News
UBS labels IMF as source of damaging statistics
The International Monetary Fund has been criticised by UBS Warburg for providing inaccurate data on the Philippines economy, according to a local newspaper report.
Japanese MOF Press Release, 27 Feb
PRESS RELEASE - Statement of G-7 Finance Ministers and Central Bank Governors, 27 February.
Poland to use bank reserve for budget contribution
Poland's finance minister said on Friday that up to a third of central bank "revaluation reserves" could be used in Poland's contribution to the European Union budget.
US bank regulators differ on international rules
Roger Ferguson has supported Basel II saying we have no alternative but to adopt the accord as soon as possible. But the rules were described as being too complex and rigid for what is needed at the same hearing by the Comptroller of the Currency John…
Brazil c bank warns inflation to stay high for now
The central bank of Brazil has said in the minutes from its most recent meeting that it expects the rise in inflation to fall back but risks remain that inflation will remain at "elevated levels".
White House urges Japan to fight deflation
US chief economist Glenn Hubbard has called on Japan to address deflationary pressures through central bank policies. But he acknowledged that the deflationary spiral was only one cause for the country's economic problems.
Russian gold reserves reach a new record
Russia's central bank has announced record gold reserves, increasing to 52.7 bn dollars.
HM Treasury Press Release Feb 27, 2003
PRESS RELEASE - Bank of England appointments - The Queen has been pleased to appoint, under the Bank of England Act 1998, Rachel Lomax as Deputy Governor of the Bank of England (Monetary Policy), in succession to Mervyn King, 27 February.
HM Treasury Press Release Feb 27 2003
PRESS RELEASE - Allsopp Review: Statistical requirements for monetary and wider economic policymaking, 27 February.
Bank of England Press Release
PRESS RELEASE - The Chancellor of the Exchequer announced today, 27 February, that Rachel Lomax, Permanent Secretary at the Department for Transport, will become the Bank of England's Deputy Governor for Monetary Policy. She will succeed Mervyn King, who…
Crow makes the case for higher interest rates
John Crow, the former Bank of Canada chief, suggested that interest rates could increase further as the Canadian inflation rate is close to the upper limit of its target.
Bank of Portugal Press Release on gold
PRESS RELEASE - Banco de Portugal informs that during February 30 tons of its gold reserves were sold, 25 February.
Portugal sells gold to diversify reserves
Bank of Portugal sells gold for "diversification of the external reserves".
IMF says expects rate hike in Canada
The IMF has said Canada may have to increase interest rates as the country is operating close to capacity and inflation presents an increasing danger.
Kenyan central bank governor defends himself
The governor of Kenya's central bank has excused himself from blame in the Euro Bank case. Nahashon Nyagah said the central bank acted professionally in the case.
Trichet offers UK support on euro entry
Bank of France governor Jean-Claude Trichet has said he would welcome Britain's participation in the euro single currency at the earliest opportunity.
US Fed's Ferguson backs new world bank rules
Roger Ferguson said on Thursday that criticism of the Basel II rules have not convinced the Federal Reserve that the agreement should be scrapped.
Poland sets new inflation target
The Polish central bank has reduced interest rates and at the same time set a new inflation target. The move is aimed at guaranteeing Poland joins the euro zone at the earliest possible date of 2007.
Lomax named first woman deputy governor at B of E
Rachel Lomax was named the new deputy governor of the Bank of England for monetary policy on Thursday in a reshuffle of the MPC which also sees Richard Lambert joining the committee. The moves may be seen as a further shift towards hawkish leanings on…
Russia on course to join FATF
Following the recent FATF and G8 summits in Paris, CentralBankNet learns Russia looks set to join the Financial Action Task Force on money laundering (FATF) in June, less than a year after being removed from the organisation's blacklist of non…
Slovak central bank sees 2008 euro date possible
Slovakia's central bank has said that 2008 is a realistic date for the country to introduce the euro.
ECB reassures Germany over crisis fears
The European Central Bank on Tuesday sought to allay fears of a banking crisis in Germany amid reports that the government and senior bankers had discussed emergency measures to bail out the financial system.
Fed's McDonough praises Brazil's new government
Brazil's new economic plan received support from William McDonough on Tuesday at a Latin American forum. New York Fed chief also praised Brazil's central bank head Henrique Meirelles.
Preparations for terror attack
A UK Treasury paper has looked at the idea of the goverenment taking direct control of key financial institutions, including the Bank of England, in the event of a September 11 style terrorist attack on London. The Treasury stressed it remains open…