News
Bulgaria delays election of central bank governor
The Bulgarian parliament has delayed its decision to appoint a new governor to the central bank by a week, according to BG News. The decision made on Tuesday 10 June was blamed on disagreements in the ruling coalition on whom to nominate for the post.
Fed and Bank of Mexico announce clearing system
The Federal Reserve and the Banco de Mexico on Tuesday 10 June announced a new clearing-house system that will lower transaction costs for banks handling an estimated $200bn in commercial payments and remittances each year, according to a report in the…
Santomero - FOMC should consider inflation target
Philadelphia Fed president Anthony Santomero said on Tuesday 10 June that with inflation at its current levels "Inflation targeting makes sense in principle for the U.S.", according to a Bloomberg report.
European Parliament response to UK euro decision
Christa Randzio-Plath, Chair of the European Parliament's Committee of Economic and Monetary Affairs, called the UK's decision on the euro politically motivated and said it was "unimaginable" for the UK to remain outside the single currency indefinately.
Solomon Is's Hou cites govt interference
Rick Hou, the soon to depart governor of the central bank of the Solomon Islands, has suggested it might be difficult to find a candidate to replace him as government interference may put people off from the job, according to Radio Australia
China's banking credit system takes shape
The People's Bank of China said on Monday 9 June that the country has made important advances in establishing the banking credit registration and consulting system, according to the People's Daily.
Bundesbank cuts growth forecast
The Bundesbank has cut its growth forecast for 2003 to between 0.1 and 0.2 per cent, down from 0.5 per cent, Reuters reports. The move follows weak growth for the first three months of this year.
South African 'super regulator' idea rejected
A proposal from South Africa's finance minister to establish a 'super regulator' that would take away responsibility for banking supervision from the central bank has been rejected by bank CEOs in a recent survey, according to Business Day.
Bulgaria parliament to name new central bank chief
Bulgaria's parliament was due to name the new governor of the national bank of Bulgaria on Tuesday with criticism made that the choice may be politically motivated, according to BG News.
Bank of Estonia Council may see new chair
Political party Res Publica has said it does not support Mart Sorg for a second term as chairman of the supervisory council of the Bank of Estonia, according to the Baltic News Service.
Nigeria cb shelves plan for 1,000 naira note
Plans to bring in a 1,000 naira note in Nigeria have been put on hold, according to a report by The Guardian, Lagos The note would be worth double the current highest denomination banknote but the plan was shelved due to unfavourable economic conditions.
Brazil's Meirelles reiterates 8.5% inflation goal
Interest rates "may ease" in Brazil if inflation falls by half, central bank president Henrique Meirelles told journalists after speaking at a seminar in Seville, southern Spain, reports Bloomberg
ECB press conference on Governing Council mtg
At the ECB's post-meeting press conference Thursday Wim Duisenberg said the Governing Council had decided the outlook for price stability over the medium term has improved significantly since the last decision to lower interest rates in March, and as a…
Sweden's Riksbank cuts rates by 0.5%
The Sveriges Riksbank announced on Friday June 6 that it was reducing its repo rate from 3.5 per cent to 3.0 per cent based on the picture of future inflation presented in its Inflation Report and no clear indication of a strengthening in economic…
Stewart to be acting CEO of NY Fed
The Federal Reserve Bank of New York said on Thursday 5 June that Jamie B. Stewart will act as chief executive officer of the bank as of June 11, while the search for the new president continues. He will also serve as a voting member of the Federal Open…
Solomon Islands cb chief won't stand for 3rd term
Ric Hou, the governor of the Solomon Islands central bank has said he will not stand for a third term. He called on his successor to ensure the central bank remains independent of government interference.
Working group meets on Russia, Belarus currency
Russia's president Putin met his finance minister on Monday 9 June to discuss the introduction from 2005 of the Russian rouble to Belarus as a single payment unit, according to a report by Pravda.
Cash crisis forces U.S. to print Saddam banknotes
The acting central bank governor of Iraq, Faleh Salman, says the Bank has been forced to print millions of 250 dinar bank notes with Saddam Hussain's face on them. Presses started up last week, Reuters reported, after Iraqi workers refused to accept the…
BOJ's Fukui may detail plan to buy corporate debt
Governor of the Bank of Japan Toshihiko Fukui is likely to spell out this week details of a plan to buy corporate debt to make it easier for companies to borrow, according to Bloomberg News.
RBA chief Macfarlane denies conflict with gov't
Reserve Bank of Australia governor Ian Macfarlane said on Sunday 8 June that although there may be differences of opinion between the Treasury and the Bank's board there was no conflict between the RBA and the government, according to The Australian.
Anti-money laundering FATF urge Indonesia to act
The Financial Action Task Force on Money Laundering could impose high-risk premiums on all financial transactions by Indonesian financial institutions if the government fails to amend the current anti-money laundering law by September, Dow Jones reports,
UK 'should join euro' when economics are right
The UK chancellor Gordon Brown confirmed on Monday 9 June that only one of the five economic tests had been passed for Britain's entry to the euro. He also set out measures that would increase economic convergence between the UK and eurozone saying he…
More dynamic BOJ sees off media critics
Senior BOJ staff professes themselves pleased with the public relations impact of the more active communications strategy followed since Toshihiko Fukui took over from Hayami-san as governor in March. "Even Yomiuri Shimbun has stopped criticizing us,"…
Danish central bank cuts rates to 2.15%
The Danish central bank has again mirrored the ECB's half point rate cut yesterday by also cutting rates half a percent to 2.15%, according to a Bloomberg report. This is its lowest level in almost two centuries.