News
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…
National Bank of Hungary, ECB banknotes agreement
Agreement has been concluded between the ECB and the Magyar Nemzeti Bank (National Central Bank of Hungary) in the areas of prevention and detection of counterfeiting of euro banknotes, 28 July.
ECB and acceding country central banks agreement
Template Agreement between the European Central Bank and The Acceding Country National Central Bank enhancing the cooperation between the ECB and the ACNCBs in the areas of prevention and detection of counterfeiting of euro banknotes, 28 July.
Zimbabwe cash crisis deepens
Zimbabwe's opposition leaders have called the country's bank note crisis "an emergency of the highest order" as riot police control bank queues, according to a report by Sapa AFP. Many banks are now limiting cash withdrawals to 5 000 Zimbabwe dollars as…
'Arch-dove' proposed to Poland's monetary council
Poland's ruling SLD party has named current Deputy Finance Minister Jan Czekaj as its candidate to fill the vacancy on the national bank's interest rate-setting Monetary Policy Council (RPP), according to an Interfax report. The Polish government has…
Ian Macfarlane reappointed chief of RBA
The governor of the Reserve Bank of Australia, Ian Macfarlane, was reappointed on Tuesday 29 July for a further three years rather than the usual seven year term, reports The Australian. The reappointment decision was widely expected with few alternative…
IMF report argues for dollar peg change in Jordan
An IMF working paper has recommended Lebanon and Jordan carefully consider pegging their currencies to the euro or for a peg to a basket of currencies, as opposed to the current US dollar peg, according to the Daily Star. "Both Lebanon and Jordan are…
Brazil's real falls before swap offer expiration
The Brazilian real fell for the fifth day in six on Tuesday 29 July, Bloomberg reported, as investors awaited the results of the central bank's securities swap arrangement.
IMF urges Argentine reforms but approves loan
IMF managing director Horst Koehler has said Argentina comfortably met its fiscal and monetary targets as the final tranche in the $3bn (£1.8bn) aid package was approved, according to a BBC report.
Bank Negara Malaysia consults on money laundering
Bank Negara Malaysia is consulting before invoking the Anti-Money Laundering Act 2001, reports The Edge Daily. Speaking at the Asean Anti-Money Laundering Workshop on July 28, governor Dr Zeti Akhtar Aziz said the consultations undertaken by its Finance…
CBI governor emphasises independence of banks
The Central Bank of Iran (CBI) fully supports and respects the authority of banks to implement measures to better perform their functions, said CBI Governor Ebrahim Sheibani, reported by the Iran Daily. Sheibani was also reported to have said that the…
RBNZ Governor reminds gov't of inflationary impact
Speaking on 28 July Reserve Bank of New Zealand governor Alan Bollard urged local government in New Zealand to consider the broader economic implications when putting up rates and other local body charges.
Sveriges Riksbank Board Meeting minutes, 3 July
Minutes of the Sveriges Riksbank Executive Board meeting on 3 July, published 17 July. A number of members stressed in particular the fact that new information had not provided any clear indications of an upswing and that there were therefore no…
India's forex reserves soar to new record
The Reserve Bank of India confirmed that India's foreign exchange reserves exceeded US$84 billion in July posting a new record high, according to Asia Times. Analysts said the rise in India is mainly due to fresh inflows and revaluation of non-US…
Javier Silva named president of Peru central bank
Peru's president Toledo appointed economy and finance minister Javier Silva as president of Peru's central bank on Friday in a ceremony carried live on local television Bloomberg reports. Silva replaces Richard Webb who resigned recently.
Fed's Broaddus says US economy may be on the mend
Speaking on Friday 25 July, Richmond Fed President Alfred Broaddus said that forecasts for a 3.5 percent pace of growth over the second half of this year appeared on the mark, according to Reuters, but warned that "there is not much hard evidence that…