News
Chicago Fed National Activity Index, November 2003
The Chicago Fed National Activity Index (CFNAI) November 2003 was published on 18 December. The November CFNAI points to solid gains in economic activity and reached its highest value since March 2000 at +0.55. Three of the four broad categories of…
Philadelphia Fed Business Outlook Survey, Dec 2003
Activity in the region's manufacturing sector continued to expand, according to the firms surveyed for the Philadelphia Fed's Business Outlook Survey, December 2003. Noteworthy increases were recorded for key indicators shipments, new orders, and…
IMF says rate rises needed in the UK
The IMF said in its annual review of the UK economy, released on Thursday 18 December, that there was a need for more interest rate increases in the UK, warning of the dangers posed by a possible housing market crash. It called for "a gradual but early…
BOJ opens branch office in Beijing
The Bank of Japan opened its Beijing office on Thursday18 December It will be headed by Yosuke Tsuyuguchi and is designed to strengthen relations between the BoJ and the People's Bank of China.
Irish central bank upgrades 2004 growth forecast
The central bank of Ireland has upgraded its forecast for economic growth but said the euro's strength would reduce exporters competitiveness. In its quarterly bulletin, published on Thursday 18 December, it said the Irish economy has shown flexibility…
Ghana pledges commitment to Monetary Zone targets
Ghana's president John Agyekum Kufuor said on Friday 19 December that the country would target a single digit level of inflation by the end of 2004, in readiness for the second monetary zone in West Africa. President Kufuor said the monetary zone would…
Waring appointed to RBNZ Board
New Zealand's finance minister Michael Cullen said on Thursday 18 December that Dr Marilyn Waring has been appointed to the Reserve Bank Board to replace Ruth Richardson whose term expires on 3 February. Waring is currently a Professor of Public Policy…
Philadelphia Fed index rises dramatically
The Philadelphia Fed's general economic index this month registered 32.1 compared with 25.9 in November. It represents the highest level in a decade with more factories hiring workers than at any time since April 1973, the report said.
Ukraine to keep currency policy tied to dollar
Serhiy Tihipko, chairman of the National Bank of Ukraine, has said that Ukraine will continue to tie its currency to the dollar despite its weakness against the euro. He said the central bank might review the policy if the share of euros in foreign…
Sveriges Riksbank Board Meeting minutes, 4 Dec
Minutes of the Sveriges Riksbank Executive Board meeting on 4 December, published 18 December. Members felt that international developments, with the exception of the euro area, had been surprisingly positive in recent months. The uncertainty that…
ECB's Wellink says euro surge a risk to recovery
ECB Governing Council Member Nout Wellink said in an interview that the appreciating euro was "one of the risk factors" for the European economy and the region's growth prospects could be hindered if the euro appreciated rapidly.
Iran's money laundering bill in final stages
Training workshops for professionals could eliminate money laundering from Iran's financial system, according to deputy Governor of the Central Bank of Iran, Akbar Komeijani. "Events of September 11, 2001 in the US have sped up the process of passing…
Euro-zone inflation up to 2.2 per cent
Euro-zone inflation edged up to 2.2 percent in November with higher food and tobacco prices blamed for the rise. The results were in line with expectations and Eurostat's preliminary estimate.
Brazil central bank cuts rate 1 point to 16.5%
The central bank of Brazil cut its Selic base rate by a percentage point to 16.5% on Wednesday 17 December. A Copom statement said that the cut was made "due to a trajectory of favourable targets for the resumption of economic activity."
Accra tipped to host WAMZ central bank
A random sample of the views of finance ministers, governors and technical advisors of the West African Monetary Zone meeting in Accra concluded that "Ghana is very well placed to becoming the base for the central bank of the WAMZ group."
ECB official unconcerned with euro's strength
Otmar Issing, chief economist of the European Central Bank, said in an interview that the current level of the euro "corresponds to its long-term average". "It is essentially back where it started," he said.
NBC to select auditor for Russian central bank
Russia's National Banking Council will choose an auditor for the Russian central bank on 24 December. There are seven applicants for auditing the central bank's financial statements.
Belgian shareholders to pursue central bank claim
Representatives of minority shareholders in Belgium's central bank said Wednesday they plan to take the case to the European Court of Justice in Luxembourg. They plan to pursue their claim to a share in the capital gains earned from the bank's assets,…
Gold at $400 seen as a factor in central bank pact
According to a report by reuters, a Group of Seven official who has been involved in initial gold talks but did not wish to be identified has said that the feeling (among central bankers) is that with gold near $410, or above $400, there's less concern…
Argentina leader slams IMF, others over debt
Nestor Kirchner criticised the IMF on Tuesday after reports the Fund might delay aid payments to Argentina over the government's hard-line stance as it restructures privately held debt. The Argentine president said he would not cave in to pressure to…
SF Fed says regional economy on the upswing
The San Francisco Fed said in its quarterly update on Tuesday that information from District contacts suggests that the pickup in employment is not transitory but indicative of a more fundamental change in business conditions. The San Francisco Fed has…
Norges Bank reduces interest rates
Norway's central bank (Norges Bank) made a shock cut in interest rates of 0.25 percent points to a record low of 2.25 percent on Wednesday to help revive the sluggish oil-backed economy. It was the eighth cut this year from a high of 7.0 percent.
Review of BoJ's asset-backed securities purchase
The Bank of Japan said on 16 December that it is reviewing the conditions for its purchase of asset-backed securities and will report the result at the next Monetary Policy Meeting.
BoJ leaves policy unchanged, sees slow recovery
The Bank of Japan left its monetary policy unchanged on Tuesday 16 December, reports AFP. It also released its December monthly report saying that it expects the Japanese economy to continue its export-led recovery at a slow pace. Most parts of the…