News
Japan sees continued economic recovery
Japan's government will not upgrade its assessment of the economy in a monthly report to be released on Friday 16 April, but will say a recovery in business conditions is broadening, according to a draft seen by Reuters.
Balcerowicz says Polish euro entry may be delayed
Poland's national bank President Leszek Balcerowicz said the country may not be ready to adopt the euro by 2007 because the government has failed to cut spending.
Greenspan to appear before Senate panel Apr 20
Federal Reserve Chairman Alan Greenspan is due to testify on the state of the U.S. banking industry before the Senate Banking Committee on April 20, a panel aide said on Wednesday 14 April.
Bank of Japan's Monetary Policy Meeting Minutes
The Bank of Japan released the minutes from its 26 February and 15, 16 March Monetary Policy Meetings on Wednesday 14 April. Minutes from the March meeting showed members felt that the downtrend in prices was slowing and expectation of price declines was…
SF Fed's Parry sees US rates 'maybe' at 3.5%
Federal Reserve Bank of San Francisco President Robert Parry said in an interview that U.S. interest rates cannot remain at their 1958 lows forever and will have to rise at some point, perhaps to 3.5 per cent.
Fed's McTeer unconcerned over US inflation
There are no concerns about inflation emerging even as the U.S. economy is growing "on all cylinders," said Robert McTeer, the president of the Federal Reserve Bank of Dallas.
Eichengreen urges controlled yuan float
Barry Eichengreen, a senior policy adviser to the International Monetary Fund (IMF) during the Asian financial crisis has said that China should immediately stop pegging the yuan to the US dollar and instead move to a controlled float of its currency.
IMF stops Vietnam lending program
The International Monetary Fund said on Tuesday 13 April that it has stopped its multi-million dollar lending program to Vietnam after a long-running dispute with the country's central bank over disclosure of its foreign reserves.
Eichel tells FAZ Welteke actions 'unacceptable'
Ernst Welteke faced strong criticism from the German government on Tuesday 13 April when the finance minister said in an interview with a German daily that it was unacceptable that the official took a free hotel stay from a private bank under Bundesbank…
Bank of Canada cuts interest rates to 2 per cent
The Bank of Canada announced on Tuesday 13 April that it is lowering its target for the overnight rate by one-quarter of one percentage point to 2 per cent.
Fukui pledges to maintain current monetary policy
Bank of Japan governor Toshihiko Fukui reaffirmed to parliament on Tuesday 13 April his commitment to maintain the current super-easy monetary policy framework, until the prolonged deflation comes to an end.
Gov't and Bundesbank agree to work together
The German Government has agreed to work together with the Bundesbank over the Ernst Welteke scandal, it was reported on Tuesday 13 April, as both organisations try to prevent their conflict from escalating.
France 'just thinking' about gold sales
The French finance ministry said on Tuesday 13 April that it was just thinking about using some of the country's gold for future investments or to reduce debt, after press reports said talks could begin this week with the Bank of France.
PBOC: China to make yuan fully convertible
China will make the yuan fully convertible, People's Bank of China governor Zhou Xiaochuan said.
Russia to revise exchange rate mechanism
The Russian Central Bank will revise its mechanism for setting exchange rate targets, Central Bank Deputy Chairman Konstantin Korishchenko declared. According to him, the bank is considering the possibility of changing its exchange rate policy.
Buba's Executive Board to abide by ECB Code
The Executive Board of the Deutsche Bundesbank has decided, with immediateEffect (8 April), to expressly adopt and apply to itself the Code of Conduct applicable to the members of the Governing Council of the ECB.
Bank of England leaves rates unchanged
The Bank of England made no statement to explain its thinking after its MPC meeting on Thursday 8 April left interest rates unchanged at 4%. Much speculation preceded the meeting with many analysts predicting a rate increase.
BOJ expected to hold policy unchanged
The Bank of Japan is expected to keep policy unchanged on Friday 9 March following the release of its tankan survey which showed Japan's economic recovery broadening.
Why Monti's IMF candidacy withdrawn - report
Italy withdrew EU competition commissioner Mario Monti's candidacy for the post of International Monetary Fund managing director in order to gain French and German support over its deficit problems, Italian daily La Repubblica reported.
AGCC adopts monetary union criteria
Gulf Arab states agreed on Wednesday 7 April on several key criteria to integrate their economic and fiscal policies for their anticipated monetary union, Kuwait's central bank governor said.
Welteke takes leave from Bundesbank
Reports on Thursday 8 April said that the Bundesbank is resisting pressure from the German government to install Deputy Finance Minister Caio Koch-Weser as president to replace Ernst Welteke who agreed to take leave on Wednesday.
Four more countries face stability pact scrutiny
The European Commission has put Britain and the Netherlands under formal surveillance for letting their budget deficits breach an EU target. It also issued a warning to Italy and said it expected Greece to breach the limit.
African common currency 'will open up economies'
The introduction of the "ECO" as a common currency for Ghana, Sierra Leone, Nigeria, Guinea and The Gambia will open up the economies of member states to increase trade and commerce, according to Lanto Harding.
Basel supervisors urge more work on terror funds
Top banking supervisors on Wednesday called for more action to deprive terrorists of funding by sharing information and cracking down on informal money transfer networks.