News
Hungary may delay euro adoption until 2009 or 2010
Hungary's central bank chief has said the country will have to delay adoption of the euro until 2009 or 2010 if Hungary is not able to meet budget deficit targets.
Report says Bank of Canada broke contract rules
The Canadian Press reports that the Bank of Canada apparently broke its own financial rules over the awarding of contracts worth millions of dollars. Apparently the Bank twice hired consulting firms without getting competing bids and then paid them…
FATF cancels Philippine mission due to Sars fears
The Financial Action Task Force has cancelled a mission to the Philippines due to the threat posed by Sars.
ECB to aim for inflation 'close to 2%'
The ECB said Thursday that its Governing Council agreed that in the pursuit of price stability it will aim to maintain inflation rates close to 2% over the medium term. "This clarification underlines the ECB's commitment to provide a sufficient safety…
Federal Reserve keeps interest rates unchanged
The Federal Open Market Committee decided to keep its target for the federal funds rate unchanged at 1-1/4 percent, 6 May.
UK Treasury rejects MPC transparency call
The UK Treasury has rejected calls for its selection procedure to the Bank of England's interest rate setting MPC to be more open saying that the appointment process should remain confidential for reasons of market sensitivity.
Banque de France staff urged to strike
Unions have called for further strike action by Bank of France employees over the decision by the Bank to reform its branch network.
US forces recover $800m of 'stolen' Iraqi cash
The US state department said Tuesday that about $800m that was stolen from the central bank of Iraq has been recovered.
Bank of Uganda's powers trimmed by parliament
The central bank of Uganda has lost the power to control capital requirements for commercial banks after parliament voted to amend rules under the Financial Institutions Bill.
Ecuador seeks tighter controls over banking system
Ecuador's President Lucio Gutierrez has called for reform of the country's central bank which could involve the Bank's board replacing an existing board at the helm of the Banking Superintendency regulator in a bid to tighten controls.
NY Fed candidate Fischer favours inflation targets
A leading contender for the job of president of the New York Fed, Stanley Fischer, expressed his support for inflation targeting on Tuesday saying "Inflation targeting is a good way to conduct monetary policy".
New law to boost BMA role as a key regulator
A new law is expected to reflect the Bahrain Monetary Agency's expanded role as regulator of capital markets and will make it easier for international dealings to operate as a central bank.
Jillian Broadbent re-appointed to RBA Board
Announcement from the Australian Treasury of the re-appointment of Ms Jillian Rosemary Broadbent to the Board of the Reserve Bank of Australia, 6 May.
Eurosystem tender operations amendment
Amendment of the indicative calendar for the Eurosystem's tender operations in 2003, 5 May.
Minutes of Japan's Monetary Policy Meeting
Minutes of the Bank of Japan's Monetary Policy Meeting on 25 March 2003, released 6 May. Some members said that a reduction in banks' exposure to risks arising from stock-price volatility would be effective in preventing stock-price falls from negatively…
BOJ minutes show concern over banks stock holdings
Minutes from the Bank of Japan's policy board meeting released Tuesday showed members deliberated the need to help commercial banks reduce stock holdings and cut share-investment losses.
ECB to discuss setting 1% base on inflation target
As part of the ECB's strategy review, the Financial Times reports, it will discuss the possible introduction of a 1 per cent lower boundary to its inflation target at its rate-setting meeting this week.
ECB's Papademos seeks Commission role on pact
The ECB's vice-president has said the weakest aspect of the Stability and Growth Pact is the arrangement for enforcing it, the Irish Times reported. 'It is essential that greater flexibility and pragmatism in the implementation of the Stability and…
Saddam's son took $1bn from central bank pre war
A report in the New York Times said that just before the war in Iraq began US$1bn in cash was removed from the central bank by one of Saddam Hussein's sons. Three tractor-trailers were needed to cart the money off, an Iraqi official said and it took a…
Philippine c bank chief returns to work
After spending the last two months in the US for medical treatment Governor Rafael Buenaventura of the Philippines central bank will return to work this week, the Philippine Daily Inquirer reported.
Bank of Israel supervisor cleared by comptroller
The Bank of Israel's supervisory office has been cleared of a direct failure in monitoring the embezzlement at Trade Bank Ltd.
Brazil debates intervention in currency market
A debate has emerged in Brazil regarding the central banks intervention in the currency market after the government said last week it would not be desirable for the real to strengthen further.
No to the euro will cost the UK
The costs are certain for the UK in delaying joining the euro - but the benefits are not - argues a report by 11 world-renowned economists published today. CentralBankNet reports from the presentation.
Strike in Israel disrupts central bank operations
A cut in interest rates by the Bank of Israel will not come into affect until bank business resumes as the country is currently gripped by a national strike Reuters reports.