News
Bundesbank denies sale of US debt
A spokesman for the Bundesbank said "We're not selling anything" regarding the heavy sale of debt of Fannie Mae, Freddie Mac this week, the Wall Street Journal reported. Buba denials follow similar comments from the ECB.
OECD warns euro zone on growth, deficits
In its latest survey of the 12 nation euro zone the OECD highlighted a persistent lag in innovation and research in the bloc compared with other advanced countries. The Paris based organisation also urged fiscal discipline, AFP said.
Nat cen bank sold US agency debt for ECB - source
Contrary to denials of debt sales, Reuters on Wednesday reported that a source told them he had seen orders to sell from the ECB, saying "Yes, I think it is fair to say that". The unnamed source said large sales went through from the ECB on 18 July…
Fed's Beige Book says US growth up a notch
The Federal Reserve published its influential Beige Book on Wednesday. The report said the US economy picked up somewhat since it was last published and even the long-suffering manufacturing industry has increased optimism, Reuters reported. The Beige…
ECB holds rates at 2% ahead of holiday
The European Central Bank met Thursday before its traditional August holiday and held its main interest rate steady at 2%, Bloomberg reported. The ECB's governing council also said it endorsed the candidacy of Jean-Claude Trichet, governor of the Bank of…
C bank criticises Venezuela's exchange controls
A director of Venezuela's central bank, Domingo Maza Zavala, said Wednesday the process has been "slow and insufficient" and urged the government to speed up the flow of dollars. Maza Zavala said Venezuela should release more of its foreign reserves into…
Brazil c bank sees 2003 inflation above target
The minutes from its most recent policy meeting showed Brazil's central bank may not meet its inflation target this year. However, the eight policy makers said the rate should fall below the government set target of 5.5 percent for 2004.
Bank of Japan plans to open office in China
The Bank of Japan plans to open an office in China, according to Bloomberg. In a statement the BoJ said "China is playing a growing role in the global economy and its ties with the Japanese economy are also becoming stronger".
Zimbabwe to abolish notes to ease cash shortage
The Zimbabwean government plans to withdraw the Z$500 note from circulation within 60 days, reports Sapa-AFP. The note will become worthless after this time providing a strong incentive for people to deposit in banks cash they are hoarding.
Rumours of ECB sale of US agency securities denied
Speculation that the European Central Bank is selling off debt have been denied by ECB officials, Dow Jones reported. An early July decision by the ECB to tightening risk standards in its market operations and for its member central banks led to rumours…
PBOC: Improvements needed to prevent inflation
The People's Bank of China said in a press release on Monday 28 July that the central bank needs to improve its monetary policy decision making in order to maintain the stability of the yuan. Instability of monetary policy will "significantly erode the…
BSP makes wish list to Congress
Bangko Sentral ng Pilipinas Governor Rafael B. Buenaventura told reporters that the central bank has a wish list of five pending bills it wants to be passed by Congress but admitted only one was likely to go through before May next year, according to a…
ECB expected to rest with rates on hold
The European Central bank is expected to hold interest rates steady when it meets on Thursday 31 July, according to AFP, but analysts said on Tuesday 29 July it will probably cut in September when it returns, to stimulate the euro zone economy further.
Euro-zone central banks and their euro windfalls
The Financial Times was quick to pick up on CentralBankNet's Monday special report on euro zone central bank's windfall profits from legacy currencies still in circulation and presumed lost down the back of Europe's sofas.
Fed McTeer: Econ helped by monetary, fiscal policy
Dallas Fed chief Bob McTeer said Tuesday "we would do whatever is necessary" to stimulate growth but he didn't think there was any likely scenario in which the Fed would be forced to adopt extraordinary measures such as heavily increasing purchases of…
New Serbian governor asserts independence
Did the Serbian government give Mladjan Dinkic the boot because of his questionable running of the central bank? If so, his successor won't last long. Energy minister Kori Udovicki who has been chosen to take his place told the Financial Times, "I will…
Another one for the ladies
CentralBankNet notes that Udovicki's appointment pushes the number of the world's lady central bank governors a little more comfortably into double figures, now numbering a still rather paltry eleven. She joins Bodil Nyboe Andersen as Europe's only other…
Meltzer magic
Allan Meltzer and the dear old Bretton Woods twins haven't always been on the best of terms. As he told Central Banking journal barely a year and a half a go: the world bank's inefficiencies were a "scandal"; in many of its activities it "contributes…
Macfarlane goes for a decade
Ian Macfarlane, the governor of the Reserve Bank of Australia, is buckling down for another term - but not a full one. At the age of 57, it seems that the prospect of another whole seven-year term would have been a bit much, so he put a bid in for a…
BIS increases transparency
Something which has largely escaped people's notice amid the flurry of recent changes at the BIS is that it has now declared the salaries of its senior management. This is consistent with its more general drive for greater transparency, since, as the new…
Straight talking from Zhou
Straight monetarist talk these days is considered controversial in certain circles; and you would not expect to hear it coming from the mouth of the governor of the central bank of China, with all the country's communist traditions. But the "moderniser"…
Quote of the week from Hormats
"Had there been an IMF in the 1850s to insist that the United States create a strong central bank, its advice would have been bitterly resisted by many Americans".
Australian Treasury on Macfarlane's reappointment
Statement by Australian Treasurer Peter Costello on the reappointment of Ian Macfarlane as Governor of the Reserve Bank of Australia, 29 July.
RBA statement on the conduct of monetary policy
Second statement on the conduct of monetary policy from the Treasurer and the Governor of the Reserve Bank of Australia, July 2003. The statement is designed to continue to foster a better understanding, both in Australia and overseas, of the nature of…