News
Euro at two-month low ahead of Greenspan's comment
The euro dipped to new two-month low points against the dollar on Monday 14 July in nervous trading before US Federal Reserve chairman Alan Greenspan's imminent statements to Congress on monetary policy, according to a report by Sapa-AFP.
ECOFIN to discuss Italian growth plan and Trichet
EU finance ministers will hold their first Council session under the Italian Presidency on 15 July, EurActiv reports. During the Euro group meeting on Monday, the ministers will launch proceedings to appoint Bank of France Governor Jean-Claude Trichet to…
Ireland's central bank to issue special E10 coin
The central bank of Ireland plans to issue a commemorative 10 euro coin during its presidency of the council of ministers in the first half of next year, BizWorld reports. The coin will mark the enlargement of the European Union.
Venezuelan president agrees to relax controls
Venezuelan President Hugo Chavez said on Sunday 13 July that the country's strict exchange controls will be loosened to allow access to U.S. dollars, according to Associated Press. Chavez did not specify how the controls would be eased, however.
Bulgaria c bank governor talks resume this week
Discussions over the appointment of a new governor for the national bank of Bulgaria will resume this week, according to Novinite. The announcement came a week after right-wing United Democratic Forces and the Socialist Party suspended negotiations and…
Poland to elect new monetary council member
The newest member of the National bank of Poland's Monetary Policy Council (RPP) will be elected in August. Analysts said Stanislaw Nieckarz, an economic advisor to the prime minister, has the best chance of taking up the position.
ECB press conference with questions and answers
At Thursday's ECB press conference Wim Duisneberg said that economic growth in the 12-country euro zone remained "subdued" in the second quarter of this year and there were no signs of a significant improvement in production and confidence. "The latest…
HKMA appoints Ryback as new Deputy Chief Executive
The Hong Kong Monetary Authority (HKMA) announced the appointment of Mr William A. Ryback as Deputy Chief Executive of the HKMA on 11 July. Ryback will succeed David Carse who leaves the HKMA in September.
ECB's Duisenberg confirms 1 Nov retirement
At Thursday's ECB news conference Wim Duisenberg confirmed that he expects to hand over to Bank of France governor Jean-Claude Trichet on 1 November. Duisenberg said that he saw no risk that he will be regarded as a "lame duck" president during the…
ECB's Issing rejects Schroeder's comments on euro
Speaking Friday ECB chief economist Otmar Issing said the competitiveness of the German economy "does not just depend on the exchange rate" in response to an apparent call from German chancellor Schroeder that the ECB should intervene in the currency…
Buba's Zeitler says ECB should keep rates steady
Bundesbank board member Franz-Christoph Zeitler, speaking on the ECB's decision Thursday to keep interest rates unchanged, said "two percent is the right level - I recommend staying hold" Bloomberg reported.
Webb resigns as president of Peru's central bank
Richard Webb has resigned as president of Peru's central bank. A statement from the President's office did not give a reason for the resignation, Reuters reported. A later report from Bloomberg News quoted Economy and Finance Minister Javier Silva as…
Swedish poll shows euro no's ahead of supporters
Opposition to joining the euro has increased in Sweden, a recent poll shows. Support for a yes vote to joining the single currency remained unchanged at 38% Bloomberg said, but opposition to the euro increased by 3% to 53%, in what was called a mid-term…
Sri Lanka cb wants anti-money laundering law soon
The governor of Sri Lanka's central bank A.S. Jayawardena told a seminar Thursday that the country should implement anti-money laundering laws as soon as possible to prevent Sri Lanka from being blacklisted by the international community, the Daily News…
BOJ's Taya, Nakahara opposed increasing stock buys
Documents obtained by Reuters on Friday through Japan's freedom of information laws show that Bank of Japan board members Teizo Taya and Shin Nakahara opposed the decision under which the central bank increased the amount of stocks it purchases directly…
IMF praises Kenya's 'new chapter'
IMF managing director Horst Kohler said Tuesday he was impressed with the Kenyan governments efforts to tackle economic problems. Kohler held talks with President Mwai Kibaki and central bank governor Andrew Mulei during the visit, Business Day reported.
Cash shortage still grips Zimbabwe
The Reserve Bank of Zimbabwe is printing over R218 million worth of cash to inject in the market and counter the current shortages, SABC News reported. ATM machines are empty in the country and the note printing is unlikely to help inflation currently…
Brazil's central bank faces 'weak' strike action
Workers vowed to paralyse Brazil's central bank and Finance Ministry during a strike of public workers on Tuesday. The action was described as "weak" with most employees going to offices as normal past handfuls of protestors who urged them to save their…
Information Guide for institutions using TARGET
The European Central Bank published on 9 July a new edition of the "Information Guide for credit institutions using TARGET". This publication provides a standard set of information on TARGET functionality and answers the most frequently asked questions…
Bank of England statement on rate cut decision
The Bank of England's Monetary Policy Committee today voted to reduce the Bank's repo rate by 0.25% to 3.50%, 10 July. In its press release the Bank said the global economic recovery remained hesitant and the cut was needed to keep inflation on track to…
Statement on IMF Managing Director visit to Kenya
Statement to the press made by Horst Kohler, Managing Director of the IMF in Nairobi, on July 8, 2003. Kohler said that while the challenges were considerable, the Kenyan government has begun to tackle them in "a decisive manner".
ECB holds interest rates steady
At Thursday's meeting the Governing Council of the ECB decided that the minimum bid rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 2.00%, 3.00% and 1.00%…
UK interest rates cut by a quarter point
The Bank of England cut interest rates by a quarter point to 3.5 per cent on Thursday. The Bank said the fall in the value of the pound since the start of the year should help underpin growth, but pointed out that the decrease had been partly reversed in…
Irish c bank investigates shop over euro leaflet
A fashion shop in Ireland is under investigation by the central bank for using an image of a euro banknote in a promotional campaign for the shop. The shop, called "Solo" apparently substituted its name for "euro" on the note, the Irish Times reported.