News
Bank of Japan's Monetary Policy Meeting Minutes
Minutes of the Bank of Japan's Monetary Policy Meeting on 11 and 12 September 2003, released 16 October. Members agreed that economic activity still continued to be virtually flat as a whole, although signs of improvement had been observed in such areas…
Israel central bank's Klein to continue rate cuts
Bank of Israel Governor David Klein said on Satueday 18 October that he would continue to cut interest rates for as long as prices and financial markets remained stable, according to a report by Reuters.
Cen bankers: Slovaks, Poles should adopt euro ASAP
The governors of the Slovak and Polish central banks agreed this week, according to Interfax, that both countries should try to meet Maastricht criteria and adopt the European single currency as soon as possible after joining the EU in 2004.
Fukui, local BOJ chiefs voice concern over yen
Bank of Japan Governor Toshihiko Fukui said on Monday October 20 that the central bank will closely watch developments in overseas economies and financial markets, The Japan Times reports. Fukui also said the BOJ is firmly committed to maintaining its…
Snow's remarks on interest rates clarified
Clarification of US Treasury Secretary John Snow's comments on interest rates has been given by a spokesman, who explained, according to the Financial Times, that he was talking about long-term market interest rates, not short-term official rates. Snow…
Exchange-rate reform studied in China
Signs are growing, reports China Daily, that China may embark on a long-awaited programme to reform the country's exchange-rate regime despite its determination not to revalue the yuan. As the first signal of the emerging trend, Chinese President Hu…
Malta c bank chief denies euro stories
The governor of the central bank of Malta, according to Malta Independent, denied stories that Malta, along with a few acceding countries, had begun talks with the European Central Bank about joining the euro. He said the whole story came about after an…
Ghana meets three criteria for single currency
Ghana has met three of the four primary convergence criteria of the West African Monetary Zone (WAMZ) for a single currency by July 2005, according to Ghana Web. The only criterion yet to be met is the single digit inflation rate.
Bank of Estonia Council to be appointed in Nov.
Bank of Estonia chairman Mart Sorg has said it will take a month for the Council's candidates to be cleared by security, according to the Baltic News Service. The candidates include politicians from both the ruling coalition and opposition, Sorg said.
Balcerowicz: 2007 euro entry depends on budget cut
Poland's adoption of the euro will depend on the success of the austerity plan, National Bank of Poland Governor Leszek Balcerowicz has said, according to the PAP news agency. Balcerowicz reiterated that the realistic date for entry to the eurozone is…
Denmark to start electronic trading in gov't bonds
Denmark will begin trading government bonds electronically from 4 November, AFX Europe reports, The Danish central bank said in a statement "Introducing electronic trading is a step forward in developing the Danish market and bringing its facilities in…
Bank Negara payments systems law effective Nov 1
Malaysia's Payment Systems Act 2003 will come into force on 1 November to ensure the efficient functioning and stability of the payments system, according to a report in The Edge Daily. "The Act empowers the central bank to designate payment systems with…
Greenspan to speak in UK at CBI conference
Federal Reserve Chairman Alan Greenspan will speak by video link to the Confederation of British Industry's national conference which is being held from 16-18 November at the ICC in Birmingham, England, according to a report by Reuters.
Bundesbank expects no solid 2003 upturn
The Bundesbank said in its October monthly report published on Monday 20 October that it forecasts a slight rise in economic performance in the third quarter this year, reports Expatica, but it does not see a sustained upturn in the German economy.
Fed's Bernanke wants public inflation objective
Fed governor Ben Bernanke told the St Louis Fed's inflation targeting conference on Friday 17 October that in the current climate of low inflation, it was important to keep the public informed about the Fed's long-run intentions, according to Reuters…
Brazil "wants $10 bln IMF loan insurance"
Reports in Brazil said Finance Minister Antonio Palocci was negotiating with the IMF to secure "insurance" of $10 billion in emergency funds in case of an international economic crisis, according to Reuters. Palocci said he felt that if Brazil were to…
Inflation target could insulate Fed, Poole says
St. Louis Fed President William Poole said on Thursday 16 October that the Federal Reserve should adopt a target for an acceptable level of inflation in part to insulate itself from political pressures. He was speaking at the start of a two-day…
Eurozone recovery still fragile - ECB's Issing
The ECB's Chief Economist Otmar Issing said on Thursday 16 October that while the eurozone's recovery was still fragile it should gain strength next year, Reuters reports. He said the rise in the cost of oil did not provide a reason to change the ECB's…
Japan's economy minister: how to end deflation
Economy minister Heizo Takenaka has said that Japan's deflation could be overcome if the Bank of Japan can increase money supply growth and the government were able to increase demand through deregulation and clean up the banking system, according to the…
Look to Asia, urges RBA chief
Reserve Bank of Australia governor Ian Macfarlane has said that itsi time to look again at Asia's place in the economic future of Australia, ABC News reports.. Delivering a lecture in Sydney, he said that now the dust of the Asian crisis had largely…
Daunting tasks await suave new ECB head Trichet
Jean-Claude Trichet was appointed President of the European central bank on Thursday but, according to Reuters, faces daunting challenges at the helm of the fledgling central bank including weak global growth, European budget rows, a tumbling dollar and…
ECB rejects plan to cut Finland's capital base
In a statement issued on Thursday 16 October, the European Central Bank rejected the proposal to decrease the Bank of Finland's capital base by some 700 million euros, according to Reuters, and the proposal to transfer all the central bank's profits to…
Federal Reserve on New York Fed's appointment
Statement from the Federal Reserve, 15 October, on the appointment of Timothy F. Geithner's appointment as President of the Federal Reserve Bank of New York.
Biographical summary for Timothy Geithner
Timothy Geithner, comparatively young for the position of President of the Federal Reserve Bank of New York at 42, rose rapidly after joining the US Treasury in 1988, emerging as a key figure during the 1990s international financial crises and becoming…