News
Anti-money laundering FATF urge Indonesia to act
The Financial Action Task Force on Money Laundering could impose high-risk premiums on all financial transactions by Indonesian financial institutions if the government fails to amend the current anti-money laundering law by September, Dow Jones reports,
UK 'should join euro' when economics are right
The UK chancellor Gordon Brown confirmed on Monday 9 June that only one of the five economic tests had been passed for Britain's entry to the euro. He also set out measures that would increase economic convergence between the UK and eurozone saying he…
More dynamic BOJ sees off media critics
Senior BOJ staff professes themselves pleased with the public relations impact of the more active communications strategy followed since Toshihiko Fukui took over from Hayami-san as governor in March. "Even Yomiuri Shimbun has stopped criticizing us,"…
Danish central bank cuts rates to 2.15%
The Danish central bank has again mirrored the ECB's half point rate cut yesterday by also cutting rates half a percent to 2.15%, according to a Bloomberg report. This is its lowest level in almost two centuries.
Real strengthens as Brazilian cb intervenes
The Brazilian currency, the real, continues to gain as the central bank sells securities, Bloomberg reports. It has outperfomed all major trading currencies this year and gained 22%.
Greenspan found learning a 'troublesome activity'
Alan Greenspan has been providing encouragement to school children, but when they asked whether rates are going up or down he replied smilingly, "Yes", according to a report from This is London.
Afghanistan cb exerts influence over provinces
Leaders in the north of Afghanistan have promised to give full assistance in implementing the central bank's orders, according to a report by the BBC Monitoring Service.
Forex reserves to record highs in India, Pakistan
Forex reserves in India and Pakistan have reached record highs this week, Business Line, India, reports.
Malta central bank anniversary concert
The Central Bank of Malta is to hold an anniversary concert which will include Mozart's Requiem, according to a report by MM News.
New York Fed has problems replacing McDonough
The New York Fed has turned to a headhunter for help to find a successor to its outgoing governor Bill McDonough, the Financial Times reports. Jamie Stewart, the bank's first vice-president, will perform his functions in the interim.
Euro rises as ECB cuts rates by 0.5%
Slowing inflation has prompted the ECB to at last cut rates by half a percentage point to 2%, after persistent pressure from the markets, Bloomberg reports. The immediate consequence was a rise in the euro.
Sterling also rises as BOE leaves rates on hold
The Bank of England left rates unchanged on Thursday, causing the pound to rise against both the dollar and the euro according to a report by Bloomberg. It was governor Sir Eddie George's last appearance on the MPC.
RBNZ lowers rates to 5.25%
Weak consumer confidence caused the Reserve Bank of New Zealand to cut the official cash rate by a quarter of a percentage point to 5.25%, Reuters reports. Although the cut was expected, some economists had predicted it would be greater.
Venezuelan cb urges easing of forex controls
A director of Venezuela's central bank, Armando Leon, has pressed for the government to ease - although not to end - the country's currency control system set up four months ago, in the face of a deepening recession, according to Reuters.
Slovakia's cb favours fast euro entry
The National Bank of Slovakia governor Marian Jusko believes joining the euro will create a "stable economic environment" and consequently favours a fast entry to the euro zone.
Lebanon cb to increase forex reserves
Lebanese central bank governor Riad Salameh intends to increase foreign exchange reserves, currently at $10.2 billion, to absorb excess liquidity owing to the government's failure to launch any Treasury bills this year, according to a report in The Daily…
Australia leaves rates unchanged at 4.75%
The Reserve Bank of Australia has now kept interest rates on hold at 4.75% for a year, the New Zealand Herald reports, as a cut in rates could further raise already worrying levels of consumer debt while a raise would damage exports.
ATM scam losses minimal says UAE cb
The UAE central bank, which has been a victim of an ATM scam, has reassured the public that "the situation is under control" and losses are not serious, according to Gulf News. The bank is taking precautionary measures.
Split in Bulgaria over nomination of cb governor
There has been disagreement among the ruling coalition in Bulgaria, according to the Bulgarian News Network, over who is to continue as governor of the central bank when current governor Svetoslav Gavriyski' term ends next Wednesday.
Bank of Canada holds interest rates at 3.25%
Bank of Canada keeps target for the overnight rate at 3 1/4 per cent, 3 June.
ECB's Duisenberg says inflation receding
Speaking at the International Monetary Conference on Tuesday 3 June, Wim Duisenberg said inflation pressures had fallen back significantly in recent months and the pace of growth in Europe should pick up, according to a Reuters report.
Argentina c bank on track to target '04 inflation
The president of the central bank of Argentina has said the country should be ready to start inflation targeting in 2004, according to Reuters. Alfonso Prat Gay told a conference it would help Argentina to return to being a normal country.
Bulgaria's central bank launches RINGS system
The National Bank of Bulgaria put its new Real-time Interbank Gross Settlement System (RINGS) into effect on Tuesday 3 June, Novinite reports. It will make possible operations with payments in euros following Bulgaria's accession to the European monetary…
BMA maintains strict money laundering regulation
The Executive Director of Banking Supervision at the Bahrain Monetary Agency said the BMA will make a 'strategic priority' of implementing international best practice in combating money laundering and terrorist financing, according to a report by AME…