News
Garganas calls for sharp fall in deficit and debt
Bank of Greece Governor Nicholas Garganas told a parliamentary committee on Wednesday 9 March that Greece's economy does not face a crisis, but the government must try to lower budget deficits and public debt even sooner than mandated by the European…
RBI plans to restructure divisions
According to a report on Thursday 10 March the Reserve Bank of India is restructuring itself in order to streamline operations. Banking sources were quoted as saying the RBI is in the process of moving divisions into separate units.
Fed's Moskow says rates have room to rise
Chicago Fed President Michael Moskow said on Wednesday the Federal Reserve can continue raising interest rates at a measured pace, but with less slack in the U.S. economy, it must be vigilant on inflation.
ECB's Mersch against pact dilution
European Central Bank council member Yves Mersch has criticised larger European governments for trying to relax the budget-deficit rules underpinning the euro.
Russia reports record gold reserves
The Central Bank of Russia has announced that gold or hard currency reserves soared 7.7 per cent to a record $134.15 billion in January-February 2005.
China's fin min says ex rate at a reasonable level
China's finance minister Jin Renqing said Wednesday the exchange rate is at a reasonable level and is "in line" with the country's current conditions.
Stability pact talks in deadlock
Jean-Claude Juncker, the Luxembourg chairman of talks on reform of the EU's budget rules, has warned that a deal might not be possible.
US's Snow puzzled by criticism of Greenspan
US Treasury Secretary John Snow said on Monday 7 March that he was puzzled by harsh words used to describe Federal Reserve Chairman Alan Greenspan over his support for the Bush administration's proposals to overhaul Social Security.
Stability pact talks making "good progress"
EU Finance Ministers called an emergency negotiating session in the early hours of Tuesday morning, 8 March, on the stability and growth pact rules after marathon talks broke up without an agreement.
ADB looking forward to Turkey hosting meeting
The Asian Development Bank said on Tuesday 8 March that it is looking forward to Turkey hosting the Bank's next Annual Meeting in Istanbul.
Tanigaki says BOJ and gov't want deflation end
The Japanese government and the Bank of Japan share the same view on interest rates and both want to end deflation, Finance Minister Sadakazu Tanigaki told a press conference in Tokyo on Tuesday 8 March.
S. Africa could have single currency by 2016
A plan to better integrate markets of southern African countries may lead to a single currency managed by a single central bank by 2016.
IMF: Global economy too dependent on US, China
The International Monetary Fund will say in its latest World Economic Outlook report that the global economy is too dependent on growth in the United States and China, the German business daily Handelsblatt reported on Monday 7 March .
Trichet: Central bankers optimistic on economy
The president of the European Central Bank, Jean-Claude Trichet, said on Monday 7 March that central bankers are cautiously optimistic about the global economy.
Russia's reserves hit record high
Russian central bank reserves in gold and foreign currency holdings soared to a record 134.15 bln usd in January-February 2005, up 7.7 pct, ITAR-TASS news agency quoted the bank as saying.
PBOC's Zhou doesn't see deflation threat
China's economy is not in a deflationary stage because the consumer price index continues to rise on a monthly basis, the Securities Times reported, citing Zhou Xiaochuan, governor of the People's Bank of China.
Bahrain to establish new central bank
Bahrain is set to establish a central bank to be its new authority on finance and banking, following a cabinet meeting on Sunday 6 March.
Interview with ex-RBI chief Bimal Jalan
In an interview published this week, former governor of the Reserve Bank of India Bimal Jalan said interest rates will be soft as the inflation situation is okay and the foreign exchange reserve position is also comfortable.
Bank of Canada announces 2005 Research Fellowship
The Bank of Canada announced on Wednesday 2 March that Professor Paul Beaudry of the University of British Columbia is the recipient of the Bank's Research Fellowship for 2005.
Ukraine appoint central bank exec director, deputy
Oleksandr Tolstoy has been appointed the executive director of the National Bank of Ukraine, according to Ukrainian news agency UNIAN.
New French finance minister installed
Thierry Breton arrived for work on Monday 28 February as France's fourth finance minister in less than a year following the resignation of Herve Gaymard last week.
Wolfowitz for World Bank, or Wolfensohn's son?
Reports this week said Paul Wolfowitz, US deputy secretary of defence, was a leading candidate to replace James Wolfensohn as the president of the World Bank. But the move seems unlikely following comments by Wolfensohn on Thursday 3 March.
Armenian central bank chief re-appointed
The Armenian parliament has endorsed the re-appointment of Tigran Sargsyan as chairman of the Central Bank of Armenia, Mediamax news agency reported on Wednesday 2 March.
SEANZA central banks see liberalisation gains
Central bankers from Southeast Asia, Australia and New Zealand (SEANZA) met this week and agreed to assess the impact of global financial liberalisation on regional monetary, exchange rate and banking supervision policy.