News
Buba eyes 400-600 tonne gold sale in new pact
A report says that the Bundesbank is considering selling between 400 and 600 tonnes of gold from late 2004 to 2009, according to Reuters. Bundesbank President Ernst Welteke declined to comment on details of any deal ahead of discussions in the spring…
King: no need for low rates if world recovers
Bank of England Governor Mervyn King has said, according to Reuters, that if the world economy recovers, interest rates will not need to remain as low as they are. "So far we have been keeping rates low to ensure there was sufficient growth in domestic…
Fed's Bernanke sees low U.S. rates until jobs grow
After some false starts the US economy is on track for a sustained recovery, Fed Governor Ben Bernanke said in testimony prepared for delivery to the Senate Banking Committee on Tuesday 14 October,according to Reuters. But Bernanke told the panel that…
G7 message not only about FX - Duisenberg
Speaking on the sidelines of a news conference in Moscow on Monday, ECB President Wim Duisenberg said foreign exchange markets may have misunderstood last month's statement from the G7, Reuters reports. "There was no statement specifically about euro…
BOJ's Hirano sees good chance of recovery lasting
Bank of Japan Assistant Governor Eiji Hirano said on Monday 13 October at a summit meeting in in Singapore that there is a greater chance that recovery can be sustained this time compared to the past two cases. However, he acknowledged that risks of a…
Fitch upgrades China's forex rating outlook
The rating agency Fitch has announced that it has revised the outlook for China's A-minus long-term foreign currency rating to positive from stable, according to AFP. China's official foreign currency reserves have been boosted by a continuing strong…
Deflation, markets remain risks for Japan-Takenaka
Japanese Economics and Finance Minister Heizo Takenaka said on Sunday 12 October that the purpose of foreign exchange intervention was mostly to smooth out yen volatility, according to a report by Reuters. While the economy is recovering it remains…
GCC bankers discuss monetary union in Qatar
The 35th meeting of the Gulf Cooperation Council Central Bank Governors was held in Qatar on Sunday 12 October, reports The Peninsula, to discuss the work of the monetary union technical committee on issues related to the standards of economic…
Bulgarian c bank: Main challenge joining euro zone
Bulgaria's newly appointed central bank governor Ivan Iskrov has said that the main priority for the bank will be preparations for joining the eurozone, according to the Sofia Morning News. Former governor of the Bulgarian National Bank Svetoslav…
ECB to provide assistance to Russian central bank
The ECB is to help train staff from the central bank of Russia, according to a report by AFX. The training will be provided by officials from nine eurozone national central banks and the non-central bank supervisory authorities of the UK, Sweden and…
Protocol on Central Bank Training in Russia
Signing of the protocol in Moscow of a contract for a project in Russia entitled "Central Bank Training" by Dr. Willem F. Duisenberg, President of the European Central Bank (ECB), His Excellency Richard Wright, Head of the Delegation of the European…
Kohler proposes Takatoshi Kato as new IMF deputy
IMF Managing Director Horst Kohler proposed the appointment of Takatoshi Kato as Deputy Managing Director on 9 October. Kohler said: "Mr. Kato is no stranger to the workings of the Fund having spent a large part of his career in high level positions…
More secure, colourful $20 note makes its debut
"After months of seeing them roll off of the presses, I am honored to spend the first new $20 bill in my hometown of Washington, D.C.," said James Brent, the chief of the office of currency production in the U.S., on 9 October.
Mboweni against Africa's single currency proposal
SARB governor Tito Mboweni has said he is against the idea of the rand being adopted as Africa's single currency when the African Monetary Union is established, according to a report by SABC News. Mboweni said it would be much better to start afresh,…
Japan shows quantitative easing works- Fed's Poole
St Louis Fed president William Poole said in the latest edition of the Regional Economist publication, reported by Reuters, that "Japan showed us that a central bank has more than one tool to work with", although many thought Japan had run out of…
Central bankers debate Basel II delay in Madrid
The central bankers and bank supervisors charged with creating a new regime for bank capital were due to meet in Madrid on Friday 10 October to decide whether to postpone the implementation of the rules, according to the Financial Times. The issue was to…
Bank of Japan eases monetary policy
The Bank of Japan voted to ease monetary policy slightly on Friday 10 October. according to a report by CNN Money. In an unexpected move the BoJ raised the ceiling of its account balance target by two trillion yen ( $18.33 billion ) to a range of 27…
Zimbabwe withdraws travellers' cheques
The Zimbabwean government has ordered the withdrawal of its travellers' cheques, according to Business Day, barely two months after they were introduced to remedy the country's cash shortage. A senior central bank official said on Thursday 9 October that…
ECB shake-up in response to staff discontent
The European Central Bank is to reshuffle its management in response to claims that the eurozone central bank is becoming too bureaucratic, the Financial Times reports. Feelings inside the bank's Eurotower headquarters in Frankfurt have been running high…
Nigeria threat to sue UK over seized £3m
The Nigerian government has called on the UK to return £3m ($5m) it says was stolen from the Nigerian central bank, the Financial Times reports. The matter concerns three suitcases of cash seized at Heathrow airport and kept by the UK Treasury, as it was…
ECB says euro rise not a threat to growth
ECB governing council member Matti Vanhala said on Thursday 9 October that the euro's strength was not "a significant hindrance" to eurozone growth and the dollar's weakness would help to "fix global imbalances", according to the Financial Times…
Crunch meeting for Caruana - Special Feature
CentralBanknet's Monday special feature focuses on the Basel Committee's current crunch meeting in Madrid and the key issues for Jamie Caruana's chairmanship.
BoE holds UK interest rates steady at 3.5 pct
As most analysts predicted, the Bank of England left interest rates unchanged for the third month running on Thursday 9 October at 3.5 per cent, Reuters reported.
Bulgarian Parliament elects new central bank chief
Ivan Iskrov was elected governor of the National Bank of Bulgaria on Thursday 9 October after Parliament approved the appointment by 140 votes to 50 with 20 abstentions, according to a report by Bulgarian News Network