News
Inflation fighter named Bank of Canada No. 2
W. Paul Jenkins, a deputy governor at the Bank of Canada who has spoken of the need to maintain central bank credibility on inflation control, was named the central bank's senior deputy on Wednesday.
BoJ considers purchase of asset-backed securities
Japan's central bank was reported by the Financial Times as saying on Tuesday 8 April that it may take unconventional steps, such as buying securities, to push the nation's economy toward recovery while keeping cash circulating in the financial system.
Fed plans emergency economic rescue
With new fears of recession the Federal Reserve may be formulating an emergency economic rescue plan, accordintg to a report by Associated Press. The plan could involve three elements including lending massive amounts of money directly to commercial…
Bank of Japan monetary policy meeting release
At its monetary policy meeting held on 8 April the Bank of Japan said continued uncertainty and geopolitical risks meant the Bank would provide liquidity when necessary to secure financial market stability.
Bank of Japan statement on securities purchase
Examination of Possible Purchase of Asset-Backed Securities by the Bank of Japan, 8 April.
EC report casts doubt on eurozone benefits
The European Commission's spring forecast published on Tuesday 8 April said growth rates in euro member countries was lower than for EU members outside the single currency, the Financial Times reported.
Strengthening of the US financial system
A Regulators Issue Interagency Paper on Sound Practices to Strengthen the Resilience of the U.S. Financial System was published on 8 April. The paper identified sound practices to strengthen the resilience of critical U.S. financial markets.
Budget: UK euro decision date set for June
In his annual budget address on Wednesday 9 April UK chancellor Gordon Brown said that the decision on whether Britain had passed the five euro entry tests would be made public by the first week of June, according to Reuters. He also praised the Bank of…
Bank of Canada appoints Jenkins
The Bank of Canada announced the appointment of Paul Jenkins as Senior Deputy Governor in a press release, 9 April.
IMF Managing Director Issues Statement on Turkey
Turkey has finally fulfilled the conditions for obtaining its latest loan tranche from the IMF. The letter of intent sets out further reforms aimed at fixing shaky public finances and transforming the state dominated economy into a free market system.
Venezuela c bank rejects interest rate demands
Demands from President Hugo Chavez that the central bank of Venezuela reduce interest rates have been rejected, reported Associated Press. A director at the bank said pressure to impose rates would be resisted.
Iraqi central bank looted by residents
A report from Associated Press on the war in Iraq contained details of what was described as looting at the central bank in Baghdad. The looting apparently included the removal of carpets, chairs and other fixtures from the Bank.
ECB chief to stay on while successor found
The weekend meeting of Ecofin in Athens agreed a deal whereby ECB president Wim Duisenberg will stay on until a successor can be named, according to a Reuters report. "I will be president of the European Central Bank up until the day that my duly…
Architects compete to design new ECB premises
The ECB has selected 80 architects to submit a design for the bank's new premises. The design must meet "the requirements of a modern central bank in the 21st century serving an enlarged euro area".
Cuban cb wants cooperation with Iran cb
In a meeting with the Iranian Ambassador to Havana on Friday, president of the central bank of Cuba Francisco Valdez expressed his interest in banking cooperation and the exchange of professional expertise with the Central Bank of Iran, according to an…
CBN seeks restriction on lending to government
Nigeria's central bank is supporting a Bill which would place further limits on government borrowing from the central bank. According to the Daily Times of Nigeria, CBN Governor Joseph Sanusi said fiscal prudence was vital for the effective conduct of…
Southern African DC officials meet in Angola
Measures aimed at fighting money laundering were due to be discussed at the Southern African Development Community's meeting in Angola. Central Bank governors will also approve a memorandum on the coordination of exchange control policies in the SADC…
Report says Irish gov't may switch to e-payments
A report commissioned by the Irish government recommends a move to e-payments which could save €200 million a year. However, according to the Sunday Times, the report highlighted a number of problems which must be overcome before the change can take…
Government supports Brazil cb autonomy
A vote in Brazil's parliament cleared the way for a move towards autonomy for the central bank after overwhelming support from legislators, according to a report in the Financial Times. The lower house of congress voted by 442 to 13 for a constitutional…
Russian forex reserves reach another record high
Russian central bank reserves rose to a new record high last week, according to the ITAR-TASS news agency, taking the total increase to nearly sixteen percent since January.
Polish euro entry may be hampered by reserves
Poland's finance minister said on Wednesday 2 April that if the central bank refuses to release the revaluation reserve it will entry to the euro difficult for Poland in 2007, according to the PAP news agency.
Russian inflation target on track - Ignatyev
Speaking at an economic conference Russia's central bank governor Sergei Ignatyev said inflation should be held under 12 per cent despite IMF suggestions that price rises may be difficult to control, according to the Moscow Times.
ECB Rome meeting: questions and answers
In the exceptional circumstances of the war Wim Duisenberg said it is not possible at this time to assess what effect conflict will have on the global economy. "The outlook for the basic elements of price stability remain in place and accordingly we…
ECB chief Duisenberg blasts 'high US deficits'
Speaking at a news conference after the ECB policy meeting on Thursday 3 April that left rates on hold, Reuters reports that Wim Duisenberg said "We now see - and that is a cause of concern - both the current account and the federal government deficit…