News
Greenspan praises electronic checks bill
Speaking on Wednesday 29 October Alan Greenspan praised legislation passed by Congress and signed into law by President Bush on Tuesday that allows banks to clear checks electronically, potentially slashing paperwork. The law will let banks approve…
SNB's Roth urges swift economic reforms
Swiss National Bank chief Jean-Pierre Roth has called on politicians to solve Switzerland's economic problems and promote growth. He said the only thing the central bank could do to support recovery was to use monetary policy to encourage growth while…
France's Noyer on banknotes' stretch
Christian Noyer has answered the question that was on everyone's lips: Just how far would the 15bn euro banknotes stretch if laid end-to-end?
Armenia ushers in new Deputy Governor
The National Assembly of Armenia has approved Artur Dzhavadyan as the new Deputy Governor of the Central Bank of Armenia after he was proposed by the President. In what looks like a big vote of confidence, ArmInfo reported there were 86 votes in support…
ECB gets a queen for the day
The red carpet was rolled out last week in Frankfurt when Queen Beatrix of the Netherlands paid a visit to the European Central Bank.
Poetry - McTeer style
Dallas Fed President Bob McTeer is well known for his poetry and a recent article in the New York Post reminded us of a few of his classics, including this one. "There once was an economy on the ropes. It kept defying recovery hopes. When we finally made…
Ferguson and Bernanke back on Board
Roger Ferguson and Ben Bernanke got approval from the US Senate last Friday to new terms at the Fed, Reuters reports. Bernanke gets a full 14 year term on the Federal Reserve Board while Ferguson was cleared for four more years as the Fed's Vice Chairman.
Heads set to roll at troubled RBZ
Zimbabwe's Financial Gazette reports trouble brewing at the Reserve Bank. Not only does the country have a cash crisis, but the central bank is in turmoil with rumours that the government plans to bring experts in from Bank Negara Malaysia to sort things…
Kick off in Italy
Italy is famous for its football but the Financial Times reported kicks of a different kind last week. Governor of the Bank of Italy Antonio Fazio was said to have instructed one of his bodyguards to "kick him a bit so he goes away" referring to a…
Bikers and bankers
G20 central bankers meeting in Mexico were in for a shock when they arrived at their hotel to find most of the rooms had been taken by a group of bikers. Rows of Harley Davidsons greeted them and the Financial Times reported that the G20 bankers were…
Fukui chief vows to fight deflation
Toshihiko Fukui, governor of the Bank of Japan, said on Tuesday 28 October that he sees no immediate end to Japan's deflation problem, according to AFP, but he pledged to continue the struggle with high levels of liquidity. "Just because we have a…
G20 positive on world economy as meeting ends
The Group of 20 Finance ministers and central bank governors meeting in Mexico were positive about the world economy on Monday 27 October. In an official statement, reported by the Financial Times, they said that "while risks remain, a global economic…
BOJ in negative net worth if JGB yields jump-Ueda
BoJ Policy Board member Kazuo Ueda said in a speech reported by Reuters that if the value of Japanese Government Bonds was to drop 10 per cent the Bank of Japan will be in negative net worth. Ueda warned of growing risks to the BoJ's balance sheet.
RBI likely to signal new settlement system plan
Private sector bankers said on Tuesday 28 October that they believed the Reserve Bank of India was about to announce a plan to install a real-time gross settlement system for the entire financial sector by January, according to a report by Reuters. The…
Sri Lanka to introduce secure cheque clearance
Sri Lanka is to introduce a secure cheque clearance system before the end of this year to speed up banking services. A government spokesman, reported by the Sri Lanka Daily News, said the system would be an essential of the government's project to…
Koizumi aide raps BOJ for deflation failure
Former vice-minister for international affairs at Japan's finance ministry Haruhiko Kuroda on Sunday 26 October launched a strong attack on the Bank of Japan (BOJ) for failing to perform its legal duty of halting deflation, according to The Business…
Israel's Treasury and c bank rift intensifies
Bank of Israel governor David Klein has criticised Sunday's (26 October) cabinet approval for the establishment of a central bank advisory committee controlled by key business sector figures, according to the Jerusalme Post. Although the committee lacks…
Iraq a big factor: Fed's Greenspan at G20
Federal Reserve chairman Alan Greenspan said at the opening of a meeting of the Group of 20 nations in Mexico that the US economy is heavily influenced by the war in Iraq. according to a report by Reuters.
Finland proposes changes to ECB voting model
Finland has proposed a change to the ECB voting system that will be employed once the union expands next year, according to Helsingin Sanomat. The new system was agreed upon only last spring. In Finland's proposal, 15 members of the ECB Governing Council…
China central bank says stable yuan good for world
The People's Bank of China said on Monday 27 October that China will keep the yuan exchange rate stable, according to Reuters, as the fixed currency policy is good for its economy as well that of Asia and the rest of the world.
Bundesbank's Welteke: is US growth sustainable?
Bundesbank President Ernst Welteke said on Sunday 26 October, on the sidelines of the Mexico G20 meeting, that the world economy is in recovery but he questioned whether growth in one of its main drivers, the United States, was sustainable, Reuters…
UAE auditing office criticises central bank
The United Arab Emirates State Auditing Office has strongly criticised the central bank, according to Gulf News, accusing it of suffering unnecessary losses, failing to fully undertake its role as a government bank, and indulging in practices that…
Thai c bank says local banks ready for Basel II
Bank of Thailand Governor Pridiyathorn Devakula said on Monday 27 October, according to Dow Jones, that Thai commercial banks will be ready to adopt the new Basel II regulations on capital adequacy when they come into force end-2006.
MasterCard battles RBA over fees
MasterCard has begun legal action against the Reserve bank of Australia regarding the level of the company's interchange fees, reports the Australian Financial review. The RBA wants to bring MasterCard's interchange fee of 58 cents per $100 transaction…