News
Greenspan successor to face tough economic climate
Until recently it seemed that Alan Greenspan's successor at the Federal Reserve would have a fairly easy ride at first. But according to an article published this week, that seems like a distant memory now that Hurricane Katrina has sent gasoline,…
Place your bets! Will Fazio stay or go?
A Swedish online gambling website is offering odds on whether embattled Bank of Italy governor Antonio Fazio will stay in office beyond the start of October.
Greenspan, the Wizard of Bubbleland
This lengthy article published on Wednesday 14 September covers a lot of central banking ground. Greenspan's measured-paced interest-rate policy is a reversal back to the Fed's tradition of gradualism, it says, but the debt cancer is spreading faster…
BoE's Lambert downplays UK inflation rise
Writing in the UK newspaper the Sun, Bank of England rate setter Richard Lambert downplayed the sharp recent rise in UK inflation, saying that the central bank does not set rates according to where inflation stands at present.
BOJ's Iwata repeats inflation target call
Bank of Japan deputy governor Kazumasa Iwata said Thursday 15 September that the central bank should adopt a specific inflation target to boost transparency in monetary policy and fend off excessive market speculation after its quantitative easing…
Vietnam to maintain compulsory reserves ratio
Vietnam's central bank said on Thursday 15 September it will not raise the compulsory reserve ratio banks must keep aside.
RBI: Banks must improve technology to manage risk
A senior Reserve Bank of India official said Thursday 15 September that Indian banks need to strengthen technology platforms to manage risks better.
Argentina mulls increasing gold reserves
Argentina's central bank may increase its gold reserves as a hedge against inflation and to protect it against financial crises, according to Juan Ignacio Basco, the bank's head of market operations.
Besieged Fazio gets a supporter at last
European Internal Market Commissioner Charlie McCreevy said Friday 16 September that the Bank of Italy's governor, Antonio Fazio, appears to have acted legally in the ongoing saga that has enveloped the central bank.
Poland may hold euro referendum
Poland may hold a referendum on when to adopt the euro if the country's expected next ruling coalition cannot agree on a timetable, top presidential candidate Donald Tusk said on Thursday 15 September.
Offshoring set to double by 2008
The scale of offshoring in the financial services sector is set to virtually double by 2008, according to PricewaterhouseCoopers latest survey entitled Offshoring in the financial services industry: Risks and rewards, launched on Thursday 15 September.
Global money transfers international conference
The first major international conference on global money transfers will take place in London at the Institute of Directors on October 17 and 18 attended by financial institutions worldwide.
IMF says ECB rate cut not necessary yet
The European Central Bank is following a "broadly appropriate" monetary policy, and has no reason to cut interest rates at present, the International Monetary Fund's most senior European official said on Tuesday 13 September.
ECB advice sought by Gulf Arab states
A senior official at the GCC said on Thursday 15 September that Gulf Arab states will seek help from the European Central Bank in establishing a monetary authority to oversee their planned single currency.
China not planning more yuan revaluations
A senior official from the People's Bank of China said Thursday 15 September that China will not adjust its exchange rate through another revaluation.
Trichet says new law should not apply to Fazio
European Central Bank president Jean-Claude Trichet said a new law introducing a limited term of office for the head of the Bank of Italy should not be applied to current governor Antonio Fazio.
Estonian central bank chief positive on 2007 euro
According to Estonia's central bank chief Andres Lipstok, the country is on track to reduce inflation in time to join the euro on 1 January 2007, though rising oil prices require vigilance.
Bank of Uganda signs foreign reserve software deal
The Bank of Uganda has become the third African central bank to adopt a financial technology solution from Trema, the company announced recently.
McCreevy says cross border clearing cost must fall
Charlie McCreevy, the European Union internal market commissioner, said on Tuesday 13 September action will be taken against Europe's financial services industry if it fails to slash the costs of cross- border trading in securities within six months.
ECB asks government for information on Fazio
The European Central Bank's governing council has asked Italy's government to provide additional information on Bank of Italy governor Antonio Fazio, Boersen-Zeitung said, citing sources close to the Italian government.
Fukuma sees risk from maintaining reserve target
Katsutoshi Fukuma, a member of the Bank of Japan's policy board, said in a speech he now sees rising risks in maintaining the bank's present 30-35 trln yen liquidity reserve target range, and he reiterated his call for a reduction.
Bank of Italy valued at 1bln euro
The total value of the Bank of Italy's shares is about 1 bln euro, said economy undersecretary Maria Teresa Armosino, but she said the shares are not "marketable".
S. Korea fin min says cb can support recovery
South Korea's Minister of Finance and Economy Han Duck-Soo said Tuesday 13 September that the Bank of Korea should use its monetary policy to support economic growth as inflationary pressure is benign.
Survey shows Chinese less keen on holding dollars
A survey published on Tuesday 13 September has shown that Chinese households have become more reluctant to hold dollar deposits since the yuan was revalued.