News
Australian Treasury on Macfarlane's reappointment
Statement by Australian Treasurer Peter Costello on the reappointment of Ian Macfarlane as Governor of the Reserve Bank of Australia, 29 July.
RBA statement on the conduct of monetary policy
Second statement on the conduct of monetary policy from the Treasurer and the Governor of the Reserve Bank of Australia, July 2003. The statement is designed to continue to foster a better understanding, both in Australia and overseas, of the nature of…
National Bank of Hungary, ECB banknotes agreement
Agreement has been concluded between the ECB and the Magyar Nemzeti Bank (National Central Bank of Hungary) in the areas of prevention and detection of counterfeiting of euro banknotes, 28 July.
ECB and acceding country central banks agreement
Template Agreement between the European Central Bank and The Acceding Country National Central Bank enhancing the cooperation between the ECB and the ACNCBs in the areas of prevention and detection of counterfeiting of euro banknotes, 28 July.
Zimbabwe cash crisis deepens
Zimbabwe's opposition leaders have called the country's bank note crisis "an emergency of the highest order" as riot police control bank queues, according to a report by Sapa AFP. Many banks are now limiting cash withdrawals to 5 000 Zimbabwe dollars as…
'Arch-dove' proposed to Poland's monetary council
Poland's ruling SLD party has named current Deputy Finance Minister Jan Czekaj as its candidate to fill the vacancy on the national bank's interest rate-setting Monetary Policy Council (RPP), according to an Interfax report. The Polish government has…
Ian Macfarlane reappointed chief of RBA
The governor of the Reserve Bank of Australia, Ian Macfarlane, was reappointed on Tuesday 29 July for a further three years rather than the usual seven year term, reports The Australian. The reappointment decision was widely expected with few alternative…
IMF report argues for dollar peg change in Jordan
An IMF working paper has recommended Lebanon and Jordan carefully consider pegging their currencies to the euro or for a peg to a basket of currencies, as opposed to the current US dollar peg, according to the Daily Star. "Both Lebanon and Jordan are…
Brazil's real falls before swap offer expiration
The Brazilian real fell for the fifth day in six on Tuesday 29 July, Bloomberg reported, as investors awaited the results of the central bank's securities swap arrangement.
IMF urges Argentine reforms but approves loan
IMF managing director Horst Koehler has said Argentina comfortably met its fiscal and monetary targets as the final tranche in the $3bn (£1.8bn) aid package was approved, according to a BBC report.
Bank Negara Malaysia consults on money laundering
Bank Negara Malaysia is consulting before invoking the Anti-Money Laundering Act 2001, reports The Edge Daily. Speaking at the Asean Anti-Money Laundering Workshop on July 28, governor Dr Zeti Akhtar Aziz said the consultations undertaken by its Finance…
CBI governor emphasises independence of banks
The Central Bank of Iran (CBI) fully supports and respects the authority of banks to implement measures to better perform their functions, said CBI Governor Ebrahim Sheibani, reported by the Iran Daily. Sheibani was also reported to have said that the…
RBNZ Governor reminds gov't of inflationary impact
Speaking on 28 July Reserve Bank of New Zealand governor Alan Bollard urged local government in New Zealand to consider the broader economic implications when putting up rates and other local body charges.
Sveriges Riksbank Board Meeting minutes, 3 July
Minutes of the Sveriges Riksbank Executive Board meeting on 3 July, published 17 July. A number of members stressed in particular the fact that new information had not provided any clear indications of an upswing and that there were therefore no…
India's forex reserves soar to new record
The Reserve Bank of India confirmed that India's foreign exchange reserves exceeded US$84 billion in July posting a new record high, according to Asia Times. Analysts said the rise in India is mainly due to fresh inflows and revaluation of non-US…
Javier Silva named president of Peru central bank
Peru's president Toledo appointed economy and finance minister Javier Silva as president of Peru's central bank on Friday in a ceremony carried live on local television Bloomberg reports. Silva replaces Richard Webb who resigned recently.
Fed's Broaddus says US economy may be on the mend
Speaking on Friday 25 July, Richmond Fed President Alfred Broaddus said that forecasts for a 3.5 percent pace of growth over the second half of this year appeared on the mark, according to Reuters, but warned that "there is not much hard evidence that…
US economy on track for strong comeback - ECRI
The Economic Cycle Research Institute's managing director has said "The index is on fire", according to Reuters. He was referring to the ECRI's leading US growth rate index which rose to a 16-year high of 10.7 percent from 9.7 percent the previous week.
Poland's Balcerowicz: State finances must improve
President Leszek Balcerowicz of the Polish National Bank told Polish radio that radical improvements must be made to the country's state finances. He said with public finances in poor health, a fast and uninterrupted economic growth will not be possible.
Uzbekistan get IMF backing for convertibility plan
Horst Kohler assured Uzbekistan, reports Uzbek Television, that the IMF's staff are ready to provide the necessary assistance in regard to Uzbekistan taking on obligations arising from Article 8 of the IMF Charter by the end of 2003.
McCreevy may seek cash from Irish central bank
The Central Bank of Ireland confirmed that its review of the adequacy of its reserves against guidelines set by the ECB will be completed over the next few months according to the Irish Times. The bank acknowledged in its 2002 annual report that any…
Chicago Fed - US economy should regain drive
Michael Moskow of the Chicago Fed said on Monday 28 July that on the upside, business sentiment could rebound more dramatically, while on the downside, the risk is that consumer spending could lose momentum, according to a Reuters report. He said the…
Zeti: Malaysia's growth exceeded expectations
Speaking on Monday 27 July, Bank Negara Malaysia governor Zeti Akhtar Aziz said that second-quarter economic growth has exceeded government expectations and the underlying trend is intact, according to Associated Press.
RBA adds an Education section to its website
The Reserve Bank of Australia has included an Education section on its website. The new section draws together information, already on the site, into key areas of interest to teachers and students of economics and finance.