News
UAE central bank sees profits soar
The net profit of the UAE central bank is expected to reach Dh2.7 billion ($730 million) in 2007 while the projected revenues were Dh4.65 billion against expenditures of Dh1.95 billion, Gulf News reported.
Interview with RBI’s Bimal Jalan
In an interview with Money Control, published Wednesday 20 December, Dr Bimal Jalan, eminent economist and former Reserve Bank of India governor analyses the actions of the Thai central bank and gives his suggestions for other central banks.
BOT's Tarisa defends baht controls
Bank of Thailand governor Tarisa Watanagase in an interview with Bloomberg Thursday 21 December defended measures to control the appreciation of the baht and said the rules will be removed once "volatility" eases.
BoE committee voted unanimously to hold rates
The Bank of England's Monetary Policy Committee voted unanimously to hold its key repo rate unchanged at a five-year high of 5.00, minutes released Wednesday 20 December showed.
Review possible on GCC union deadline
Saudi Arabia's finance minister said Tuesday 19 December in an interview with Reuters the GCC states may have to review the 2010 target date for introducing the single currency after Oman's decision to miss the deadline.
Sharp FX moves not in global interest - Trichet
European Central Bank President Jean-Claude Trichet said on Wednesday 20 December that sharp and abrupt moves in currencies would not be in the interests of Europe, the US or the global economy.
NBP holds rates steady
The National Bank of Poland kept interest rates unchanged Wednesday 20 December, as widely expected, despite strong economic growth.
Malaysia says won't impose capital controls
Malaysia does not intend to adopt a similar stance as Thailand by imposing capital controls, Prime Minister Datuk Seri Abdullah Ahmad Badawi said Wednesday 20 December.
Central banks sign MoU on financial crises
An agreement entitled "Memorandum of Understanding on Management of a financial crisis in banks with cross-border subsidiaries or branches" was signed in Stockholm Monday 18 December by the central banks of Sweden, Estonia, Latvia and Lithuania.
BoJ's Fukui says prices, spending weaker
Bank of Japan governor Toshihiko Fukui said Tuesday 19 December that the consumer price index and private consumption have recently been weaker than the BoJ had thought a few months earlier.
BOK's Rhee says won to fall v dollar in 2007
South Korea's won ``has peaked'' according to a Bank of Korea official, and is poised to weaken versus the dollar in 2007.
Thailand reconsiders baht policy
Foreign investors bailed out of the Thai stock market in droves Tuesday 19 December, forcing Thailand's military government to go back on comments that it would not abandon just-announced measures aimed at stemming the country's surging currency.
Confidence in German economy high
Strong global demand for Germany's manufacturing exports has pushed business confidence in Europe's biggest economy to its highest level since the country was reunified at the start of the 1990s, the Ifo institute announced Tuesday 19 December.
Iran plans move towards euro from dollar
A spokesman for the Iranian government said Monday 18 December that the Central Bank of Iran will convert the state's foreign dollar holdings into euros and use the euro for foreign transactions.
Trichet on defensive over ECB political attacks
European Central Bank president Jean-Claude Trichet defended the ECB against attacks by French politicians in an interview published Monday 18 December, saying that it has a mandate from governments and voters which guarantees its independence from…
ECB's Stark says eurozone rates still low
European Central Bank (ECB) Chief Economist Juergen Stark said Thursday 14 December the bank's interest rate policy is still accommodative and noted that levels are low.
UAE says GCC trying to simplify plans
The governor of the Central Bank of the UAE, Sultan bin Nasser Al Suwaidi, on Sunday 17 December tried to play down rumours of cracks in plans for the proposed GCC monetary union by 2010.
US, China agree reforms but differ on timing
Following the talks in Beijing last week U.S. Treasury Secretary Henry Paulson said China and the US have agreed basic principles on a wide range of issues including economic times, but the timing of any moves remains a stumbling block.
BOT sets limit on Thai baht exchange
The Bank of Thailand (BOT) has made a major intervention in the markets to stem the soaring Thai baht, setting a reserve requirement on short-term capital inflows that will come into effect Tuesday 19 December.
PBOC's Fan says China would gain from yuan rise
A modest appreciation of the yuan is good for China and will help to curb speculation on the currency, the Xinhua news agency reported Friday 15 December, citing Fan Gang, a member of the central bank's monetary policy committee.
Buba's Weber says ECB won't bow to rate pressure
The European Central Bank will definitely not put off possible further rises in interest rates to avoid potential clashes with eurozone politicians, Bundesbank President Axel Weber said Friday 15 December in an interview with the Frankfurter Allgemeine…
Sweden's Riksbank raises rates to 3%
The Sveriges Riksbank increased its repo rate to 3.00 pct from 2.75 pct Friday 15 December in response to rising inflation combined with continued good levels of economic activity.
Sri Lanka sees healthy growth rate for economy
According to the Central Bank of Sri Lanka's December 2006 Monetary Policy Review, published Friday 15 December, the economy continues to grow at a healthy rate.
Poland's central bank nominee withdraws candidacy
The Polish president's office said Thursday 14 December that Jan Sulmicki, who was nominated earlier this week as the next governor of the National Bank of Poland, has withdrawn his candidacy for "personal reasons".