly board meeting on Wednesday 3 August reflects continuing solid economic growth in the country.
BOJ current-account balance may fall below target
The balance of current accounts at the Bank of Japan is expected to drop below the 30-35 trln yen liquidity target today, to around 28.3 trln yen, the Nihon Keizai Shimbun reported on Wednesday 3 August, citing an unnamed source at the central bank.
Bank of England set to cut interest rates
The Bank of England is widely expected to reduce UK interest rates when it concludes its 100th Monetary Policy Committee meeting on Thursday 4 August.
BOJ's Fukui positive on economy
Bank of Japan governor Toshihiko Fukui told parliament on Tuesday 2 August that consumer prices will likely turn positive by the year-end and the soft patch in the economy could soon be over.
Greenspan praises late ECB chief
Federal Reserve chairman Alan Greenspan on Monday 1 August praised the contribution of the European Central Bank's first president, Wim Duisenberg, who died on Sunday.