News
Report says Germany may create gold sale fund
Germany may create a special fund for the proceeds of Bundesbank gold sales in a move which could help ease central bank opposition to the sale of part of its huge reserves, according to a draft law quoted by Reuters on Thursday 2 February.
Draghi flies a different course
Italy has all it needs to resolve its own problems and can look towards a bright future, Bank of Italy Governor Mario Draghi said on Thursday 2 February. Draghi also emphasised he would take a different approach to that of former governor Antonio Fazio.
Merkel looks to Buba for chief economic advisor
German Chancellor Angela Merkel has recruited a top Bundesbank economist, Jens Weidmann, to advise her in economic matters, a German government spokesman said on Wednesday 1 February.
BoE legal eagle set to retire
According to the Guardian's City diary, Malcolm Glover would have retired from the Bank of England at the end of 2004 had it not been for the litigation brought by the BCCI liquidators.
BoJ's Muto: Conditions not met for policy shift
Bank of Japan Deputy Governor Toshiro Muto said on Thursday 2 February it was still too early to abandon the bank's ultra-loose policy despite recent increases in consumer prices.
UK urged to provide more long-term gilts
The UK government should issue more long-term gilts and extend its use of index-linked gilts, investors told the government in an annual consultation meeting on Wednesday 1 February.
Survey of foreign exchange settlement risk
The Committee on Payment and Settlement Systems said Wednesday it will carry out a survey of how banks and other selected institutions manage the risks they can incur when settling foreign exchange transactions.
Ben Bernanke sworn in as Fed chairman
Ben Bernanke on Wednesday 1 February became the fourteenth Chairman of the Board of Governors of the Federal Reserve System and the Chairman of the Federal Open Market Committee, succeeding Alan Greenspan.
Fed raises rates, drops 'measured' stance
The Federal Open Market Committee decided on Tuesday to raise its target for the federal funds rate by 25 basis points to 4-1/2 percent. In its statement the FOMC dropped "is likely" and replaced it with "may," regarding further policy firming.
Bernanke becomes Fed chairman, but without a seat
Alan Greenspan celebrated his final day as Federal Reserve chairman with a lunch of grilled salmon and chocolate cake. He also received various gifts from his colleagues, including his boardroom chair.
Greenspan to become adviser to UK Chancellor
The UK Treasury on Wednesday 1 February announced that Dr Alan Greenspan KBE has agreed to be Honorary Adviser to the Chancellor of the Exchequer Gordon Brown.
Report says BoJ may extend Suda's term
The Bank of Japan has suggested that it may extend the appointment of a policy board member by giving a the official another five-year term.
Key appointments made as SARB restructures
As part of a restructuring process, two key appointments were announced by the South African Reserve Bank on Tuesday 31 January.
RBNZ to raise settlement cash level temporarily
The Reserve Bank of New Zealand will temporarily raise the Settlement Cash Level (SCL) from its current level of $20 million to $500 million, for value date 2 February 2006.
IMF approves US$10.2m for Central African Republic
The Executive Board of the International Monetary Fund said on Monday 30 January that it has approved a credit of SDR 6.962 million (about US$10.2 million) in Emergency Post-Conflict Assistance for the Central African Republic.
Arrests follow attack on Soludo's father
Police in Nigeria have arrested two men following an attack on the father of the governor of the Central Bank of Nigeria.
PBOC chief urges social security reforms
The People's Bank of China's Governor, Zhou Xiaochuan, has called for reformation of the country's social security system in order to reduce savings.
Bush to nominate Lazear to head CEA
US President George W. Bush has picked a business school professor, Edward Lazear, to be the chairman of his Council of Economic Advisers, the White House announced late Monday 30 January.
Senate votes on Bernanke, FOMC meets
The US Senate is aiming for a midday vote on the nomination of White House adviser Ben Bernanke to be chairman of the U.S. Federal Reserve, Senate leadership aides were quoted by Reuters as saying on Tuesday 31 January.
Bank of England given BCCI payout
The liquidator of Bank of Credit and Commerce International made an initial £73m payment to the Bank of England on Monday 30 January for legal costs incurred in its successful defence against the abandoned "misfeasance" claim in the High Court.
Russia-Belarus to have common currency from 2008
Russia and Belarus will have a common currency starting from 1 January 2008, representatives of the Interbank Currency Council said on Friday.
Trichet renews call for eurozone reforms
Jean-Claude Trichet, president of the European Central Bank, urged euro zone governments to speed up structural reforms of their labour markets and welfare systems, telling a conference in Davos on Saturday that it was the best way to ensure economic…
Buba's Weber says ECB 'ready to act' on rates
The European Central Bank is ready to act again any time if necessary on interest rates in the eurozone, Bundesbank chief Axel Weber said in a newspaper interview.
Barker: BoE's growth forecast may be optimistic
Monetary Policy Committee member Kate Barker has warned that UK economic growth may fall short of the Bank of England's forecasts, UK daily the Guardian reported.