News
BoF's Noyer says French GDP forecast plausible
In an interview on Monday 7 February, Bank of France governor Christian Noyer said the government's 2.5 per cent forecast for GDP growth in 2005 is plausible, although economists have suggested the figure is too optimistic.
ECB's TARGET2 Progress Report
The ECB published a progress report on TARGET2 on 8 February. The report considers three main issues - service, pricing and migration to TARGET2. These issues were decided upon by the Governing Council on 16 December 2004.
Russia's euro reserves increase
The euro now accounts for one third of Russia's foreign currency reserves, a top official from Russia's central bank said on Tuesday 8 February.
Iraq to earn income on reserves via NY Fed account
The central bank of Iraq is to be allowed to open a deposit with the Federal Reserve Bank of New York which will earn it millions of dollars in vital interest income, US Treasury Under Secretary John Taylor said on Tuesday 8 February.
ADB chief urges flexible exchange rates for China
Speaking to reporters on Tuesday 7 February, the head of the Asian Development Bank urged China to adopt a more flexible currency exchange system, saying that removing the yuan's peg to the US dollar would be good for both Beijing and its neighbours.
Takenaka calls for money supply increase
Economic and fiscal policy minister Heizo Takenaka said the Bank of Japan and the government should work together to increase money supply growth to end more than six years of deflation.
Fed's Gramlich says US should raise saving rate
Speaking on Monday 7 February, Federal Reserve Board Governor Edward Gramlich said that while the US economy was doing well, he was troubled by the nation's low saving rate.
Juncker says stability pact changes to be limited
Euro group president Jean-Claude Juncker said at the weekend that reform of the EU stability pact will be limited and will not harm economic stability.
G7 calls for increased exchange rate flexibility
G7 finance ministers and central bank governors have called for more flexibility in international exchange rates and warned that excess volatility would restrict global growth.
PBOC chief Zhou says China on track to reform
China is very much on the track toward an exchange rate reform in response to the demand of the world's richest nations for a more flexible exchange regime, China's central bank chief told Xinhua News in an interview.
IMF's gold to help relieve Third World debt?
Gold prices struggled to hold key support in Europe on Monday 7 February following confusion over what the IMF might do with its huge gold reserves to help relieve Third World debt.
Venezuela ratifies central bank president
Venezuela's National Assembly has ratified by simple majority, President Hugo Chavez' nomination of Gaston Parra Luzardo as the new president of the Central Bank of Venezuela (BCV).
Interview with Bank of Canada's Tiff Macklem
In an interview published this week, Bank of Canada Deputy Governor Tiff Macklem said Canada's economy may take two or three years to adjust to a currency that rose more than 20 per cent since early 2003 and "there is probably some more adjustment to go".
Malawi names new central bank governor
President Bingu wa Mutharika of Malawi has decided against renewing the contract of central bank governor Elias Ngalande, which expires at the end of this month, a government official said on Tuesday 1 February. Ngalande will be succeed by Victor Mbewe.
Nepal Rastra Bank appoints new governor
After a protracted dispute among the ruling parties, a cabinet meeting on Monday 31 January finally decided to appoint deputy governor Bijaya Nath Bhattarai as the new governor of the Nepal Rastra Bank.
BOT governor brushes off dismissal rumours
Bank of Thailand governor M.R. Pridiyathorn Devakula said this week that he had not been affected by rumours of his possible ousting from the central bank.
SARB to present upgraded banknotes to parliament
The South African Reserve Bank said on Friday 4 February that the upgraded banknotes, which went into circulation at the beginning of February, will be presented to members of Parliament in Cape Town on 7 February, ahead of the opening of Parliament.
Greenspan to testify on Social Security 15 March
Federal Reserve Chairman Alan Greenspan will testify on Social Security on March 15 at 10 a.m. EST (1500 GMT) before the Senate Special Committee on Aging, the panel said on Thursday 3 February.
Tanigaki says G7 statement likely unchanged
Japanese Finance Minister Sadakazu Tanigaki said the tone of the communique to be issued at the Group of Seven meeting of finance ministers and central bank governors will likely be little changed from last year's, Jiji Press reported.
G7 set to discuss yuan exchange rate
A French official said on Friday 4 February the G7 meeting in London will "evidently address" the question of the Chinese yuan's exchange rate.
Deal for Africa seen in jeopardy
Speaking on Friday 4 February US Treasury Under Secretary appeared to reject a plan to create an International Finance Facility to raise $100 billion a year for African nations.
Federal Reserve boosts key interest rate to 2.5%
The Federal Open Market Committee decided on Wednesday 2 February to raise its target for the federal funds rate by 25 basis points to 2-1/2 per cent. In a press release the FOMC said the economy is growing "at a moderate pace despite the rise in energy…
ECB press conference with questions and answers
The ECB kept interest rates on hold on Thursday 3 February; Jean-Claude Trichet said that economic conditions are likely to improve.
US Treasury's Snow to miss G7 meeting
US Treasury Secretary John Snow will not attend the meeting of Group of Seven finance ministers in London this weekend, as he has a chest cold.