News
Yugoslav bank chief rejects Montenegrin proposal
YUGOSLAVIA - Yugoslav National (central) Bank (NBY) Governor Mladjan Dinkic said on Wednesday that the proposal by the Montenegrin central bank governor regarding payments operations with Serbia was a step backwards from the earlier NBY proposal for…
Central bank reports Venezuelan economy shrinking
VENEZUELA - Venezuela's economy contracted 9.9 percent in the second quarter compared with a year earlier, as a slide in its vital oil production eroded growth, according to the central bank.
SA Reserve Bank launches Summit memorial coins
SOUTH AFRICA - Reserve Bank governor Tito Mboweni has launched a coin series to commemorate the upcoming World Summit on Sustainable Development (WSSD).
RBI to use post offices for coin distribution
INDIA - The Reserve Bank of India is planning to distribute coins in exchange of currency notes through post offices and even railway counters, the Hindu newspaper reports. The decision is part of its efforts to bridge the gap between excess demand from…
African regional currency may take off in 2004
NIGERIA - The proposed West African Monetary Zone that would pave room for a single currency for the sub-region may take-off in 2004, Information and National Orientation Minister, Professor Jerry Gana disclosed in Abuja Thursday.
Paul Volcker a favourite for new accounting board
US - Paul Volcker, the former chairman of the Federal Reserve, has emerged as one of the front-runners to lead the new accounting oversight board created by the recently passed corporate reform bill, a government source confirmed with CNN on Friday.
Reserve Bank of New Zealand News Release
NEWS RELEASE - The Secretary to the Treasury, Dr Alan Bollard, is to be appointed the next Reserve Bank Governor, Finance Minister Michael Cullen announced today, 22 Aug.
Treasury Secretary appointed new governor at RBNZ
NEW ZEALAND - The long wait for a replacement to Donald Brash is over as Treasury Secretary Dr Alan Bollard was appointed New Zealand's new Reserve Bank Governor on Thursday.
South Korean economy grows but pace slows
SOUTH KOREA - South Korea's economy grew 1.4 percent in the second quarter, down from a 1.9 percent rise in the previous three months, as growth in consumer spending and construction slowed, the central bank said on Thursday.
San Francisco Fed's Parry: Rate policy appropriate
US - San Francisco Federal Reserve Bank President Robert Parry said on Wednesday the current level of U.S. interest rates is "appropriate" and stimulative for the economy, which is in a modest expansion.
Philadelphia Fed survey shows factory growth slows
US - U.S. factory growth appears to have stalled, stirring speculation the Federal Reserve may cut interest rates in coming months to ward off a second recession if the weakness spreads.
China plans crackdown on capital flight
CHINA - China plans a concerted effort to stop its officials spiriting state funds abroad through an expanding repertoire of illegal activity, officials have said.
Thai central bank chief upbeat about progress
THAILAND - The managed float of the baht and inflation-targeting system are appropriate for setting monetary policy in current economic circumstances, according to M.R. Pridiyathorn Devakula, governor of the Bank of Thailand, reports the Bangkok Post.
Brazil c bank holds rates with a downward bias
BRAZIL - Brazil's central bank held its benchmark interest rate unchanged at 18 percent on Wednesday as financial turmoil ahead of October presidential elections continued to batter the currency and fan inflation.
Russian gold, fx reserves increase to new record
RUSSIA - Russia's gold and foreign exchange reserves on 9-16 August were up by 600m dollars to 44.7bn dollars, Prime-TASS said on Thursday with reference to the Central Bank public relations department.
Russia and China's central banks sign joint accord
RUSSIA - The Central Bank of Russia and the People's Bank of China on Thursday signed an accord on inter-bank settlements in border areas.
Bank of England News Release, 21 Aug
NEWS RELEASE - New Design £5 Banknotes. As announced on 14 August, the issue of the new Elizabeth Fry £5 banknote restarts on 21 August. This follows suspension of issuance on 27 May after it was discovered that on some notes it was possible to remove…
Federal Reserve Board, Press Release, 20 Aug
PRESS RELEASE - The Federal Reserve Board announced on Tuesday that it will not, over the near term, incorporate two policy options into its longer-term Payments System Risk (PSR) policy plan. The Board will, however, continue to analyze the benefits and…
New Bank of England £5 notes reissued
UK - The Bank of England is to restart distribution of the new £5 notes. The notes have already been delivered to banks and post offices, and from Wednesday morning are being made available to the public.
Wage restraint could bring rate cuts for Norway
NORWAY - Norway's central bank governor said on Wednesday that demand and activity in Norway's oil-backed economy was still high but that lower wage growth could provide a basis for lower interest rates.
Philadelphia Fed's Santomero says policy is right
US - Federal Reserve Bank of Philadelphia President Anthony Santomero said on Wednesday that the economic recovery, while more modest than expected, should move forward and that the Fed's current policy stance is appropriate.
SARB inflation target seen as out of reach
SOUTH AFRICA - Consumer inflation surprised on the upside last month, fuelling expectations that the Reserve Bank's targets for next year are getting out of reach, though Business Day reports economists said they did not expect interest rates to rise…
RBA's Macfarlane signals rates may head higher
AUSTRALIA - Reserve Bank Governor Ian Macfarlane on Wednesday delivered an upbeat view of the Australian economy, warned of a looming shakeout in property and signalled that the bank remains on course to raise interest rates once global uncertainties…
Young blood for MAS' senior ranks
SINGAPORE - Nine officers at the Monetary Authority of Singapore, whose average age is 40, will move into key positions as part of organisational revamp, the Singapore Straits Times reported on Tuesday.