News
Bank of Japan's Ueda reiterates ultra-loose policy
Bank of Japan policy board member Kazuo Ueda said in a speech reported by AFX that the BoJ could maintain its ultra-loose monetary policy even after deflation is overcome, if it is judged necessary to maintain the policy.
Foreign central banks buy more U.S. debt - Fed
Holdings of US Treasuries by foreign central banks rose further above the $1.0 trillion level reaching a new record high in the latest week, according to a Reuters report. The Federal Reserve said on on Thursday 13 November that foreign central banks…
Fed's Santomero says rates can't stay low forever
Philadelphia Fed President Anthony Santomero said on Friday 14 November that although interest rates cannot stay at their current low rates in the indefinitely, there is no pressure for a rise in the near future, according to a report by Reuters…
Hungary to submit central bank independence bill
The Hungarian government has adopted the draft of a legal amendment aimed at strengthening the independence of the National Bank of Hungary, Interfax reports. According to the draft law to be submitted to parliament, the central bank and members of its…
Post referendum, Swedish euro opposition rises
A poll published on Friday 14 November showed that opposition to the euro has increased in Sweden since the euro referendum in September came down against the single currency, reports EU Business. Support for the euro fell from 42 to 38 percent, the poll…
Bulgaria signs partnership against fake money
The National Bank of Bulgaria (BNB) has signed an agreement on the establishment of a national centre to analyse forged and counterfeit money, according to a report by the Sofia Echo. According to BNB governor Ivan Iskrov, the central bank has the…
Bank of Finland capital base plan withdrawn
Finland's second Minister of Finance Ulla-Maj Wideroos has withdrawn a proposal she made that the Bank of Finland's capital base should be transferred to the government to repay state debts, according to a report by Helsingin Sanomat. The new proposal…
US bank regulators assess impact of Basel accord
Speaking on Thursday 13 November, Fed Vice Chairman Roger Ferguson said U.S. regulators are gathering data on whether the complex new Basel II rules will disadvantage institutions that lend to small businesses, home buyers or consumers according to a…
IMF admits mistakes in handling Asian crisis
The assistant director of the IMF Office for Asia and the Pacific, Charles Adams, has acknowledged that the Fund made mistakes during the Asian Crisis but not everyone agrees what the mistakes are, according to AFP. Some lending conditions were not…
Chicago Fed's Moskow: Rates to stay low
Michael Moskow said on Thursday 13 November, according to Reuters, that the Federal Reserve plans to keep interest low for a considerable period of time. The Chicago Fed President, who is a voting member of the FOMC, told a panel discussion "All of the…
IMF's Rajan says China should not wait on yuan
IMF chief economist Raghuram Rajan said in an interview, published by Reuters, that a move towards more flexible exchange rates by China would benefit both the Chinese and global economies. Rajan, a former University of Chicago academic, said two options…
Putin praises CBR's ruble exchange rate policy
Russian President Vladimir Putin praised the central bank's exchange rate policy on the ruble, according to Prime-Tass, saying that policies "are justified by the situation in Russia". Putin made the comments during a meeting with IMF chief Horst Koehler…
Germany, France confirm euro zone rebound
Data released on Thursday 13 November showed that both Germany and France grew in the third quarter of this year, according to Reuters, with Germany pulling out of its second recession in two years, expanding 0.2 percent and France seeing growth of 0.4…
BOT assets 'safe' from weak dollar
Assistant governor of the Bank of Thailand, Tasna Rajatabhoti, said on Wednesday 12 November that the weak dollar will not have a significant impact on the value of the BOT's foreign assets, according to The Nation. She said the central banks of many…
Malta central bank cuts growth forecast for 2003
The central bank of Malta has revised its growth forecast for the country to between 1 and 1.3 percent for 2003, according to the Times of Malta. In its annual report published in April it had previously forecast real GDP growth of 3.1 - 3.7 percent.
Ireland to consider stability pact reform
Mary Harney, the leader of Ireland's Progressive Democrat Party and Minister for Trade, has said that the EU's stability and growth pact will be considered in detail when Ireland holds the EU Presidency next year, according to the Irish Independent. She…
Russia central bank deputy fears capital flight
The deputy governor of Russia's central bank, Oleg Vyugin, has said Russia could experience a significant increase in capital flight to $13 billion in the second half of this year, accrding to Reuters, but he added that he could not definitively link the…
Mboweni sees bumpy road to African central bank
South African Reserve Bank governor Tito Mboweni has struck a cautious note on the idea of a single African currency, reports All Africa News. He pointed out in a recent speech that intra-continental trade was extremely disappointing, thereby making it…
Brazil's central bank warns over email fraud
The central bank of Brazil has warned the public against an email fraud scheme which asks people to register personal details about their bank accounts, with the email supposedly from the central bank, according to a report by Business News America.
HKMA moves to weaken Hong Kong dollar rate
The Hong Kong Monetary Authority continued selling HK dollars on Wednesday 12 October and buying about US$100 million, according to a report by Dow Jones. The move further weakened the HK dollar against the US dollar which was already declining following…
ECB's Issing: Rule breaking undermines euro
Otmar Issing, the ECB's chief economist, has said in an interview reported by AFP that the stability and growth pact is an important institutional part of monetary union and it is a major concern if it is put into doubt. Asked whether the ECB could…
Bank of England raises growth forecast
Mervyn King told the Bank of England's quarterly inflation report press conference on Wednesday 12 November that "There is a risk that heavily-indebted households will be badly affected by changes in economic circumstances or interest rates", Reuters…
Snow says US economy on a 'rising road'
US Treasury Secretary John Snow has said that the US economy is on a rising road and is getting stronger every day. In a speech to the Arizona Chamber of Commerce, reported by AFP, Snow said that based on the data, "We can all be encouraged, but we…
RBA's McGauchie: Rural sector improving
Speaking on Wednesday 12 November, Reserve Bank of Australia board member Don McGauchie, the rural voice on the nine-member RBA board, said that although much of Australia is still gripped by drought conditions, monetary policy is a broad instrument that…