News
African central bankers to meet
Bank of Uganda (BOU), German Technical Cooperation and the Swedish International Development Agency will host central bank executives from eastern and southern Africa during a conference aimed at forging a stable financial system.
UAE central bank's assets grow 9.5%
The UAE Central Bank has reported a 9.5 per cent increase in its assets during the first half of 2004 to Dh59.6 billion from Dh54.5 billion at the close last year.
IMF chief urges Argentina to resolve debt plan
The head of the International Monetary Fund urged Argentina on Tuesday to complete a $100 billion debt restructuring to sustain its recovery from economic crisis.
ECB may raise inflation forecast
The European Central Bank will revise slightly upward its 2004 and 2005 inflation forecasts in its new quarterly economic projections, central bank officials in the euro zone have told Reuters.
Russia may increase euro reserves
Russia's Central Bank may increase the euro component of its hard currency reserves, according to First Deputy Bank Chairman Alexei Ulyukayev.
Russian central bank misses profit target
The Russian Central Bank missed its target for paying profit to the federal budget by 1.5 billion rubles in the first half of 2004, according to Deputy Finance Minister Sergei Shatalov on Tuesday 31 August.
South African economy shows upswing
South Africa's economy grew by 3.9 per cent in the second quarter of 2004, its best performance since the end of 2002, the official statistics agency reported on Tuesday 31 August.
NBS leaves key interest rates unchanged
The Board of the National Bank of Slovakia (NBS) decided to keep interest rates unchanged at its monthly session on Monday August 30.
IMF's Rato to visit Argentina
Rodrigo Rato, the managing director of the International Monetary Fund, was due in Buenos Aires on Tuesday for talks on Argentina's financial situation.
IMF suggests flexible rates for China
In its most recent report on the Chinese economy the International Monetary Fund warned that a "soft landing is not yet assured" and recommended the introduction of a more flexible exchange rate quickly.
Poll thinks ECB unlikely to increase rates
A recent poll of economists showed that there are strong expectations that the ECB will not raise interest rates until the first half of 2005, waiting for proof of a pickup in consumer demand which would protect against a global slowdown.
Canada hints at September rate rise
In a speech on August 23, Bank of Canada Deputy Governor David Longworth gave strong signals that the bank is contemplating raising its overnight interest rate from two percent at its September 8 meeting.
China to intervene and save D'Long
China's central bank may be preparing to intervene to prevent the failure of troubled private conglomorate D'Long Group, in an unprecedented move to avoid financial chaos in China's banking system.
Thailand raises interest rates
The central bank of Thailand raised interest rates by 0.25 percentage points on Wednesday 25 August, bringing its repo rate to 1.5 percent. This follows a series of interest rate cuts which started in 2001, and comes amid signs of accelerating inflation…
Taiwan under pressure to raise rates
The Central Bank of China, Taiwan's central bank, may be under pressure to increase interest rates for the first time since December 2000, according to news reports.
Poland raises interest rate by half percent
The Polish central bank raised its main interest rate to 6.5 percent on August 24, the third rise in as many months. The central bank took the measures to address inflation, which has been rising following Poland's entry into the EU.
Brazil leaves rates unchanged
Brazil's central bank decided to leave its interest rate at 16 per cent, as the country's economic recovery starts to result in rising inflation.
ECB's Guy Quaden says no rate rise
In an interview with L'Echo on 12 August, Guy Quaden offered reassurances that the ECB had no plans to raise interest rates in the immediate future.
Hungary cuts rates by half percent
The central bank of Hungary reduced the base rate by half a percentage point, from 11.5 percent to 11 percent, when it met on 16 August. While the central bank pointed to improvements in the economy as the cause, it is thought that a desire to weaken the…
India moves to reform government securities market
The Reserve Bank of India may soon lose its position as exclusive banker to the Government of India, reports Business Standard. If the Government Securities Act, which will replace the 1944 Public Debt Act, is passed by parliament, other banks will be…
Slovakia budget points to euro entry hopes
Slovakia is hoping to adopt the euro in January 2009, according to a report on the new draft budget, depending on inflation and government finances being kept under control.
Thai leader shows support for central bank chief
At a press conference on Friday 14 August, the Thai prime minister, Thaksin Shinawatra, quashed speculation that he would replace the governor of the Bank of Thailand over problems in the banking sector.
Russia issues forecasts on 2005
The Russian government will continue to target both the exchange rate and inflation next year because its economy is not ready for a free-floating ruble. At the same time, forecasts show a potential boost to the economy from revenues caused by high oil…
Brazil's Meirelles given cabinet status
The president of the Central Bank of Brazil, Henrique Meirelles, has been granted cabinet status in a further development to allegations of his financial misconduct by the national press.