News
OECD upbeat on prospects for world economy
The Organisation for Economic Co-operation and Development said on Friday 5 March that US economic prospects continue to improve, along with those of all major industrialised economies of the world except Italy.
IMF contenders line up after Kohler's shock exit
Horst Kohler's decision on Thursday 4 March to step down a year early from the IMF to accept a nomination to become German president has seen various names enter the fray as possible successors, including UK chancellor Gordon Brown.
IMF pats BOE on back
The IMF, in a report following annual consultations with London, said on Friday the British economy "has weathered the global slowdown well" and that following a slowdown in the wake of the Iraq war, "economic activity has staged a strong recovery."
Bank of Canada announces anti-counterfeiting award
The Bank of Canada announced on Wednesday 3 March the creation of a Law Enforcement Award of Excellence that will be presented annually to an official who demonstrates outstanding commitment and initiative in the fight against banknote counterfeiting.
Lithuania begins euro transition preparation
The Lithuanian government approved a proposal on Wednesday 3 March for the country to join the European Union's exchange rate mechanism, which is crucial before Lithuania can join the euro.
Trichet firm on ECB's independence
European Central Bank president Jean-Claude Trichet said at the ECB's post- meeting press conference on Thursday 4 March that the bank should never be influenced by political pressure when it takes interest rate decisions.
Bank of England keeps rates on hold
The Bank of England left interest rates at 4 per cent on Thursday 4 March; economists speculated that the MPC wanted to see how households were adjusting to the higher cost of borrowing.
Brazil senate committee wants to quiz Meirelles
The Brazilian senate's economic affairs committee has invited Finance Minister Antonio Palocci and Central Bank President Henrique Meirelles to explain the government's economic policy, the Senate's news agency reported.
China to keep monetary policy & yuan stable in 04
China's Premier Wen Jiabao will tell parliament on Friday 5 March that China will retain stable monetary policy and proactive fiscal policy in 2004, but aims to pare down lending to duplicate projects to curb over-investment.
IMF's Koehler named candidate for presidency
Horst Koehler, managing director of the IMF, is to become the candidate of the opposition parties for president of Germany. If he is elected by parliament in a vote on May 23, he will leave his IMF post a year before his term runs out.
China rejects Greenspan's forex warning
China dismissed warnings by Fed chief Alan Greenspan that it faces serious economic consequences if it continues to mount up massive US dollar holdings as it defends the dollar pegged yuan system.
Norway says no plan to resume forex buying
Norway's central bank reaffirmed on Wednesday it had no plans to resume purchases of foreign exchange for the country's USD 121 billion oil fund.
Japan says Greenspan remarks not criticism
Japan's Chief Cabinet Secretary Yasuo Fukuda said Wednesday he does not see the warning by US Federal Reserve Board Chairman Alan Greenspan against Japan's currency interventions as criticism of Japan's policies.
US Mint ships in new nickels
180 million new US nickels are currently being shipped to the Federal Reserve and will sport their first new look for 66 years as part of the Mint's new Westward Journey Nickel Series.
G20: Imbalances pose risk to world recovery
Finance officials from the G20 group of developed and big emerging market economies agreed on Wednesday that global imbalances were a risk to the improving world economy.
Bank of Canada cuts rates by quarter point
The Bank of Canada announced on Tuesday 2 March that it is lowering its target for the overnight rate by one-quarter of one percentage point to 2 1/4 per cent.
Bank of Japan's Monetary Policy Meeting Minutes
Two members of the Bank of Japan's Policy Board voted against the decision to ease policy at its January 19-20 meeting, the minutes showed. The two members said economic conditions made the move unnecessary and that it could cause misunderstanding in the…
Bank of England told to release BCCI case files
The Bank of England lost an appeal on Monday 1 March to keep sensitive internal documents under wraps in a lawsuit seeking almost £1 billion ($2.7 billion) over its role in the world's biggest banking fraud.
Greenspan says yuan float now would pose risks
A letter from Alan Greenspan to the US Senate has said that a free-floating yuan could threaten the world economy and destabilise the Chinese banking system if capital controls are removed.
China plans central bank inspection
China plans to launch an extensive inspection of the central bank as well as three policy banks and five commercial banks, in an effort to strengthen state supervision over China's ailing banking sector, the official news agency said.
SARB removes apartheid's forex overhang
South African Reserve Bank governor Tito Mboweni said on Monday 1 March that the SARB last month closed out its oversold forward book to eliminate a structural overhang in the economy caused by apartheid.
Sri Lanka cb implements RTGS and SSS system
With the implementation of the integrated RTGS/SSS system, the Central Bank of Sri Lanka (CBSL) has marked another milestone in the country's payment reforms.
Putin pledges full convertibility for rouble
President Vladimir Putin refused to predict further changes in the dollar rate, at a meeting with university students on Friday 27 February, but he did promise to make all efforts to strengthen the rouble.
India's RTGS launch likely by end of March
The Reserve Bank of India has now proposed "hopefully" to launch its Real Time Gross Settlement System before the end of March.