News
Central Bank of Sri Lanka implements RTGS system
The central bank of Sri Lanka implemented its Real Time Gross Settlement System (RTGS) together with the Automated General Ledger system on Monday, according to Sri Lanka Daily News. The RTGS system will facilitate large value fund transfers and…
Deflation remains a serious threat to Japan - IMF
In its annual Article 1V consultation with Japan, the IMF said the economy 'remains vulnerable to significant downside risks' and argued a 'more comprehensive and integrated policy approach is needed to tackle deflation and to address fiscal imbalances',…
UAE to implement Basel II accord
The UAE central bank announced Monday it would adopt the risk assessment mechanism known as Basel II, which will go into force in 2007. The governor of the central bank said final touches were being added to the system in order to enable banks to…
Japan's yen selling to alleviate pressure: Fukui
Speaking on the sidelines of the regular meeting of central bank governors at the Bank for International Settlements, Bank of Japan governor Toshihiko Fukui said "We are still cautious about the outlook for Japan's economy, but there are certainly some…
Swedes to say 'no' to euro, latest survey says
A Danske Bank survey published on Monday showed 40 percent of Swedes were opposed to swapping their krona for the euro, while 30 percent were in favour, EU Business reported.
Mboweni takes flak...
The admirable Tito Mboweni, governor of the South African Reserve Bank, is under bombardment as fellow countrymen splutter at his recent pay rise. Mboweni has been accused of double standards for accepting a pay rise of 9% this year and 12% last year …
...but aims high
But Mboweni has received political support - which is valuable since, some say, he has his eyes on the presidency when current president Thabo Mbeki's term ends in 2009 (Mboweni's current term ends in 2004).
Gerashchenko into politics
The global political establishment can now boast a couple more ex-heavyweight central bank governors to their number: Viktor Gerashchenko from Russia and Bimal Jalan from India. Gerashchenko, who resigned from Russia's central bank in March 2002 citing…
Jalan too
Bimal Jalan, having ceded power at the central bank to the capable hands of YV Reddy, will slip into what will surely be no less lively an occupation. He has now been nominated to the upper house of Parliament (contrasting with Gerashchenko who is to…
Afghan treasure hunt
Anwar-ul-Haq Ahady, the central bank governor in Afghanistan, has been on a treasure hunt - and was not disappointed. Together with the country's president, finance minister and justice minister, he descended into the subterranean expanse that lies…
Greenback's end...
The end of the greenback is nigh! On October 9 a new and improved version of what has hitherto been affectionately known as the "greenback" will enter into circulation, but the new $20 note will not actually be green. The background is to be a shade of …
...and Howard's end
Sir Howard Davies, who leaves the UK's Financial Services Authority at the end of this week to take up the job of head of the London School of Economics, sensibly ducks questions about whether he wanted to be governor of the Bank of England.
BDO UniconRuf to audit Russian central bank
The Russian central bank has signed an agreement with BDO UniconRuf to audit the central bank's accounts, according to The Russian Journal. The company obtained the right to audit the Central Bank's 2002 report after winning a corresponding tender…
Solomons central banker Rick Hou speaks out
Rick Hou, governor of the Central Bank of the Solomon Islands (CBSI) has spoken out about the government's apparent lack of enthusiasm in renewing his appointment, according to Solomons Today. Mr Hou agreed to a new term as central bank governor after…
24 hours to a deal - Argentina wrestles with IMF
On Monday 8 September, Argentina and the IMF were finalising a deal that will see the South American country avoid a fresh default, according to the BBC. If an agreement is not reached within 24 hours, Argentina will be forced into a damaging $2.9bn (£1…
No sign of sustained recovery yet - ECB's Schioppa
ECB Executive Board member Tommaso Padoa-Schioppa said on Saturday 6 September that after so many disappointments it is hard to believe in an imminent recovery, Reuters reports. While "some signs" of recovery exist, Padoa-Schioppa said the euro zone…
ECB's Quaden says euro zone rates are low enough
On the eve of the meeting at the Bank for International Settlements, ECB Governing Council Member Guy Quaden told reporters on Sunday 7 September that euro zone interest rates had fallen far enough to support a rebound that was expected by year's end,…
Central bankers see a global upswing
Jean-Claude Trichet said on Monday 8 September that he was "very encouraged" by developments and the accumulation of signs in the major economies in the world, Reuters reports. Speaking at a news conference after a bi-monthly central bankers' meeting at…
Russian central bank finds WW2 grenade in grounds
Construction workers digging in the grounds of the central bank of Russia found a World War 2 grenade on Thursday 4 September, according to Sapa-AP. Bomb squad members took it to a firing range to be blown up.
SARB to hold special monetary policy meeting
The South African Reserve Bank announced on Friday 5 September that it will hold a special monetary policy committee meeting on September 10, according to the Mail and Guradian. A statement from the Reserve Bank said that "major underlying trends in the…
NOK 500,000 stolen from Norway's central bank
Over NOK 500,000 has been stolen from a vault in Norges Bank, the central bank of Norway, according to the Norway Post. Police investigating the theft have questioned a number of employees who had access to the vault.
Buenaventura asks court to cancel his suspension
Philippines central bank governor Rafael Buenaventura on Friday September 5 asked the Court of Appeals to cancel a one-year suspension imposed on him last month, according to Agence France-Presse.
China's central bank governor defends policy
Zhou Xiaochuan, governor of the PBOC, said on Thursday 4 September that it was too early to make a decision about the loosening of currency controls on the yuan, according to Associated Press. China's official news agency quoted him as saying "It is too…
Parry: Fed still has room to cut rates if needed
Robert Parry said on Thursday 4 September that the Federal Reserve still has room to cut interest rates if the US economy were to underperform, Reuters reports. But the San Francisco Fed chief, who is a voting member of the FOMC, stressed that he thought…