News
ECB's Garganas sees no reason for rate hike
European Central Bank council member Nicholas Garganas said in an interview that there is no need for the bank to start raising interest rates until inflation pressures increase.
G10's Trichet sees 2005 global growth around 4%
G10 chairman Jean-Claude Trichet said following a meeting of central bank governors on Monday 9 May that they still expect global growth to be around 4 pct this year despite recent mixed signals from economic data.
PBOC deputy says economy performing well
People's Bank of China Deputy Governor Li Ruogu said on Monday 9 May that the Chinese economy is performing well and added that he was satisfied with the inflation rate.
Bank of England appoints Head of Internal Audit
The Bank of England announced on Thursday 5 May that Stephen Brown has been appointed Head of Internal Audit with effect from 4 July.
Election to Danmarks Nationalbank's Board
Denmark's Folketinget (Parliament) has elected Ms Helle Thorning-Schmidt and Mr Henrik Sass Larsen to the Board of Directors of Danmarks Nationalbank until 31 March 2006.
SCH bank appoints former Bank of Spain governor
Luis Angel Rojo, who was governor of the Bank of Spain between 1992 and 2000, has been appointed to the board of directors of Spanish bank Santander Central Hispano (SCH).
Duisenberg reveals political interference
European Central Bank ex-President Wim Duisenberg disclosed for the first time recently that German Chancellor Gerhard Schroeder, French President Jacques Chirac and Italian Prime Minister Silvio Berlusconi have all tried to influence the ECB's monetary…
Dallas Fed announces change in research function
The President of the Federal Reserve Bank of Dallas, Richard W. Fisher, on Friday 6 May announced a change in the organisation and focus of the bank's Research Department in order to better analyse the effects of globalization on monetary policy.
Fed's Olson: new financial products create risks
A senior Federal Reserve official told the Chicago Fed's bank structure conference on Thursday 5 May that US consumers can more easily tap the value of their homes for cash, which has helped them "smooth their consumption" and helped the economy bounce…
US on track to halve budget deficit says Snow
US Treasury Secretary John Snow on Thursday 6 May said that continued American economic growth and strong tax receipts had kept the U.S. government in view of its stated aim of cutting the budget deficit by 50%.
Tanigaki says Japan's economy recovering
Japanese Finance Minister Sadakazu Tanigaki reiterated on Thursday 5 May that the country's consumers are powering economic recovery and vowed to press on with fiscal reforms, although moderate deflation continued to pose a problem.
US and Chinese officials to meet on yuan issue
Officials from the People's Bank of China plan to meet on Monday 9 May with US Treasury Department officials for continuing discussions relating to various financial issues including China's pegged exchange rate system.
Nigeria appoints deputy governor after resignation
The Central Bank of Nigeria announced on Tuesday 3 May that Dr Obadiah Mailafia will replace Mrs Wahir Mshelia as the Deputy Governor for Policy on Monday 9 May. Mshelia resigned last week with press reports suggesting there were 'strong indications' she…
Brazil's Supreme Court upholds partial immunity
The Supreme Federal Court on Thursday 5 May upheld the decision to give Brazil's central bank President Henrique Meirelles immunity from prosecution from common courts in an ongoing illegal tax and forex transaction case against him, local media reported.
Tokyo urges China to act 'responsibly' on reserves
Japanese Finance Minister Sadakazu Tanigaki said that Japan will manage its foreign-exchange reserves to help create stability rather than maximize profit and called on China and South Korea to also act "responsibly."
Speculation makes yuan shift difficult says China
China's Finance Minister Jin Renqing said excessive speculation that the yuan will be allowed to appreciate is making it harder for the government to loosen the currency's peg to the US dollar.
FATF head to be at anti-money laundering seminar
Head of the Financial Action Task Force (FATF) Jean-Louis Fort will take part in a seminar on combating money laundering and terrorist financing conducted by the Russian central bank in June.
Bank of Italy claims impartiality over Antonveneta
The Bank of Italy has said it was fair with Banca Popolare di Lodi and ABN Amro Holding NV in their battle to take over Banca Antonveneta SpA, according to a letter sent to EU commissioner for the internal market Charlie McCreevy published by the daily…
Asia set to boost currency attack defences
Japan, China and South Korea are set to join forces to bolster Asia's defences against currency speculators despite diplomatic tensions that had threatened to derail economic cooperation.
Federal Reserve raises rates to 3%
The Federal Open Market Committee decided on Tuesday 3 May to raise its target for the federal funds rate by 25 basis points to 3 per cent. In its statement the FOMC said monetary policy remained "accommodative" and that it expected to continue removing…
Asian central banks set to gather for ACU meeting
Heads and representatives of central banks from ten countries, including India, will visit Pakistan later this month to attend an annual meeting of the Asian Clearing Union, an official of the State Bank of Pakistan said on Tuesday 3 May.
BSP likely to hold rates steady, says Tetangco
The Philippines central bank will likely keep its benchmark overnight interest rates unchanged during its policy meeting on Thursday 5 May , despite the quarter percentage point hike in US interest rates, deputy governor and officer-in-charge Amando…
Bank of Italy rejects criticism in bank takeover
The Bank of Italy launched a counter-attack on Wednesday 4 May against EU regulators, analysts and press reports that claim the Italian central bank and its governor, Antonio Fazio, have favoured Banca Popolare di Lodi in a banking takeover.
ECB rate cut still not an option says Trichet
European Central Bank president Jean-Claude Trichet ruled out a cut in ECB interest rates on Wednesday 4 May in response to the recent slowdown in euro zone growth. Trichet was speaking at the ECB's press conference after euro zone interest rates were…