News
S. Africa could have single currency by 2016
A plan to better integrate markets of southern African countries may lead to a single currency managed by a single central bank by 2016.
IMF: Global economy too dependent on US, China
The International Monetary Fund will say in its latest World Economic Outlook report that the global economy is too dependent on growth in the United States and China, the German business daily Handelsblatt reported on Monday 7 March .
Trichet: Central bankers optimistic on economy
The president of the European Central Bank, Jean-Claude Trichet, said on Monday 7 March that central bankers are cautiously optimistic about the global economy.
Russia's reserves hit record high
Russian central bank reserves in gold and foreign currency holdings soared to a record 134.15 bln usd in January-February 2005, up 7.7 pct, ITAR-TASS news agency quoted the bank as saying.
PBOC's Zhou doesn't see deflation threat
China's economy is not in a deflationary stage because the consumer price index continues to rise on a monthly basis, the Securities Times reported, citing Zhou Xiaochuan, governor of the People's Bank of China.
Bahrain to establish new central bank
Bahrain is set to establish a central bank to be its new authority on finance and banking, following a cabinet meeting on Sunday 6 March.
Interview with ex-RBI chief Bimal Jalan
In an interview published this week, former governor of the Reserve Bank of India Bimal Jalan said interest rates will be soft as the inflation situation is okay and the foreign exchange reserve position is also comfortable.
Bank of Canada announces 2005 Research Fellowship
The Bank of Canada announced on Wednesday 2 March that Professor Paul Beaudry of the University of British Columbia is the recipient of the Bank's Research Fellowship for 2005.
Ukraine appoint central bank exec director, deputy
Oleksandr Tolstoy has been appointed the executive director of the National Bank of Ukraine, according to Ukrainian news agency UNIAN.
New French finance minister installed
Thierry Breton arrived for work on Monday 28 February as France's fourth finance minister in less than a year following the resignation of Herve Gaymard last week.
Wolfowitz for World Bank, or Wolfensohn's son?
Reports this week said Paul Wolfowitz, US deputy secretary of defence, was a leading candidate to replace James Wolfensohn as the president of the World Bank. But the move seems unlikely following comments by Wolfensohn on Thursday 3 March.
Armenian central bank chief re-appointed
The Armenian parliament has endorsed the re-appointment of Tigran Sargsyan as chairman of the Central Bank of Armenia, Mediamax news agency reported on Wednesday 2 March.
SEANZA central banks see liberalisation gains
Central bankers from Southeast Asia, Australia and New Zealand (SEANZA) met this week and agreed to assess the impact of global financial liberalisation on regional monetary, exchange rate and banking supervision policy.
China needs flexible yuan, BOJ's Hirano says
China will adopt a more flexible currency as the nation overhauls its financial system and capital markets, said Eiji Hirano, a Bank of Japan executive director.
Fed study shows dollar fall could boost growth
A study by the Federal Reserve says a substantial fall in the value of the US dollar is likely to boost economic growth rather than cause an economic crisis.
Ex-Fed's Wyss says Asia should diversify reserves
Asian central banks need to diversify their foreign reserves but in doing so, they should allow the local currencies to appreciate against the dollar, a former US presidential economic adviser and Federal Reserve governor said on Thursday 3 March.
BOJ's Iwata: Deflation end needs 'one more stroke'
Kazumasa Iwata, one of the Bank of Japan's two deputy governors, said on Friday 4 March that the Japanese economy needs to improve by "one more stroke" to overcome deflation of almost seven years.
ECB cuts eurozone growth forecast
The ECB on Thursday 3 March lowered its forecasts for growth of the eurozone economy this year and next . At a press conference Jean-Claude Trichet also criticised the recent decision by the Ecofin council of European finance ministers to give Greece…
Bank of Italy escapes supervisory power limit
Italy's lower house of Parliament voted on Wednesday 2 March not to remove the Bank of Italy's authority over competition and mergers in the banking sector.
China spends US$195b maintaining yuan peg
The People's Bank of China spent 1.61 trillion yuan (US$195 billion) buying foreign currency last year to maintain the yuan's peg with the dollar, a rise of 40 per cent over 2003.
20 years of a floating New Zealand dollar
The Reserve Bank of New Zealand noted on Wednesday 2 March that this week marks the 20-year anniversary of the float of the New Zealand dollar. The bank said that the floating exchange rate regime has weathered several business cycles and plenty of …
Australia raises rates citing inflation pressures
The Reserve Bank of Australia announced on Wednesday 2 March that it was increasing interest rates by 25 basis points, to 5.5 per cent. It was the first shift in monetary policy by the RBA since December 2003.
Publication of papers from ECB workshop
On 13 and 14 December 2004 the Directorate General Economics in co-operation with the Directorate General Research of the European Central Bank (ECB) held a workshop on "Monetary policy implications of heterogeneity in a currency area". The ECB published…
Zimbabwe plans new currency next year
Zimbabwe will introduce a new currency next year, phasing out bank notes introduced two years ago as a stop-gap measure to ease critical cash shortages across the country, a government daily reported on Wednesday.