News
RBNZ propose ability to intervene in forex market
The Reserve Bank of New Zealand on Thursday 11 March recommended to the Minister of Finance that, as one of its monetary policy implementation tools, it should have the capacity to intervene in the foreign exchange market to influence the level of the…
ECB's Noyer sees upturn in French economy
Bank of France governor Christian Noyer was quoted on Thursday 11 March as saying he had hopes that French growth could accelerate despite the strength of the euro.
ECB's Welteke: risks to eurozone economy remain
Bundesbank President and European Central Bank governing council member Ernst Welteke said on Thursday 11 March that he saw a higher risk that the economy could deteriorate rather than improve.
Japan's Fukui: rough road until end of deflation
Bank of Japan Governor Toshihiko Fukui said on Thursday 11 March that he saw a "rough road ahead" until the end of deflation despite signs of recovery in the Japanese economy, repeating the BOJ's commitment to an easing policy.
PBOC says China to keep yuan 'basically stable'
The People's Bank of China said on Thursday 11 March that it will keep the exchange rate of the yuan "basically stable," despite continued pressure to allow it to float freely.
China to keep close watch on monetary policy
People's Bank of China governor Zhou Xiaochuan told a press conference that the PBOC will "keep a close watch" on the effects of monetary policy, and did not rule out the possibility of an increase in interest rates later this year.
Norway cuts interest rates further
Norges Bank cut its key interest rate on Thursday 11 March by 0.25 per cent to a new record low of 1.75 per cent to spur inflation in the oil-dependent economy. It was the tenth time that Norway has cut its main rate since it was at 7 per cent in…
International research forum on monetary policy
The European Central Bank has announced the venue and date of its third conference. Its purpose is to encourage research on monetary policy issues that are relevant from a global perspective.
Vietnam and North Korea sign banking pact
The central banks of Vietnam and North Korea have signed a banking pact to boost bilateral trade, an official from North Korea's embassy in Hanoi said on Wednesday 10 March.
BOJ's Fukui supports Japan's forex intervention
Toshihiko Fukui said on Wednesday 10 March that he endorsed the Japanese government's foreign exchange intervention policy, saying it was in line with the Bank of Japan's own efforts to pull the economy out of deflation quagmire.
PBOC says advisable to maintain stable yuan
China's yuan exchange rate should be kept at a relatively stable level given the recent emergence of trade deficits, a People's Bank of China official said on Wednesday 10 March in an editorial in a China daily.
Snow says Fed is wise to hold off rate rise
Alan Greenspan and his Federal Reserve colleagues have been "extraordinarily disciplined" and have not overreacted to signs of increased economic growth by raising interest rates, US Treasury Secretary John Snow has said.
Argentina avoids new IMF debt default
Argentina's government made a $3.15 billion payment to the International Monetary Fund on Tuesday 9 March, averting a new debt default with the Fund.
Report says Colombia should increase reserves
According to Colombia's banking association, the central bank should boost its international reserves by about $500 million to offset possible sudden capital outflows that would follow a US interest rate rise.
CBCDG reports progress on banknote security
The Central Bank Counterfeit Deterrence Group (CBCDG) has now developed the Counterfeit Deterrence System and discussed the progress in this area at the G10 meeting in Basel, 9 March.
Belgium calls for fair play over ECB job
Belgian finance minister Didier Reynders has said competence should be the "only criteria" for picking a replacement for Spain's Eugene Domingo Solans, who leaves the ECB's executive board at the end of May.
Meirelles says Brazil can stand Argentine default
President Henrique Meirelles of the Banco Do Brasil has said his county's economy can weather a possible default by the Argentine government on its $3.1 billion debt to the IMF, Brazilian newspaper Estado de S. Paulo reported.
US's Snow criticises currencies 'on life support'
U.S. Treasury Secretary John Snow implicitly criticised Japan's continued currency market intervention on Monday 8 March after giving a speech.
Argentina on brink of new IMF default
Argentina was on the brink of a new debt default with the IMF on Tuesday 9 March as last-minute discussions went to the wire while the Argentine government studied an IMF proposal.
Basel regulators press US over accord, say sources
Reports on Monday 8 March said that European regulators have given the US a deadline of 1 April for proposals required to finish the Basel II agreement, with concern from top central bankers that the accord be completed on time.
Germany changes position on governing council post
It was reported on Tuesday 9 March that the German government had changed its position that large countries should automatically retain seats on the ECB's executive board.
EU need 'unchallengeable' choice for IMF, says Mer
Francis Mer has said that the EU should agree on an "unchallengeable" contender as Horst Koehler's replacement at the IMF, to avoid a repeat of the squabbling over its previous nomination.
Paris seminar on the EU accession process
The fifth central bank seminar on the European Union (EU) accession process was held in Paris on 4 and 5 March 2004. The purpose of this seminar was to exchange views on important central banking issues ahead of EU accession.
Hong Kong's foreign currency reserve figures
The Hong Kong Monetary Authority (HKMA) announced on Monday 8 March that the official foreign currency reserve assets of Hong Kong amounted to US$123.5 billion at the end of February 2004.