News
SADC: Central bank independence reduces inflation
Finance and development planning minister, Baledzi Gaolathe, told the SADC meeting of central bank governors in Botswana that countries where central banks enjoy independence had greater success in reducing inflation and improved micro economic…
Ethics for central bankers
The ejection of Ernst Welteke from the presidency of the Bundesbank has focused many central bankers on the issue of professional ethics. CentralBankNet examines how leading central banks navigate the issue.
Weber officially takes over at Bundesbank
Economics professor Axel Weber was formally appointed on Friday 30 April to head the Bundesbank, following Ernst Welteke's recent resignation. He can therefore attend the next meeting of the European Central Bank in Helsinki next week.
IMF to name new Managing Director Tuesday
The International Monetary Fund will announce its next managing director on Tuesday 4 May, board sources said on Thursday, Reuters reported. The job is widely expected to go to Spain's former economy minister, Rodrigo Rato.
New deputy head of Riksbank's Fin Stability dep't
The Executive Board of the Riksbank decided at its Wednesday meeting (April 28)to appoint Anders Kragsterman deputy head of the Financial Stability Department. He will take up this post during the autumn.
Yukos board approves Gerashchenko's candidature
The board of directors of the YUKOS oil company has approved former president of the central bank of Russia, Viktor Gerashchenko, to stand as a member of the board of the oil company.
Mugabe arrests his Finance Minister
Zimbabwe's finance minister was arrested on Saturday (24 April) on charges of dealing in foreign currency. He is the first senior official in President Robert Mugabe's government to be detained in a corruption crackdown.
Colin Powell linked to World Bank top job
A report in the New York Times this week said the buzz in the capital was that Colin Powell could be the next president of the World Bank.
Ex-CBK deputy governor in witness box
Former deputy Governor of the central bank of Kenya Eliphaz Riungu told the Goldenberg inquiry this week that he never opened accounts in the Indosuez Sogem Aval Ltd London branch bank for Central Bank of Kenya.
ECB welcomes the new EU Member States
On 1 May the European Union will have ten new Member States, the Czech Republic, Estonia, Cyprus, Latvia, Lithuania, Hungary, Malta, Poland, Slovenia and Slovakia. In a press release Friday, Jean-Claude Trichet welcomed the ten saying "We look forward to…
Monetary policy is no panacea: ECB's Papademos
European Central Bank Vice President Lucas Papademos said on Thursday 29 April that European Union governments cannot rely on monetary policy to cure structural economic problems.
Fukui says BOJ cannot commit to govt growth target
Toshihiko Fukui said in minutes released on Friday 30 April that while the Bank of Japan was committed to fighting deflation it could not commit to a specific growth rate, distancing the BOJ from a government growth target.
Issing says rate split suggestions 'sci-fi'
European Central Bank (ECB) chief economist Otmar Issing expressed concern on Thursday 29 April about sluggish growth in the 12-nation eurozone and dismissed suggestion of splits in the ECB over interests rates as "science fiction."
Nigeria gets new central bank governor
The Nigerian government announced on Thursday (29 April) the appointment of Professor Charles Soludo as the new Governor of the Central Bank of Nigeria (CBN). Also appointed by President Obasanjo was W. A. Mshelia, the first woman deputy governor of the…
Eurozone inflation estimate reaches ECB 'ceiling'
Eurostat released a preliminary estimate for April inflation in the eurozone Friday showing that the rate had risen to a higher than expected 2.0 per cent from 1.7 per cent in March.
Classical King
A while back we reported that Bank of England governor Mervyn King was spotted out at an hour-long symphony by Russian composer Dimitri Shostakovich at London's Royal Festival Hall. Now a press report says, shock horror, he has been seen carrying a CD of…
RBNZ increases interest rates to 5.5%
The Reserve Bank of New Zealand increased its Official Cash Rate from 5.25 per cent to 5.5 per cent on Thursday 29 April. RBNZ Governor Alan Bollard commented on the decision "The New Zealand economy continues to perform strongly and this is being…
Sweden holds rates steady at 2%
At its meeting on Wednesday 28 April the Executive Board of the Riksbank decided to leave the repo rate unchanged at 2 per cent. After a mild economic downturn the recovery in the Swedish economy has proceeded largely as expected, the Riksbank said.
Logica implements Chile RTGS system
Logica announced on Thursday the successful implementation of its Real-Time Gross Settlement (RTGS) System for the Banco Central de Chile (BCC), Chile's Central Bank.
SNB: Swiss franc not hindering recovery
Current Swiss franc exchange rates are not hindering the country's economic rebound, and while market intervention remains an option, it is not an issue at the moment, Swiss National Bank (SNB) directorate member Philipp Hildebrand said in an interview…
Request for comment on payments system risk policy
The Federal Reserve Board on 21 April requested comment on proposed revisions to Part II of its Policy Statement on Payments System Risk (PSR Policy), which addresses risk management in payments and securities settlement systems.
SADC central bank governors to meet in Botswana
Thirteen Southern African Development Community (SADC) central bank governors are expected in Gaborone, Botswana on Friday 30 April to attend the biannual meeting of the committee of Central Bank Governors.
Basel II talks over by end June - Caruana
Financial regulators expect to end talks to redraft global banking regulations, known as Basel II, by the end of June, Jaime Caruana, head of the Basel Committee on Banking Supervision, was quoted as saying on Tuesday 27 April.
BoE's Bell hints at need for higher rates
A member of the Bank of England's nine-strong Monetary Policy Committee thinks interest rates need to rise, according to an interview. Continued above trend growth, she said, would likely impact on prices.