News
Stability pact showdown expected
A showdown may be in the offing regarding the EU's stability and growth pact. The EU summit in Brussels next week is expected to discuss reform of the 25-nation bloc's fiscal rules.
Bank of Korea not to alter dollar reserves- report
The Bank of Korea does not intend to alter the proportion of its foreign exchange reserves denominated in US dollars, although it will seek to maximise profit from its forex holdings by investing in a broader range of assets, the Wall Street Journal…
Ukraine to move to more flexible peg
Ukrainian Economy Minister Serhiy Teryokhin said the country plans to replace the hryvna's peg to the dollar with a more flexible exchange rate system that includes the euro.
ECB says Lithuanian mint on track for euros
Lithuania's mint meets the basic requirements for coining euros, the central bank said Thursday, citing the conclusions of a team of European Central Bank officials who visited the mint this week.
IDB meeting to focus on trade and investment
The April 10-12 meeting of the Inter-American Development Bank, to be chaired by Japanese Finance Minister Sadakazu Tanigaki, will bring together finance ministers and central bank governors from its 46 member countries, officials said at a news…
OECD report says dollar fall not unexpected
Global growth is only expected to slow moderately this year despite volatility in oil prices, the OECD said on Thursday 17 March in its semi-annual Financial Market Trends report.
Taiwan cb deputy governor meets BoK's Park
Central Bank of China deputy governor Liang Fa-chin attended an international conference in South Korea, but did not discuss foreign exchange issues with Bank of Korea governor Park Seung, Economic Daily News reported, citing central bank governor Perng…
Former BOJ's Taya says current policy should stay
A former Bank of Japan policymaker told a press conference on Thursday 17 March that the central bank should adhere to its current "quantitative" credit-easing policy until Japan's economic recovery is achieved.
BOK to increase efficiency of reserve management
The Bank of Korea (BOK) said it will strengthen its manpower in the foreign currency asset management divisions to more effectively manage increasing foreign exchange reserves.
ECB's E-payments in Europe conference summary
The European Central Bank held a conference on "E-payments without frontiers" on 10 November 2004. A detailed summary of the event was published by the ECB on Tuesday 15 March, together with documentation of the individual presentations by speakers.
GCC central bankers to meet on monetary union
Central bankers in the six-member of Gulf Cooperation Council (GCC) are set to meet in Saudi Arabia this Saturday, 19 March, on monetary union, the Arab News daily reported Wednesday 16 March.
BOJ raises assessment of economy
The Bank of Japan slightly raised its assessment of the economy on Wednesday 16 March, saying in its latest monthly report that industrial production is flat, rather than weak - the first upgrade since last June.
PBOC to maintain managed floating forex mechanism
China will maintain its managed floating rate mechanism for its yuan currency, state television quoted central bank governor Zhou Xiaochuan as saying.
Financial Stability Forum hold 13th meeting, Tokyo
The Financial Stability Forum (FSF) met on 11 March in Tokyo. Members discussed risks and vulnerabilities in the international financial system and reviewed ongoing work to mitigate sources of vulnerability.
China's Wen says progress made on yuan rate
China's Premier Wen Jiabao said on Monday 14 March that the country is working on a plan for a more flexible exchange rate of the renminbi but the specific measures may come at an "unexpected" time.
Japan's Tanigaki says deflation end needed
The Bank of Japan should take "effective measures" to end deflation, Finance Minister Sadakazu Tanigaki said on Tuesday 15 March at a press conference in Tokyo.
China technically ready on yuan move - IMF
International Monetary Fund managing director Rodrigo Rato told a press conference China is "technically" ready to adjust its currency and now is the time to move to a more flexible exchange rate mechanism.
Bundesbank reports profit fall on dollar weakness
The German Bundesbank on Tuesday 15 March reported a net profit of A€676 million (US$904 million) for last year, a figure that came in far short of government budget projections as the weak dollar lowered the value of foreign-currency holdings.
Sweden's central bank holds interest rate steady
Sweden's central bank held steady its key interest rate at 2 per cent on Tuesday 15 March, with continued expectations of a global economic recovery and steady economic activity inside Sweden.
RBI constitutes payment systems Board
The Reserve Bank of India said on Thursday 10 March that it has constituted a Board for Regulation and Supervision of Payment and Settlement Systems (BPSS) as a Committee of its Central Board.
Trichet sees continued relatively moderate growth
European Central Bank president Jean-Claude Trichet told the European Parliament on Monday 14 March that he expects continued moderate eurozone growth this year and next.
Net loss widens for ECB on euro
The European Central Bank published its annual accounts for 2004 on Monday 14 March, saying that its net loss more than tripled last year as the falling dollar lowered the value of the bank's foreign-currency holdings.
Commission says 'not sure' on euro rule reform
The EU's economics and monetary affairs commissioner Joaquin Almunia has said he is "not sure" an agreement can be reached on reforming the rules underpinning the euro- the Stability and Growth Pact.
No sign of Asian central bank dollar shift- Taylor
Concerns that Asian central banks are looking to reduce their dollar-denominated reserves are misplaced, U.S. Treasury Undersecretary for International Affairs John Taylor told Dow Jones in an interview published on Friday 11 March.