News
GCC seeks EU help in monetary union
SAUDI ARABIA - The GCC states have finally acknowledged difficulties besetting their most ambitious plan to merge their currencies and decided to resort to their main economic partner - the European Union - to guide them through the minefield towards the…
BOT chief downplays concern over weakening of baht
THAILAND - Bank of Thailand's Governor Pridiyathorn Devakula has downplayed mounting concern over the weakening of the baht against the US dollar, saying it would be a temporary phenomenon.
Fed's Stern sees steady growth for near term
US - Gary Stern, president of the Federal Reserve Bank of Minneapolis, sees the economy growing at a relatively firm rate in coming months before growth accelerates in the second half of 2003.
US interest rate level not a problem - Fed's Guynn
US - Atlanta Federal Reserve Bank President Jack Guynn said on Tuesday U.S. interest rate levels were not hindering business or consumer spending, suggesting he sees little need for lower rates.
Fed 'lacks knowledge and tools' to burst bubbles
US - The Federal Reserve lacks the knowledge, foresight or precision tools it would need to pre-empt a stock market bubble, a senior Fed official said yesterday, and any attempt to do so would risk "severe collateral damage to the economy".
Tokyo urged to improve corporate governance
JAPAN - Japan's banks will never recover their health unless they undergo a drastic improvement in corporate governance similar to that imposed on South Korean financial institutions after the 1997 financial crisis, according to a Standard & Poor's…
Bank of Canada Press Release
PRESS RELEASE - Bank of Canada keeps target for the overnight rate at 2 3/4 per cent, 16 October.
Egypt, Russia sign banking cooperation agreement
EGYPT - The Central Bank of Egypt and the Central Bank of Russia today, 16 October, signed an agreement on promoting cooperation in banking domains between the two nations.
Russian c bank - For ex reserves growth too fast
RUSSIA - Russian Central Bank President Sergey Ignatyev has said that the country's gold and foreign exchange reserves are now close to a level that meets all conceivable criteria. He was speaking at a full-scale meeting of the State Duma (lower house)…
Ex-Fed chief steps into US audit watchdog row
US - Paul Volcker, the highly respected former chairman of the Federal Reserve, has stepped into the debate over the new US accountancy regulator, backing a candidate at the centre of a political storm endangering the career of Harvey Pitt, chairman of…
Bank defends its position on interest rates
UK - Members of the Bank of England's rate-setting body on Monday defended it against criticism that it has not done enough to prevent escalating house prices in Britain.
Brazil central bank raises interest rates to 21%
BRAZIL - Brazil's central bank yesterday sought to stave off a growing financial crisis by raising overnight interest rates by 3 percentage points to 21 per cent. The increase followed renewed pressure on the Real, the country's currency, before a likely…
CSME no further behind than other trading blocs
BARBADOS - Prime Minister of Barbados Owen Arthur, in delivering the feature address at the opening of the Implementation Unit at the Central Bank on Monday, said CARICOM's Single Market and Economy (CSME) was now at the same point as Europe in 1985 when…
ECB rate cut not ruled out: Belgian board
BELGIUM - Belgian national bank chief Guy Quaden, a member of the European Central Bank board, declined Tuesday to rule out an ECB interest rate cut.
Hayami says BOJ has more policy options
JAPAN - Bank of Japan Governor Masaru Hayami said on Tuesday the BOJ had more policy options up its sleeve to fight deflation, suggesting more unconventional steps are being considered to dig the economy out of its rut.
Venezuela cen bank to keep rate regime unchanged
VENEZUELA - Venezuela's central bank BCV has no plans to change its foreign exchange policy, a source close to the bank told BNamericas, in response to a local report.
Iran sees large inflow of gold and capital
IRAN - Iran has experienced a net inflow of capital and gold bullion for the first time since the 1979 Islamic revolution. It has been drawn by domestic investment opportunities and driven by financial insecurity outside the country following the…
Bank of England News Release
NEWS RELEASE - Monetary Policy - A Perpetual Dilemma?, 14 October 2002.
Zambian central bank to introduce high value notes
ZAMBIA - The Bank of Zambia said Saturday it has embarked on a national currency restructuring program that will ultimately result in the launching of high value notes in 50,000kwacha (US$10.99)and 20,000kwacha denominations.
Federal Reserve Board Press Release
PRESS RELEASE - The Federal Reserve Board on Friday announced the appointment of chairmen and deputy chairmen of the twelve Federal Reserve Banks for 2003, 11 October.
BIS Press Release
PRESS RELEASE - Asia/Pacific nations declare that quick disposal of non-performing loans is vital for strengthening financial systems, 14 October 2002.
QIS 3 Frequently Asked Questions
REPORT - Supervisors and banks have raised the following issues since the distribution of the Basel Committee's Quantitative Impact Study 3 (QIS 3), 11 October.
ECB Press Release
PRESS RELEASE - Mr. de Beaufort Wijnholds appointed as permanent representative of the European Central Bank in Washington, D.C. with observer status at the International Monetary Fund, 10 October 2002.
ECB Press Conference
PRESS CONFERENCE - Introductory statement with a transcript of the questions and answers by Willem F. Duisenberg, President of the European Central Bank, Lucas Papademos, Vice-President of the European Central Bank, Frankfurt, 10 October 2002.