News
North Korea devalues currency as reforms continue
New currency exchange offices have been set up in various areas of the North Korean capital Pyongyang, according to Reuters. The offices are manned by central bank personnel, sources knowledgeable about the country said. North Korea began exchanging the…
Iraq unveils new currency
Iraq's new Saddam Hussein free currency was displayed on Saturday 4 October by Ahmed Salman Mohammed, deputy governor of the Central Bank of Iraq, according to a report by CNN. The new banknotes will go into circulation on October 15.
Qatar to enact anti-money laundering rules soon
The deputy governor of the central bank of Qatar has said that anti-money laundering laws will be issued in the near future, according to Mena FN. The Law aims to establish a legislative framework for the policies and regulations to be adopted for…
Mboweni calls for central bank independence
Speaking on Saturday 4 October, the Governor of the South African Reserve Bank Tito Mboweni said "It is absolutely important that monetary policy and the power to create money are entrusted to central banks". According to Marketplace News, he said…
ECB's Duisenberg prays for gradual dollar decline
Wim Duisenberg has said that a fall in the dollar was "unavoidable" considering the "huge" trade deficit the United States has. The outgoing ECB president said in an interview with the Financial Times: "We hope and pray that this adjustment, which is…
Study backs Greenspan's view on markets
Federal Reserve governor Ben Bernanke's speech on Thursday 2 October detailed research he has done into whether the Federal Reserve could have done more to prevent the stock market bubble of the 1990s. Bernanke told a University audience that interest…
France faces heat over budget deficit breach
Ahead of key meetings of EU finance ministers this week, the EC has signalled a willingness to move forward with the next stage in the European Union's excessive deficits procedure against France, Reuters reports. Austrian Finance Minister Karl-Heinz…
Duisenberg receives Grand Cross honour in Portugal
Decoration for Dr. Willem F. Duisenberg, President of the European Central Bank, 2 October. Duisenberg received the Grand Cross of the Order of Henry the Navigator from Jorge Sampaio, the President of Portugal.
ECB Press Conference with Questions and Answers
At the ECB's post Governing Council meeting press conference in Lisbon on Thursday 2 October Wim Duisenberg said "There is growing evidence that most countries will miss their budgetary targets for 2003 by a significant margin and, in a number of cases,…
First batch of new Iraqi dinars reach central bank
The central bank of Iraq has taken delivery of the first batch of the new Iraqi dinars, according to the Khabat newspaper. The banknotes were printed in the UK and range from 50-dinar notes to the so far unused 25,000-dinar notes.
New Bank of Estonia council decided says chairman
The Bank of Estonia's council will finish its term of office on 16 October. Central bank chairman Mart Sorg said on Wednesday 1 October that he has a list of names of people who will serve on the new council. "Under law, the old council will carry on…
Afghan central bank chief on foreign currency use
Speaking at a news conference, the president of the central bank of Afghanistan, Dr Anwar al-Haq Ahadi, said that after 7 October any kind of sale and purchase of goods throughout the country should be done with the Afghan currency, according to a report…
RBI's autonomy is a myth, Jalan tells industry
Former governor of the Reserve Bank of India, Bimal Jalan, has said that the "RBI is, really, responsible to Parliament through the government," according to the Economic Times, and that while he is all in favour of so called autonomy, this can only work…
Magazine gives 'A Grade' to BOK chief
The US financial market monthly Global Finance has rated BOK Governor Park Seung as part of the highest "A group" of heads of global central banks, according to a report by Chosun Digital. A press release from the Bank of Korea said Federal Reserve…
Botswana head voted central banker of the year
Bank of Botswana Governor Linah Mohohlo has been voted central bank governor of the year for sub-Saharan Africa by Euromoney magazine, reports Sapa. Mohohlo received the award after a poll by international investors, bankers and representatives of…
Fed's Santomero sees economy picking up steam
Philadelphia Federal Reserve President Anthony Santomero said on Thursday 2 October "Employment gains will be slow in coming, and we still have some way to go before we reach our goal of maximum sustainable growth", according to Reuters. He also said the…
FATF intensifies anti-terrorist financing campaign
At the Plenary of the Financial Action Task Force (FATF) in Stockholm, the thirty-three member body convened on 3 October to set global standards in the fight against money laundering and terrorist financing.
Bernanke says slow US job growth a concern
Governor Ben Bernanke of the Federal Reserve said on Thursday 2 October that the US economy appeared poised for steady growth through 2004 but weak employment prospects were worrying, Reuters reports. Bernanke said he saw no reason for concern that the…
Tanzania central bank chief told: Pay fine or jail
The High Court in Dar es Salaam has given Tanzania's central bank governor Daudi Balali seven days to pay a fine or face a four month jail sentence, a report from Xinhua News said. Delivering the ruling Judge Salum Massati said that on 4 June 2001, a…
ECB keeps rates steady at 2 pct as expected
The European Central Bank held interest rates steady at 2 percent at its Thursday meeting, Reuters reported. Wim Duisenberg's last Governing Council meeting was held in Lisbon.
BOJ's Iwata repeats price stability target call
Bank of Japan Deputy Governor Kazumasa Iwata said Wednesday "I think a rise in the CPI of around 1-2 percent would mean prices have stabilised", Reuters reported. Iwata's proposals have been rejected by the other eight members of the BOJ's Policy Board,…
Fed's McTeer sees long spell of low U.S. rates
Dallas Fed President Robert McTeer said Wednesday that there is enough slack in the US economy "for interest rates to be on the historically low side for the foreseeable future". Earlier, McTeer told reporters he saw the U.S. economy moving ahead at a…
Bank of Thailand in policy rethink
The Bank of Thailand is reviewing its foreign-exchange policies with the aim of maintaining trade competitiveness, the Bangkok Post reported. Deputy governor Thirachai Phuvanat-Naranubala said the export sector was now polarised with industrial exports…
China's forex reserves rise to a record $365 bn
China's foreign exchange reserves hit a record at the end of August, a Reuters report said. The People's Bank of China said on Monday that reserves increased a monthly $8.2 billion to $364.7 billion in August, down from a $10 billion average monthly rise…