News
HKMA relocates its offices
The Hong Kong Monetary Authority (HKMA) announced on 18 November that it has officially relocated its offices to Two International Finance Centre (2 IFC). The office relocation is being undertaken in phases during the month of November.
Australia's RBA: Monetary policy can fix bubbles
Research published on Tuesday 17 November by the Reserve Bank of Australia suggests monetary policy can help to reduce asset price bubbles, according to a Dow Jones report. An active strategy, the paper says, requires judgements to be made about what is…
BoC's Dodge says he favours global trade strategy
Speaking on Monday 17 November, David Dodge said floating currencies can act as "shock absorbers" by rising and falling in response to economic conditions, according to Canadian Press. A floating Canadian dollar has provided "a real advantage" for Canada…
IMF: South Korea on road to recovery
The IMF has forecast growth rates of 4.75 percent in 2004 and 5.5 percent in 2005 for South Korea, according to CNN. The Fund's Asia-Pacific chief Joshua Felman said on Tuesday 18 November that the Korean economy was on its way to recovery, but stressed…
Bank of Israel: Abolish fluctuation band now
Bank of Israel deputy division head David El-Kayam has recommended abolishing Israel's exchange rate fluctuation band and switching to a fully floating exchange rate regime, according to Globes Online. "It seems that right now, when the chances of…
Euro inflation falls to three-month low
The annual rate of inflation in the eurozone fell to its lowest level in three months in October as energy, transport and entertainment costs declined, Reuters reports. Eurostat said on Tuesday 18 November that the rate fell to 2.0 percent on a year-on…
Russian central bank holds rigid ruble policy
Oleg Vyugin, first deputy chairman of the Russian central bank, said on Monday 17 November, "So far the Central Bank is not ready to use foreign exchange policy to a full extent to meet inflation target", according to Reuters. His comments followed calls…
RBZ calls for concerted fight against inflation
Zimbabwe's Reserve Bank called for a concerted fight against inflation last Thursday, 13 November, according to Associated Press. In its latest weekly economic highlights it said "Given the vagaries of high inflation in the economy, the need for…
Finnish gov't approves central bank Board plan
Finland's government approved a measure on Thursday 13 November, according to Helsingin Sanomat, that would see responsibility for the appointment of members to the Board of the Bank of Finland shift to the Parliamentary Supervisory Council.
SARB's inflation targeting made simpler
Changes have been made to the South African Reserve Bank's inflation target making the central bank's task easier, Governor of the SARB, Tito Mboweni said, reports Finance 24. In future it will target the year on year CPIX rate on a continuous basis,…
Thai c bank deputy says: 'Need breathing space'
In a recent interview reported by Dow Jones, deputy governor Thirachai Phuvanatnaranubala of the Bank of Thailand said Thailand's recent restrictions on the foreign exchange market will only be temporary, until the domestic market is sufficiently…
Debt reduction could impact on UK rates
Andrew Large said on Monday 17 November that if personal debt was reduced in the UK it could have an impact on interest rates, Reuters reports. In a speech to the City of London Central Banking Conference the Bank of England's Deputy Governor for…
Bundesbank warns eurozone rates may rise soon
The Bundesbank said in its November monthly report, released on Monday 17 November, that the ECB "could" be forced to raise interest rates as "It will be more difficult for monetary policy to guarantee price stability with low interest rates" with some…
China restate goal of eventual yuan convertibility
People's Bank of China Governor Zhou Xiaochuan said in an interview published Monday 17 November, reported by Reuters, that foreign exchange controls would gradually be relaxed and there would be a steady push towards convertibility of the yuan.
Riksbank makes statement on 'banknote discrepancy'
Sveriges Riksbank, the central bank of Sweden, released a statement on Friday 14 November regarding a discrepancy which had been discovered in a delivery of new banknotes from Crane AB to the Riksbank's subsidiary.
IAIS launch improved website
The International Association of Insurance Supervisors (IAIS) has launched its new improved website at www.iaisweb.org. The website includes an extensively improved navigation and information layout, an elegant new design, information on forthcoming…
SBV, Bundesbank sign banking expertise agreement
The State Bank of Vietnam (SVB) has signed an agreement with the Deutsche Bundesbank which will allow executives and staff members of the SVB to receive training and advisory assistance through seminars, banking research and discussions with experts…
Slovene govt adopts programme for introducing euro
The government of Slovenia has introduced a programme for the country's entry to ERM2 and eventually the euro, reported Radio Slovenia. All parties unanimously backed the introduction of the euro to Slovenia "as soon as possible" on Thursday 13 November.
Bank of Japan's Ueda reiterates ultra-loose policy
Bank of Japan policy board member Kazuo Ueda said in a speech reported by AFX that the BoJ could maintain its ultra-loose monetary policy even after deflation is overcome, if it is judged necessary to maintain the policy.
Foreign central banks buy more U.S. debt - Fed
Holdings of US Treasuries by foreign central banks rose further above the $1.0 trillion level reaching a new record high in the latest week, according to a Reuters report. The Federal Reserve said on on Thursday 13 November that foreign central banks…
Fed's Santomero says rates can't stay low forever
Philadelphia Fed President Anthony Santomero said on Friday 14 November that although interest rates cannot stay at their current low rates in the indefinitely, there is no pressure for a rise in the near future, according to a report by Reuters…
Hungary to submit central bank independence bill
The Hungarian government has adopted the draft of a legal amendment aimed at strengthening the independence of the National Bank of Hungary, Interfax reports. According to the draft law to be submitted to parliament, the central bank and members of its…
Post referendum, Swedish euro opposition rises
A poll published on Friday 14 November showed that opposition to the euro has increased in Sweden since the euro referendum in September came down against the single currency, reports EU Business. Support for the euro fell from 42 to 38 percent, the poll…
Bulgaria signs partnership against fake money
The National Bank of Bulgaria (BNB) has signed an agreement on the establishment of a national centre to analyse forged and counterfeit money, according to a report by the Sofia Echo. According to BNB governor Ivan Iskrov, the central bank has the…