News
New vice-governor in Belgium
Seasoned politician Luc Coene has been appointed as the new vice-governor of the National Bank of Belgium. He was previously the prime minister Guy Verhofstadt's right hand man, acting among other things as his chief of staff.
An original career change
After a career in central banking, what is there left? A certain feeling of emptiness has been known to haunt ex-central bankers, which some have attempted to relieve by immersing themselves in academic studies, while others have resorted to the soothing…
RBA keeps interest rates unchanged at 4.75%
The Reserve Bank of Australia keep interest rates unchanged on Wednesday 6 August for the 14th month running, according to Bloomberg. RBA governor Ian Macfarlane said in June he was prepared to lower interest rates unless global demand recovers.
Finance minister becomes governor in Peru
How will Javier Silva measure up as the new governor of Peru's central bank? Previously the country's finance minister, Silva stepped into the breach to replace Richard Webb after the latter's resignation on account of unworkable disagreements between…
Federal Reserve on Basel Capital Accord
Agencies Announce Publication of Documents Related to Basel Accord Implementation, 4 August. Comments on the two documents will be accepted by the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the…
Iraqi central bank seeks transfer of frozen assets
Faleh Salman, the acting governor of the Central Bank of Iraq has requested all frozen assets of the former Iraqi government be transferred to a development fund set up at the New York Federal Reserve, Reuters reported.
Japan's Takenaka to meet Greenspan
Japanese Economics Minister Heizo Takenaka was due to begin a five day visit to the Unites States on Tuesday, AFX Asia said. His schedule includes a meeting with Fed chairman Alan Greenspan.
WAMZ to set up banking supervisory agency
As part of the West African Monetary Zone's push towards a single currency, an external supervisory agency for banking supervision is to be set up, according to a report from Vanguard.
Japan says economy is recovering, ups assessment
The Japanese government's monthly economic report expressed optimism referring to "signs of change" in the worlds second largest economy. A partial recovery in Japan's stock market and increased exports. Bank of Japan deputy governor Toshiro Muto said …
Belarus to issue non-cash Russian rubles
The central banks of Belarus and Russia have reached agreement over issuing non- cash Russian rubles in Belarus, proportionate to GDP. The meeting of the Interbank Currency Council on 1 August was attended by the presidents of both central banks, a…
Bank of Spain cautiously optimistic on economy
Spain's GDP rose to an annual rate of 2.2% in the second quarter, the Bank of Spain's quarterly report showed Monday. The Bank said that the pick-up was largely thanks to the improved global outlook, robust consumer spending and low interest rates,…
Central banks sold 280 tonnes of gold this year
According to Gold Fields Mineral Services central banks sold a combined 280 tonnes of gold in the first half of 2003. 80% of the sales were from the 15 central banks in Europe which make up the Washington agreement.
Slovak Officials want to adopt euro by 2009
Slovakia aims to introduce the euro by 2009 Finance Minister Ivan Miklos and central bank Vice Governor Elena Kohutikova said in interviews. Switching to the common currency will raise economic growth by 1 percentage point, Bloomberg reported Kohutikova…
PBOC repeats pledge to hold exchange rate stable
The People's Bank of China pledged Tuesday to continue to carry out a prudent monetary policy and further improve the RMB exchange rate system, Xinhua News Agency reported.
Atlanta Fed's Guynn sees economic momentum growing
Atlanta Fed President Jack Guynn said on Thursday 31 July that business investment spending and job growth were key uncertainties that will have a strong influence on business investment spending and job growth, according to Reuters. Guynn cited a number…
Trichet urges Chirac to cut public spending
Bank of France governor Jean-Claude Trichet has called on President Jacques Chirac to reduce spending and introduce reforms to lift growth, according to the Financial Times. In a letter to the President, accompanying the Bank's annual report, Trichet…
Sweden's Persson shifts euro-debate to politics
Swedish prime minister Goran Persson urged Swedes to vote yes to the euro in the 14 September referendum, according to EUObserver. Speaking on Sunday 3 August he said "The economic arguments are important, but the political arguments are decisive for me…
Global settlement bank CLS to recognise Korean won
The CLS Bank has said it recognises the Korean won as an eligible currency for the bank's settlement process in principle, according to The Korea Herald. Bank of Korea officials noted that the inclusion of the local currency as a CLS currency would free…
Brazil may cut central bank reserve requirement
The Central Bank of Brazil may lower its reserve requirement for commercial banks by as much as 20 percent, Bloomberg reports President Lula's chief of staff as saying.
Bangladeshis complain of 'smelly' banknotes
The people of Bangladesh are becoming increasingly unhappy with their banknotes, according to a report by Reuters. Complaints that the paper money can "smell awfully bad" has seen fish-market customers refusing to take notes in their change, insisting…
Bank Indonesia and government resolve disagreement
Bank Indonesia has resolved a long-standing dispute with its government, according to Dow Jones. The problem concerned the aftermath of the Asian financial crisis over how to account for the emergency funding. The resolution should see the government's…
'Worst is over for Germany' says Schroeder
German Chancellor Gerhard Schroeder said that key economic figures increasingly point to an economic upswing, according to AFP "These encouraging signs give rise to confidence that, particularly next year, German economic growth will strongly increase…
European Court of Justice judgement on OLAF case
Judgement of the European Court of Justice on OLAF case, 31 July. Press release from the ECB on the European Court of Justice's judgement on the Commission of the European Communities v. the European Central Bank.
Election delay of BNB governor 'won't harm banks'
The postponement of the election of a new governor to the Bulgarian National Bank won't harm Bulgaria's banking sector, Finance Minister Milen Velchev has said according to Novinite.