News
EU's Almunia says Poland should join EMU soon
The EU Commissioner for Economic and Currency Affairs, Joaquin Almunia, has expressed hope that Poland will join the eurozone (EMU) as soon as it meets the fiscal requirements.
Indonesia sets up bank supervision board
The Lower House of Indonesia's Parliament Commission XI has set up a five-member supervisory board for the central bank which will be chaired by a former banker and banking legal expert Sutan Remy Sjahdenini, Bisnis Indonesia reported.
Korea launches reserve management agency
South Korea launched an independent agency Friday 1 July which will manage part of its foreign exchange reserves, seeking to boost investment returns.
US Senators delay China currency bill vote
U.S. Senators Charles Schumer and Lindsey Graham have delayed a vote on their bill to impose tariffs on Chinese imports after Federal Reserve Chairman Alan Greenspan and Treasury Secretary John Snow persuaded them China will make its exchange rate more…
Mexico's Ortiz confirms break with Fed rates
The monetary policy of the Bank of Mexico has been decoupled from the Federal Reserve's interest rates, central bank governor Guillermo Ortiz Martinez said.
PBOC meeting ends with stable yuan pledge
The People's Bank of China concluded the second quarter meeting of its policy advisory committee with a statement pledging to continue with exchange rate reform while maintaining the stability of the yuan at a 'balanced and reasonable level'.
Sweden to discontinue old notes and coins
The Sveriges Riksbank said on Wednesday 29 June that a number of old banknotes and coins to the value of almost SEK 5 billion will cease to be legal tender from 1 January 2006.
Statement by IMF MD Rodrigo de Rato on Argentina
Rodrigo de Rato, Managing Director of the International Monetary Fund (IMF), issued a statement on Wednesday regarding a new economic program with Argentina.
Fischer says modern Bank of Israel law needed
Governor of the Bank of Israel Prof. Stanley Fischer said in a speech that the new law will establish a monetary committee and an administrative council to work together.
Greenspan, Snow meet lawmakers on China trade
Federal Reserve Chairman Alan Greenspan and US Treasury Secretary John Snow were due to travel to Capitol Hill on Thursday 30 June to discuss the issue of China trade policy with lawmakers.
Armenian central bank law to strengthen dram
A central bank of Armenia law enacted on 28 June on hard currency regulation and hard currency supervision, seeks to strengthen the position and significance of Armenia's national currency, the dram.
Federal Reserve expected to raise rates again
The Federal Reserve was widely expected to increase US interest rates by a quarter point to 3.25 per cent at the conclusion of its FOMC meeting on Thursday 30 June.
ECB's Bini Smaghi says rates at historical lows
European Central Bank board member Lorenzo Bini Smaghi was reported in La Repubblica newspaper as saying that the ECB's interest rates are at historical lows.
Dodge calls for G8 focus on imbalances
Bank of Canada governor David Dodge urged the Group of Eight to focus more on imbalances affecting global prosperity than on Africa and climate change.
EU issues Italy with budget deadline
On Wednesday 29 June the European Union gave Italy until the end of 2007 to cut its budget deficit. It gave the country two years instead of just one to bring the deficit back in line due to weakness in Italy's economy.
Villepin urges ECB dialogue with euro-zone states
French Prime Minister Dominique de Villepin has called for a dialogue between the European Central Bank and the 12 euro zone countries to coordinate economic policies in the region.
Careful consideration needed before yuan move
China should take a gradual approach to currency reforms and consider the economic consequences of a rise in the yuan if it is allowed to move more freely, a state newspaper said on Wednesday 29 June.
BIS conference on cb cooperation
The BIS is holding a conference: "Past and future of central bank cooperation", celebrating 75 years of the Bank for International Settlements, 1930 - 2005 in Basel 27-29 June.
Redrado says Argentina needs to reach IMF deal
Argentina's central bank governor Martin Redrado said on Sunday 26 June that it is important for the country to reach a loan accord with the International Monetary Fund to repay debt.
Interest rates to stay 'relatively low' says Zhou
People's Bank of China Governor Zhou Xiaochuan said in an interview the country will keep interest rates "relatively low" to help boost consumer spending and eliminate a trade surplus that has led to tensions with Europe and the US.
Snow says energy prices hurting US economy
Record high oil prices are beginning to take their toll on the U.S. economy, but not enough to halt or reverse the recovery, U.S. Treasury Secretary John Snow said on Tuesday 28 June.
Papademos says rate correct despite oil price high
European Central Bank Vice President Lucas Papademos said eurozone interest rates are "appropriate," even as the price of oil reaches record levels.
Southern Africa could have common central bank
The Common Monetary Area, Southern Africa's 30-year-old monetary union, could have its own central bank within five years, the governor of the Central Bank of Swaziland, Martin Dlamini, told CentralBankNet.
BIS amends Statutes to streamline governance
An Extraordinary General Meeting of the Bank for International Settlements (BIS) on Monday 27 June decided to revise the BIS Statutes.