News
Icelandic April inflation higher than forecasts
ICELAND - Iceland's consumer price index rose 1.2 percent in Apr 2001 to stand 4.5 percent higher than a year earlier, the national statistics office Statice said on Apr 11.
SNB sells another five tons of gold
SWITZERLAND - The Swiss National Bank sold 5.33 metric tons of gold in the latest 10-day reporting period ended April 10, according to SNB statistics released Apr 13.
Latvian central bank tells govt to cut deficit
LATVIA - The Latvian central bank said on Apr 11 that the government should use an expected economic expansion to cut the 2001 budget deficit, instead of amending its spending plans which will increase the gap between revenue and expenditure.
US Fed decision are 'market driven'-Tietmeyer
UNITED STATES - The US Federal Reserve must take care not to allow its policy decisions to be market driven, former Bundesbank president Hans Tietmeyer told the Apr 12 edition of German financial magazine Focus Money, according to an early release of the…
Chile cbank cuts key rate for fourth time in 2001
CHILE - Chile's central bank said on Apr 10 it cut its overnight lending rate by 25 basis points to an annualized, inflation-adjusted 3.75 percent, marking its fourth cut in 2001, citing lagging domestic demand and slow world economic growth.
Parliament re-elects BNB vice governor
BULGARIA - The Bulgarian parliament reelected Emilia Milanova as vice governor of the central bank in charge of banking supervision.
Fed spied on employee's emails-investigator
UNITED STATES - An investigator looking into an unusual labour dispute at the Federal Reserve Board has found credible evidence that Fed managers snooped on the e-mail correspondence of an office secretary and fired her when she considered starting a…
Buba annual report-global risks to growth
GERMANY - In its annual report published on Apr 10, the Deutsche Bundesbank said that German and Eurozone growth would continue but that the downside risks had increased.
RBA governor talks up Australian economy
AUSTRALIA - Reserve Bank of Australia Governor Ian Macfarlane said on Apr 10 that he remained optmistic about growth in 2001 and that recent rate cuts are aimed at protecting the economy from a global slowdown.
Argentina bond can count as bank reserves-cbank
ARGENTINA - Argentina's central bank said on Apr 9 it would allow banks to count investments in a new government bond as part of their minimum reserve requirements.
US is not in recession, says US Treasury O'Neill
UNITED STATES - The U.S. economy continues to expand moderately, successfully skirting recession, and in fact doing remarkably well in terms of providing job opportunities, Treasury Secretary Paul O'Neill said on Apr 9.
Taiwan cbank to adopt relaxed monetary policy
TAIWAN - Taiwan's central bank, the Central Bank of China, will relax its currency policy rather than adopting a zero interest rate like Japan, since domestic prices were stable and demand had yet to fully recover.
Singdollar policy has not changed - MAS
SINGAPORE - The Monetary Authority of Singapore says it has not changed its policy of allowing a gradual and modest appreciation of the trade-weighted Singapore dollar within a policy band.
Greenspan's hero image 'is a liability'
UNITED STATES - The Financial Times on Apr 10 reports that Alan Greenspan's heroic image poses a liability for markets. The article is based on a report by UK economist Marcus Miller which was presented at the Royal Economic Society's annual conference…
France backs Trichet, but Lemierre in wings-paper
FRANCE - Bank of France Governor Jean-Claude Trichet remains France's choice to succeed Wim Duisenberg as president of the ECB, but another Frenchman Jean Lemierre is an "option," French finance ministry sources told Les Echos.
Oman $50 million boost for Lebanese cbank reserves
LEBANON - Oman deposited $50 million with Lebanon's central bank on Apr 6 to boost foreign currency reserves and to express its support for the government's economic measures, reported the local Daily Star newspaper.
Ex-central bank official to lead Ito-Yokado bank
JAPAN - Ito-Yokado Co Ltd, Japan's biggest retail group, said on Apr 10 it would appoint central bank veteran Takashi Anzai, 59, as president of its new IY Bank.
Inflation targeting improved-CNB Niedermayer
CZECH REPUBLIC - The effectiveness of the inflation targeting of the Czech National Bank CNB should be improved with the shift to targeting of overall inflation and setting a corridor for price movements up to 2005, CNB vice-governor Ludek Niedermayer…
Inflation targeting and IMF conditionality
CENTRAL BANK RESEARCH - An IMF working paper "Inflation targeting in the context of IMF-supported adjustment programs" uses Brazil as an example how the IMF's traditional monetary conditionality should be adapted in IMF-supported adjustment programs with…
Central bankers want decision on next ECB chief-FT
EUROPE - The Financial Times newspaper reported on Apr 9 that pressure is growing for an early decision to be made on who succeeds Wim Duisenberg as president of the European Central Bank.
Central bank should be more accountable - panel
INDONESIA - The independent panel set up to review Bank Indonesia Law recommended amendments to increase the accountability of the central bank's board of governors, a government official said on Apr 9, 2001.
BOJ Hayami says economy to remain stagnant
JAPAN - Bank of Japan Governor Masaru Hayami reiterated on Apr 9, 2001 Japan's economy could remain stagnant for some time and that the central bank must pay close attention to downward pressure on prices due to weak demand.
Asian countries agree currency swap network
ASIA - Asia's leading governments have put the finishing touches to plans for a network of currency swap arrangements to guard against a repeat of the 1997 regional economic crisis as concerns of a new global slowdown grow.
Central banks unlikely to sell gold-BoF forex head
FRANCE - The world's central banks, which hold about 35,000 tonnes of gold, were unlikely to be big sellers, Herve Ferhani, the Bank of France's head of gold and foreign exchange, said on Apr 9, 2001.