News
Korea's for ex reserves jump to $115.49 bn
SOUTH KOREA - The nation's foreign exchange reserves hit a fresh high of $115.49 billion at the end of July, up $3.05 billion from the end of June, the Bank of Korea (BOK) reported Monday.
US names IMF representative
US - The White House Friday said it had appointed Nancy Jacklin, a lawyer at Clifford, Chance, Rogers and Wells, with expertise in international finance and regulation, to be the US representative at the International Monetary Fund.
BOJ Gov Hayami to visit Osaka, Nagoya 5-6 Sept
JAPAN - Bank of Japan (BOJ) Governor Masaru Hayami will make an annual visit to the cities of Osaka and Nagoya on 5-6 September, the central bank said on Monday.
Philippines central bank reorganises departments
PHILIPPINES - The policy-making monetary board has reorganised the Bangko Sentral ng Pilipinas' (Central Bank of the Philippines, or BSP) Supervision And Examination Sector (SES) for a more coordinated management of the banking industry.
New GDP formula to be used by Bank of Korea
SOUTH KOREA - The Bank of Korea will announce a gross domestic product (GDP), or a gross added value of the economy, under a new formula, starting from the third quarter of 2004.
Fed's Parry still sees modest U.S. expansion
US - A top Federal Reserve policy-maker said on Friday he still thinks the United States is in a modest economic expansion, despite weaker-than-expected growth figures for the June quarter.
Worrying poll finds Britons confused by euro idea
UK - Almost a third of Britons believe the country could keep the pound after it had joined the euro, according to internal polling conducted for the No campaign.
Uruguay set to receive IMF money to avert crisis
URUGUAY - Uruguay was yesterday set to receive $1.5bn (£950m) from the International Monetary Fund and impose limited restrictions on bank withdrawals in an effort to avert a collapse of its once-vaunted financial system.
Introduction of New Series Bank of Japan Notes
NOTE ISSUE - The Ministry of Finance has decided and announced the manufacture of new series of the 10,000 yen, 5,000 yen, and 1,000 yen Bank of Japan notes in order to improve their security against counterfeiting.
Briefing on the Reserve Bank of New Zealand
BRIEFING - This paper has been prepared to brief the incoming Government on the role and functions of the Reserve Bank of New Zealand. The paper is also intended to be a useful briefing to other interested parties, including Members of Parliament and the…
ECB report euro notes proving tough to counterfeit
GERMANY - The new euro bank note has proved bad news for forgers: less than a tenth of the previous number of counterfeit notes in the eurozone has been detected in the first six months in which the new currency has circulated.
'No conclusive reason for rand's slide'
SOUTH AFRICA - None of the members of the Myburgh Commission of inquiry into the depreciation of the rand could offer conclusive reasons for the slide, said Justice Minister Penuell Maduna.
Bush, Greenspan review economy over lunch
US - President Bush on Thursday hosted Federal Reserve Chairman Alan Greenspan for lunch to review the U.S. economic outlook following a second-quarter growth slowdown.
Brazil's real up on biggest single day gain ever
BRAZIL - Brazil's real broke a nine-session losing streak Thursday posting its biggest single day gain ever on hopes that help from the International Monetary Fund is on its way.
RBNZ say new inflation accord must keep continuity
NEW ZEALAND - Any changes to the Reserve Bank of New Zealand's inflation-fighting agreement should consider the benefits of continuity of monetary policy, the central bank said Friday.
Korea's for ex reserves jump to $115.49 bn
SOUTH KOREA - The nation's foreign exchange reserves hit a fresh high of $115.49 billion at the end of July, up $3.05 billion from the end of June, the Bank of Korea (BOK) reported yesterday.
Negative sentiment leads to slide in Thai baht
THAILAND - The conflict between the prime minister and the central bank governor on how to manage the baht under the managed float system has resulted in confusion among dealers in the foreign exchange market.
Argentine central banker admits contagion effect
ARGENTINA - Aldo Pignanelli, the president of the Argentine Central Bank (BCRA), said Friday that the Argentine crisis, which has been dubbed the "tango effect", has spread to Brazil and Uruguay, adding that the local banking and foreign exchange system…
Papua New Guinea's central bank wants spending cut
PAPUA NEW GUINEA - The Bank of Papua New Guinea yesterday warned that the incoming government could face a financial crisis similar to those in 1994 and 1999 following a 210.5m kina hole in the budget deficit in the first half of this year.
Gold rises as dollar slips back
UK - Gold shone on Friday morning in Europe as the dollar slipped against other currencies and producer selling seen earlier this week eased off, leaving prices with a chance to head up, traders said.
Brazil's Fraga says currency falls temporary
BRAZIL - Brazil's Central Bank President Arminio Fraga said on Wednesday the real currency's nosedive amid pre-election pressures was temporary and that an expected loan deal with the International Monetary Fund should help soon.
Euro-zone inflation climbs to 1.9 per cent in July
BELGIUM - Inflation in the 12-nation euro zone edged up to 1.9 per cent in July compared with the same month in 2001, the statistics body Eurostat reported on Wednesday, citing provisional figures.
Senate confirms new nominees to Federal Reserve
US - The US Senate on Wednesday confirmed President Bush's two latest nominees to the Federal Reserve Board, Princeton economist Ben Bernanke and Donald Kohn, a long-time staff aide at the central bank.
Thailand's Thaksin raps central bank on volatility
THAILAND - Prime Minister Thaksin Shinawatra yesterday took the Bank of Thailand to task for allowing "excessive volatility" in the exchange rate of the baht to the possible detriment of exporters.