News
Finnish gov't approves central bank Board plan
Finland's government approved a measure on Thursday 13 November, according to Helsingin Sanomat, that would see responsibility for the appointment of members to the Board of the Bank of Finland shift to the Parliamentary Supervisory Council.
SARB's inflation targeting made simpler
Changes have been made to the South African Reserve Bank's inflation target making the central bank's task easier, Governor of the SARB, Tito Mboweni said, reports Finance 24. In future it will target the year on year CPIX rate on a continuous basis,…
Thai c bank deputy says: 'Need breathing space'
In a recent interview reported by Dow Jones, deputy governor Thirachai Phuvanatnaranubala of the Bank of Thailand said Thailand's recent restrictions on the foreign exchange market will only be temporary, until the domestic market is sufficiently…
Debt reduction could impact on UK rates
Andrew Large said on Monday 17 November that if personal debt was reduced in the UK it could have an impact on interest rates, Reuters reports. In a speech to the City of London Central Banking Conference the Bank of England's Deputy Governor for…
Bundesbank warns eurozone rates may rise soon
The Bundesbank said in its November monthly report, released on Monday 17 November, that the ECB "could" be forced to raise interest rates as "It will be more difficult for monetary policy to guarantee price stability with low interest rates" with some…
China restate goal of eventual yuan convertibility
People's Bank of China Governor Zhou Xiaochuan said in an interview published Monday 17 November, reported by Reuters, that foreign exchange controls would gradually be relaxed and there would be a steady push towards convertibility of the yuan.
Riksbank makes statement on 'banknote discrepancy'
Sveriges Riksbank, the central bank of Sweden, released a statement on Friday 14 November regarding a discrepancy which had been discovered in a delivery of new banknotes from Crane AB to the Riksbank's subsidiary.
IAIS launch improved website
The International Association of Insurance Supervisors (IAIS) has launched its new improved website at www.iaisweb.org. The website includes an extensively improved navigation and information layout, an elegant new design, information on forthcoming…
SBV, Bundesbank sign banking expertise agreement
The State Bank of Vietnam (SVB) has signed an agreement with the Deutsche Bundesbank which will allow executives and staff members of the SVB to receive training and advisory assistance through seminars, banking research and discussions with experts…
Slovene govt adopts programme for introducing euro
The government of Slovenia has introduced a programme for the country's entry to ERM2 and eventually the euro, reported Radio Slovenia. All parties unanimously backed the introduction of the euro to Slovenia "as soon as possible" on Thursday 13 November.
Bank of Japan's Ueda reiterates ultra-loose policy
Bank of Japan policy board member Kazuo Ueda said in a speech reported by AFX that the BoJ could maintain its ultra-loose monetary policy even after deflation is overcome, if it is judged necessary to maintain the policy.
Foreign central banks buy more U.S. debt - Fed
Holdings of US Treasuries by foreign central banks rose further above the $1.0 trillion level reaching a new record high in the latest week, according to a Reuters report. The Federal Reserve said on on Thursday 13 November that foreign central banks…
Fed's Santomero says rates can't stay low forever
Philadelphia Fed President Anthony Santomero said on Friday 14 November that although interest rates cannot stay at their current low rates in the indefinitely, there is no pressure for a rise in the near future, according to a report by Reuters…
Hungary to submit central bank independence bill
The Hungarian government has adopted the draft of a legal amendment aimed at strengthening the independence of the National Bank of Hungary, Interfax reports. According to the draft law to be submitted to parliament, the central bank and members of its…
Post referendum, Swedish euro opposition rises
A poll published on Friday 14 November showed that opposition to the euro has increased in Sweden since the euro referendum in September came down against the single currency, reports EU Business. Support for the euro fell from 42 to 38 percent, the poll…
Bulgaria signs partnership against fake money
The National Bank of Bulgaria (BNB) has signed an agreement on the establishment of a national centre to analyse forged and counterfeit money, according to a report by the Sofia Echo. According to BNB governor Ivan Iskrov, the central bank has the…
Bank of Finland capital base plan withdrawn
Finland's second Minister of Finance Ulla-Maj Wideroos has withdrawn a proposal she made that the Bank of Finland's capital base should be transferred to the government to repay state debts, according to a report by Helsingin Sanomat. The new proposal…
US bank regulators assess impact of Basel accord
Speaking on Thursday 13 November, Fed Vice Chairman Roger Ferguson said U.S. regulators are gathering data on whether the complex new Basel II rules will disadvantage institutions that lend to small businesses, home buyers or consumers according to a…
IMF admits mistakes in handling Asian crisis
The assistant director of the IMF Office for Asia and the Pacific, Charles Adams, has acknowledged that the Fund made mistakes during the Asian Crisis but not everyone agrees what the mistakes are, according to AFP. Some lending conditions were not…
Chicago Fed's Moskow: Rates to stay low
Michael Moskow said on Thursday 13 November, according to Reuters, that the Federal Reserve plans to keep interest low for a considerable period of time. The Chicago Fed President, who is a voting member of the FOMC, told a panel discussion "All of the…
IMF's Rajan says China should not wait on yuan
IMF chief economist Raghuram Rajan said in an interview, published by Reuters, that a move towards more flexible exchange rates by China would benefit both the Chinese and global economies. Rajan, a former University of Chicago academic, said two options…
Putin praises CBR's ruble exchange rate policy
Russian President Vladimir Putin praised the central bank's exchange rate policy on the ruble, according to Prime-Tass, saying that policies "are justified by the situation in Russia". Putin made the comments during a meeting with IMF chief Horst Koehler…
Germany, France confirm euro zone rebound
Data released on Thursday 13 November showed that both Germany and France grew in the third quarter of this year, according to Reuters, with Germany pulling out of its second recession in two years, expanding 0.2 percent and France seeing growth of 0.4…
BOT assets 'safe' from weak dollar
Assistant governor of the Bank of Thailand, Tasna Rajatabhoti, said on Wednesday 12 November that the weak dollar will not have a significant impact on the value of the BOT's foreign assets, according to The Nation. She said the central banks of many…