News
Ukraine to keep currency policy tied to dollar
Serhiy Tihipko, chairman of the National Bank of Ukraine, has said that Ukraine will continue to tie its currency to the dollar despite its weakness against the euro. He said the central bank might review the policy if the share of euros in foreign…
Sveriges Riksbank Board Meeting minutes, 4 Dec
Minutes of the Sveriges Riksbank Executive Board meeting on 4 December, published 18 December. Members felt that international developments, with the exception of the euro area, had been surprisingly positive in recent months. The uncertainty that…
ECB's Wellink says euro surge a risk to recovery
ECB Governing Council Member Nout Wellink said in an interview that the appreciating euro was "one of the risk factors" for the European economy and the region's growth prospects could be hindered if the euro appreciated rapidly.
Iran's money laundering bill in final stages
Training workshops for professionals could eliminate money laundering from Iran's financial system, according to deputy Governor of the Central Bank of Iran, Akbar Komeijani. "Events of September 11, 2001 in the US have sped up the process of passing…
Euro-zone inflation up to 2.2 per cent
Euro-zone inflation edged up to 2.2 percent in November with higher food and tobacco prices blamed for the rise. The results were in line with expectations and Eurostat's preliminary estimate.
Brazil central bank cuts rate 1 point to 16.5%
The central bank of Brazil cut its Selic base rate by a percentage point to 16.5% on Wednesday 17 December. A Copom statement said that the cut was made "due to a trajectory of favourable targets for the resumption of economic activity."
Accra tipped to host WAMZ central bank
A random sample of the views of finance ministers, governors and technical advisors of the West African Monetary Zone meeting in Accra concluded that "Ghana is very well placed to becoming the base for the central bank of the WAMZ group."
ECB official unconcerned with euro's strength
Otmar Issing, chief economist of the European Central Bank, said in an interview that the current level of the euro "corresponds to its long-term average". "It is essentially back where it started," he said.
NBC to select auditor for Russian central bank
Russia's National Banking Council will choose an auditor for the Russian central bank on 24 December. There are seven applicants for auditing the central bank's financial statements.
Belgian shareholders to pursue central bank claim
Representatives of minority shareholders in Belgium's central bank said Wednesday they plan to take the case to the European Court of Justice in Luxembourg. They plan to pursue their claim to a share in the capital gains earned from the bank's assets,…
Gold at $400 seen as a factor in central bank pact
According to a report by reuters, a Group of Seven official who has been involved in initial gold talks but did not wish to be identified has said that the feeling (among central bankers) is that with gold near $410, or above $400, there's less concern…
Argentina leader slams IMF, others over debt
Nestor Kirchner criticised the IMF on Tuesday after reports the Fund might delay aid payments to Argentina over the government's hard-line stance as it restructures privately held debt. The Argentine president said he would not cave in to pressure to…
SF Fed says regional economy on the upswing
The San Francisco Fed said in its quarterly update on Tuesday that information from District contacts suggests that the pickup in employment is not transitory but indicative of a more fundamental change in business conditions. The San Francisco Fed has…
Norges Bank reduces interest rates
Norway's central bank (Norges Bank) made a shock cut in interest rates of 0.25 percent points to a record low of 2.25 percent on Wednesday to help revive the sluggish oil-backed economy. It was the eighth cut this year from a high of 7.0 percent.
Review of BoJ's asset-backed securities purchase
The Bank of Japan said on 16 December that it is reviewing the conditions for its purchase of asset-backed securities and will report the result at the next Monetary Policy Meeting.
BoJ leaves policy unchanged, sees slow recovery
The Bank of Japan left its monetary policy unchanged on Tuesday 16 December, reports AFP. It also released its December monthly report saying that it expects the Japanese economy to continue its export-led recovery at a slow pace. Most parts of the…
U.S. inflation still no worry - Fed's Broaddus
In a speech on Monday 15 December Richmond Fed president Alfred Broaddus said a short-term rise in inflation would be nothing to worry about and the prospects of deflation were lower than a few months ago. "Accommodative monetary policy could mean, could…
IMF: Israel's monetary policy too conservative
An evaluation of the Israeli economy by an IMF delegation has concluded that interest rates can continue to fall as the economy is under deflationary pressure, noted the Israel Business Agency, but cuts should be gradual and monetary policy should be…
Zimbabwe to announce new monetary policy
The new governor of the Reserve Bank of Zimbabwe, Gideon Gono, is due to announce a new monetary policy on Thursday 18 December, according to all Africa News. Economists say he has two options: one being to leave the situation to find its own levels or…
IMF agrees to extend Brazil's credit deal
The IMF said on Monday 15 December that it has given Brazil a 15-month extension of its $34 billion loan agreement and will provide $6.6 billion in new funding, according to Associated Press. The Fund also agreed to Brazil's request for more time to…
OECD welcomes back Nauru
The Organisation for Economic Cooperation and Development has removed Nauru from its list of uncooperative tax havens, reports AAP. Nauru announced in June that its tax haven operation was out of business.
Boston Fed's Minehan: Inflation pressures low
Cathy Minehan, president of the Boston Fed, said on Tuesday 16 December that the economic recovery seems to be "picking up steam", according to Reuters, and she suggested the Federal Reserve is content to watch the firming economy, without acting on…
Mexico markets may fall on new tax plan - Ortiz
Mexico's central bank Governor Guillermo Ortiz said on Monday 15 December that a new tax proposal by the opposition could push Mexican financial markets lower, according to Reuters. "A new proposal is being formed and if this proposal contains negative…
Chicago Fed conf. sees US GDP up 4.1 pct in 2004
The Chicago Fed's Economic Outlook Symposium forecast an economic growth rate of 4.1 per cent for the US next year, Reuters reports. Chicago Fed senior economist William Strauss said the consensus outlook among conference participants was for the…