News
Second ECB Central Banking Conference
CONFERENCE - The transformation of the European financial system, Frankfurt, 24 and 25 October 2002.
Expectation increases of UK interest rate cut
UK - The odds against a cut in interest rates before the end of the year have shortened sharply after it emerged that three members of the Bank of England's monetary policy committee voted for a cut earlier this month.
Takenaka faces no-confidence vote in Japan
JAPAN - Heizo Takenaka, Japan's embattled economic czar, will today face a parliamentary vote of no confidence as the opposition tries to exploit a clash within the ruling Liberal Democratic party over how to tackle the country's banking crisis.
US economy still stuck in doldrums
US - The US economy is struggling to break out of the doldrums, with widespread sluggishness infecting retail sales, according to a regular survey of business conditions by the Federal Reserve.
Lobby group warns UK on delaying euro entry
UK - Eight out of the 10 states poised to join the European Union could be ready for euro membership by 2007, increasing the risk that the UK will be isolated unless it joins soon, according to Britain in Europe.
Canada's c bank warns of spike in inflation
CANADA - The Bank of Canada said Wednesday economic growth will be lower than expected in the short term but inflation could still double the bank's target by year-end, as Canada continues to be pulled in opposite directions by uncertain global markets…
Polish rate cut may be last - Balcerowicz
POLAND - Chairman of the Polish National Bank [NBP] Leszek Balcerowicz said on Thursday that October's interest rate reduction, that had surprised the market, did not have to mean another reduction.
Hayami pans adoption of inflation target for Japan
JAPAN - Bank of Japan Gov. Masaru Hayami on Thursday rejected the notion of adopting an inflation target as a means of helping to raise prices and fight deflation. "There is no data to support the procedure and the way to achieve it," Hayami told a…
Prime Minister responds to Finland's Vanhala
FINLAND - Prime Minister Paavo Lipponen (Soc. Dem.) has responded to recent criticism of Finland's incomes agreement policy voiced by Matti Vanhala, Governor of the Bank of Finland.
Federal Reserve Board Press Release, 22 October
PRESS RELEASE - The Federal Reserve Board, along with the Federal Reserve Banks of Chicago, Minneapolis, Kansas City, and San Francisco, will sponsor a conference this fall to explore ways to encourage banking opportunities in tribal communities.
Bank of England Monetary Policy Committee Minutes
MINUTES - Minutes of the Bank of England's Monetary Policy Committee Meeting released on 23 October for the meeting of 9 and 10 October 2002. The nine MPC members voted on a proposal to maintain the repo rate at 4.0%. Six voted in favour of this, however…
Modest growth in slow recovery - Fed's Poole
US - St. Louis Federal Reserve Bank President William Poole said on Wednesday the U.S. economy is growing modestly as it recovers slowly from recession.
Poland surprises market with rate cut
POLAND - Poland's central bank took markets by surprise on Wednesday with a half-point cut in interest rates, its third policy easing in as many months.
Malaysian gov't presses ahead on use of gold dinar
MALAYSIA - The government will set up a secretariat to study and promote the use of the gold dinar as currency for international trade if the cabinet agrees, Prime Minister Dr Mahathir Mohamad said today.
Tito Mboweni urges scrutiny of inflation basket
SOUTH AFRICA - Central bank governor Tito Mboweni has urged academics to analyse the country's inflation targets, as part of a challenge to make research institutions become more relevant to public policy.
Saudi Arabia urged to speed up economic reform
SAUDI ARABIA - The International Monetary Fund has called for the acceleration of economic reforms in Saudi Arabia, warning that inaction would swell an already large public debt, put pressure on public finances and discourage investment.
Peru open first Latin American anti-forging office
PERU - Peru, fighting an aggressive trade in forged bills and coins, opened on Tuesday Latin America's first office that will work with U.S. and Colombian secret services to stamp out counterfeit cash.
Russian c bank challenges politicians on reform
RUSSIA - A day after the government cancelled Thursday's Cabinet session on two key financial initiatives - liberalizing currency control and the introduction of deposit insurance - a top central bank official declared the time has come to test the…
RBI forms panel to review WMA scheme
INDIA - The Reserve Bank of India (RBI) will review the ways and means advances (WMA) scheme for states in its entirety. The central bank has constituted an advisory committee for the purpose under the chairmanship of C Ramachandran, ex-expenditure…
Afghanistan new notes switch going well
ARTICLE - New currency is circulating in Afghanistan as the process of changing money is carried out by the interim government.
Bomb scare at African fin ministers cocktail party
SOUTH AFRICA - Panic characterised the glittery cocktail party for the African finance ministers and central bank governors meeting following a hoax that a bomb had been planted at the Sandton Convention Centre on Sunday evening.
Tokyo abandons unveiling of bad loans plan
JAPAN - Heizo Takenaka, economy minister and chief bank regulator, was forced to postpone the unveiling of his plan to deal with Japan's bad loans raising suspicions that the ruling Liberal Democratic party has big disagreements with his proposals.
'Recovery may be slower' - ECB's Vanhala
GERMANY - European Central Bank (ECB) governing council member Matti Vanhala said Monday that the euro-zone economic recovery may be slower than expected, but an ECB rate cut was unlikely to boost demand significantly.
Poland's central bank warns of bad debt increase
POLAND - The National Bank of Poland (NBP) has published calculations indicating a 21 percent increase in the level of bad debts on loans granted by banks to corporate clients.