News
ECCB upgrades security features of currency
The Eastern Caribbean Central Bank released plans on Wednesday to upgrade the security features of "its family of banknotes". Upgrades are being made to the security thread and the filigree foil features, the ECCB said, according to the Caribbean Media…
Romanian c bank announces increased reserves steps
The National Bank of Romania will increase its reserves to strengthen Romania's credibility on foreign markets and to create the conditions for a further improvement of the country's credit ratings, BNR Governor Mugur Isarescu said, according to the…
Bank of Japan keeps monetary policy steady
After buoyant economic data suggested that the Japanese economy's problems may be easing, the Bank of Japan decided to keep monetary policy unchanged at its Friday meeting, according to Associated Press.
Brazil c bank lowers reserve requirements to 45%
Brazil's central bank lowered bank reserve requirements on demand deposits by 15% on Friday. 8 August, according to Agencia Estado. The bank said that "the measure was possible because monetary policy has made inflation converge to targets".
Forged notes found in Bangladesh cb vault
Counterfeit bank notes have been found in the vaults of The Bangladesh Bank, the country's central bank, according to a report by Reuters. Four bank employees have been suspended and a special inquiry was looking for other suspects, a spokesman said.
No North American monetary union yet - BoC
In a speech on North American economic integration, reported by Reuters, David Dodge said the Canadian and US economies are currently too diverse for a single currency to work. He also said Canadian provinces needed a more streamlined system to regulate…
BSP eyes tighter rules on FX transactions
Rafael Buenaventura of the Philippines Central Bank told reporters the BSP aims to tighten foreign exchange rules following the peso's steep decline against the US dollar, acording to a report by AFX.
Bank of England plans 'George Fellowships'
In recognition of Sir Edward George's achievements during his lifelong service, the Bank of England plans to introduce The George Fellowships which will be used to promote research in finance and economics.
Bank of England maintains interest rates at 3.5%
The Bank of England's Monetary Policy Committee today voted to maintain the Bank's repo rate at 3.5%, 7 August.
IMF urges Ireland to reduce inflation
In its annual review of the Irish economy the IMF called on the government to cut inflation and improve competitiveness, according to RTE News. In a statement, the Minister for Finance, Charlie McCreevy, welcomed the IMF assessment.
ASEAN ministers predict solid economic growth
The Manila meeting of ASEAN finance ministers was due to issue a statement at the end of talks forecasting economic growth at an average rate of between 4 and 4.5 per cent for 2003, Reuters reports.
ECB optimistic on euro zone recovery
The ECB said on Thursday 7 August that the latest economic data confirm that interest rates are appropriate, according to Reuters, because the outlook for price stability remains favourable and there is increasing reason to expect that economic activity…
BOJ to punish staff for faulty data-gathering
The Bank of Japan is to discipline officials who failed to correct errors in the calculation of data relating to unsecured debt instruments issued by companies to procure funds, according to East Day. The measures are designed to prevent public…
ECB's Issing sees recovery, rates appropriate
ECB Chief Economist Otmar Issing said "There are good reasons to reckon with an improvement in economic activity in the second half of 2003, which will gain pace in 2004", Bloomberg reports. However, he added that there's also "no reason for euphoria".
UK interest rates left unchanged
The Bank of England left interest rates unchanged on Thursday at 3.5 per cent. The decision was widely predicted, notes the Financial Times, after the MPC made a quarter point cut at its last meeting.
Travellers cheques to ease Zimbabwe cash crisis
The Reserve Bank of Zimbabwe will launch a range of travellers cheques on Friday 8 August,according to Sapa-AP. The move comes amid Zimbabwe's acute cash shortage. Similar to bank notes, the travellers' cheques are printed on security paper with fibres…
IMF urges US action on deficit as economy improves
In an annual review of the United States the IMF said the lacklustre US economy looks set to pick up speed but the record budget deficit must be tackled, according to Reuters.However, the report said the recovery has thus far been uneven and that…
Bosnian foreign trade minister takes c bank post
Bosnia-Hercegovina Minister for Foreign Trade and Economic Relations Mila Gadzic resigned on Monday 4 August , according to the SRNA news agency,clearing the way for him to become a member the management board of the Bosnia-Hercegovina central bank.
ASEAN finance ministers start two-day meeting
ASEAN finance ministers began a two-day meeting on Wednesday 6 Augustin Manila. According to Business Times, Philippines Finance Secretary Jose Isidro said "We look forward to addressing a range of subjects, including the development of a regional…
Poland: c bank head calls for public spending cut
National Bank of Poland governor Leszek Balcerowicz said on Tuesday 5 Augustthat unless the necessary cuts in public spending are introduced the current economic recovery in Poland could be short lived, according to the PAP news agency.
Cyprus c bank to lift exchange rate restrictions
The Central Bank of Cyprus has said it will lift, with immediate effect, certain exchange restrictions earlier than the deadline agreed on with the EU., according to the Cyprus News Agency. The restrictions lifted concern current international exchanges,…
Fogel to head Bank of Israel advisory committee
Israel's Finance Minister Binyamin Netanyahu has recommended establishing an advisory committee to the Bank of Israel to be headed by Aharon Fogel, the Jerusalem Post reports. Fogel is known as one of the most outspoken critics of Bank of Israel Governor…
Greenspan holds his own
In his recent testimony to Congress, Alan Greenspan has "reached a new low" according to a certain Congressman Sanders. By apparently suggesting that manufacturing doesn't matter, Greenspan had "insulted tens of millions of American workers".
Franco faces new accusations
Oh, this fickle world! Once praised by his compatriots for his hand in hauling Brazil out of the mire in 1997, and even named central banker of the year by Euromoney as a consequence, the tide has turned for Gustavo Franco.