News
Swiss National Bank calls for deregulated economy
In his debut speech, reported by the Financial Times, the Swiss National Bank's board member for financial markets, Philipp Hildebrand, called for broad deregulation of the domestic economy to tackle unemployment and protect the country's long-term…
RBA credit card reforms: Visa/Mastercard to appeal
Visa and Mastercard said on Thursday 9 October that they would appeal against last month's Federal Court ruling which upheld credit card reforms by the Reserve Bank of Australia, according to a report by Dow Jones. Visa said that the RBA regulations give…
Uzbek currency to become convertible, 15 Oct
Uzbekistan's government has announced that the currency will become convertible from 15 October, Interfax reports. An IMF mission ascertained that the government and the central bank have fully implemented all measures agreed upon under a joint plan of…
ECB hits out at France and Germany
The European Central Bank called for "complete compliance" with the EU's stability and growth pact in its monthly report released on Thursday 9 October, according to Expatica. The ECB said the pact was vital to success of the single European currency,…
New colourful US $20 bill in circulation
The Federal Reserve's new $20 bill came into circulation on on Thursday 9 Octobe, NBC4 Columbus reports. The new greenback is no longer just green. With the help of blue and peach tones, a new eagle, watermarks, and other safety features, officials hope…
Fed's Ferguson says productivity key in long-term
Fed governor Roger Ferguson said on Wednesday 8 October that productivity growth, while posing a short-run economic challenge, was crucial to long-term U.S. economic health, according to a report by Reuters.
Fundamentals in place for economy upturn says Bies
Federal Reserve governor Susan Bies said on Wednesday 8 october that the building blocks are in place for better growth in the tepid U.S. economy, according to a report by Reuters. "Business investment increased over spring and summer, and the household…
ECB launches web page for forecasters' survey
The European Central Bank launched a web page dedicated to the results of the ECB's Survey of Professional Forecasters (SPF) on 9 October. Since 1999 the ECB has conducted this quarterly survey among forecast experts from both financial and non-financial…
Central bank declares Afghani sole legal tender
From Tuesday October 8, Afghanistan will no longer accept the US dollar and other foreign currencies as legal tender, according to VOA News. Central Bank Governor Anwar ul-Haq Ahady said that new stability has allowed him to make the move, at last, to an…
Bank of England Court to meet in Nottingham
The Court of the Bank of England is to meet in Nottingham at the Council House on 15 October 2003. The meeting is part of a programme of formal meetings of Court outside London.
ECB adopts new regulations on minimum reserves
The Governing Council of the European Central Bank has adopted new regulations on money and banking statistics and the application of minimum reserves, 7 October.
ECB to study one and two euro coin option
The European Central Bank said on Tuesday 7 October that it will consider replacing one and two euro coins with notes following calls from some eurozone countries, according to Associated Press. Bank president Wim Duisenberg has agreed, the ECB said,…
Ex-BoE governor George joins Nestle board
Former governor of the Bank of England Sir Edward George has swapped gold bars for chocolate bars after being appointed to the board of Nestle, the world's largest food and confectionary company, according to the Daily Telegraph. He follows in the wake…
Kansas City Fed's Hoenig sees solid growth ahead
Speaking on Tuesday 7 October, Kansas City Fed chief Thomas Hoenig said that the Federal Reserve's current policy stance was appropriate for an economy that needed to grow faster than its long-run sustainable pace in order to bring down the unemployment…
Australia's reserve bank holds rates steady again
The Reserve Bank of Australia held interest rates unchanged for the sixteenth month in a row on Wednesday 8 October, according to Pacific Business News. The rate remained at 4.75 per cent despite fears of a housing bubble.
HKMA intervenes to defend currency peg
The Hong Kong Monetary Authority, according to Channel News Asia, has spent HK$300 million (US$40 million) defending its currency peg against speculators in the past week. Newly-appointed deputy chief William Ryback said it was comfortable with the…
Syria issues money laundering law
The Syrian President has issued a decree providing the legal framework to combat money laundering in the country, according to a report by AME Info. The law improves the legal framework of the banking system and creates a new authority affiliated to the…
Engle, Granger win Nobel prize for economics
The Nobel prize for economics, established by Sweden's central bank in 1968, was awarded to Robert Engle and Clive Granger on Wednesday 8 October, according to Associated Press, for their work on time series modelling and co-integration, where time…
Calls for notes to replace low value euro coins
European finance ministers have called for the introduction of low value euro notes instead of coins to reduce pressure on inflation, according to a report in the Financial Times. The idea is that people do not value coins highly and are therefore more…
China's PM defends currency peg
China's premier Wen Jiabao has said that China's policy of pegging the yuan to the US dollar was "based on market demand and supply and is in line with China's reality", according to a BBC report. "To keep the renminbi (yuan) stable at an appropriate and…
FATF to review Philippines' anti-money laundering
A team from the Financial Action Task Force (FATF) will arrive in the Philippines later this month to review the implementation of anti-money laundering laws, Agence Presse reports. The review is part of the process of removing the country from the FATF…
Aus dollar up as RBA ponders rate rise
The Australian dollar rose sharply higher on speculation that the Reserve Bank of Australia would raise interest rates on Wednesday 8 October for the first time in 15 months, the Daily Telegraph reported. However traders dismissed the talk, saying the…
Germany's Eichel says European economy improving
German finance minister Hans Eichel has said Europe needs stability and growth, according to AFX Europe. Bank of France governor Jean-Claude Trichet said at the meeting of French and German finance ministers and central bank governors that the ECB puts…
IAIS expands core principles for insurance
The International Association of Insurance Supervisors (IAIS) has revised and expanded its Insurance Core Principles and Methodology, offering new guidance for the effective operation of supervisory systems around the world. The 28 principles cover all…