News
Fed's changes to payments system risk statement
The Federal Reserve Board on Thursday 5 February announced that, beginning in July 2006, it will require Reserve Banks to release interest and redemption payments on securities issued by government-sponsored enterprises and international organizations.
Sveriges Riksbank lowers repo rate by 0.25%
At its meeting on Thursday, 5 February, the Executive Board of the Swedish central bank decided to lower the repo rate from 2.75 to 2.50 per cent.
Argentina's Lavagna to meet IMF's Koehler
Argentine Economy Minister Roberto Lavagna will meet IMF Managing Director Horst Koehler in Miami on Monday 9 February to discuss the second review of a $13.3 billion loan deal, an economy ministry source said on Thursday.
G7 ministers prepare for meeting
Finance ministers of the rich G7 nations are converging on Florida for a weekend meeting that analysts say will produce little concensus.
Bank of England raises rates to 4%
The Bank of England's Monetary Policy Committee voted on Thursday 5 February to raise the Bank's repo rate by 0.25 percentage points. In a statement the MPC highlighted the 'more broadly based' world economic recovery but judged the change was need to…
IMF officials to meet Iraqi finance chiefs
Iraq's finance minister and central bank governor are to meet officials at the International Monetary Fund after attending a Group of Seven meeting in Boca Raton, Florida.
Report says Belgium set to propose ECB candidate
According to a report in a Belgian local daily on Thursday 5 February, Peter Praet, a central bank director, is set to be put forward as a replacement to a retiring ECB board member.
Schroeder suggests gold reserves used to fund R&D
German Chancellor Gerhard Schroeder was quoted in an interview on Thursday 5 February as suggesting that Bundesbank gold reserves could be used to finance research and development projects.
BOJ says recovery on track, but yen concerns
Bank of Japan Governor Toshihiko Fukui said on Thursday 5 February that the Japanese economy probably performed strongly in the last quarter of 2003, but he highlighted the risk posed by a strong yen following the BOJ's decision to keep monetary policy…
Court told BoE broke rules over BCCI
It was alleged in the High Court in London on Wednesday 4 February that the Bank of England broke banking regulations in two areas when it licensed the now collapsed Bank of Credit and Commerce International.
ECB press conference with questions and answers
At the ECB's press conference on Thursday 5 February, after leaving eurozone interest rates on hold, Jean-Claude Trichet said he saw no need to amend the European Stability and Growth Pact and that the bank would not rush into any decision that impacted…
RBA holds rates unchanged
The Reserve Bank of Australia left interest rates unchanged on Wednesday 4 February, pausing after two increases in November and December.
Bulgaria plans to restrict central bank powers
Bulgaria's Parliament has passed amendments, at a first reading, to the state budget law concerning the powers of the governor of the Bulgarian National Bank.
Putin discusses Russian economy with Ignatiev
Russian central bank president Sergei Ignatiev has held a working meeting with president Vladimir Putin to discuss the economy and exchange rate situation.
Welteke: Strong euro 'an asset' and outlook good
Ernst Welteke told an audience in Frankfurt that the strong euro is allowing the ECB to keep interest rates low. The Bundesbank chief also said the economic prospects for the eurozone and Germany "are rather good" and urged Britain to join the euro.
Eurozone inflation sticks at 2.0% in January
Eurozone annual inflation in January is expected to remain at two per cent according to official estimates published by the European Commission.
OECD report worries on Japan deflation pressure
The Organization for Economic Cooperation and Development (OECD) released a report on Tuesday 3 February on Japan suggesting that deflation remains a big problem despite the return to growth.
Bank of Canada unveils new $100 bank note
The Bank of Canada has unveiled Canada's new $100 bank note, which will go into circulation beginning 17 March. David Dodge said all Canadians can use the new notes "with comfort and with pride".
Nyberg on developments in the Swedish economy
Sveriges Riksbank Deputy Governor Lars Nyberg spoke to the Swedish Shareholders' Association last week. Nyberg said that although the dollar has weakened due to developments in the US trade and budget deficits it was generally considered to be have been…
Court told Bank knew BCCI's 'dubious reputation'
The High Court in London was told on Monday 2 February that the Bank of England was aware that the collapsed Bank of Credit and Commerce International had an "appalling reputation" and that other banks "wouldn't touch BCCI with a barge-pole" before…
Italy's cabinet approves regulatory reform bill
Prime Minister Silvio Berlusconi's cabinet approved a draft law on Tuesday 3 February to reform Italy's financial regulatory system, effectively leaving the Bank of Italy with a veto over banking mergers.
Strong euro does not require rate cut - Buba
According to Hermann Remsperger, the Bundesbank's chief economist, the ECB does not need to cut eurozone interest rates to stimulate domestic demand. The ECB's rate-setting Governing Council is due to meet on Thursday 5 February.
Forex reserves hit record high in South Korea
South Korea's foreign exchange reserves hit a record high in January, helped by the government's continued dollar buying.
PBOC offers huge reward to Olympic coin designer
The People's Bank of China announced on Tuesday 3 february that it will pay up to 1.5 million yuan (US$181,378) for winning commemorative coin designs for the 2008 Olympic Games.