News
PBOC chief Zhou pledges on convertible yuan
China reaffirmed its commitment to allowing free movement of the yuan on the capital account, with PBOC chief Zhou Xiaochuan promising further steps this year.
Eurosystem for ex reserves down 0.7 bn
The European Central Bank said that net foreign currency reserves in the euro system fell 0.7 bln eur to 154.9 bln in the week ending 14 January.
Cleveland Fed says US trade gap may hit growth
The massive trade deficit in the United States will eventually be reversed and implies a weaker dollar and higher interest rates, a Cleveland Fed report said, warning this could quell growth unless US exports grow.
Riksbank reallocates its gold & currency reserves
The Sveriges Riksbank announced on Tuesday it has up to the present date sold a total of fifteen (15) tonnes of gold under the renewed Central Bank Gold Agreement (CBGA), established between fifteen European central banks.
Slovak central bank warns on intervention
A senior official in Slovakia's central bank said on Monday 17 January that the bank was still prepared to intervene in the currency markets to weaken the crown.
Lithuania plans to adopt euro in 2007
The Central Bank of Lithuania on Tuesday 18 January announced its intention to replace its national currency, the litas, with the euro on Jan. 1, 2007, the Baltic news service (BNS) reported.
SA's Manuel backs plan to sell IMF's gold
South Africa would back a British proposal to use International Monetary Fund (IMF) gold reserves to write off the debts of poor countries, finance minister Trevor Manuel said on Monday 17 January.
Buba's Stark says pact revamp may push up rates
Bundesbank Vice-President Juergen Stark said in an article that proposals to revamp European Union budget rules may lead to higher interest rates across the eurozone.
EU in disagreement over euro rules
Finance ministers from all 25 EU member states continued talks launched late Monday by ministers from the 12 euro nations on how best to revamp the Stability and Growth Pact.
ECB's Padoa-Schioppa to visit Stockholm
Tommaso Padoa-Schioppa, member of the Executive Board of the European Central Bank, will visit Stockholm on Thursday, 20 January at the invitation of the Sveriges Riksbank.
SARB launches upgraded banknote series
The South African Reserve Bank (SARB) on Monday 17 January launched banknotes with improved security features which will go into circulation from 1 February 2005.
PBOC to support corporate bond issues
The People's Bank of China will support more corporate bond issues to diversify risk and ease pressure on commercial banks, vice-governor Wu Xiaoling said.
Oman central bank hosts corporate governance forum
An Arab banking forum on corporate governance was scheduled to open on Monday January 17th under the patronage of Hamoud bin Sanjour al-Zedjali, Executive President of the Central Bank of Oman (CBO).
Takanaka: BOJ, gov must work together on deflation
The Japanese government and central bank need to work together to end deflation, Economic and Fiscal Policy Minister Heizo Takenaka said on Monday 17 January after a cabinet meeting in Tokyo.
Boston Fed's Minehan warns of slow recovery
Cathy Minehan, president of the Federal Reserve Bank of Boston, said on Friday 14 January that businesses continue to hoard cash, making the current economic recovery among the weakest of the past half-century if measured by job growth.
Eichel says EU 3% deficit limit to stay in revamp
German Finance Minister Hans Eichel said on Monday 17 January that planned changes to European Union rules that limit budget deficits and debt levels in the euro region won't alter the two existing numerical thresholds.
ECB's biannual information on euro counterfeiting
The European Central Bank revealed on Thursday 13 January that in the second half of 2004, a total of 287,000 counterfeit euro banknotes were withdrawn from circulation, both in euro area and in non-euro area countries.
ECB decides on the design for its new premises
At Thursday's meeting, 13 January, the European Central Bank reached a decision on the design of the ECB's new premises in Frankfurt am Main, Germany. The Governing Council concluded that the revised design concept of COOP HIMMELB(L)AU best meets the…
Faster growth may lead to higher rates, says Weber
European Central Bank council member Axel Weber said that the central bank may have to increase interest rates if the eurozone economy expands more quickly than it expects.
Slovenia central bank sees euro criteria met in 06
Slovenia will meet the EU convergency criteria for countries that want to join the eurozone by the middle of 2006, according to the Bank of Slovenia.
Thailand plan may cut central bank powers
According to a report published on Friday 14 January, Thailand's finance ministry is planning an overhaul of the financial regulatory system, which would restrict the power of the Bank of Thailand by creating a new independent agency to supervise banks…
Korea holds rates at record low
South Korea's central bank on Thursday 13 January froze its key interest rate for January at a record low of 3.25 per cent, citing robust exports.
Iraq's cb gets recommendations from USAID program
Bank Supervision advisors under the United States Agency for International Development (USAID) Iraq Economic Governance II program have delivered a set of recommendations to the Central Bank of Iraq on assessing risks and designing enforcement actions…
NBS governor considers intervention a success
The governor of the Slovak National Bank (NBS), Ivan Sramko, said the intervention on Monday 10 January by the central bank against the strong crown was a success. Following Wednesday's Cabinet meeting, Sramko told reporters he believed the interventions…