News
Fed's Gramlich says US should raise saving rate
Speaking on Monday 7 February, Federal Reserve Board Governor Edward Gramlich said that while the US economy was doing well, he was troubled by the nation's low saving rate.
Juncker says stability pact changes to be limited
Euro group president Jean-Claude Juncker said at the weekend that reform of the EU stability pact will be limited and will not harm economic stability.
G7 calls for increased exchange rate flexibility
G7 finance ministers and central bank governors have called for more flexibility in international exchange rates and warned that excess volatility would restrict global growth.
PBOC chief Zhou says China on track to reform
China is very much on the track toward an exchange rate reform in response to the demand of the world's richest nations for a more flexible exchange regime, China's central bank chief told Xinhua News in an interview.
IMF's gold to help relieve Third World debt?
Gold prices struggled to hold key support in Europe on Monday 7 February following confusion over what the IMF might do with its huge gold reserves to help relieve Third World debt.
Venezuela ratifies central bank president
Venezuela's National Assembly has ratified by simple majority, President Hugo Chavez' nomination of Gaston Parra Luzardo as the new president of the Central Bank of Venezuela (BCV).
Interview with Bank of Canada's Tiff Macklem
In an interview published this week, Bank of Canada Deputy Governor Tiff Macklem said Canada's economy may take two or three years to adjust to a currency that rose more than 20 per cent since early 2003 and "there is probably some more adjustment to go".
Malawi names new central bank governor
President Bingu wa Mutharika of Malawi has decided against renewing the contract of central bank governor Elias Ngalande, which expires at the end of this month, a government official said on Tuesday 1 February. Ngalande will be succeed by Victor Mbewe.
Nepal Rastra Bank appoints new governor
After a protracted dispute among the ruling parties, a cabinet meeting on Monday 31 January finally decided to appoint deputy governor Bijaya Nath Bhattarai as the new governor of the Nepal Rastra Bank.
BOT governor brushes off dismissal rumours
Bank of Thailand governor M.R. Pridiyathorn Devakula said this week that he had not been affected by rumours of his possible ousting from the central bank.
SARB to present upgraded banknotes to parliament
The South African Reserve Bank said on Friday 4 February that the upgraded banknotes, which went into circulation at the beginning of February, will be presented to members of Parliament in Cape Town on 7 February, ahead of the opening of Parliament.
Greenspan to testify on Social Security 15 March
Federal Reserve Chairman Alan Greenspan will testify on Social Security on March 15 at 10 a.m. EST (1500 GMT) before the Senate Special Committee on Aging, the panel said on Thursday 3 February.
Tanigaki says G7 statement likely unchanged
Japanese Finance Minister Sadakazu Tanigaki said the tone of the communique to be issued at the Group of Seven meeting of finance ministers and central bank governors will likely be little changed from last year's, Jiji Press reported.
G7 set to discuss yuan exchange rate
A French official said on Friday 4 February the G7 meeting in London will "evidently address" the question of the Chinese yuan's exchange rate.
Deal for Africa seen in jeopardy
Speaking on Friday 4 February US Treasury Under Secretary appeared to reject a plan to create an International Finance Facility to raise $100 billion a year for African nations.
Federal Reserve boosts key interest rate to 2.5%
The Federal Open Market Committee decided on Wednesday 2 February to raise its target for the federal funds rate by 25 basis points to 2-1/2 per cent. In a press release the FOMC said the economy is growing "at a moderate pace despite the rise in energy…
ECB press conference with questions and answers
The ECB kept interest rates on hold on Thursday 3 February; Jean-Claude Trichet said that economic conditions are likely to improve.
US Treasury's Snow to miss G7 meeting
US Treasury Secretary John Snow will not attend the meeting of Group of Seven finance ministers in London this weekend, as he has a chest cold.
Yemen holds course on money laundering
The Central Bank of Yemen held a training course on 30 January, on combating money laundering, using electronic banking processes, and investment funds.
China rejects US threat on yuan
A threatened US bill which would give China six months to revalue its exchange rate before facing sanctions was criticised by the Foreign Ministry as the wrong way to handle the situation.
Bank of Mexico sets minimum loan rate
The central bank of Mexico has set a minimum overnight rate to banks for the first time since 1998, suggesting it may adopt an interest-rate targeting system similar to the Fed.
Norges Bank keeps interest rate unchanged at 1.75%
At its monetary policy meeting on 2 February, Norges Bank's Executive Board decided to leave the sight deposit rate unchanged at 1.75 per cent. The Executive Board said it did not see any clear alternatives to leaving the interest rate unchanged.
G7 wants to reuse old forex language says Taylor
John Taylor, US Treasury undersecretary for international affairs, has said that the G7 finance ministers and central bank governors want to stick to the script on foreign exchange developments that was first used at a meeting in Boca Raton in February…
Germany expects few ex rate developments at G7
The German government does not expect any significant developments on exchange rate policies at the upcoming Group of Seven (G7) meeting of industrialised nations, AFX quoted sources as saying.