News
Bank of Canada raises rates by 1/4%
CANADA - The Bank of Canada today announced that it is raising its target for the overnight rate by one-quarter of one percentage point to 2 1/2 per cent. The operating band for the overnight rate is correspondingly increased, and the Bank Rate is now 2…
Statement by Ian Macfarlane of the RBA, 5 June
PRESS RELEASE - Statement by Ian Macfarlane, Governor of the Reserve Bank of Australia, on monetary policy: "Following a decision taken by the Board at its meeting yesterday, the Bank will be acting in the money market this morning to increase the cash…
Economic prospects looking up says Greenspan
USA - America's economic prospects are looking up according to Fed chairman Alan Greenspan on Tuesday, although he warned that further economic growth in the short term will slow from the January-March pace.
RB of Australia raises benchmark rate to 4.75%
AUSTRALIA - The Reserve Bank of Australia raised its benchmark interest rate for the second time in a month by a quarter percentage point to 4.75%. It is hoped this will put a damper on a housing boom and consumer spending that may fuel inflation.
Congress pushes for inflation targeting at the Fed
USA - A key member of Congress is attempting to pressure the Federal Reserve into adopting an inflation targeting regime. Although there is some support for this at the Fed, Chairman Alan Greenspan is vehemently opposed to the idea.
Slovenia's former cb governor to run for president
SLOVENIA - Slovenia's former central bank governor, France Arhar, yesterday declared his intention to stand as an independent candidate in presidential elections later this year after current president Milan Kucan's second term expires.
French prosecutor recommends no trial for Trichet
FRANCE - The Paris prosecutor's office recommended last Friday that Jean-Claude Trichet, the governor of the Bank of France, should not be put on trial over the Credit Lyonnais bank scandal, thus easing his chances of succeeding Wim Duisenberg at the ECB.
Eurozone inflation falls but M3 grows
GERMANY - A marked drop in euro zone inflation in May strengthened beliefs that the ECB will hold fire on interest rates, although its key money gauge M3 moved further away from its benchmark of 4.5%, growing to 7.5% from 7.3% in March.
Moody's downgrades Japan by two more notches
JAPAN - Ratings agency Moody's Investors Service has downgraded government bonds issued by Japan - the world's second biggest economy - by two notches to the same status as those from Latvia and Poland.
IMF approves Zambian funds
ZAMBIA - The International Monetary Fund (IMF) has approved $317m (£216.4m) financing for Zambia's 2002 economic plan to target poverty reduction.
Chicago Fed national index negative in April
USA - The Federal Reserve Bank of Chicago said on Thursday its National Activity Index was mired in negative territory for the 22nd consecutive month in April at a level of -0.22.
Fed's McTeer-US rebound like 'jobless recovery'
CANADA - Federal Reserve Bank of Dallas President Robert McTeer said on Thursday that the US economy's rebound from recession resembled a jobless recovery.
Australian interest rates 'to soar'
AUSTRALIA - Interest rates may have to rise by two percentage points in Australia to cut the risk of overheating, the country's central bank chief has warned.
Argentina scraps key economic law
ARGENTINA - Argentine senators have ditched a controversial law that has been putting off international lenders. The IMF has made abolition of Argentina's so-called economic subversion law a condition for lending to the cash-strapped nation to restart.
Norges Bank Press Release, 30 May
PRESS RELEASE - The Government Petroleum Fund records a 0.6 per cent return in the first quarter, 30 May.
Sveriges Riksbank Press Release
PRESS RELEASE - Backstrom: Earlier assessments still largely apply, 29 May.
Papademos to make ECB debut at Eurogroup as No.2
GERMANY - Incoming European Central Bank Vice President Lucas Papademos will make his debut as the bank's number two at the Eurogroup meeting of euro zone finance ministers in Luxembourg on Monday.
Central banker executed for fraud in China
CHINA - China has executed a former central bank official for fraud, according to the official Xinhua state news agency on Thursday.
Argentina debates economic law change
ARGENTINA - Argentine senators are due to discuss whether to repeal a controversial law which has been putting off international lenders on Thursday.
Outgoing MPC member raises bank independence fears
UK - The independence of the Bank of England could be at risk if it continues to undershoot its target for inflation, a member of the Bank's monetary policy committee has warned.
BOJ's Hayami says forex must be watched closely
JAPAN - Bank of Japan Governor Masaru Hayami said on Thursday he wanted to closely watch moves in the foreign exchange market, adding the recent rise in the yen was due to caution on the U.S. economy and hopes for a recovery in Japan.
Brazil central bank sees '02 inflation over 5 pct
BRAZIL - Brazil's central bank projected inflation this year of "slightly above" 5 percent, according to minutes of its rate-setting meeting last week released Wednesday.
Murray Sherwin favourite in poll for RBNZ governor
NEW ZEALAND - Murray Sherwin, a former Reserve Bank of New Zealand deputy governor, is the best person to take the bank's top job according to a poll of New Zealand based economists conducted by Dow Jones Newswires.
Wadhwani - Inflation forecasts overestimate threat
UK - Reaching for an analogy to explain what the Bank of England's monetary policy committee has got wrong, Sushil Wadhwani turns to the wisdom of one of the cricketing legends: Geoff Boycott in an interview with the Financial Times.