News
Italy suggests joint action to stabilise euro
Domenico Siniscalco, Italy's economy minister, was quoted by several news agencies on Wednesday 10 November as saying of the euro that "a co-ordinated intervention is being talked about again, not a unilateral intervention. That would not help."
Jarai says Hungary could miss 2010 euro target
The head of the National Bank of Hungary Zsigmond Jarai said stricter economic policies need to be introduced or Hungary won't be able to adopt the euro at its current target date of 2010.
Sweden to withdraw some older notes and coins
The Sveriges Riksbank announced on 9 November that the Riksdag (the Swedish parliament) decided on 27 October, following a proposal from the Riksbank, that some older series of banknotes and coins shall cease being legal tender after 31 December 2005.
PBOC deputy says no timetable for revaluation
People's Bank of China Deputy Governor Guo Shuqing said on Tuesday 9 November, on the sidelines of the G10 meeting in Basel, that China had no timetable for a revaluation of its currency.
ECB's Issing concerned on eurozone inflation
European Central Bank (ECB) chief economist Otmar Issing said in an interview that eurozone inflation is higher than the bank would like it to be, and it is watching inflation developments with concern.
No need to change MNB council makeup says ECB
In a statement made on Tuesday 9 November, the ECB commented on planned changes to Hungary's Central Bank Act saying that "the current Monetary Council rules in force are compatible with central bank independence and provide an appropriate framework for…
Fed expected to raise rates on 10 November
The Federal Reserve was widely expected to raise US interest rates on Wednesday 10 November at the conclusion of its FOMC meeting after the unexpected boom in US job creation in October.
BOK issues report backing strong won
The Bank of Korea (BOK) has issued a report supporting the appreciation of the national currency as part of steps to promote balanced growth between domestic demand and exports.
IMF's Rato urges Mexican structural reforms
International Monetary Fund Director Rodrigo Rato urged Mexico on Monday to carry out structural reforms, saying reforms will provide an opportunity for growth.
ECB board member warns on surging euro
Belgium's central bank chief and European Central Bank (ECB) board member Guy Quaden was quoted by daily De Tijd as agreeing that further increases in the value of the surging euro would not be desirable.
Cuba's new convertible currency introduced
The Cuban Convertible Peso, CUC, or "chavitos" as they have become known locally came into circulation on Monday 8 November, substituting the widely circulated US dollar, with the central bank saying the move would help the Cuban currency hold its value.
EU backs ECB warning on euro
The European Union's head office on Tuesday 9 November appeared to agree with comments by the European Central Bank president, warning that "excessive volatility" of the euro's exchange rate against the US dollar could damage economic growth in Europe.
UK Treasury's Brown sees recovery 'uncertainties'
UK Chancellor of the Exchequer Gordon Brown said in a speech that resilience of the global economic recovery is more uncertain in the face of rising oil prices and currency fluctuations.
Japan's Fukui watching forex market
Bank of Japan Governor Toshihiko Fukui said on Sunday 7 November that the Bank of Japan was watching currency markets warily after the dollar fell last week but did not think Washington was trying to guide the dollar lower.
Illarionov says Russia diversifying fx reserves
By selling US dollars, securities and assets denominated in the US currency, Russia is diversifying its currency reserves, which is in line with the policy pursued by the Central Bank of Russia, Andrei Illarionov, adviser to the Russian President on…
PBOC to take 'gradual and safe' approach on yuan
The People's Bank of China said on Saturday 6 November that it would take a "gradual and safe" approach to loosening the yuan-dollar peg, following International Monetary Fund calls to let the currency float in a wider margin.
Trichet says euro's record rise 'not welcome'
Economic growth "remains very steady," European Central Bank President Jean-Claude Trichet said at a briefing after a meeting in Basel, Switzerland, of the G-10 group, which he chairs. "Perhaps we're going to a level that's more sustainable in the medium…
Iraqi central bank authorises hard currency loans
The Iraqi Central Bank has authorized the public and private banks to give loans in hard currency to citizens in accordance with the regulations and mechanisms approved by each bank's board of directors.
Securities and clearing settlement systems
This ECB occasional paper "Governance of securities clearing and settlement systems" provides a description of the existing general approaches to corporate governance. It then identifies determinants of the corporate governance structures and mechanisms…
Interview with Central Bank of Nigeria's Soludo
In a recent interview Central Bank of Nigeria governor Charles Soludo talked about his plan to increase banks' minimum capital requirement. Soludo gives his opinion on some of the most talked-about points of his plan.
Norway's Gjedrem appointed to second term
Norges Bank governor Svein Gjedrem was appointed to a second term on Friday 29 October. Press reports described the move as a vote of confidence for his management policies.
Albania votes in new central bank chief
Albania's parliament voted to confirm some changes to top executive posts on Thursday 28 October including the appointment of Ardian Fullani as the new central bank governor.
Interview with Central Bank of Cuba's Soberon
In an interview published this week, president Francisco Soberon of the Central Bank of Cuba said it would be extremely unwise for Cuba to change the one-to-one exchange rate to the dollar after the Cuban people have shown such confidence in the Cuban…
Bank of Israel promotes 20 percent of staff
A press report said this week that Bank of Israel governor David Klein has decided to promote 20 per cent of the central bank's staff, with salary increases of between 10 and 15 per cent. Haaretz said the move was made without consulting the workers…