News
Philadelphia Fed survey rises sharply in July
The Philadelphia Fed's Business Outlook Survey improved modestly in July, BizWorld reported. Company executives polled for the survey remain "generally optimistic" that business conditions will improve over the next six months, the survey showed.
US signals formal end to recession
The business-cycle dating committee of the National Bureau of Economic Research on Thursday declared that the US recession ended in November 2001. The committee said GDP suggested the economy began recovering in late 2001 and has since risen above its…
ECB's biannual information on euro counterfeiting
In the first half of 2003, 230,534 counterfeit euro banknotes were removed from circulation, the ECB reported Wednesday. This compares with the 145,153 counterfeits removed in the previous six-month period. However, the ECB reports that over recent…
Waigel says ECB president deal never existed
Former German finance minister Theo Waigel said in an article published in the daily Frankfurter Allgemeine Zeitung Tuesday that no deal ever existed for Wim Duisenberg to stop down half way through his term as president of the ECB to make way for a…
Afghan central bank to restrict capital outflows
Anwar Ahady, president of Afghanistan's central bank said Wednesday the Bank will impose a limit of the equivalent of 10,000 US dollars that any individual and organization can take out of the country, Xinhua News Agency said.
ATM figures show Spain top with 1,123 per million
Figures compiled jointly by the ECB and Bank of Israel show that Spain has the highest number of ATM's per capita while Italy made the highest withdrawals from ATM's at €163 per capita, Reuters reported.
Oblath - Forint strengthening 'matter of time'
After receiving his official appointment to the Monetary Council of the national bank of Hungary, Gabor Oblath said reducing inflation was the highest priority for the Council. Oblath had previously resigned from the Council in January but agreed to…
What to do about the Yuan
This article looks at Alan Greenspan's comments this week that China's currency peg is unsustainable with a huge accumulation of US dollar reserves standing at $346.5 billion at the end of June. The pace of the increase in flows is astounding, the Asian…
Czech president against single EU currency
Czech President Vaclav Klaus, currently on a visit to France said he believes that it was unwise to adopt a single European currency because it is not necessary to get rid of one's monetary policy, one's interest rate policy and exchange rate Czech radio…
Polish premier seeks agreement with central bank
Polish prime minister Leszek Miller said Thursday he sees room for interest rate cuts as inflation is not a problem in Poland and hoped for a harmonised economic and monetary policy, PAP news agency said.
Dinkic says EU warn to respect c bank independence
Mladjan Dinkic said late Wednesday that the Serbian national bank had received a letter from the European Commission warning the government "to strictly respect the independence of the central bank" if it wanted to be admitted into the EU.
Bank of Canada trims growth and inflation forecast
The Bank of Canada again reduced its growth forecast for 2003 on Thursday. Bank Governor David Dodge referred to "unanticipated" developments that have caused it to lower its forecast, including SARS, BSE and the rising value of the Canadian dollar…
EU rejects Chirac call on stability pact
EU finance ministers have rejected calls from France for more flexibility in the stability and growth pact. Ireland's Minister for Finance Charlie McCreevy warned that, with Europe's biggest economies in breach of the pact, its credibility was coming…
Bulgaria parliament again postpone c bank election
Bulgarian radio reported Wednesday that parliament had again postponed discussion on the election of a new governor for the national bank of Bulgaria, Novinite said.
BOJ says economic outlook improved
The Bank of Japan's July monthly report released Wednesday said business fixed investment is on a gradual recovery and while it reiterated that economic activity remains ``virtually flat,'' it said the outlook for exports has improved, Bloomberg reported.
Dnevnik: IMF has objections to Serbian bank law
Novi Sad daily Dnevnik reported Wednesday that the IMF objects to a clause within the draft legislation increasing the amount by which the state can go into debt with the central bank from five to 10 percent.
Eurozone inflation reaches ECB's 2% threshold
Eurozone inflation last month rose to the 2 per cent ceiling determined by the European Central Bank, official figures showed on Wednesday, the FT said.
ECB's Welteke, Garganas dash rate cut hopes
European Central Bank council members Ernst Welteke and Nikos Garganas said eurozone interest rates were low enough. Garganas told Bloomberg News, "monetary policy has certainly done its part to create the conditions for a resumption of growth".
India's E-payment volumes soar 34% in 2002-03
The volume of E-payments in India has increased by 34% in the financial year 2002-03, Business Standard reported. At a seminar on smart card technology and its applications, R Gandhi, chief general manager of the Reserve Bank of India, said, "During 2002…
Djelic: the next Serb governor won't be a banker
Serbian daily Danas is preparing to name current Serbian Minister of Energy and Mining Kori Udovicki as the most likely candidate to succeed Mladjan Dinkic as Serbian National Bank governor, Beta News reported.
New Bank team take their bow
Appearing for the first time before the UK Treasury Select Committee in his new capacity as governor of the Bank of England, Mervyn King disarmingly admitted to having "no idea" whether the current level of 3.5% of interests was the correct level. This…
Get ready for Reddy
The coast appears clear for Dr Yaga Venugopal Reddy, deputy governor of the Reserve Bank of India until last year, to assume his well-deserved place as governor. Current governor Bimal Jalan is set to abandon the central bank in August, well before the…
Second term for Mexico's Ortiz
Guillermo Ortiz, the governor of the Bank of Mexico, looks set to push on through to a second term when his current term expires at the end of this year. Ortiz has confirmed that Fox will nominate him to the senate, whose approval will be needed for…
Signs of progress in Iraq
If the business of central banking may occasionally seem a touch hairy in Iraq, it isn't all bad. Although Faleh Salman, the man who has now been confirmed as governor of the central bank by the American interim administration, was the hapless victim of…