News
Persson: Swedish economy after the EMU referendum
Deputy Governor of the Sveriges Riksbank Kristina Persson gave a speech on 29 September at the Business Economists club in Sundsvall under the heading "The Swedish economy after the EMU referendum". She said in the longer term, her personal conviction is…
Report says Korean bank notes last longer
A report produced by the Bank of Korea says Korean bank notes are more durable than paper money from the USA, Canada and Britain, according to a report by Digital Chosun. The average durability of a W10,000 note was 54 months, much longer than the 18…
Boston Fed's Minehan: recovery should be sustained
In her first detailed comments on the economy since March, Federal Reserve Bank of Boston President Cathy Minehan said, according to Reuters, that consumer spending seems to be on pace to grow by 4 percent this quarter, and business spending should…
Economist Franco Modigliani dies aged 85
Franco Modigliani, winner of the Nobel Prize for Economics in 1985, has died aged 85, according to the Financial Times. Modigliani made major contributions to macroeconomics - particularly the "life-cycle" savings hypothesis and taught at MIT from 1962…
Tito Mboweni addresses threats to inflation target
South African Reserve Bank Governor Tito Mboweni said on Friday 26 September, according to Finance 24, that the SARB still had much to do to conquer inflation expectations in the country, which at between 8% and 9% were currently far higher than the…
Politician calls for Bank of Canada investigation
An opposition politician in Canada has called for a full investigation by the government into the role Bank of Canada governor David Dodge may have played in a financial scandal which emerged while Dodge was deputy minister for health, Reuters reports.
Greenspan says education needed to combat fraud
Federal Reserve Chairman Alan Greenspan said on Friday 26 September that the financial marketplace has grown increasingly complex since four decades ago, when all Americans needed to know was how to write a check and open a savings account, according to…
France facing heavy fines over budget excesses
EU Monetary Affairs Commissioner Pedro Solbes said on Monday 29 September that unless France changed its budget plans for 2004 by next week it faced heavy fines. according to Ireland Online."We are considering a specific set of recommendations to France,…
Fake euro coins hit Belgium
The National Bank of Belgium has found its first fake euro coins, according to Expatica News. The coins were discovered when a batch was returned to the central bank as stock. The fake one and two euros were described by the Treasury as of very high…
Swiss Nat Bank to sell 284 tonnes gold by Sep 2004
The Swiss National Bank said on Friday 26 September that it plans to sell 284 tonnes of gold from excess reserves by the end of September 2004 and aims to offload another 130 tonnes in 2005, according to a report by Reuters.
San Francisco Fed's Parry to retire in June
Federal Reserve Bank of San Francisco President Robert Parry is to retire in June 2004, according to the San Francisco Chronicle. No successor was named to Parry, who turns 65 in May, but the bank said that it has begun a nationwide search for a…
Russian central bank awards accountancy contract
The central bank of Russia has awarded a contract to the Institute of Chartered Accountants in Ireland, Reuters reports. The aim of the project, led by PriceWaterHouse Coopers, is to increase the efficiency of the Russian central bank through the…
Brazil's cen bank: Economy showing recovery signs
The Banco Central do Brasil has said that the economy is showing signs of recovery and that they now view inflation as a lesser of the threats to the country's economy, according to MENAFN.
Fake Polish euros on sale on the internet
Fake sets of "collectors'" Polish euro coins are being sold on the internet, according to AFP. The "sample Polish Euros" were quickly dismissed by the National Bank of Poland who pointed out that it did not distribute such coins.
Banco Filipino sues BSP
The Banco Filipino Savings and Mortgage Bank plans to sue the Bangko Sentral ng Pilipinas and its Monetary Board for damages, according to the Manila Times. In a statement on Thursday 25 September, Banco Filipino said it filed the case because the…
Taiwan adopt 'managed float' for dynamic stability
The central bank of China, Taiwan will adopt a "managed float" policy towards the foreign exchange market, according to AFX Asia, and has said it is, in principle, ready to allow market forces to determine the exchange rate.
Venezuela c bank wary of overseas credit card use
The central bank of Venezuela has said it has no immediate plans to authorise the use of local credit cards abroad due to abuses that have previously taken place, according to Business News Americas. The country's foreign exchange commission Cadivi will…
Bergstrom: Monetary policy stays in Riksbank hands
Deputy Governor of the Sveriges Riksbank Villy Bergstrom took part in a panel debate organised by Skanes provinsbank in Helsingborg on 23 September. Subjects under discussion included the role of the Riksbank following the referendum and current economic…
Monetary developments in the euro area
The ECB's "Monetary developments in the euro area" published on 25 September reveals the annual rate of growth of M3 decreased to 8.2% in August, from 8.6% in July 2003 (revised upwards from 8.5%).
Kohn says economy not strong enough to boost jobs
Fed Governor Donald Kohn said on Wednesday 24 September "it will be a while before we can be sure that a self-sustaining expansion is underway of sufficient strength and persistence to put the economy back on a path toward full employment", Reuters…
Duisenberg praises US-style labour reforms
Wim Duisenberg told the European Parliament on Thursday 25 September that to increase employment the EU must become more flexible. He compared the US labour market with that of Europe, saying "clearly they are doing better than us".
Cavallo blames the IMF for Argentine crisis
Former Argentine Economy Minister Domingo Cavallo has blamed the IMF's policies for Argentina's devaluation and subsequent debt default, according to Merco Press. In an interview Cavallo argued that it would had been more beneficial "if the IMF had…
Former Bank of Ghana chief to head disaster fund
John Saka Addo, former Governor of the Bank of Ghana, is to act as chairman for the Accra Sports Stadium Disaster Relief Trust, according to the Accra Mail. The Trust will provide funds to educate the children of the 128 soccer fans who died in the Accra…
SARB appoints Kruger as registrar of banks
Errol Kruger will replace Christo Wiese as registrar of banks in South Africa from 1 October, Dow Jones reports. As registrar, Kruger will be responsible for ensuring the soundness of banks and banking groups registered in South Africa.