News
Eurozone inflation drops to 1.9%
Inflation in the Eurozone fell below the ECB's 2 per cent target for only the second time last month according to Eurostat, the Associated Press reports.
Bush tells G8 would prefer stronger dollar
At the G8 summit on Monday 2 June, George Bush said he was committed to maintaining a strong dollar but that ultimately he wasn't the one who decides it. That job fell to Alan Greenspan, Reuters reported Mr Bush as saying.
Zimbabwe's central bank chief resigns
Zimbabwe's central bank governor, Leonard Tsumba, has gone on leave with immediate effect. He planned to retire at the end of July but reports say he stepped down after criticism over the bank note shortage Zimbabwe currently faces, according to AFP.
Swedish central bank issues commemorative coins
Sveriges Riksbank issues commemorative coins to commemorate the 700th anniversary of the birth of Saint Birgitta, 27 May 2003
Copom blames inflation for interest rate inaction
The central bank of Brazil said on Thursday 29 May that its decision to hold interest rates last week was down to "persistent inflation". AEBrazil reported that minutes released by the bank said it is premature to conclude that inflationary pressure has…
Bangladesh currency, the taka, to float
From Saturday 31 May Bangladesh will float the taka freely on the foreign exchange markets, the BBC reported. The announcement on Thursday came after the government agreed to a proposal to float made by the International Monetary Fund (IMF).
Zimbabwe central bank prints emergency cash
Zimbabwe's bank note producers are working non-stop to bring an end to the cash shortage after extra printing paper arrived in Harare on Thursday. The governor of the central bank told Zimbabweans not to panic, the BBC reported.
Thai central bank chief: Baht is now stable
Thailand's central bank governor said on Friday 30 May that the baht has gained stability against the dollar following its recent appreciation, according to Dow Jones.
IMF's Kohler proposes Carstens as deputy MD
IMF Managing Director Horst Kohler proposeed the appointment of Mexico's Deputy Secretary of Finance Agustin Carstens as Deputy Managing Director of the IMF, 29 May.
IMF's Rogoff – dollar decline a good thing
Ken Rogoff, the iMF's chief economist, welcomed the fall in the dollar on Thursday 29 May, saying it is good for the world economy but may pose problems for Germany with deflation, according to a Reuters report.
Dubai to ban protestors from IMF-World Bank mtg
The Dubai authorities have said they will prevent protestors from entering the UAE during the September 2003 joint meeting of the World Bank and International Monetary Fund, according to Sapa-AFP. Up to 20,000 people, including around 25 heads of state…
Regulator considers bailout of China banks
The China Banking Regulatory Commission said on Thursday 29 May that time is running out for lenders to reduce the levels of nonperforming loans and if this did not happen a bailout of the industry may be considered, according to a report by Reuters.
Japan conducts record FX intervention
May saw the Bank of Japan's largest ever monthly intervention in the foreign exchange markets using Y3,900bn to halt the Yen's rise, the Financial Times reported.
Korean economy in serious condition: BOK governor
Governor Park Seung of the Bank of Korea said on Thursday 29 May that low growth and high unemployment pose a threat to the economy which has been heading toward a downturn since the third quarter of last year, according to the Korea Times.
U.S. Implementation of Basel II Accord
Documents Relating to U.S. Implementation of Basel II, May 2003. Documents providing information about U.S. implementation of the proposed Basel Accord revisions (Basel II).
Chicago Fed 2003 Payments Conference
The Federal Reserve Bank of Chicago's third Payments Conference, Can Existing Payment Networks Meet Future Needs, will be hosted at the Chicago Reserve Bank on May 29-30, 2003.
Russian gold reserves reach new record high
Gold reserves in Russia reached a new record high this week at 59.9bn dollars, according to a report by the Interfax news agency..
Former Russian c banker appointed to Sistema board
Ex-president of the central bank of Russia Viktor Gerashchenko has become a member of the Consultative Board of the Sistema joint-stock financial corporation, according to a report by the ITAR-TASS news agency.
ECB economist - Deflation concerns are excessive
Otmar Issing of the European Central Bank said on Wednesday 28 May that deflation concerns are excessive and that currently, this is like a Pavlovian reflect, according to a report by Reuters.
Fed's Parry: Economy still in soft patch
President Robert Parry of the San Francisco Federal Reserve said on Wednesday May 28 that the Fed still has room to lower rates in spite of forecasts of stronger growth.
Germany accused of cooking OECD's books
An OECD spokesman admitted on Wednesday May 28 that an influential report was doctored at the request of the German government in order to provide a more flattering picture, according to a report in the Daily Telegraph.
RBZ to introduce new capital mandatory for banks
The Reserve Bank of Zimbabwe intends to introduce a new capital regime for the banking sector which will relate a particular bank's risk profile to what authorities will require of it in terms of safeguards, according to the Financial Gazette.
China unlikely to allow locals to trade HK stocks
China's state press has said domestic traders in China are unlikely to be allowed access to international stock markets soo, reports Channel News Asia.
Bosnia to withdraw controversial c bank member
After a meeting on Wednesday 28 May, Bosnia-Hercegovina Presidency Chairman Borislav Paravac said Cvijetin Nikic would be withdrawn from duty as a member of the governing board of the Bosnia-Hercegovina Central Bank.