News
UAE central bank profit falls by 50%
The net profit of the central bank of the United Arab Emirates fell by over 50%for the year 2002 to Dh528 million from Dh1.1 billion in 2001, according to a report by Menaf.com. The central bank cited a sharp fall in the bank's treasury operations,…
The ECB's mission statement
Five years after its creation the ECB has decided it needs a mission statement. Its main objective is, of course, price stability, with "integrity, competence, efficiency and transparency" as its watchwords. But there is no place in the two paragraphs,…
Bank of Japan's Monetary Policy Meeting Minutes
Minutes of the Bank of Japan's Monetary Policy Meeting on 25 June 2003, released 13 August. Members exchanged views on a numerical target for price stability. One member stressed that the Bank should make a stronger commitment to overcome deflation, and…
Bank of Japan's Monetary Policy Meeting Minutes
Minutes of the Bank of Japan's Monetary Policy Meeting on 14 and 15 July 2003, released 13 August. A different member said that the main feature of the Bank's policy commitment was that the policy duration changed flexibly, and thus the expected duration…
Norges Bank comments on key rate reduction
Norges Bank held a press conference on 13 August after its decision to reduce the key rate by 1.0 percentage point. Developments in the Norwegian and international economy since the previous monetary policy meeting have been approximately in line with…
RBA Conference on Asset Prices and Monetary Policy
The Reserve Bank of Australia's 2003 conference, 'Asset Prices and Monetary Policy', will be held at the H.C. Coombs Centre for Financial Studies, in Sydney on 18 and 19 August 2003. The conference will focus on the implications of asset price booms for…
Reserve Bank of New Zealand Amendment Act
The Reserve Bank of New Zealand's Amendment Bill will change the RBNZ's arrangements slightly. The key governance change is that the Governor no longer chairs the Bank's Board of Directors, the chair being a non-executive director appointed by the non…
BSP comments on suspension reports
Press release from the Philippines central bank, Bangko Sentral ng Pilipinas (BSP), 14 August, on media reports that court of appeals ordered suspension of central bank officials.
Philippine court suspends central bank chief
Rafael Buenaventura, governor of the Philippines central bank, has been suspended from the bank for a year, according to a report by Channel1NewsAsia. The Court of Appeals on Wednesday 13 April found Mr Buenaventura and four other central bank officials …
Germany in recession as Eurozone stagnates
The German economy fell into a technical recession after data showed a second successive quarter of negative growth in the three months to the end of June, Reuters reports.
Persson tells Swedes euro won't hit welfare scheme
With the September referendum on the euro fast approaching, the Financial Times reports that Swedish prime minister Goran Persson has moved to reassure Swede's that their generous welfare programmes would not be damaged by euro membership.
India may ease some rules on rupee trading
Reserve Bank of India governor Bimal Jalan, speaking at the Forex Association of India. said that the RBA could loosen rules on currency trading, according to Bloomberg. He also said that "Convertibility continues to be a desirable objective for all…
Mboweni remains upbeat on inflation
Speaking at a press conference following the South African Reserve Bank's two-day Monetary Policy Committee meeting on Thursday 14 August, Tito Mboweni said that not only did the inflation outcome improve over the past two months, but the inflation…
Russian state eyes central bank profits
Russia's 2004 draft budget proposes to let the central bank keep 20 percent of its profits, down from the current level of 50 percent, according to The Moscow Times. However First Deputy Central Bank Chairman Oleg Vyugin said in an interview "We do not…
Federal Reserve keeps interest rate at 1 percent
Holding the federal funds rates at 1 percent Tuesday 12 August, the FOMC said the risk of inflation becoming undesirably low is likely to be the predominant concern for the foreseeable future. In these circumstances it said that policy accommodation can…
Pennant-Rea joins board of Financial News Group
Former deputy governor of the Bank of England Rupert Pennant-Rea is to become a non-executive director on the board of the Financial News Group, according to the Financial Times.
Lebanon's Riad Salameh accentuates the positive
Lebanon's balance of payments recorded a big surplus of $2.5 billion until the end of June, central bank governor Riad Salameh said on Monday 11 August, according to a report by The Daily Star. He said he expected the growth in bank savings to reach an…
Bank of England cuts inflation forecast
The Bank of England's inflation report published on Wednesday 13 August showed that the Bank expects inflation to dip below the 2.5 percent target for most of 2004, after reaching 3 percent in April, Bloomberg reports.
Norway's central bank reduces interest rates
Norges Bank reduced interest rates on Wednesday 13 August by 1 percent to 3 percent, according to a report by Afterposten. This was the sixth time this year that Norway's central bank lowered interest rates.
Mexico reserves rise to $51.980 bln in Aug 8 week
Mexico's international reserves rose $255 million between Aug. 1 and Aug. 8 the Banco de Mexico said on Tuesday 12 August, according to Reuters..
BOU gets tough on forex flow
Foreign exchange bureau operators in Uganda have been issued with new guidelines on how to tackle money laundering, according to All Africa News. This focus on forex operators is part of the Uganda Bankers Association's 'Know Your Customer' (KYC)…
Zimbabwe's retailers reject new travellers cheques
After the introduction of new travellers' cheques in Zimbabwe to ease the cash crisis, reports say some retailers are turning away customers who have the cheques, according to All Africa News.
UK Treasury reviews cash ratio deposit scheme
Conclusions and recommendations of a UK Government review of the cash ratio deposit scheme for financial institutions. The key conclusions of the review are: The cash ratio deposit scheme continues to be a suitable method of funding Bank of England…
Argentina, IMF seen close to loan deal
Argentina and the International Monetary Fund have made progress in negotiations over the preliminary three-year debt rescheduling agreement, Economy Minister Roberto Lavagna told reporters on Monday Reuters said.